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Registration number: NI638416

AMG Property Sales Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

AMG Property Sales Ltd

Director's Report for the Year Ended 31 December 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Director of the company

The director who held office during the year was as follows:

Mr William Alexander McGothigan

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006 and are in accordance with FRS 102 Section 1A The Financial Reporting Standard applicable to the Small Entities Regime. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company is property investment.

Small companies provision statement

This report has 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.

Approved and authorised by the director on 18 June 2024
 

.........................................
Mr William Alexander McGothigan
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
AMG Property Sales Ltd
for the 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 accounts of AMG Property Sales Ltd for the year ended 31 December 2023 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in Ireland, we are subject to its ethical and other professional requirements which are laid down by the Institute relating to members undertaking the compilation of financial statements.

This report is made solely to the Board of Directors of AMG Property Sales Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the Company's Board of Directors that we have done so, and state those matters that we have agreed to state to them, in this report in accordance with technical guidance issued by the Institute. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than AMG Property Sales Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that AMG Property Sales Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of AMG Property Sales Ltd. You consider that AMG Property Sales Ltd 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 accounts of AMG Property Sales Ltd. 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 accounts.

......................................

Stevenson and Wilson
Chartered Accountants
22-30 Broadway Avenue
Ballymena
Co Antrim
BT43 7AA

18 June 2024

 

AMG Property Sales Ltd

Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

 

52,323

63,377

Cost of sales

 

(43,313)

(49,447)

Gross profit

 

9,010

13,930

Administrative expenses

 

(6,115)

(8,131)

Operating profit

 

2,895

5,799

Other interest receivable and similar income

 

8

1

Profit before tax

4

2,903

5,800

Tax on profit

 

112

(1,363)

Profit for the financial year

 

3,015

4,437

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

AMG Property Sales Ltd

(Registration number: NI638416)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

5,458

6,149

Current assets

 

Debtors

6

16,940

14,028

Cash at bank and in hand

 

1,945

-

 

18,885

14,028

Creditors: Amounts falling due within one year

7

(4,883)

(2,985)

Net current assets

 

14,002

11,043

Total assets less current liabilities

 

19,460

17,192

Provisions for liabilities

(481)

(1,228)

Net assets

 

18,979

15,964

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

18,879

15,864

Shareholders' funds

 

18,979

15,964

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.

Director's 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 director acknowledges his 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.

Approved and authorised by the director on 18 June 2024
 

.........................................
Mr William Alexander McGothigan
Director

 

AMG Property Sales Ltd

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

100

15,864

15,964

Profit for the year

-

3,015

3,015

At 31 December 2023

100

18,879

18,979

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

100

11,427

11,527

Profit for the year

-

4,437

4,437

At 31 December 2022

100

15,864

15,964

 

AMG Property Sales Ltd

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 Northern Ireland.

The address of its registered office is: 27 Hill Street, Ballymena, BT43 6BH.

These financial statements were authorised for issue by the director on 18 June 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

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

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.

 

AMG Property Sales Ltd

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

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

Furniture, fixtures and fittings

15% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Short-term debtors and creditors

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 income statement in operating expenses.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

AMG Property Sales Ltd

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

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

691

814

 

AMG Property Sales Ltd

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

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

1,540

6,821

8,361

At 31 December 2023

1,540

6,821

8,361

Depreciation

At 1 January 2023

-

2,212

2,212

Charge for the year

-

691

691

At 31 December 2023

-

2,903

2,903

Carrying amount

At 31 December 2023

1,540

3,918

5,458

At 31 December 2022

1,540

4,609

6,149

 

AMG Property Sales Ltd

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

6

Debtors

Current

2023
£

2022
£

Other debtors

16,940

14,028

 

16,940

14,028

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank overdraft

-

34

Taxation and social security

 

3,746

1,683

Accruals

 

637

768

Other creditors

 

500

500

 

4,883

2,985

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

 

AMG Property Sales Ltd

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

9

Related party transactions

Included in other debtors are the following amounts due to related companies:-

2023

2022

£

£

AMG Property Holdings (NI) Ltd

13,160

7,000

AMG Financial Planning Ltd

3,780

7,028

AMG Property Holdings (NI) Ltd and AMG Financial Planning Ltd are controlled by Alex and Daniel McGothigan.

 

AMG Property Sales Ltd

Detailed Profit and Loss Account for the Year Ended 31 December 2023

2023
 £

2022
 £

Turnover

Sales

52,323

63,377

Cost of sales

Direct costs

5,701

5,983

Wages and salaries

37,612

43,464

(43,313)

(49,447)

Gross profit

9,010

13,930

Administrative expenses

Insurance

983

825

Repairs and maintenance

600

63

Printing, postage and stationery

-

475

Sundry expenses

1,484

1,466

Motor and travel expenses

1,444

3,446

Accountancy fees

600

800

Bank charges

313

242

(5,424)

(7,317)

Profit before depreciation

3,586

6,613

Interest received

8

1

Depreciation

(691)

(814)

(683)

(813)

Profit before tax

2,903

5,800