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Company registration number: NI018115
Amelwood Limited
Filleted financial statements
31 March 2024
Amelwood Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
Amelwood Limited
Directors and other information
Directors
RO Morton
FS McClure
KM Millington
RJ Hegan
Secretary RO Morton
Company number NI018115
Registered office 13 Sharman Gardens
Belfast
BT9 5GE
Auditor Hill Vellacott
22 Great Victoria Street
Belfast
BT2 7BA
Bankers First Trust Bank
35 University Road
Belfast
BT7 1ND
Solicitors King and Gowdy
298 Upper Newtownards Road
Belfast
BT4 3EJ
Amelwood Limited
Directors responsibilities statement
Year ended 31 March 2024
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.
Amelwood Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 18 119
Investments 6 2,816,950 2,700,653
_______ _______
2,816,968 2,700,772
Current assets
Debtors 7 4,349,541 4,378,334
Cash at bank and in hand 95,257 86,254
_______ _______
4,444,798 4,464,588
Creditors: amounts falling due
within one year 8 ( 7,543) ( 32,590)
_______ _______
Net current assets 4,437,255 4,431,998
_______ _______
Total assets less current liabilities 7,254,223 7,132,770
Provisions for liabilities 9 ( 174,272) ( 145,198)
_______ _______
Net assets 7,079,951 6,987,572
_______ _______
Capital and reserves
Called up share capital 11 479,219 479,219
Share premium account 12 509,822 509,822
Capital redemption reserve 12 80,251 80,251
Profit and loss account 12 6,010,659 5,918,280
_______ _______
Shareholders funds 7,079,951 6,987,572
_______ _______
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.
These financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
KM Millington
Director
Company registration number: NI018115
Amelwood Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 13 Sharman Gardens, Belfast, BT9 5GE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Judgements and key sources of estimation uncertainty
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of futureevents that are believed to be reasonable under the circumstances.The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:Recoverability of debtorsEstimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the ageing profile of debtors are considered. The amounts owed by connected compaines are £4,349,095 (2023 - £4,374,705).InvestmentsInvestments in subsidiary undertakings are measured as cost less accumulated impairment. Where there is an indication of impairment the recoverable amount is estimated and compared with the carrying amount. Investment in associated undertakings is measured at fair value. The estimate of recoverable amount is considered in light of the trading and balance sheet strength of the subsidiary or associated undertaking together with the director's best estimate of future performance.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments in subsiadaries are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Investments in associates are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 April 2023 and 31 March 2024 507 507
_______ _______
Depreciation
At 1 April 2023 388 388
Charge for the year 101 101
_______ _______
At 31 March 2024 489 489
_______ _______
Carrying amount
At 31 March 2024 18 18
_______ _______
At 31 March 2023 119 119
_______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost or valuation
At 1 April 2023 2,700,653 2,700,653
Revaluations 116,297 116,297
_______ _______
At 31 March 2024 2,816,950 2,816,950
_______ _______
Impairment
At 1 April 2023 and 31 March 2024 - -
_______ _______
Carrying amount
At 31 March 2024 2,816,950 2,816,950
_______ _______
At 31 March 2023 2,700,653 2,700,653
_______ _______
7. Debtors
2024 2023
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 4,349,095 4,374,705
Other debtors 446 3,629
_______ _______
4,349,541 4,378,334
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 293 293
Corporation tax - 25,947
Other creditors 7,250 6,350
_______ _______
7,543 32,590
_______ _______
9. Provisions
Deferred tax (note 10) Total
£ £
At 1 April 2023 145,198 145,198
Charges against provisions 29,074 29,074
_______ _______
At 31 March 2024 174,272 174,272
_______ _______
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note 9) 174,272 145,198
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Fair value adjustment of financial assets 145,198 145,198
_______ _______
11. Called up share capital
Authorised share capital
2024 2023
No £ No £
Ordinary shares shares of £ 1.00 each 479,219 479,219 479,219 479,219
_______ _______ _______ _______
12. Reserves
Share premium account:This reserve records the amount above the nominal value received for shares sold, less transaction costs.Capital redemption reserve:This reserve records the nominal value of shares repurchased by the company.Profit and loss account:This reserve records retained earnings and accumulated losses.
13. Summary audit opinion
The auditor's report dated 29 July 2024 was unqualified.
The senior statutory auditor was Eoin McMullan, ACA for and on behalf of Hill Vellacott
14. Related party transactions
The company has availed of the exemption under FRS102 section 33 which does not require disclosure of transactions entered into between any parent undertaking which is wholly owned by a member of that group. In the year one of the directors Mr S McClure charged the company fees of £34,650 (2023 - £33,000).
15. Controlling party
The company is controlled by the Board of Directors.