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Registration number: 07988374

AMDA Trading Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

AMDA Trading Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

AMDA Trading Limited

Company Information

Directors

Mr D Ahronee

Mr A Mahalla

Registered office

82 Middlesex Street
London
E1 7EZ

Accountants

MG Group (Professional Services) Limited
Chartered Accountants
166 College Road
Harrow
Middlesex
HA1 1BH

 

AMDA Trading Limited

(Registration number: 07988374)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

350

2,395

Investment property

6

1,650,000

1,650,000

 

1,650,350

1,652,395

Current assets

 

Stocks

7

1,047,055

1,091,124

Debtors

8

1,451,099

778,446

Cash at bank and in hand

 

723,283

1,572,504

 

3,221,437

3,442,074

Creditors: Amounts falling due within one year

9

(289,451)

(194,603)

Net current assets

 

2,931,986

3,247,471

Net assets

 

4,582,336

4,899,866

Capital and reserves

 

Called up share capital

12

3,334

3,334

Retained earnings

4,579,002

4,896,532

Shareholders' funds

 

4,582,336

4,899,866

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.

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

 

AMDA Trading Limited

(Registration number: 07988374)
Balance Sheet as at 31 December 2023 (continued)

.........................................
Mr D Ahronee
Director

.........................................
Mr A Mahalla
Director

 
     
 

AMDA Trading Limited

Notes to the Unaudited 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:
82 Middlesex Street
London
E1 7EZ

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

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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Under the company's standard terms this is normally at the point of dispatch.

 

AMDA Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Foreign currency transactions and balances

Transactions in currencies other than pounds sterling are recorded at the rates of exchanges prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and lsoses arising on translation in the period are included in profit and loss.

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 income 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, machinery and equipment

Over 10 years

Office furniture

Over 5 years

 

AMDA Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Computer equipment

Over 3 years

Shopfittings

Over 10 years

Leasehold fixtures

Over the life of the lease

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is intially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

AMDA Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is reocgnised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

Payments to defined contribution reitrement benefit schemes are charged as an expense as they fall due.

Share based payments

For the purposes of these financial statements, a party is considered to be related to the company if:
(i) the party has the ability, directly or indirectly, through one or more intermediaries, to control the Company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the Company;
(ii) the Company and the party are subject to common control;
(iii) the party is an associate of the Company or a joint venture in whoch the Company is a venturer;
(iv) the party is a member of key management personnel of the Company or the Company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals;
(v) the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or
(vi) the party is a post-employment benefit plan which is for the benefit of employees of the Company or of any entity that is a related party of the Company.
(vii) the party, or any member of a group of which it is part, provides key management personnel services to the company or its parent.

Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity.

 

AMDA Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Long term 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.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on a ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

In the year to 31 December 2023 98% (2022: 98%) of the company's turnover was to markets outside the United Kingdom.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2022 - 14).

4

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

702,708

898,306

UK corporation tax adjustment to prior periods

(4,435)

2,241

698,273

900,547

Deferred taxation

Arising from origination and reversal of timing differences

(153)

(1,908)

Tax expense in the income statement

698,120

898,639

Deferred tax

 

AMDA Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Taxation (continued)

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

1,008

-

1,008

-

2022

Asset
£

Liability
£

855

-

855

-

The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £(1,008) (2022 - £(855)).

 

AMDA Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

5

Tangible assets

Other tangible assets
 £

Total
£

Cost or valuation

At 1 January 2023

129,642

129,642

At 31 December 2023

129,642

129,642

Depreciation

At 1 January 2023

127,247

127,247

Charge for the year

2,045

2,045

At 31 December 2023

129,292

129,292

Carrying amount

At 31 December 2023

350

350

At 31 December 2022

2,395

2,395

6

Investment properties

2023
£

At 1 January

1,650,000

At 31 December

1,650,000

Investment property comprises of one commercial unit and five residential flats. The property was independently valued between £1,650,000 and £1,700,000 by Golden Key Estates Agents in December 2022, who are experienced in valuing similar residential and commercial properties on the basis of achievable rents. The valuations was carried out on the instructions of Directors. The Directors have reconsidered the valuation based upon currently achieved rents and have concluded that a lower value is appropriate.

7

Stocks

2023
£

2022
£

Stocks

1,047,055

1,091,124

 

AMDA Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

8

Debtors

Current

2023
£

2022
£

Trade debtors

21,189

-

Prepayments

4,985

3,252

Other debtors

1,424,925

775,194

 

1,451,099

778,446

Included in other debtors is a rent deposit of £60,000, which is secured by a fixed charge in favour of the landlord.

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

75,008

100,029

Taxation and social security

6,795

25,172

Accruals and deferred income

27,524

19,217

Other creditors

180,124

50,185

289,451

194,603

 

AMDA Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

115,000

115,000

Operating leases - lessor

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

82,802

80,971

Later than one year and not later than five years

90,625

127,274

173,427

208,245

The operating lease represents a lease relating to the commercial unit which expires in June 2027. The leases relating to the five residential flats are assured shorthold tenancies of twelve month duration. The lessee does not have an option to purchase the property at the expiry of the lease period.

11

Related party transactions

At the balance sheet date, the company owed its directors £100,949 (2022: 1,114). These loans are unsecured, interest free and repayable on demand.

12

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary share of £1 each

2,000

2,000

2,000

2,000

Ordinary A share of £1 each

1,334

1,334

1,334

1,334

3,334

3,334

3,334

3,334