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Company Registration number: 09184551

Amato's Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 December 2023

 

Amato's Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 8

 

Amato's Limited

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

244,637

251,448

Current assets

 

Stocks

5

8,963

8,129

Debtors

6

3,870

4,186

Cash at bank and in hand

 

124,584

91,508

 

137,417

103,823

Creditors: Amounts falling due within one year

7

(291,628)

(272,047)

Net current liabilities

 

(154,211)

(168,224)

Total assets less current liabilities

 

90,426

83,224

Creditors: Amounts falling due after more than one year

7

(14,167)

(24,167)

Provisions for liabilities

(12,742)

(13,142)

Net assets

 

63,517

45,915

Capital and reserves

 

Called up share capital

104

104

Retained earnings

63,413

45,811

Shareholders' funds

 

63,517

45,915

 

Amato's Limited

Balance Sheet as at 31 December 2023 (continued)

For the financial year ending 31 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Company registration number: 09184551

Approved and authorised by the Board on 19 July 2024 and signed on its behalf by:
 

.........................................
Miss R K Amato Cox
Director

 

Amato's Limited

Notes to the financial statements for the Year Ended 31 December 2023

1

GENERAL INFORMATION

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

The address of its registered office is:
48 Abbey Street
Carlisle
CA3 8TX

These financial statements were authorised for issue by the Board on 19 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.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

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.

 

Amato's Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

2

ACCOUNTING POLICIES (continued)

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 corporation 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

Plant and machinery

20% reducing balance

Fixtures and fittings

15% reducing balance

Office equipment

25% straight line

Land and buildings

2% straight line

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.

 

Amato's Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

2

ACCOUNTING POLICIES (continued)

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.

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 18 (2022 - 17).

 

Amato's Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

4

TANGIBLE ASSETS

Land and buildings
£

Office Equipment
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

248,758

6,133

58,676

39,173

352,740

Additions

3,609

499

401

1,501

6,010

Disposals

-

-

-

(1,411)

(1,411)

At 31 December 2023

252,367

6,632

59,077

39,263

357,339

Depreciation

At 1 January 2023

35,232

4,768

37,812

23,480

101,292

Charge for the year

4,698

648

3,501

3,467

12,314

Eliminated on disposal

-

-

-

(904)

(904)

At 31 December 2023

39,930

5,416

41,313

26,043

112,702

Carrying amount

At 31 December 2023

212,437

1,216

17,764

13,220

244,637

At 31 December 2022

213,526

1,365

20,864

15,693

251,448

Included within the net book value of land and buildings above is £212,437 (2022 - £213,526) in respect of freehold land and buildings.

 

Amato's Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

5

STOCKS

2023
£

2022
£

Stocks

8,963

8,129

6

DEBTORS

Current

2023
£

2022
£

Prepayments

3,870

4,186

 

3,870

4,186

7

CREDITORS

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

10,000

10,000

Trade creditors

 

8,844

8,544

Taxation and social security

 

60,994

59,005

Accruals and deferred income

 

44,336

34,303

Other creditors

 

167,454

160,195

 

291,628

272,047

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

14,167

24,167

 

Amato's Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

8

LOANS AND BORROWINGS

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

14,167

24,167

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,000

10,000