AMG Electrical Ltd
Registered number: 12896527
Statement of Financial Position
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 400 800
Tangible assets 4 2,992 5,929
3,392 6,729
Current assets
Debtors 5 32,787 55,962
Cash at bank and in hand 27,578 250
60,365 56,212
Creditors: amounts falling due within one year 6 (15,440) (31,207)
Net current assets 44,925 25,005
Total assets less current liabilities 48,317 31,734
Provisions for liabilities (568) (1,126)
Net assets 47,749 30,608
Capital and reserves
Called up share capital 100 100
Profit and loss account 47,649 30,508
Shareholder's funds 47,749 30,608
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A George
Director
Approved by the board on 5 March 2025
AMG Electrical Ltd
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Turnover
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 rendering of services. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Debtors
Short term debtors are measured at transaction 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.
Creditors
Short term creditors are measured at transaction 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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions 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.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Employees and directors 2024 2023
Number Number
Average number of directors and persons employed by the company 2 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2023 2,000
At 30 September 2024 2,000
Amortisation
At 1 October 2023 1,200
Provided during the year 400
At 30 September 2024 1,600
Net book value
At 30 September 2024 400
At 30 September 2023 800
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023 14,054
Disposals (4,600)
At 30 September 2024 9,454
Depreciation
At 1 October 2023 8,125
Charge for the year 997
On disposals (2,660)
At 30 September 2024 6,462
Net book value
At 30 September 2024 2,992
At 30 September 2023 5,929
5 Debtors 2024 2023
£ £
Trade debtors 1,513 1,146
Other debtors 31,274 54,816
32,787 55,962
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 2,821
Accruals 1,120 1,070
Corporation tax 4,907 4,994
Other taxes and social security costs 2,641 5,454
Other creditors 6,772 16,868
15,440 31,207
7 Other information
AMG Electrical Ltd is a private company limited by shares and incorporated in England. Its registered office is:
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY
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