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COMPANY REGISTRATION NUMBER: 12399067
Amplify5 Limited
Filleted Unaudited Financial Statements
31 January 2024
Amplify5 Limited
Financial Statements
Year ended 31 January 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Amplify5 Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
55,806
1,384
Investments
6
5
5
--------
-------
55,811
1,389
Current assets
Debtors
7
1,960,941
176,865
Cash at bank and in hand
141,822
67,885
------------
---------
2,102,763
244,750
Creditors: amounts falling due within one year
8
519,512
213,918
------------
---------
Net current assets
1,583,251
30,832
------------
--------
Total assets less current liabilities
1,639,062
32,221
Creditors: amounts falling due after more than one year
9
1,540,443
31,222
Provisions
13,952
263
------------
--------
Net assets
84,667
736
------------
--------
Capital and reserves
Called up share capital
10
10
Profit and loss account
84,657
726
--------
----
Shareholders funds
84,667
736
--------
----
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 January 2024 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 .
Amplify5 Limited
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 6 September 2024 , and are signed on behalf of the board by:
Mr A Brass
Director
Company registration number: 12399067
Amplify5 Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Belmont New Road, Langley, Maidstone, ME17 3NE, England.
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.
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. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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.
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:
Motor vehicles
-
20% straight line
Equipment
-
20% straight line
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 3 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 February 2023
1,766
1,766
Additions
57,440
5,615
63,055
--------
-------
--------
At 31 January 2024
57,440
7,381
64,821
--------
-------
--------
Depreciation
At 1 February 2023
382
382
Charge for the year
7,074
1,559
8,633
--------
-------
--------
At 31 January 2024
7,074
1,941
9,015
--------
-------
--------
Carrying amount
At 31 January 2024
50,366
5,440
55,806
--------
-------
--------
At 31 January 2023
1,384
1,384
--------
-------
--------
6. Investments
Shares in group undertakings
£
Cost
At 1 February 2023 and 31 January 2024
5
----
Impairment
At 1 February 2023 and 31 January 2024
----
Carrying amount
At 31 January 2024
5
----
At 31 January 2023
5
----
7. Debtors
2024
2023
£
£
Trade debtors
820,100
125,496
Amounts owed by group undertakings and undertakings in which the company has a participating interest
849,803
5,487
Other debtors
291,038
45,882
------------
---------
1,960,941
176,865
------------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,126
10,214
Trade creditors
83,040
23,304
Corporation tax
36,489
806
Social security and other taxes
357,077
79,970
Other creditors
32,780
99,624
---------
---------
519,512
213,918
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
21,096
31,222
Other creditors
1,519,347
------------
--------
1,540,443
31,222
------------
--------
10. Directors' advances, credits and guarantees
At the year end, the directors owed the company £45,889 (2022: The company owed the directors £75,110). During the year advances of £143,315 were made to the directors and repayments of £22,316 were made by the directors.