17 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 170,816 1,901 119,747 288,662 288,662 1 1 1 1 xbrli:pure xbrli:shares iso4217:GBP SC361645 2023-01-01 2023-12-31 SC361645 2023-12-31 SC361645 2022-12-31 SC361645 2022-01-01 2022-12-31 SC361645 2022-12-31 SC361645 2021-12-31 SC361645 core:MotorVehicles 2023-01-01 2023-12-31 SC361645 bus:LeadAgentIfApplicable 2023-01-01 2023-12-31 SC361645 bus:Director3 2023-01-01 2023-12-31 SC361645 core:LandBuildings 2022-12-31 SC361645 core:MotorVehicles 2022-12-31 SC361645 core:LandBuildings 2023-12-31 SC361645 core:MotorVehicles 2023-12-31 SC361645 core:LandBuildings 2023-01-01 2023-12-31 SC361645 core:WithinOneYear 2023-12-31 SC361645 core:WithinOneYear 2022-12-31 SC361645 core:AfterOneYear 2023-12-31 SC361645 core:AfterOneYear 2022-12-31 SC361645 core:ShareCapital 2023-12-31 SC361645 core:ShareCapital 2022-12-31 SC361645 core:RevaluationReserve 2023-12-31 SC361645 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC361645 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC361645 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-12-31 SC361645 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 SC361645 core:DisposalsDecreaseInProvisionsForImpairmentInvestments core:Non-currentFinancialInstruments 2023-12-31 SC361645 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2023-12-31 SC361645 core:LandBuildings 2022-12-31 SC361645 core:MotorVehicles 2022-12-31 SC361645 bus:SmallEntities 2023-01-01 2023-12-31 SC361645 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC361645 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 SC361645 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC361645 bus:FullAccounts 2023-01-01 2023-12-31 SC361645 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 SC361645 core:OfficeEquipment 2023-01-01 2023-12-31 SC361645 core:IntangibleAssetsOtherThanGoodwill 2023-01-01 2023-12-31 SC361645 core:IntangibleAssetsOtherThanGoodwill 2023-12-31 SC361645 core:OfficeEquipment 2022-12-31 SC361645 core:OfficeEquipment 2023-12-31
COMPANY REGISTRATION NUMBER: SC361645
AMC Lighting Direct Limited
Filleted Unaudited Financial Statements
31 December 2023
AMC Lighting Direct Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
AMC Lighting Direct Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of AMC Lighting Direct 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 AMC Lighting Direct 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of AMC Lighting Direct Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of AMC Lighting Direct Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than AMC Lighting Direct Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that AMC Lighting Direct 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 AMC Lighting Direct Limited. You consider that AMC Lighting Direct 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 AMC Lighting Direct 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.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
12 September 2024
AMC Lighting Direct Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
288,662
Tangible assets
6
402,493
512,930
---------
---------
691,155
512,930
Current assets
Stocks
379,627
519,215
Debtors
8
263,099
64,763
Cash at bank and in hand
322,323
578,179
---------
------------
965,049
1,162,157
Creditors: amounts falling due within one year
9
474,441
344,195
---------
------------
Net current assets
490,608
817,962
------------
------------
Total assets less current liabilities
1,181,763
1,330,892
Creditors: amounts falling due after more than one year
10
75,682
163,448
Provisions
Taxation including deferred tax
48,296
13,632
------------
------------
Net assets
1,057,785
1,153,812
------------
------------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
89,810
Profit and loss account
967,875
1,153,712
------------
------------
Shareholders funds
1,057,785
1,153,812
------------
------------
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 comprehensive income 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 .
AMC Lighting Direct Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 12 September 2024 , and are signed on behalf of the board by:
Mr C McCulloch
Director
Company registration number: SC361645
AMC Lighting Direct Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, Scotland, G2 2PQ.
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.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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:
Land and buildings
-
50 years
Motor Vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
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.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
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 17 (2022: 13 ).
5. Intangible assets
Crypto currency
£
Cost
Additions
170,816
Disposals
( 1,901)
Revaluations
119,747
---------
At 31 December 2023
288,662
---------
Amortisation
At 1 January 2023 and 31 December 2023
---------
Carrying amount
At 31 December 2023
288,662
---------
At 31 December 2022
---------
6. Tangible assets
Land and buildings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
477,504
52,576
49,627
579,707
Additions
244,718
14,285
18,804
277,807
Disposals
( 359,378)
( 6,612)
( 365,990)
---------
--------
--------
---------
At 31 December 2023
362,844
60,249
68,431
491,524
---------
--------
--------
---------
Depreciation
At 1 January 2023
19,100
23,011
24,666
66,777
Charge for the year
9,421
6,849
10,103
26,373
Disposals
( 4,119)
( 4,119)
---------
--------
--------
---------
At 31 December 2023
28,521
25,741
34,769
89,031
---------
--------
--------
---------
Carrying amount
At 31 December 2023
334,323
34,508
33,662
402,493
---------
--------
--------
---------
At 31 December 2022
458,404
29,565
24,961
512,930
---------
--------
--------
---------
7. Investments
Shares in group undertakings
£
Cost
At 1 January 2023
Additions
1
----
At 31 December 2023
1
----
Impairment
At 1 January 2023
Disposals
1
----
At 31 December 2023
1
----
Carrying amount
At 31 December 2023
----
At 31 December 2022
----
Details of the company's subsidiary at 31 December 2023 are as follows:
Name of undertaking- AMC Property Ventures Limited
Registered Office- 216 West George Street, Glasgow, Scotland G2 2PQ
Class of shares held- Ordinary
% held Direct- 100.00%
8. Debtors
2023
2022
£
£
Other debtors
263,099
64,763
---------
--------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
92,170
83,533
Trade creditors
62,458
50,066
Corporation tax
151,400
64,352
Social security and other taxes
149,899
138,286
Other creditors
18,514
7,958
---------
---------
474,441
344,195
---------
---------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
75,682
163,448
--------
---------
11. Financial instruments
For financial instruments measured at fair value, the basis for determining fair value must be disclosed. When a valuation technique is used, the assumptions applied in determining fair value for each class of financial assets or financial liabilities must be disclosed. If a reliable measure of fair value is no longer available for ordinary or preference shares measured at fair value through profit or loss, this must also be disclosed.
12. Directors' advances, credits and guarantees
As at 31 December 2023 the balance owed to Mr A McCulloch and Mr C McCulloch was £9 (2022: £20). This loan is interest free, unsecured and has no fixed date of repayment.
13. Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
14. Controlling party
AMC Holdings Group Limited is regarded by the directors as being the companys ultimate parent company. AMC Holdings Group Limited is controlled by the directors.