REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30 June 2024 |
for |
AMASS TRADING LIMITED |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 30 June 2024 |
for |
AMASS TRADING LIMITED |
AMASS TRADING LIMITED (REGISTERED NUMBER: 08197799) |
Contents of the Financial Statements |
for the year ended 30 June 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 7 |
Statement of Comprehensive Income | 11 |
Balance Sheet | 12 |
Statement of Changes in Equity | 13 |
Cash Flow Statement | 14 |
Notes to the Cash Flow Statement | 15 |
Notes to the Financial Statements | 16 |
AMASS TRADING LIMITED |
Company Information |
for the year ended 30 June 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants |
Preston Park House |
South Road |
Brighton |
East Sussex |
BN1 6SB |
AMASS TRADING LIMITED (REGISTERED NUMBER: 08197799) |
Strategic Report |
for the year ended 30 June 2024 |
The directors present their strategic report for the year ended 30 June 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the trading of securities and commodity future contracts. |
REVIEW OF BUSINESS |
The company is independently owned and does not engage in any client related activity. |
Operationally it has been a transitional year for the company. The company stopped providing liquidity, via OSTC Wales Limited Liability Partnership, to the Cocoa markets and the Low Sulphur Gasoil market in August 2023 and March 2024 respectively. Money received from the LLP dropped from £1.7m (2023) to £0.5m in the year. |
The UK stock market had a stronger year and the company benefitted by generating £2.9m of profit on £7.8m of capital employed in the stock market, equating to a 37% return on capital (9% - 2023) above the average expectation of 12-15% per annum. The UK stock market returned around 9% so it was a big year of outperformance, results of that extent are unlikely to be repeatable. |
The company suffered a material loss (£1.37m - 15% of tangible equity) on an investment in Internet Mobile Communications Ltd which went into administration in June 2024. Despite this the company increased shareholder funds by 11% from £9.0m to £10.0m. Shareholder funds have grown every year since inception and continuous growth, by optimizing the returns on the balance sheet equity, remains an important focus for the company going forward. |
The key financial highlights are as follows: |
2024 | 2023 |
Gross profit | £2,628,961 | £1,744,514 |
Other income | £701,062 | £540,493 |
Adjusted profit before tax | £1,912,211 | £2,236,724 |
Shareholder funds | £10,003,661 | £8,984,808 |
Profit before tax has been adjusted for exceptional items (2023 only) as well as director salaries and pension contributions. |
AMASS TRADING LIMITED (REGISTERED NUMBER: 08197799) |
Strategic Report |
for the year ended 30 June 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
There are a number of risks and uncertainties that can impact the company's performance, some of which are beyond the control of the company and its Board. The Directors are involved in the day to day management of the company and are therefore able to monitor the impact of these risks. |
The principal risks and uncertainties facing the company are outlined below: |
Financial risk |
The activities of the company mean that managing financial risk is the normal course of business. |
Credit risk |
The company carries counterparty risk with the companies that hold the company's equity assets. This is mitigated by using two different investing platforms, which are two of the largest and most financially secure in the UK. |
Liquidity risk |
The company manages liquidity risk by holding in excess of 80% of the company's equity in short term assets which can be converted into cash quickly. |
Market risk |
The risk of loss from market movements is part of the business. This can cause excessive fluctuations in the valuation of the equity holdings but this is largely down to the volatility of the markets rather than a risk of permanent loss. |
Regulatory risk |
Risk of non compliance and future changes in regulatory rules, especially those affecting trading execution, are mitigated with specialist training. |
Economic risk |
A weak UK stock market will have a detrimental effect on the performance of the stock trading part of the business. |
Currency risk |
The company is exposed to USD/GBP movements as it supplies liquidity to USD denominated products. The company has previously hedged some of this risk but the current stance of the company is that currency fluctuations are an acceptable and limited risk and therefore do not need to be hedged. |
GOING CONCERN |
The company retains a robust balance sheet with a high proportion of liquid assets. |
The directors have a reasonable expectation that the Company has adequate resources to continue in existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing the financial statements. |
AMASS TRADING LIMITED (REGISTERED NUMBER: 08197799) |
Strategic Report |
for the year ended 30 June 2024 |
FUTURE DEVELOPMENTS |
The focus for the future is to maximise returns on capital using stock trading strategies. The company will look to divert some capital away from stock trading to other investments outside the stock market, to increase the robustness of the balance sheet and reduce the volatility of earnings, in a down market. |
Future success in trading UK stocks will be correlated with the strength of the domestic stock market. We are optimistic on the future performance of the UK stock market given the current low starting valuation point relative to history. We are confident of capturing the market returns and hopefully some outperformance too. |
We maintain a cautious approach to risk and seek to grow the company's tangible equity for the next 49 years. |
ON BEHALF OF THE BOARD: |
AMASS TRADING LIMITED (REGISTERED NUMBER: 08197799) |
Report of the Directors |
for the year ended 30 June 2024 |
The directors present their report with the financial statements of the company for the year ended 30 June 2024. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 June 2024 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
During the year, the Company made a charitable donation of £1,294 (2023: £459). |
DISCLOSURE IN THE STRATEGIC REPORT |
Certain matters required by regulation to be dealt with in the annual report with in the annual report have been dealt with in the Strategic Report rather than the Director's Report. These include principle risks and uncertainties, going concern and future developments. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 of 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 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 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AMASS TRADING LIMITED (REGISTERED NUMBER: 08197799) |
Report of the Directors |
for the year ended 30 June 2024 |
AUDITORS |
The auditors, Feist Hedgethorne Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Amass Trading Limited |
Opinion |
We have audited the financial statements of Amass Trading Limited (the 'company') for the year ended 30 June 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Amass Trading Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Amass Trading Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which the audit was considered capable of detecting irregularities, including fraud |
Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit. |
In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit. |
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team: |
- |
obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework; |
- |
inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud; |
- |
discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud |
As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, and tax compliance regulations. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures, inspecting correspondence where relevant authorities, and evaluating advice received from external tax advisors. |
The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Amass Trading Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
Chartered Accountants |
Preston Park House |
South Road |
Brighton |
East Sussex |
BN1 6SB |
AMASS TRADING LIMITED (REGISTERED NUMBER: 08197799) |
Statement of Comprehensive |
Income |
for the year ended 30 June 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
2,456,949 | 953,449 |
Impairment of fixed asset |
investment | (1,374,900 | ) | - |
OPERATING PROFIT | 4 |
Income from fixed asset investments |
Interest receivable and similar income |
PROFIT BEFORE TAXATION |
Tax on profit | 6 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
AMASS TRADING LIMITED (REGISTERED NUMBER: 08197799) |
Balance Sheet |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
Investments | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 13 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Retained earnings | 15 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
AMASS TRADING LIMITED (REGISTERED NUMBER: 08197799) |
Statement of Changes in Equity |
for the year ended 30 June 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2024 |
AMASS TRADING LIMITED (REGISTERED NUMBER: 08197799) |
Cash Flow Statement |
for the year ended 30 June 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) |
Purchase of fixed asset investments | (7,500 | ) | (567,775 | ) |
Interest received |
Dividends received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Amount introduced by directors | 201,440 | 947,398 |
Amount withdrawn by directors | (253,748 | ) | (922,155 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
145,739 |
Cash and cash equivalents at end of year | 2 | 170,473 | 242,759 |
AMASS TRADING LIMITED (REGISTERED NUMBER: 08197799) |
Notes to the Cash Flow Statement |
for the year ended 30 June 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on revaluation of fixed assets | 1,374,900 | - |
Exceptional item | - | 565,255 |
Finance income | (701,062 | ) | (540,493 | ) |
2,458,731 | 1,520,486 |
Increase in stocks | ( |
) | ( |
) |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 June 2024 |
30.6.24 | 1.7.23 |
£ | £ |
Cash and cash equivalents | 170,473 | 242,759 |
Year ended 30 June 2023 |
30.6.23 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 242,759 | 154,350 |
Bank overdrafts | ( |
) |
242,759 | 145,739 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.7.23 | Cash flow | At 30.6.24 |
£ | £ | £ |
Net cash |
Cash at bank | 242,759 | (72,286 | ) | 170,473 |
242,759 | ( |
) | 170,473 |
Total | 242,759 | (72,286 | ) | 170,473 |
AMASS TRADING LIMITED (REGISTERED NUMBER: 08197799) |
Notes to the Financial Statements |
for the year ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Amass Trading Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
Amounts in the financial statements have been rounded to the nearest Pound. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates and these estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
The items in the financial statements where these judgements and estimates have been made include the depreciation of assets, impairment of investments and provisions. |
Turnover |
Turnover is made up of three streams: |
1. Sale of securities and commodities |
Sale of securities and commodities are recognised at the point of sale. |
2. Dividend income |
Turnover from dividends is recognised when the company's right to receive payment is established. Dividends earned but not yet received are included in debtors. |
3. Share of profits from company investment |
Share of profits is recognised on an accruals basis. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Computer equipment - 33% on cost. |
Fixtures & fittings - 20% on cost. |
Stocks |
Stocks relate to securities and commodities. Stocks are valued at the lower of cost and estimated selling price less costs to sell. Estimated selling price less costs to sell value is determined based on the market rate of stocks. |
Financial instruments |
Financial assets, liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
AMASS TRADING LIMITED (REGISTERED NUMBER: 08197799) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. 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 equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
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 a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid, the company has no further payment obligations. |
The contributions are recognised as an expense in the Income Statement when they fall due. Amounts not paid are shown in accruals as a liability on the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds. |
Amounts recognised as an expense were £120,000 (2023: £156,000). |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. |
Impairment |
At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Investments |
Investments are recognised at cost. |
AMASS TRADING LIMITED (REGISTERED NUMBER: 08197799) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Directors |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Auditors' remuneration |
5. | EXCEPTIONAL ITEMS |
2024 | 2023 |
£ | £ |
Exceptional items | - | (565,255 | ) |
During the year ended 30 June 2023, the Directors reviewed the position of OSTC Wales LLP and considered it probable that the amount due would not be received. This amount has been provided for and included as an exceptional item. |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
AMASS TRADING LIMITED (REGISTERED NUMBER: 08197799) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
7. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary A 0.10 shares of 10p each |
Interim |
Ordinary B 0.10 shares of 10p each |
Interim | 89,000 | 80,000 |
8. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
and 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
9. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2023 | 1,427,450 |
Additions | 7,500 |
Impairments | (1,374,900 | ) |
At 30 June 2024 | 60,050 |
NET BOOK VALUE |
At 30 June 2024 | 60,050 |
At 30 June 2023 | 1,427,450 |
AMASS TRADING LIMITED (REGISTERED NUMBER: 08197799) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
9. | FIXED ASSET INVESTMENTS - continued |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Associated company |
Registered office: King Arthur's Court Maidstone Road, Charing, Ashford, Kent, England, TN27 0JS |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
The aggregate capital and reserves provided above for the associated company Texo Development Limited are those from the draft accounts, which cover an extended period, from 1 January 2023 to 30 June 2024. The final figure is not available at the time of approving these financial statements. |
10. | STOCKS |
2024 | 2023 |
£ | £ |
Stock |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other loans - less than 1 year | 15,074 | - |
Director's loan account | 52,876 | 568 |
Accrued income |
Prepayments |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Corporation tax |
Accrued expenses |
13. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 348 | 794 |
AMASS TRADING LIMITED (REGISTERED NUMBER: 08197799) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
13. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 July 2023 |
Accelerated capital allowances | (446 | ) |
Balance at 30 June 2024 |
14. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
8 | Ordinary A Shares | 10p | 0.80 | 0.80 |
2 | Ordinary B Shares | 10p | 0.20 | 0.20 |
15. | RESERVES |
Retained |
earnings |
£ |
At 1 July 2023 |
Profit for the year |
Dividends | ( |
) |
At 30 June 2024 |
16. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The loan is repayable on demand and £820 (2023: £1,190) interest is charged at HMRC's official rate of 2.25%. |
AMASS TRADING LIMITED (REGISTERED NUMBER: 08197799) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
17. | RELATED PARTY DISCLOSURES |
During the year, the company recognised £536,989 (2023: £1,698,125) in turnover, relating to their share of profit in OSTC Wales LLP. Share of profits earned but not received are included in debtors £Nil (2023: £Nil). |
The results of Texo Developments Limited are considered to be immaterial and in accordance with FRS 102, section 9, the associate has been recognised at cost and included in fixed asset investments, see note 9. Therefore, these financial statements contain information about Amass Trading Limited as an individual company and do not contain consolidated financial information regarding the associated company. |
18. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |