Registered number
13207178
Ampco 159 Limited
Filleted Accounts
29 February 2024
Ampco 159 Limited
Registered number: 13207178
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Investments 3 3,362,743 3,053,507
Current assets
Debtors 4 - 3,300
Cash at bank and in hand 2,823 3,083
2,823 6,383
Creditors: amounts falling due within one year 5 (481,953) (1,013,472)
Net current liabilities (479,130) (1,007,089)
Total assets less current liabilities 2,883,613 2,046,418
Creditors: amounts falling due after more than one year 6 (1,453,769) (550,000)
Net assets 1,429,844 1,496,418
Capital and reserves
Called up share capital 1,192 1,192
Share premium 1,648,808 1,648,808
Profit and loss account (220,156) (153,582)
Shareholders' funds 1,429,844 1,496,418
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.
Kirsty Hague
Director
Approved by the board on 14 October 2024
Ampco 159 Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The 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 rendering of management fees to the subsidiary company and is recognised when charged.
Investments
Investments in subsidiaries are measured at cost less any accumulated impairment losses. Adjustments to the investment cost arising from the terms of the purchase agreement are reflected as a revaluation.
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.
1 Accounting policies (continued)
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 March 2023 3,053,507
Revaluation 309,236
At 29 February 2024 3,362,743
4 Debtors 2024 2023
£ £
Other debtors - 3,300
5 Creditors: amounts falling due within one year 2024 2023
£ £
Loan 360,847 150,000
Trade creditors 84,000 84,000
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 768,007
Taxation and social security costs 1,159 -
Other creditors 35,947 11,465
481,953 1,013,472
6 Creditors: amounts falling due after one year 2024 2023
£ £
Loan 400,000 550,000
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,053,769 -
1,453,769 550,000
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 198,000 198,000
8 Contingent liability
In June 2023 the company entered into a corporate guarantee arrangement in respect of a credit facility provided to Hague Dental Supplies Limited. At 29 February 2024 the balance outstanding in respect of the facility was £32,438.
9 Related party transactions
During the year the company charged management fees to Hague Dental Supplies Limited in respect of rental costs amounting to £66,000 (2023: 66,764). No charge arose in the year for for the surrender of Group Loss Relief (2023: £10,830) . Hague Dental Supplies Limited made payments on behalf of the company in respect of rent and other overheads, loan repayments and Corporation Tax totalling £370,490 (2023: £278,544) and received VAT refunds and other funds on behalf of the company amounting to £18,728 (2023: £265,973) resulting in an inter-company loan balance at 28 February 2024 of £1,053,769 (2023: £768,007). The loan is interest free and repayable after more than one year with no repayment date set.
On 26 February 2021 the company entered into a Loan Agreement with two directors of the company, for a loan of £1,000,000 repayable by instalments ending in February 2026. Interest accrues at 6%. The outstanding balance at 29 February 2024 was £550,000 (2023: £700,000).
In November 2023, additional share purchase consideration of £208,847 became payable to two directors of the company following a Payroll Settlement Agreement with H M Revenue and Customs. Payment of the additional consideration is deferred and interest, backdated to November 2022 accrues at 13.2% per annum. At 29 February 2024 the balance owed in respect of this consideration was £244,794 including £35,947 accrued interest.
A balance of £70,000 is owed to Mornington Partners Limited (a director) for consultancy services charged under normal commercial terms in 2022. The fees remain unpaid at 29 February 2024 and are included in Trade Creditors.
10 Other information
Ampco 159 Limited is a private company limited by shares and incorporated in England. Its registered office is:
1 Graylands Gateway
Langhurstwood Road
Horsham
West Sussex
RH12 4QD
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