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Registered number: 03725081










Amaazing Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 December 2023

 
Amaazing Limited
 
  
Chartered accountants' report to the director on the preparation of the unaudited statutory financial statements of Amaazing Limited for the year ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Amaazing Limited for the year ended 31 December 2023 which comprise  the Balance sheet, the Statement of changes in equity and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Amaazing Limited in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Amaazing Limited and state those matters that we have agreed to state to the director of Amaazing Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Amaazing Limited and its director for our work or for this report. 

It is your duty to ensure that Amaazing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Amaazing Limited. You consider that Amaazing Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Amaazing Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
London
28 November 2024
Page 1

 
Amaazing Limited
Registered number: 03725081

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
12,635
900

  
12,635
900

Current assets
  

Debtors: amounts falling due within one year
 6 
37,958
41,578

Cash at bank and in hand
  
383,028
340,608

  
420,986
382,186

Creditors: amounts falling due within one year
 7 
(268,012)
(142,111)

Net current assets
  
 
 
152,974
 
 
240,075

Total assets less current liabilities
  
165,609
240,975

  

Net assets
  
165,609
240,975


Capital and reserves
  

Called up share capital 
 9 
2
2

Profit and loss account
  
165,607
240,973

  
165,609
240,975


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
M E Testino
Director
Date: 28 November 2024

The notes on pages 4 to 9 form part of these financial statements.

Page 2
 

 
Amaazing Limited


 

Statement of changes in equity
For the year ended 31 December 2023



Called up share capital
Revaluation reserve
Profit and loss account
Total equity


£
£
£
£



At 1 January 2022
2
340,387
625,169
965,558



Comprehensive income for the year


Loss for the year
-
-
(128,294)
(128,294)

Total comprehensive income for the year
-
-
(128,294)
(128,294)



Contributions by and distributions to owners


Dividends paid
-
-
(596,289)
(596,289)


Other comprehensive income
-
-
-
-


Transfer to/from profit and loss account
-
(340,387)
340,387
-


Other movement type 3
-
-
-
-



Total transactions with owners
-
(340,387)
(255,902)
(596,289)





At 1 January 2023
2
-
240,973
240,975



Comprehensive income for the year


Loss for the year
-
-
(75,366)
(75,366)

Total comprehensive income for the year
-
-
(75,366)
(75,366)


Other comprehensive income
-
-
-
-



At 31 December 2022
-
-
-
-



At 31 December 2023
2
-
165,607
165,609



Page 3
 
Amaazing Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

Amaazing Limited is a limited company incorporated and domiciled in the United Kingdom. The address of its registered office and principal place of business are disclosed on the company information page. The company provides photography and video services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. This conclusion that going concern is the most appropriate basis is made in light of the company having net current assets of £152,974 (2022: £240,075) and cash on hand £383,028 (2022: £340,622) at the balance sheet date.
The assessment that the going concern basis is most appropriate for preparing the accounts has taken into consideration follows the company’s future trading prospects, its working capital requirements and cashflows. 

 
2.3

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 4

 
Amaazing Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
on cost
Computer equipment
-
33%
on cost



 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.8

Creditors

Short term creditors are measured at the transaction price.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

 
Amaazing Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.11

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

  
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.13

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 6

 
Amaazing Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.14

Current and deferred taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.



3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.


4.


Employees

2023
2022
£
£

Wages and salaries
30,000
30,000

Social security costs
961
2,951

30,961
32,951


The average monthly number of employees, including the director, during the year was as follows:


        2023
        2022
            No.
            No.







Average number of employees
1
1

Page 7

 
Amaazing Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

5.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost


At 1 January 2023
77,412
-
77,412


Additions
8,686
4,738
13,424



At 31 December 2023

86,098
4,738
90,836



Depreciation


At 1 January 2023
76,512
-
76,512


Charge for the year on owned assets
1,689
-
1,689



At 31 December 2023

78,201
-
78,201



Net book value



At 31 December 2023
7,897
4,738
12,635



At 31 December 2022
900
-
900


6.


Debtors

2023
2022
£
£


Trade debtors
3,016
18,318

Other debtors
16,227
9,841

Prepayments and accrued income
18,715
13,419

37,958
41,578



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
12,817
-

Amounts owed to group undertakings
23,010
23,010

Other taxation and social security
144
745

Other creditors
108
56

Accruals and deferred income
231,933
118,300

268,012
142,111


Page 8

 
Amaazing Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

8.


Creditors: Amounts falling due after more than one year





9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
2
2

This represesnts the nominal value of shares that have been issued by company.



10.


Related party transactions

There were no material transactions or balances with related parties that were not concluded under normal market conditions.


11.


Controlling party and ultimate parent company

The controlling party is M E Testino. Awesome Holdings Limited (incorporated in Isle of Man) is regarded by the director as being the company's ultimate parent company.  


Page 9