REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
AMASHA LIMITED |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
AMASHA LIMITED |
AMASHA LIMITED (REGISTERED NUMBER: SC367147) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
AMASHA LIMITED (REGISTERED NUMBER: SC367147) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Fixed assets |
Intangible assets | 4 |
Tangible assets | 5 |
Current assets |
Stocks |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 11 |
Retained earnings |
Shareholders' funds |
In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
AMASHA LIMITED (REGISTERED NUMBER: SC367147) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | Statutory information |
Amasha Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and |
trade discounts. The policies adopted for the recognition of turnover are as follows: |
Sale of goods |
Turnover from the sale of recyling materials is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on shipment of the goods. |
Packaging waste export recycling notes (PERN) |
The company issues PERN notes once it has despatched waste product. Income from PERN notes is recognised, net of VAT, on the exchange of the notes, being the point at which all rights and obligations pass. |
Interest receivable |
Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Office equipment | - |
Motor vehicles | - |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
AMASHA LIMITED (REGISTERED NUMBER: SC367147) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | Accounting policies - continued |
Government grants |
Government grants are deferred in the period in which they are received and subsequently recognised and expensed through the profit and loss at a rate equal to that of the useful life of the assets acquired with the grant. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less selling costs. Cost includes all costs of purchase and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. Goods in transit recognises the cost of waste materials purchased not yet shipped and is stated at cost. |
Taxation |
Current taxation represents the amount of taxation payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the taxation rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred taxation represents the future taxation consequences of transactions and events recognised in the |
financial statements of current and previous periods. It is recognised in respect of all timing differences, with |
certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved taxation losses and other deferred taxation assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred taxation liabilities or other future taxable profits. |
Deferred taxation is measured using the taxation rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company operates money purchase (defined contribution) pension scheme. Contributions are charged against profits on the amounts payable for the year. |
Hire purchase and leases |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those |
held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
Loans and borrowings |
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. |
Debtors and creditors receivable / payable within one year |
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. |
Bank and cash |
Cash at bank and in hand includes cash and short term highly liquid investments with a short |
maturity of three months or less from the date of acquisition or opening of the deposit or similar account. |
AMASHA LIMITED (REGISTERED NUMBER: SC367147) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | Accounting policies - continued |
Derivatives |
Derivative financial instruments are initially measured at fair value at the date on which a derivative contract is entered into and are subsequently measured at fair value through profit or loss. Currently the company has forward exchange contract to cover the fluctuation in the exchange rates related to the sale of goods. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Intangible fixed assets |
Computer |
software |
£ |
Cost |
At 1 January 2023 |
Additions |
At 31 December 2023 |
Amortisation |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
5. | Tangible fixed assets |
Plant and | Office | Motor |
machinery | equipment | vehicles | Totals |
£ | £ | £ | £ |
Cost |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
Written back on disposals | ( |
) | ( |
) |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
6. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
AMASHA LIMITED (REGISTERED NUMBER: SC367147) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
7. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Tax |
Taxation and social security |
Directors' loan accounts | - | 92,057 |
Accruals |
Deferred government grants |
8. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts |
Amounts owed to participating interests | 866,987 | 886,202 |
Directors' loan accounts | 20,000 | 20,000 |
Deferred government grants |
9. | Secured debts |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts | 44,068 | 23,404 |
A floating charge in favour of HSBC has been granted over the property of the company. |
The hire purchase contracts are secured over the assets concerned. |
10. | Derivative financial instruments - forward contracts |
The company enters into foreign currency contracts to mitigate the exchange rate risk for foreign currency debtors. At 31 December 2023 the outstanding contracts mature within 3 months (2022: 3 months). The company is committed to sell $4,055,429 (2022: $4,287,758 ) and receive a fixed sterling amount. |
The forward currency contracts are measured at fair value using quoted forward exchange rates. |
11. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
12. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
AMASHA LIMITED (REGISTERED NUMBER: SC367147) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
13. | Related party disclosures |
Melosch Export Gmbh is a shareholder of Amasha Limited. Melosch Export Gmbh advanced a loan to the company under normal commercial terms. The loan interest charged on the loan during the year to 31 December 2023 was £34,769 (2022 £24,928). At the balance sheet date the loan outstanding was £866,987 (€1,000,000) (2022 £886,202 €1,000,000 ). |
14. | Post balance sheet events |
After the year end Melosch Export GmbH, a shareholder in Amasha Limited, advanced a loan to the company of €700,000. This was in addition to the €1,000,000 loan outstanding at the year end. |