2023-01-012023-12-312023-12-31false07379568AM (PRESTON) 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AM (PRESTON) LIMITED

Registered Number
07379568
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

AM (PRESTON) LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

MOHAMED, Asif Ismail

Registered Address

64 Stephenson Terrace
Deepdale Road
Preston
PR1 5AR

Registered Number

07379568 (England and Wales)
AM (PRESTON) LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets79,79011,893
9,79011,893
Current assets
Stocks81,8681,264
Debtors9140,156160,865
Cash at bank and on hand87,19550,235
229,219212,364
Creditors amounts falling due within one year10(191,113)(171,556)
Net current assets (liabilities)38,10640,808
Total assets less current liabilities47,89652,701
Creditors amounts falling due after one year11(25,130)(30,461)
Provisions for liabilities13(1,860)(2,260)
Net assets20,90619,980
Capital and reserves
Called up share capital100100
Profit and loss account20,80619,880
Shareholders' funds20,90619,980
The financial statements were approved and authorised for issue by the Director on 2 December 2024, and are signed on its behalf by:
MOHAMED, Asif Ismail
Director
Registered Company No. 07379568
AM (PRESTON) LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
The company's principal activity during the year continued to be providing accountancy and taxation services.
4.Basis of measurement used in financial statements
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).
5.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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 sale of goods and from the rendering of services.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Fixtures and fittings15
Office Equipment20
Stocks policy
Stocks and work in progress are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
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.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leases policy
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
6.Employee information

20232022
Average number of employees during the year21
7.Property, plant and equipment

Fixtures & fittings

Office Equipment

Total

£££
Cost or valuation
At 01 January 2314,90934,82349,732
At 31 December 2314,90934,82349,732
Depreciation and impairment
At 01 January 239,39428,44537,839
Charge for year8271,2762,103
At 31 December 2310,22129,72139,942
Net book value
At 31 December 234,6885,1029,790
At 31 December 225,5156,37811,893
8.Stocks

2023

2022

££
Work in progress1,7901,180
Finished goods7884
Total1,8681,264
9.Debtors

2023

2022

££
Trade debtors / trade receivables71,24976,753
Other debtors63,70879,112
Prepayments and accrued income5,1995,000
Total140,156160,865
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.
10.Creditors within one year

2023

2022

££
Trade creditors / trade payables121,33586,845
Bank borrowings and overdrafts5,2254,213
Taxation and social security47,95140,150
Other creditors16,38039,942
Accrued liabilities and deferred income222406
Total191,113171,556
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.
11.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts25,13030,461
Total25,13030,461
12.Finance lease and HP contracts after one year
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.
13.Provisions for liabilities
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

2023

2022

££
Net deferred tax liability (asset)1,8602,260
Total1,8602,260