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REGISTERED NUMBER: SC367147 (Scotland)















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 4 106,540 58,382
Tangible assets 5 79,440 35,295
185,980 93,677

Current assets
Stocks 411,299 334,592
Debtors 6 2,650,666 2,906,172
Cash at bank 224,840 436,937
3,286,805 3,677,701
Creditors
Amounts falling due within one year 7 (2,222,466 ) (2,523,835 )
Net current assets 1,064,339 1,153,866
Total assets less current liabilities 1,250,319 1,247,543

Creditors
Amounts falling due after more than one
year

8

(959,915

)

(981,530

)

Provisions for liabilities (4,220 ) (5,436 )
Net assets 286,184 260,577

Capital and reserves
Called up share capital 11 100 100
Retained earnings 286,084 260,477
Shareholders' funds 286,184 260,577

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 13 September 2024 and were signed on its behalf by:





A Fendick - Director


AMASHA LIMITED (REGISTERED NUMBER: SC367147)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. Statutory information

Amasha Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address are as below:

Registered number: SC367147

Registered office: 32 Boggs Holdings
Pencaitland
East Lothian
EH34 5BA

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% straight line and 15% on reducing balance
Office equipment - 25% on reducing balance
Motor vehicles - 20% on reducing balance

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 10 (2022 - 8 ) .

4. Intangible fixed assets
Computer
software
£   
Cost
At 1 January 2023 68,480
Additions 61,118
At 31 December 2023 129,598
Amortisation
At 1 January 2023 10,098
Amortisation for year 12,960
At 31 December 2023 23,058
Net book value
At 31 December 2023 106,540
At 31 December 2022 58,382

5. Tangible fixed assets
Plant and Office Motor
machinery equipment vehicles Totals
£    £    £    £   
Cost
At 1 January 2023 2,380 10,274 40,939 53,593
Additions - 2,461 76,588 79,049
Disposals - - (40,939 ) (40,939 )
At 31 December 2023 2,380 12,735 76,588 91,703
Depreciation
At 1 January 2023 397 5,601 12,300 18,298
Charge for year 594 1,386 9,536 11,516
Written back on disposals - - (17,551 ) (17,551 )
At 31 December 2023 991 6,987 4,285 12,263
Net book value
At 31 December 2023 1,389 5,748 72,303 79,440
At 31 December 2022 1,983 4,673 28,639 35,295

6. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 2,362,155 2,659,077
Other debtors 288,511 247,095
2,650,666 2,906,172

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 20,000 20,000
Hire purchase contracts 5,185 4,608
Trade creditors 1,992,342 2,228,573
Tax 143,566 136,608
Taxation and social security 8,667 7,893
Directors' loan accounts - 92,057
Accruals 50,219 31,609
Deferred government grants 2,487 2,487
2,222,466 2,523,835

8. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans 28,333 48,333
Hire purchase contracts 38,883 18,796
Amounts owed to participating interests 866,987 886,202
Directors' loan accounts 20,000 20,000
Deferred government grants 5,712 8,199
959,915 981,530

9. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 48,333 68,333
Hire purchase contracts 44,068 23,404
92,401 91,737

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: £    £   
100 Ordinary £1 100 100

12. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

William Main CA (Senior Statutory Auditor)
for and on behalf of Brown, Scott & Main, Statutory Auditor

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.