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Registration number: 13943898

AM Commercial Holding Ltd

Unaudited Filleted Financial Statements

for the Period from 1 March 2023 to 31 March 2024

 

AM Commercial Holding Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

AM Commercial Holding Ltd

Company Information

Directors

A Falach

M Edwards

Registered office

3rd Floor
Lawford House
Albert Place
London
N3 1QA

Accountants

Sterlings Ltd
Lawford House
Albert Place
London
N3 1QA

 

AM Commercial Holding Ltd

(Registration number: 13943898)
Balance Sheet as at 31 March 2024

Note

31 March
2024
£

28 February
2023
£

Fixed assets

 

Investment property

4

1,569,144

1,569,144

Current assets

 

Debtors

5

10,000

26,129

Cash at bank and in hand

 

37

32,470

 

10,037

58,599

Creditors: Amounts falling due within one year

6

(1,487,259)

(1,579,211)

Net current liabilities

 

(1,477,222)

(1,520,612)

Net assets

 

91,922

48,532

Capital and reserves

 

Called up share capital

7

2

2

Profit and loss account

91,920

48,530

Shareholders' funds

 

91,922

48,532

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

Directors' responsibilities:

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

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 November 2024 and signed on its behalf by:
 

.........................................
A Falach
Director

 

AM Commercial Holding Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 31 March 2024

1

General information

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

The address of its registered office is:
3rd Floor
Lawford House
Albert Place
London
N3 1QA
United Kingdom

The principal place of business is:
59 Tanner Street
London
SE1 3PL
United Kingdom

These financial statements were authorised for issue by the Board on 29 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.

The financial statements are presented in Pounds Sterling, which is also the functional currency of the Company. Rounding of amounts shown in the financial statements is to the nearest Pound.

Disclosure of long or short period

The company has prepared financial statements for a period of thirteen months to 31 March 2024 with comparatives shown for the twelve months and and one day to 28 February 2023. As a result of this change, the comparative amounts presented in the financial statements and notes to the financial statements are not entirely comparable. The new period end date is considered by the directors to be more appropriate for the company.

Going concern

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

 

AM Commercial Holding Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 31 March 2024

Judgements

In the application of the Company's accounting policies, which are described above, management is required to make judgements, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on judgement and experience together with any other factors that are considered to be relevant. Actual results may differ from these estimates.

Estimates and any underlying assumptions used are reviewed on a continuing 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 the current period and subsequent periods.

Key sources of estimation uncertainty

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

Valuation of freehold and leasehold land and buildings held as investment properties

As discussed in the notes to the financial statements, freehold and leasehold land and buildings held as investment property are stated at fair value on an open market existing use basis. This policy requires that a reasonable assessment of fair value is capable of being made and that market value reflects fair value. The carrying amount is £1,569,144 (2023 -£1,569,144).

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 and deferred 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 corporation 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.

Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

AM Commercial Holding Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 31 March 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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.

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

AM Commercial Holding Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 31 March 2024

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.
 Recognition and measurement
A financial instrument is recognised when the Company becomes a party to the contractual provisions of the instrument with initial measurement being at the transaction price.
 Impairment
Financial assets are assessed for indications of impairment at the end of each accounting period. They are considered to be impaired when there is evidence that the estimated future cash flows of the asset have been affected.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2 (2023 - 2).

4

Investment properties

31 March
2024
£

At 1 March

1,569,144

At 31 March

1,569,144

There has been no valuation of investment property by an independent valuer.

Had the leasehold land and buildings held as investment properties been measured on a historical cost basis, the carrying amount would have been £1,569,144 (2023 - £1,569,144).
 

 

AM Commercial Holding Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 31 March 2024

5

Debtors

Current

31 March
2024
£

28 February
2023
£

Trade debtors

-

26,100

Other debtors

10,000

29

 

10,000

26,129

6

Creditors

Creditors: amounts falling due within one year

31 March
2024
£

28 February
2023
£

Due within one year

Trade creditors

-

174

Taxation and social security

24,414

11,495

Accruals and deferred income

1,200

22,400

Other creditors

1,461,645

1,545,142

1,487,259

1,579,211

7

Share capital

Allotted, called up and fully paid shares

31 March
2024

28 February
2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

During the previous period 2 £1 ordinary shares were applied for, allotted, issued, called up, and fully paid at par.

 

AM Commercial Holding Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 31 March 2024

8

Related party transactions

During the period the company charged rent to Global Legal Group Limited which is incorporated in England and Wales. A director has a beneficial interest in the company. The amount of rent receivable for the year amounted to £94,250 (2023 - £65,250). The company was also owed an amount in respect of this rent as at the balance sheet date of £Nil (2023 - £26,100) which is included within trade debtors.

During the previous period the company acquired a property from two of the directors and another individual. The total consideration in respect of this property was £1,500,000 excluding stamp duty, legal fees, and other costs.