Registered number
09973374
AMG Properties Limited
Filleted Abridged Accounts
Year ended 31 January 2024
AMG Properties Limited
Abridged Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 325,000 385,000
Current assets
Cash at bank and in hand 3,941 37,057
Creditors: amounts falling due within one year (290,707) (360,202)
Net current liabilities (286,766) (323,145)
Total assets less current liabilities 38,234 61,855
Creditors: amounts falling due after more than one year (13,887) (24,079)
Provisions for liabilities (18,589) (22,434)
Net assets 5,758 15,342
Capital and reserves
Called up share capital 100 100
Profit and loss account 5,658 15,242
Shareholders' funds 5,758 15,342
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
A McGuinness
Director
Approved by the board on 9 October 2024
AMG Properties Limited
Notes to the Abridged Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The abridged accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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 and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially 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. The surplus or deficit on revaluation is recognised in the profit and loss reserve account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Investment properties
£
Cost
At 1 February 2023 385,000
Additions 4,250
Surplus on revaluation 10,000
Disposals (74,250)
At 31 January 2024 325,000
Depreciation
At 31 January 2024 -
Net book value
At 31 January 2024 325,000
At 31 January 2023 385,000
Freehold land and buildings: 2024 2023
£ £
Historical cost 250,645 295,263
Cumulative depreciation based on historical cost - -
250,645 295,263
The investment properties have been revalued at the balance sheet date by A McGuinness, a director of the company.
4 Other information
AMG Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
High Bank
Bank Street
Bolton
Lancashire
BL7 0RY
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