Company registration number 09404688 (England and Wales)
AMA FIC LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
AMA FIC LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
AMA FIC LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
127,621
141,346
Investment property
4
15,529,894
15,506,200
15,657,515
15,647,546
Current assets
Debtors
5
1,394,358
1,221,449
Cash at bank and in hand
187,180
277,364
1,581,538
1,498,813
Creditors: amounts falling due within one year
6
(7,155,748)
(6,272,559)
Net current liabilities
(5,574,210)
(4,773,746)
Total assets less current liabilities
10,083,305
10,873,800
Provisions for liabilities
7
(1,440,306)
(1,466,575)
Net assets
8,642,999
9,407,225
Capital and reserves
Called up share capital
9
5,426,559
5,426,559
Profit and loss reserves
3,216,440
3,980,666
Total equity
8,642,999
9,407,225
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
AMA FIC LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 5 September 2024 and are signed on its behalf by:
M C Greensmith
Director
Company Registration No. 09404688
AMA FIC LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
AMA FIC Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Oil Centre, Prettywood, Bury New Road, Bury, Lancashire, United Kingdom, BL9 7HY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Other creditors falling due within one year includes loans received by the company from related parties without formal repayment terms, hence are deemed to be repayable on demand. However the directors have a reasonable expectation that these funds will not be called for repayment to the detriment of the company's ability to meet third party obligations as they fall due. Furthermore, although no such formal arrangements are in place, the directors are confident that further funds will be provided from related parties, to the extent required. Accordingly the accounts have been prepared on a going concern basis.
1.3
Turnover
Turnover comprises revenue recognised by the company in respect of rent receivable and related income during the period, exclusive of value added tax and trade discounts.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
Investment properties are carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the statement of income and retained earnings.
1.6
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
AMA FIC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
AMA FIC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
AMA FIC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2023
161,753
7,570
169,323
Additions
8,615
8,615
At 31 March 2024
170,368
7,570
177,938
Depreciation and impairment
At 1 April 2023
25,256
2,721
27,977
Depreciation charged in the year
21,128
1,212
22,340
At 31 March 2024
46,384
3,933
50,317
Carrying amount
At 31 March 2024
123,984
3,637
127,621
At 31 March 2023
136,497
4,849
141,346
4
Investment properties
2024
£
Fair value
At 1 April 2023
15,506,200
Additions
23,694
At 31 March 2024
15,529,894
The fair values of the investment properties at the balance sheet date have been arrived at on the basis of valuations carried out by the directors, supported by valuations prepared by external chartered surveyors, on an open market value basis.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
206,573
232,218
Other debtors
124,099
255,934
330,672
488,152
AMA FIC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Debtors
(Continued)
- 7 -
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
1,063,686
733,297
Total debtors
1,394,358
1,221,449
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
29,137
823,130
Corporation tax
29,450
Other taxation and social security
3,843
3,192
Other creditors
7,093,318
5,446,237
7,155,748
6,272,559
Other creditors includes £6.7m (2023: £5.2m) advanced to the company by related parties on which interest is payable at fixed margins over base rate.
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
8
1,440,306
1,466,575
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
-
26,269
123,016
-
Tax losses
-
-
940,670
733,297
Deferred tax arising on fair value uplift of investment properties
1,440,306
1,440,306
-
-
1,440,306
1,466,575
1,063,686
733,297
AMA FIC LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Deferred taxation
(Continued)
- 8 -
2024
Movements in the year:
£
Liability at 1 April 2023
733,277
Credit to profit or loss
(356,658)
Liability at 31 March 2024
376,619
9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
5,000 A Ordinary of £1 each
5,000
5,000
5,000 B Ordinary of £1 each
5,000
5,000
5,000 C Ordinary of £1 each
5,000
5,000
15,000
15,000
Preference share capital
Issued and fully paid
1,803,853 A Preference of £1 each
1,803,853
1,803,853
1,803,853 B Preference of £1 each
1,803,853
1,803,853
1,803,853 C Preference of £1 each
1,803,853
1,803,853
5,411,559
5,411,559
Preference shares classified as equity
5,411,559
5,411,559
Total equity share capital
5,426,559
5,426,559
Each Ordinary share has full rights in the company with respect to voting, dividends and distributions.
Each Preference share has a right to receive dividends and is redeemable; both these entitlements, however, are at the company's discretion only by unanimous consent of all directors. Accordingly the Preference shares are classified as equity