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REGISTERED NUMBER: 08197799 (England and Wales)















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: P J E Morley
E L Morley





REGISTERED OFFICE: Calcutt House
Chapel Lane
Bearsted
Maidstone
Kent
ME14 4PF





REGISTERED NUMBER: 08197799 (England and Wales)





AUDITORS: Feist Hedgethorne Limited
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:



P J E Morley - Director


31 October 2024

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 £ 149,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

P J E Morley
E L Morley

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:




P J E Morley - Director


31 October 2024

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.




Chris Morey (Senior Statutory Auditor)
for and on behalf of Feist Hedgethorne Limited
Statutory Auditors
Chartered Accountants
Preston Park House
South Road
Brighton
East Sussex
BN1 6SB

31 October 2024

AMASS TRADING LIMITED (REGISTERED NUMBER: 08197799)

Statement of Comprehensive
Income
for the year ended 30 June 2024

2024 2023
Notes £    £   

TURNOVER 45,108,276 22,825,655

Cost of sales (42,479,315 ) (21,081,141 )
GROSS PROFIT 2,628,961 1,744,514

Administrative expenses (172,012 ) (791,065 )
2,456,949 953,449

Impairment of fixed asset
investment (1,374,900 ) -
OPERATING PROFIT 4 1,082,049 953,449

Income from fixed asset investments 697,220 537,460
Interest receivable and similar income 3,842 3,033
PROFIT BEFORE TAXATION 1,783,111 1,493,942

Tax on profit 6 (615,259 ) (196,004 )
PROFIT FOR THE FINANCIAL YEAR 1,167,852 1,297,938

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,167,852

1,297,938

AMASS TRADING LIMITED (REGISTERED NUMBER: 08197799)

Balance Sheet
30 June 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 8 1,393 3,174
Investments 9 60,050 1,427,450
61,443 1,430,624

CURRENT ASSETS
Stocks 10 10,193,879 7,437,478
Debtors 11 204,816 81,170
Cash at bank 170,473 242,759
10,569,168 7,761,407
CREDITORS
Amounts falling due within one year 12 (626,602 ) (206,428 )
NET CURRENT ASSETS 9,942,566 7,554,979
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,004,009

8,985,603

PROVISIONS FOR LIABILITIES 13 (348 ) (794 )
NET ASSETS 10,003,661 8,984,809

CAPITAL AND RESERVES
Called up share capital 14 1 1
Retained earnings 15 10,003,660 8,984,808
SHAREHOLDERS' FUNDS 10,003,661 8,984,809

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by:





P J E Morley - Director


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 1 8,171,870 8,171,871

Changes in equity
Dividends - (485,000 ) (485,000 )
Total comprehensive income - 1,297,938 1,297,938
Balance at 30 June 2023 1 8,984,808 8,984,809

Changes in equity
Dividends - (149,000 ) (149,000 )
Total comprehensive income - 1,167,852 1,167,852
Balance at 30 June 2024 1 10,003,660 10,003,661

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 (368,780 ) 851,091
Tax paid (195,760 ) (264,647 )
Net cash from operating activities (564,540 ) 586,444

Cash flows from investing activities
Purchase of tangible fixed assets - (2,229 )
Purchase of fixed asset investments (7,500 ) (567,775 )
Interest received 3,842 2,877
Dividends received 697,220 537,460
Net cash from investing activities 693,562 (29,667 )

Cash flows from financing activities
Amount introduced by directors 201,440 947,398
Amount withdrawn by directors (253,748 ) (922,155 )
Equity dividends paid (149,000 ) (485,000 )
Net cash from financing activities (201,308 ) (459,757 )

(Decrease)/increase in cash and cash equivalents (72,286 ) 97,020
Cash and cash equivalents at beginning of
year

2

242,759

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 1,783,111 1,493,942
Depreciation charges 1,782 1,782
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 (2,756,401 ) (701,267 )
(Increase)/decrease in trade and other debtors (71,338 ) 23,822
Increase in trade and other creditors 228 8,050
Cash generated from operations (368,780 ) 851,091

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 - (8,611 )
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 (72,286 ) 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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 9,100 21,527
Other pension costs 120,000 156,000
129,100 177,527

The average number of employees during the year was as follows:
2024 2023

Directors 2 2

2024 2023
£    £   
Directors' remuneration 9,100 21,527
Directors' pension contributions to money purchase schemes 120,000 156,000

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 1,781 1,782
Auditors' remuneration 9,000 9,000

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 615,704 195,892

Deferred tax (445 ) 112
Tax on profit 615,259 196,004

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 60,000 405,000
Ordinary B 0.10 shares of 10p each
Interim 89,000 80,000
149,000 485,000

8. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 July 2023
and 30 June 2024 925 4,838 5,763
DEPRECIATION
At 1 July 2023 339 2,250 2,589
Charge for year 185 1,596 1,781
At 30 June 2024 524 3,846 4,370
NET BOOK VALUE
At 30 June 2024 401 992 1,393
At 30 June 2023 586 2,588 3,174

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

Texo Developments Limited
Registered office: King Arthur's Court Maidstone Road, Charing, Ashford, Kent, England, TN27 0JS
Nature of business: Property construction
%
Class of shares: holding
Ordinary 50.00
30.6.24 31.12.22
£    £   
Aggregate capital and reserves 10,169 22,835

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 10,193,879 7,437,478

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 75,540 80,504
Prepayments 61,326 98
204,816 81,170

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Corporation tax 615,703 195,757
Accrued expenses 10,899 10,671
626,602 206,428

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 794
Accelerated capital allowances (446 )
Balance at 30 June 2024 348

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 8,984,808
Profit for the year 1,167,852
Dividends (149,000 )
At 30 June 2024 10,003,660

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
£    £   
P J E Morley
Balance outstanding at start of year 569 25,811
Amounts advanced 253,747 -
Amounts repaid (201,440 ) (25,242 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 52,876 569

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 P J E Morley.