Company Registration No. NI630389 (Northern Ireland)
AM/PM FACILITY SERVICES LTD
UNAUDITED FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
AM/PM FACILITY SERVICES LTD
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
AM/PM FACILITY SERVICES LTD
COMPANY INFORMATION
- 1 -
Director
Peter Howarth
Company secretary
Rosemary Howarth
Company number
NI630389
Registered office
10 Pilots View
Heron Road
Belfast
BT3 9LE
Accountants
Johnston Kennedy DFK
10 Pilots View
Heron Road
Belfast
BT3 9LE
Business address
33a Loanends Road
Templepatrick
Co Antrim
BT29 4YW
Bankers
AIB (NI)
11-15 Donegall Square North
Belfast
BT1 5GB
AM/PM FACILITY SERVICES LTD
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,968
7,986
Current assets
Stocks
341
322
Debtors
4
75,407
41,522
Cash at bank and in hand
55,553
59,690
131,301
101,534
Creditors: amounts falling due within one year
5
(127,915)
(98,607)
Net current assets
3,386
2,927
Total assets less current liabilities
10,354
10,913
Capital and reserves
Called up share capital
6
10,000
10,000
Profit and loss reserves
354
913
Total equity
10,354
10,913
The notes on pages 4 to 7 form part of these financial statements
Compiled without audit or independent verification
AM/PM FACILITY SERVICES LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 3 -
Directors' statement in respect of the financial statements
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements 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 director of the company has elected not to file the profit or loss account within these financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard FRS 102 1A - Small Entities.
The financial statements were approved and signed by the director and authorised for issue on 31 January 2025
Peter Howarth
...............................
Peter Howarth
Director
Company Registration No. NI630389
The notes on pages 4 to 7 form part of these financial statements
Compiled without audit or independent verification
AM/PM FACILITY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
General information and basis of preparation
AM/PM Facility Services Ltd is a private company limited by shares incorporated in Northern Ireland. The registered office is 10 Pilots View, Heron Road, Belfast, BT3 9LE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
The principal accounting policies are set out below.
1.2
Turnover
Turnover represents the total invoice value, excluding value added tax and trade discounts, of services rendered during the year.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Equipment
25% reducing balance
Motor vehicles
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stock and work in progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
AM/PM FACILITY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
AM/PM FACILITY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
10
10
3
Tangible fixed assets
Equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2023
6,048
5,778
11,826
Additions
958
958
At 31 March 2024
7,006
5,778
12,784
Depreciation and impairment
At 1 April 2023
3,647
193
3,840
Depreciation charged in the year
820
1,156
1,976
At 31 March 2024
4,467
1,349
5,816
Carrying amount
At 31 March 2024
2,539
4,429
6,968
At 31 March 2023
2,401
5,585
7,986
AM/PM FACILITY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
43,743
33,181
Other debtors
31,664
8,341
75,407
41,522
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
25,485
17,409
Other taxation and social security
91,894
68,496
Other creditors
862
2,333
Accruals and deferred income
9,674
10,369
127,915
98,607
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
7
Capital commitments
The company had no capital commitments at 31 March 2024 or 31 March 2023.
8
Control
The director controls the company.
9
Related party transactions
The balance on the directors' current account at the year end was overdrawn and amounted to £23,033 (2023 : £5,595). No interest is payable on this loan.