Amyco Industrial Doors Ltd. 01741841 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the manufacture, installation and maintenance of roller shutter doors Digita Accounts Production Advanced 6.30.9574.0 true true 01741841 2023-04-01 2024-03-31 01741841 2024-03-31 01741841 bus:OrdinaryShareClass1 2024-03-31 01741841 core:CurrentFinancialInstruments 2024-03-31 01741841 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 01741841 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 01741841 core:FurnitureFittingsToolsEquipment 2024-03-31 01741841 core:MotorVehicles 2024-03-31 01741841 bus:SmallEntities 2023-04-01 2024-03-31 01741841 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 01741841 bus:FilletedAccounts 2023-04-01 2024-03-31 01741841 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01741841 bus:RegisteredOffice 2023-04-01 2024-03-31 01741841 bus:Director2 2023-04-01 2024-03-31 01741841 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 01741841 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01741841 core:FurnitureFittings 2023-04-01 2024-03-31 01741841 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 01741841 core:MotorVehicles 2023-04-01 2024-03-31 01741841 core:PlantMachinery 2023-04-01 2024-03-31 01741841 countries:England 2023-04-01 2024-03-31 01741841 2023-03-31 01741841 core:FurnitureFittingsToolsEquipment 2023-03-31 01741841 core:MotorVehicles 2023-03-31 01741841 2022-04-01 2023-03-31 01741841 2023-03-31 01741841 bus:OrdinaryShareClass1 2023-03-31 01741841 core:CurrentFinancialInstruments 2023-03-31 01741841 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 01741841 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 01741841 core:FurnitureFittingsToolsEquipment 2023-03-31 01741841 core:MotorVehicles 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01741841

Amyco Industrial Doors Ltd.

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Amyco Industrial Doors Ltd.

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Amyco Industrial Doors Ltd.

(Registration number: 01741841)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

26,090

43,330

Current assets

 

Stocks

5

38,000

40,000

Debtors

6

242,292

371,122

Cash at bank and in hand

 

472,780

401,506

 

753,072

812,628

Creditors: Amounts falling due within one year

7

(275,848)

(274,930)

Net current assets

 

477,224

537,698

Total assets less current liabilities

 

503,314

581,028

Creditors: Amounts falling due after more than one year

7

(6,363)

(17,463)

Net assets

 

496,951

563,565

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

496,851

563,465

Shareholders' funds

 

496,951

563,565

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 November 2024
 

 

Amyco Industrial Doors Ltd.

(Registration number: 01741841)
Balance Sheet as at 31 March 2024

.........................................
M Grady
Director

 

Amyco Industrial Doors Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 23 Century Park
Garrison Lane
Bordesley Green
Birmingham
B9 4NZ

These financial statements were authorised for issue by the director on 28 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

 

Amyco Industrial Doors Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Judgements

Preparation of the financial statements requires management to make significant judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the change takes place 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Fixtures and fittings

20% reducing balance

Motor vehicles

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Amyco Industrial Doors Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Amyco Industrial Doors Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company under contracts of service (including the director) during the year, was 12 (2023: 13).

 

Amyco Industrial Doors Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

129,901

103,846

233,747

At 31 March 2024

129,901

103,846

233,747

Depreciation

At 1 April 2023

129,031

61,386

190,417

Charge for the year

170

17,070

17,240

At 31 March 2024

129,201

78,456

207,657

Carrying amount

At 31 March 2024

700

25,390

26,090

At 31 March 2023

870

42,460

43,330

5

Stocks

2024
£

2023
£

Other inventories

38,000

40,000

6

Debtors

Current

2024
£

2023
£

Trade debtors

234,113

340,928

Other debtors

8,179

30,194

 

242,292

371,122

7

Creditors

Creditors: amounts falling due within one year

 

Amyco Industrial Doors Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11,100

11,100

Trade creditors

 

152,786

152,440

Taxation and social security

 

13,927

25,905

Accruals and deferred income

 

2,950

2,950

Other creditors

 

95,085

82,535

 

275,848

274,930

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

6,363

17,463

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Dividends

2024

2023

£

£

Interim dividend of £900.00 (2023 - £900.00) per ordinary share

90,000

90,000

 

 

10

Related party transactions

 

Amyco Industrial Doors Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,000

9,054

Contributions paid to money purchase schemes

240

240

12,240

9,294

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

1

1

Dividends paid to the director

2024
£

2023
£

M Grady

Interim dividend

45,900

45,900