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COMPANY REGISTRATION NUMBER: 06437647
Amex Estates Limited
Filleted Unaudited Financial Statements
31 December 2023
Amex Estates Limited
Balance Sheet
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Investments
5
51
49
Current assets
Stocks and work in progress
25,667
284,806
Debtors
6
1,962,833
1,794,099
Cash at bank and in hand
5,793
2,009
------------
------------
1,994,293
2,080,914
Creditors: amounts falling due within one year
7
( 1,216,796)
( 1,294,543)
------------
------------
Net current assets
777,497
786,371
---------
---------
Total assets less current liabilities
777,548
786,420
Creditors: amounts falling due after more than one year
8
( 16,518)
( 26,612)
---------
---------
Net assets
761,030
759,808
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
760,030
758,808
---------
---------
Shareholders funds
761,030
759,808
---------
---------
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 income and retained earnings 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 .
Amex Estates Limited
Balance Sheet (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
M J Losi
G P Losi
Director
Director
Company registration number: 06437647
Amex Estates 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 England and Wales. The address of the registered office is 6 Bruce Grove, London, N17 6RA.
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.
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
Revenue is recognised on the exchange of contracts for the sale of properties developed and the sale can be reasonably assured and the proceeds guaranteed. Included in other operating income is rental income received in accordance with the Shorthold Tenancy Agreements, net of expenses incurred during the year.
Taxation
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. 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.
Stocks and work in progress
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. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress. Borrowing costs that are directly attributable to the acquisition and construction of development properties are capitalised and included in stocks up to the completion of the development.
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.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
4. Employee numbers
The average number of persons employed by the company during the year was Nil.
5. Investments
Shares in group undertakings
Shares in participating interests
Other investments other than loans
Total
£
£
£
£
Cost
At 1 January 2023
34
15
49
Additions
1
1
2
----
----
----
----
At 31 December 2023
1
35
15
51
----
----
----
----
Impairment
At 1 January 2023 and 31 December 2023
----
----
----
----
Carrying amount
At 31 December 2023
1
35
15
51
----
----
----
----
At 31 December 2022
34
15
49
----
----
----
----
6. Debtors
2023
2022
£
£
Amounts owed by group undertakings
667,049
Prepayments and accrued income
21,126
21,126
Other debtors
1,274,658
1,772,973
------------
------------
1,962,833
1,794,099
------------
------------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Other debtors
416,156
479,030
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,098
9,853
Accruals and deferred income
24,324
20,351
Corporation tax
50,167
74,167
Shareholders loans
837,602
915,145
Other creditors
294,605
275,027
------------
------------
1,216,796
1,294,543
------------
------------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
16,518
26,612
--------
--------
Included in creditors amounts falling due after more than one year is the Bounce Back Loan of £16,518 (2022: £26,612). The loan is 100% guaranteed by the government and the interest rate is fixed at 2.5% per annum.
9. Related party transactions
Included in creditors due within one year is a loan of £837,602 (2022: £915,145) from a director who is also a shareholder of the company. The loan is interest-free and has no fixed repayment term.