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Registration number: 09335478

A & M Manufacturing Company Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 December 2023

 

A & M Manufacturing Company Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

A & M Manufacturing Company Ltd

Company Information

Directors

Mr Mark Christmas Wilson

Ms Jing Chun Wang

Registered office

10 Prospect Place
Welwyn
Hertfordshire
AL6 9EW

Accountants

RS Partnership Ltd
Chartered Certified Accountants
10 Prospect Place
Welwyn
Hertfordshire
AL6 9EW

 

A & M Manufacturing Company Ltd

(Registration number: 09335478)
Balance Sheet as at 30 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

150

300

Tangible assets

5

16,064

21,186

 

16,214

21,486

Current assets

 

Stocks

6

152,000

252,000

Debtors

7

535,959

243,000

Cash at bank and in hand

 

-

2,426

 

687,959

497,426

Creditors: Amounts falling due within one year

8

(436,506)

(408,462)

Net current assets

 

251,453

88,964

Total assets less current liabilities

 

267,667

110,450

Provisions for liabilities

(4,015)

(4,025)

Net assets

 

263,652

106,425

Capital and reserves

 

Called up share capital

9

300

300

Share premium reserve

89,910

89,910

Retained earnings

173,442

16,215

Shareholders' funds

 

263,652

106,425

For the financial year ending 30 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 16 July 2024 and signed on its behalf by:
 

 

A & M Manufacturing Company Ltd

(Registration number: 09335478)
Balance Sheet as at 30 December 2023

.........................................
Mr Mark Christmas Wilson
Director

 

A & M Manufacturing Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
10 Prospect Place
Welwyn
Hertfordshire
AL6 9EW

The principal place of business is:
2 Porters Mews
Codicote
Hertfordshire
SG4 8US
UK

These financial statements were authorised for issue by the Board on 16 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Pounds Sterling (£), which is the Company’s functional
currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

A & M Manufacturing Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% on reducing balance

Office equipment

25% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

A & M Manufacturing Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

A & M Manufacturing Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

A & M Manufacturing Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 31 December 2022

1,500

1,500

At 30 December 2023

1,500

1,500

Amortisation

At 31 December 2022

1,200

1,200

Amortisation charge

150

150

At 30 December 2023

1,350

1,350

Carrying amount

At 30 December 2023

150

150

At 30 December 2022

300

300

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 31 December 2022

957

35,016

35,973

Additions

209

-

209

At 30 December 2023

1,166

35,016

36,182

Depreciation

At 31 December 2022

863

13,924

14,787

Charge for the year

58

5,273

5,331

At 30 December 2023

921

19,197

20,118

Carrying amount

At 30 December 2023

245

15,819

16,064

At 30 December 2022

94

21,092

21,186

6

Stocks

2023
£

2022
£

Other inventories

152,000

252,000

 

A & M Manufacturing Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 December 2023

7

Debtors

2023
£

2022
£

Trade debtors

47,186

40,620

Other debtors

146,393

38,755

Directors Loan Account

342,380

163,625

535,959

243,000

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

31,561

37,842

Trade creditors

 

43,571

83,146

Taxation and social security

 

93,755

181,095

Other creditors

 

16,982

16,982

Corporation tax

 

250,637

89,397

 

436,506

408,462

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

210

210

210

210

Ordinary B of £1 each

90

90

90

90

 

300

300

300

300

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

31,561

37,842