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2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2021
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1321036
2023-01-01
2023-12-31
1321036
2023-12-31
1321036
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1321036
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2022-12-31
1321036
2022-12-31
1321036
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1321036
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2023-12-31
1321036
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2023-01-01
2023-12-31
1321036
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2023-12-31
1321036
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2022-12-31
1321036
core:PlantMachinery
2022-12-31
1321036
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2023-12-31
1321036
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1321036
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2023-12-31
1321036
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2022-12-31
1321036
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2023-12-31
1321036
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2022-12-31
1321036
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core:OwnedOrFreeholdAssets
2023-12-31
1321036
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core:OwnedOrFreeholdAssets
2022-12-31
1321036
core:ShareCapital
2023-12-31
1321036
core:ShareCapital
2022-12-31
1321036
core:SharePremium
2023-12-31
1321036
core:SharePremium
2022-12-31
1321036
core:RevaluationReserve
2023-12-31
1321036
core:RevaluationReserve
2022-12-31
1321036
core:RetainedEarningsAccumulatedLosses
2023-12-31
1321036
core:RetainedEarningsAccumulatedLosses
2022-12-31
1321036
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core:Non-currentFinancialInstruments
2023-12-31
1321036
core:Non-currentFinancialInstruments
core:ProvisionsForImpairmentInvestments
2023-12-31
1321036
core:LandBuildings
2022-12-31
1321036
core:PlantMachinery
2022-12-31
1321036
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2023-01-01
2023-12-31
1321036
bus:AuditExemptWithAccountantsReport
2023-01-01
2023-12-31
1321036
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2023-01-01
2023-12-31
1321036
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2023-01-01
2023-12-31
1321036
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2023-01-01
2023-12-31
1321036
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2023-01-01
2023-12-31
1321036
core:OtherPropertyPlantEquipment
2023-01-01
2023-12-31
1321036
core:OfficeEquipment
2022-12-31
1321036
core:OtherPropertyPlantEquipment
2023-12-31
1321036
core:OtherPropertyPlantEquipment
2022-12-31
1321036
core:LandBuildings
2023-01-01
2023-12-31
COMPANY REGISTRATION NUMBER:
1321036
Filleted Unaudited Financial Statements |
|
Year ended 31 December 2023
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements |
1 |
|
|
Statement of financial position |
2 to 3 |
|
|
Notes to the financial statements |
4 to 9 |
|
|
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Amkiga Limited |
|
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Amkiga Limited for the year ended 31 December 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Amkiga Limited, as a body, in accordance with the terms of our engagement letter dated 20 June 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Amkiga Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Amkiga Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Amkiga Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Amkiga Limited. You consider that Amkiga Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Amkiga Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HEBBLETHWAITES
Chartered accountants
2 Westbrook Court
Sharrow Vale Road
Sheffield
S11 8YZ
5 September 2024
Statement of Financial Position |
|
31 December 2023
Fixed assets
Tangible assets |
4 |
|
1,529,019 |
1,537,176 |
|
|
|
|
|
Current assets
Debtors |
6 |
19,975 |
|
20,029 |
Cash at bank and in hand |
49,205 |
|
77,096 |
|
-------- |
|
-------- |
|
69,180 |
|
97,125 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
84,059 |
|
101,472 |
|
-------- |
|
--------- |
Net current liabilities |
|
14,879 |
4,347 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
1,514,140 |
1,532,829 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
410,049 |
450,911 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
6,333 |
7,883 |
|
|
------------ |
------------ |
Net assets |
|
1,097,758 |
1,074,035 |
|
|
------------ |
------------ |
|
|
|
|
Statement of Financial Position (continued) |
|
31 December 2023
Capital and reserves
Called up share capital |
|
150 |
150 |
Share premium account |
|
399,950 |
399,950 |
Revaluation reserve |
|
160,062 |
160,062 |
Profit and loss account |
|
537,596 |
513,873 |
|
|
------------ |
------------ |
Shareholders funds |
|
1,097,758 |
1,074,035 |
|
|
------------ |
------------ |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
4 September 2024
, and are signed on behalf of the board by:
Company registration number:
1321036
Notes to the Financial Statements |
|
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Willow Lodge, Doncaster Road, Oldcotes, Worksop, Nottinghamshire, S81 8HT.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the year end date, the Statement of Financial Position reflects a position of net current liabilities, if with very positive net total assets. The directors consider, despite this, that the going concern basis of accounts preparation remains valid given, in particular, the ongoing director loan funding provided to the company.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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. In the opinion of management, there are no areas of judgement or key sources of estimation uncertainty that have a significant effect on the financial statements, other than those highlighted below.
Revenue recognition
The turnover shown in the statement of income and retained earnings account represents amounts invoiced during the year, exclusive of Value Added Tax.
Deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant & Equipment |
- |
20% reducing balance |
|
Office Equipment |
- |
25% reducing balance |
|
Trading property integrals |
- |
20% reducing balance |
|
|
|
|
In relation to the trading property, depreciation is only provided on the integral features and equipment installed on the site, and not the land and buildings thereon which are maintained to a high standard and with the majority of the value being in the land element
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Tangible assets
|
Investment property |
Plant and machinery |
Equipment |
Freehold trading property |
Total |
|
£ |
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
|
At 1 January 2023 |
1,222,728 |
33,080 |
733 |
340,718
|
1,597,259 |
Additions |
– |
– |
189 |
– |
189 |
|
------------ |
-------- |
---- |
--------- |
------------ |
At 31 December 2023 |
1,222,728 |
33,080 |
922 |
340,718
|
1,597,448 |
|
------------ |
-------- |
---- |
--------- |
------------ |
Depreciation |
|
|
|
|
|
At 1 January 2023 |
– |
20,516 |
475 |
39,092 |
60,083 |
Charge for the year |
– |
2,513 |
100 |
5,733 |
8,346 |
|
------------ |
-------- |
---- |
--------- |
------------ |
At 31 December 2023 |
– |
23,029 |
575 |
44,825 |
68,429 |
|
------------ |
-------- |
---- |
--------- |
------------ |
Carrying amount |
|
|
|
|
|
At 31 December 2023 |
1,222,728 |
10,051 |
347 |
295,893
|
1,529,019 |
|
------------ |
-------- |
---- |
--------- |
------------ |
At 31 December 2022 |
1,222,728 |
12,564 |
258 |
301,626
|
1,537,176 |
|
------------ |
-------- |
---- |
--------- |
------------ |
|
|
|
|
|
|
The company property values have been re-assessed by the directors in the comparative period, given the income being generated therefrom, and the general open market position, the board believe that the carrying value of £1,222,728 is a fair representation of market value. As a result of indexation, a sale of the properties for this sum would not give rise to a Corporation Tax liability.
Tangible assets held at valuation
One of the company properties is carried at a valuation, rather than at cost, with a resultant revaluation surplus and reserve of £160,062 within the carrying value of £870,666 for this specific property, this latter figure forming part of the total investment property value as above.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
Investment property |
|
£ |
At 31 December 2023 |
|
Aggregate cost |
710,604 |
Aggregate depreciation |
– |
|
--------- |
Carrying value |
710,604 |
|
--------- |
|
|
At 31 December 2022 |
|
Aggregate cost |
710,604 |
Aggregate depreciation |
– |
|
--------- |
Carrying value |
710,604 |
|
--------- |
|
|
5.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
2 |
|
---- |
Impairment |
|
At 1 January 2023 and 31 December 2023 |
2 |
|
---- |
|
|
Carrying amount |
|
At 31 December 2023 |
– |
|
---- |
At 31 December 2022 |
– |
|
---- |
|
|
Principal Subsidiary Undertakings
The above investment comprises 100% of the Ordinary Share capital of Handling Services Limited, a company incorporated in England. Handling Services Limited was dormant throughout the year and the aggregate amount of the capital and reserves at the most recent accounting year end of 30 June 2023 was £Nil.
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
13,576 |
14,041 |
Other debtors |
6,399 |
5,988 |
|
-------- |
-------- |
|
19,975 |
20,029 |
|
-------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
43,660 |
38,518 |
Trade creditors |
8,228 |
8,653 |
Corporation tax |
7,419 |
10,523 |
Social security and other taxes |
5,301 |
14,053 |
Other creditors |
19,451 |
29,725 |
|
-------- |
--------- |
|
84,059 |
101,472 |
|
-------- |
--------- |
|
|
|
The bank borrowings of £43,660 (2022 £38,518) are secured by a fixed and floating charge over the present and future assets of the company.
8.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
230,049 |
270,911 |
Other creditors |
180,000 |
180,000 |
|
--------- |
--------- |
|
410,049 |
450,911 |
|
--------- |
--------- |
|
|
|
The bank borrowings of £230,049 (2022 £270,911) are secured by a fixed and floating charge over the present and future assets of the company.
Included within creditors: amounts falling due after more than one year is an amount of £97,687 (2022: £114,725) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The terms of repayment of the bank loans, of which there are three, are capital and interest repayments over a remaining term of between 2 years and and 13 years from the year end date. The interest rate applicable to the loans varies from 2.75% over bank base rate to 3.25% over base.
9.
Directors' advances, credits and guarantees
Included within creditors is an amount owing to
Mr J D Barber
, a director, amounting to £195,315 (2022 £206,153). This loan is interest free. Of the outstanding balance, £180,000 is repayable after more than one year. The amount potentially repayable within one year is therefore £15,315, although there is no immediate expectation of repayment of this latter sum within that timesaver.