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REGISTERED NUMBER: 10364324 (England and Wales)












AMIRI GROUP LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






AMIRI GROUP LIMITED (REGISTERED NUMBER: 10364324)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


AMIRI GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: M Lawrence
G Pettit
K Lendon



SECRETARY: P Unnadkat



REGISTERED OFFICE: Eagle Point
Little Park Farm Road
Fareham
Hampshire
PO15 5TD



REGISTERED NUMBER: 10364324 (England and Wales)



SENIOR STATUTORY AUDITOR: Matt Cooper ACA



AUDITORS: Hopper Williams & Bell Limited
Statutory Auditor
Highland House
Mayflower Close
Chandler's Ford
Eastleigh
Hampshire
SO53 4AR

AMIRI GROUP LIMITED (REGISTERED NUMBER: 10364324)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024


The directors present the strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS
The principal purpose of Amiri Group Ltd is that of being the holding company for Amiri Construction Ltd and Amiri Homes Ltd. Amiri is a Regional Main Contractor operating out of offices in Fareham and Bournemouth. Amiri's projects are typically between £3m and £25m in value, located within a 90-minute travelling radius of the Fareham and Bournemouth offices.

Amiri delivers both private and public construction schemes across a wide range of sectors with a collaborative and problem-solving approach. These sectors include education, industrial, health, commercial, retail, leisure, private residential and affordable housing.

Amiri has been successfully trading since its incorporation in 2005 and remains privately owned and managed. As Amiri's reputation continues to grow, our mission remains - to create exceptional environments for people to enjoy.

PRINCIPAL RISKS AND UNCERTAINTIES
Health & Safety
Risk: The business is engaged in projects which have the potential to cause serious injury to members of its staff, subcontractors, clients and members of the public.

Mitigation: Health, safety and environmental sustainability is the primary focus of the business. The business is committed to maintaining the highest standards of health and safety, with all staff receiving health and safety training. As part of this commitment, the business is ISO45001 certified, holds Constructionline Silver status, and is accredited within the Contractors Health and Safety Assessment Scheme (CHAS) and Safety Management Advisory Service (SMAS).

During the year the business was accredited with a Health and Safety Achilles certificate.

Employees
Risk: The skills and expertise of its staff are central to the delivery of the objectives of the business. Failure to recruit and retain key staff could impact the ability of the business to deliver projects.

Mitigation: The business offers a competitive reward structure to attract, retain and motivate staff. This, together with the Amiri culture and ethos which actively promotes a collaborative working environment, ensures the business continues to maintain excellent levels of staff retention.

Economic conditions
Risk: Construction is a cyclical sector, and is reliant on the broader economy, and in some cases, government policy.

The last twelve months have been more stable with interest rates slowly reducing however inflationary increases have still been prevalent in the industry.

The availability of materials and prices have plateaued however there is still the apprehension from external macro-economic factors such as increase in business rates.

Mitigation: The directors closely monitor the prevailing economic conditions, ensuring that the business remains flexible to react to a change in circumstances. The business ensures current and forthcoming projects are diversified across a range of sectors, avoiding over exposure to any particular sector.

The business will continue to work closely with clients and consultants on a project-by-project basis to mitigate any delays or shortages on site, be the shortages in terms of labour, materials or logistics.


AMIRI GROUP LIMITED (REGISTERED NUMBER: 10364324)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

DEVELOPMENT AND PERFORMANCE
The business entered the year in a strong position and was able to add to this throughout the year, with several significant project awards in relation to 2024/2025. This resulted in the Amiri Group achieving a record turnover of £63.2m (2023: £45.4m).

To maintain our capability to deliver high quality projects, headcount was an average of 58 across preconstruction, production, commercial and administrative functions (2023: 53). This investment in expertise and capability has facilitated the delivery of projects such as new training facilities at AFC Bournemouth, and a stunning, state-of-the-art £13m new build project, located at Canford Magna.

Key Performance Indicators (KPI's)
During the year, the business reported turnover of £63.2m (2023: £45.4m). A gross profit of £5.4m was achieved on this turnover (2023: £4.1m). This represents a gross profit margin of 8.6% (2023: 9.0%). Overheads stood at £4.7m in support of this (2023: £4.1m). This resulted in the business achieving an operating profit of £749k (2023: £16k). The Directors consider this an encouraging result for the year. The business made excellent use of surplus cash investing this in high interest earning accounts.

The business has maintained a robust balance sheet, closing the financial year with cash at bank and in hand of £10.9m (2023: £7.4m). Net assets of the business closed the year at £2.3m (2023: £1.8m).

FUTURE DEVELOPMENTS
For 2025 the order book is strong, with 73% of forecasted annual turnover secured at 31 March 2025 on existing contracts. Controlled and consistent delivery remains the key focus, demonstrating Amiri's continuing focus on quality and safety.

With steady growth in the Construction business combined with the growth of projects in Homes, the management team are excited about the prospects for the coming year, expanding the trusted Amiri brand and culture to new clients and into new areas of business.

ON BEHALF OF THE BOARD:





K Lendon - Director


30 April 2025

AMIRI GROUP LIMITED (REGISTERED NUMBER: 10364324)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of construction and refurbishment projects.

DIVIDENDS
Dividends totalling £135,184 (2023: £151,854) will be distributed for the year ended 31 December 2024.

FUTURE DEVELOPMENTS
Information in respect of the company's future developments has been included within the strategic report.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

M Lawrence
G Pettit
K Lendon

DONATIONS AND EXPENDITURE
Donations totalling £580 (2023: £2,110) were made during the year.

RISK MANAGEMENT
The activities of the business expose it to a number of financial risks including credit risk, liquidity risk and price risk. The business has robust controls & procedures to mitigate these risks, which are detailed below:

Credit risk
The financial assets of the business are bank balances and cash, and amounts receivable on contracts. Receivables are closely monitored to ensure prompt settlement of amounts outstanding, with internal processes to identify any at risk amounts.

Liquidity risk
The business mitigates liquidity risk through careful review of cashflows on a contract by contract basis, together with robust cash forecasting to identify any potential liquidity risks.

Price risk
The business is exposed to price risk in the form of both materials and labour. The business mitigates this risk through close monitoring of costs throughout the build process, supplier negotiations, together with the practice of entering into supply agreements early in the lifecycle of contracts, so as to ensure price certainty wherever possible.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the group and company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company and of the profit or loss of the group for that period.

AMIRI GROUP LIMITED (REGISTERED NUMBER: 10364324)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information on the company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Hopper Williams & Bell Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





K Lendon - Director


30 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
AMIRI GROUP LIMITED


Opinion
We have audited the financial statements of Amiri Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
AMIRI GROUP LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages four and five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the group, and the industry in which it operates. These include but are not limited to compliance with the Companies Act 2006, UK Generally Accepted Accounting Practice and the relevant tax compliance regulations for the group.

- We obtained an understanding of how the group is complying with these frameworks through discussions with management.

- We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs and correspondence.

- We assessed the susceptibility of the group's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature and a review of profit margins to identify any possible irregularities in sales contracts.

- We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the group operates in, and their practical experience through training and participation with audit engagements of a similar nature.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
AMIRI GROUP LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Matt Cooper ACA (Senior Statutory Auditor)
for and on behalf of Hopper Williams & Bell Limited
Statutory Auditor
Highland House
Mayflower Close
Chandler's Ford
Eastleigh
Hampshire
SO53 4AR

1 May 2025

AMIRI GROUP LIMITED (REGISTERED NUMBER: 10364324)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £ £

TURNOVER 63,150,175 45,430,838

Cost of sales (57,715,990 ) (41,325,880 )
GROSS PROFIT 5,434,185 4,104,958

Administrative expenses (4,685,659 ) (4,089,451 )
OPERATING PROFIT 4 748,526 15,507

Interest receivable and similar income 142,679 163,317
PROFIT BEFORE TAXATION 891,205 178,824

Tax on profit 5 (247,245 ) 126,542
PROFIT FOR THE FINANCIAL YEAR 643,960 305,366

OTHER COMPREHENSIVE INCOME
Company purchase of own shares - (150,750 )
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

-

(150,750

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

643,960

154,616

Profit attributable to:
Owners of the parent 643,960 305,366

Total comprehensive income attributable to:
Owners of the parent 643,960 154,616

AMIRI GROUP LIMITED (REGISTERED NUMBER: 10364324)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £ £
FIXED ASSETS
Intangible assets 8 1,342,407 1,534,180
Tangible assets 9 17,308 20,377
Investments 10 - -
1,359,715 1,554,557

CURRENT ASSETS
Debtors 11 12,376,493 5,972,217
Cash at bank and in hand 10,898,191 7,358,845
23,274,684 13,331,062
CREDITORS
Amounts falling due within one year 12 (20,781,185 ) (12,668,217 )
NET CURRENT ASSETS 2,493,499 662,845
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,853,214

2,217,402

CREDITORS
Amounts falling due after more than one
year

13

(1,518,590

)

(391,569

)
NET ASSETS 2,334,624 1,825,833

CAPITAL AND RESERVES
Called up share capital 17 800,000 800,000
Share premium 18 2,306,700 2,306,700
Capital redemption reserve 18 206,975 206,975
Founder ordinary shares 18 780,000 780,000
Retained earnings 18 (1,759,066 ) (2,267,842 )
SHAREHOLDERS' FUNDS 2,334,609 1,825,833

NON-CONTROLLING INTERESTS 19 15 -
TOTAL EQUITY 2,334,624 1,825,833

The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2025 and were signed on its behalf by:





K Lendon - Director


AMIRI GROUP LIMITED (REGISTERED NUMBER: 10364324)

COMPANY BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £ £
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 - -
Investments 10 6,231,085 6,231,100
6,231,085 6,231,100

CURRENT ASSETS
Debtors 11 15 -
Cash at bank 1,650 1,689
1,665 1,689
CREDITORS
Amounts falling due within one year 12 (2,133,279 ) (2,135,613 )
NET CURRENT LIABILITIES (2,131,614 ) (2,133,924 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,099,471

4,097,176

CAPITAL AND RESERVES
Called up share capital 17 800,000 800,000
Share premium 18 2,306,700 2,306,700
Capital redemption reserve 18 206,975 206,975
Founder ordinary shares 18 780,000 780,000
Retained earnings 18 5,796 3,501
SHAREHOLDERS' FUNDS 4,099,471 4,097,176

Company's profit for the financial year 137,479 303,627

The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2025 and were signed on its behalf by:





K Lendon - Director


AMIRI GROUP LIMITED (REGISTERED NUMBER: 10364324)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024

Called up Capital
share Retained Share redemption
capital earnings premium reserve
£ £ £ £
Balance at 1 January 2023 800,000 (2,270,604 ) 2,306,700 206,975

Changes in equity
Dividends - (151,854 ) - -
Total comprehensive income - 154,616 - -
Balance at 31 December 2023 800,000 (2,267,842 ) 2,306,700 206,975

Changes in equity
Dividends - (135,184 ) - -
Total comprehensive income - 643,960 - -
800,000 (1,759,066 ) 2,306,700 206,975
Non- controlling interests - - - -
Balance at 31 December 2024 800,000 (1,759,066 ) 2,306,700 206,975
Founder
ordinary Non-controlling Total
shares Total interests equity
£ £ £ £
Balance at 1 January 2023 780,000 1,823,071 - 1,823,071

Changes in equity
Dividends - (151,854 ) - (151,854 )
Total comprehensive income - 154,616 - 154,616
Balance at 31 December 2023 780,000 1,825,833 - 1,825,833

Changes in equity
Dividends - (135,184 ) - (135,184 )
Total comprehensive income - 643,960 - 643,960
780,000 2,334,609 - 2,334,609
Non- controlling interests - - 15 15
Balance at 31 December 2024 780,000 2,334,609 15 2,334,624

AMIRI GROUP LIMITED (REGISTERED NUMBER: 10364324)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024

Called up
share Retained Share
capital earnings premium
£ £ £
Balance at 1 January 2023 800,000 2,478 2,306,700

Changes in equity
Dividends - (151,854 ) -
Total comprehensive income - 152,877 -
Balance at 31 December 2023 800,000 3,501 2,306,700

Changes in equity
Dividends - (135,184 ) -
Total comprehensive income - 137,479 -
Balance at 31 December 2024 800,000 5,796 2,306,700
Capital Founder
redemption ordinary Total
reserve shares equity
£ £ £
Balance at 1 January 2023 206,975 780,000 4,096,153

Changes in equity
Dividends - - (151,854 )
Total comprehensive income - - 152,877
Balance at 31 December 2023 206,975 780,000 4,097,176

Changes in equity
Dividends - - (135,184 )
Total comprehensive income - - 137,479
Balance at 31 December 2024 206,975 780,000 4,099,471

AMIRI GROUP LIMITED (REGISTERED NUMBER: 10364324)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 471,305 704,654
Net cash from operating activities 471,305 704,654

Cash flows from investing activities
Purchase of tangible fixed assets (7,602 ) (2,930 )
Interest received 142,679 163,317
Net cash from investing activities 135,077 160,387

Cash flows from financing activities
New loans in year 3,068,148 -
Company purchase of own shares - (150,750 )
Equity dividends paid (135,184 ) (151,854 )
Net cash from financing activities 2,932,964 (302,604 )

Increase in cash and cash equivalents 3,539,346 562,437
Cash and cash equivalents at beginning of
year

2

7,358,845

6,796,408

Cash and cash equivalents at end of year 2 10,898,191 7,358,845

AMIRI GROUP LIMITED (REGISTERED NUMBER: 10364324)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£ £
Profit before taxation 891,205 178,824
Depreciation and amortisation charges 202,444 210,296
Finance income (142,679 ) (163,317 )
950,970 225,803
Increase in trade and other debtors (6,404,261 ) (281,041 )
Increase in trade and other creditors 5,924,596 759,892
Cash generated from operations 471,305 704,654

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£ £
Cash and cash equivalents 10,898,191 7,358,845
Year ended 31 December 2023
31.12.23 1.1.23
£ £
Cash and cash equivalents 7,358,845 6,796,408


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24 Cash flow At 31.12.24
£ £ £
Net cash
Cash at bank and in hand 7,358,845 3,539,346 10,898,191
7,358,845 3,539,346 10,898,191
Debt
Debts falling due within 1 year - (2,042,160 ) (2,042,160 )
Debts falling due after 1 year - (1,025,988 ) (1,025,988 )
- (3,068,148 ) (3,068,148 )
Total 7,358,845 471,198 7,830,043

AMIRI GROUP LIMITED (REGISTERED NUMBER: 10364324)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Amiri Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006, including the provisions of the Large and Medium-sized Companies and Group (Accounts and Reports) Regulations 2008.

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 £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Going Concern
The directors have concluded that with the right management actions the company is a going concern for at least 12 months following the signature of the financial statements. Accordingly the directors have prepared the consolidated financial statements on this basis.

Basis of consolidation
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date.

Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment. The consolidated financial statements incorporate those of Amiri Group Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits) and joint ventures. Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. Joint ventures are consolidated using the equity method.

The subsidiary's financial statements have been incorporated into these consolidated financial statements with the year end 31 December 2024.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

AMIRI GROUP LIMITED (REGISTERED NUMBER: 10364324)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Critical accounting judgements and key sources of estimation uncertainty
In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factor that are considered relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty
The estimates and assumptions which have significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

- Revenue recognition & Accrued contract costs
The turnover and financial instrument policies shown below set out the group's policies with regard to revenue recognition and recognition of accrued contract costs which affects turnover, cost of sales, gross profit, debtors and creditors. This is necessarily based on assumptions and estimates in relation to the degree of contract completion and the expected profitability of each contract. The main estimates this year are the sum of £6,214,181 (2023: £2,030,283) included in debtors in respect of gross amounts due from contract customers and the sum of £11,291,668 (2023: £6,851,901) included in creditors in respect of gross amounts due to contract suppliers.

- Valuation of goodwill
The goodwill and intangible asset policies shown below set out the group's policies with regard to the valuation of goodwill which affects intangible assets, administrative expenses and profit. The main estimate this year is the sum of £1,342,407 (2023: £1,534,180) which is the net book value of the goodwill as at the balance sheet date, which is included within intangible fixed assets.

Turnover
Turnover represents amounts receivable for the construction, refurbishment, maintenance of buildings and other sales net of VAT and trade discounts.

Contract revenue is recognised in line with valuations made by external quantity surveyors, and represents the fair value of construction work carried out. Revenue compromises amounts invoiced to clients together with an estimate of the work in progress held on a given contract, representing the earned but uninvoiced proportion of forthcoming future valuations.

Contract revenue, to the extent that is has been recognised, comprises the initial amount of revenue agreed in the contract, any variations in the contract work and claims that can be measured reliably. A variation or a claim is recognised as contract revenue when it is possible that the customer will approve the variation or negotiations have reached an advanced stage such that it is probably that the customer will accept the claim.

Gross amounts due from customers for contract work, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses. Excess progress payments are included in creditors as payments on account.

When it is probable the total contract costs will exceed the total revenue, the expected loss is recognised as an expense immediately.

AMIRI GROUP LIMITED (REGISTERED NUMBER: 10364324)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Intangible assets - goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life of 10 years. Goodwill had previously been amortised since the acquisition of the subsidiary in 2016. However, from January 2022, the group has adopted a change in estimate where the net book value of goodwill at that date has been amortised over its useful life of 10 years.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 3-10 years 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 recognised in the income statement.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


AMIRI GROUP LIMITED (REGISTERED NUMBER: 10364324)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
The group has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets
Financial assets are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables 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 financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities
Financial assets are recognised in the group's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Equity instruments
Basic financial assets, which include trade and other receivables 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 financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occuring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the profit and loss.

AMIRI GROUP LIMITED (REGISTERED NUMBER: 10364324)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets are liabilities are offset against and the net amount reported in the balance sheet when there is an 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.

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Cash Flow Statement, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

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

3. EMPLOYEES AND DIRECTORS
2024 2023
£ £
Wages and salaries 4,027,753 3,631,978
Social security costs 499,073 439,486
Other pension costs 205,641 181,859
4,732,467 4,253,323

The average number of employees during the year was as follows:
2024 2023

Directors 4 3
Estimators 7 6
Production staff 37 34
Finance and administration 10 10
58 53

AMIRI GROUP LIMITED (REGISTERED NUMBER: 10364324)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


3. EMPLOYEES AND DIRECTORS - continued

Company
The total remuneration paid to the directors in the period totalled £89,623 (2023: £86,884).

The company's contributions to the director's defined contribution pension scheme in the period totalled £5,350 (2023: £7,625).

The highest paid director received remuneration of £66,503 (2023: £64,817). The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £5,350 (2023: £7,625).

Group
The total remuneration paid to the directors in the period totalled £416,906 (2023: £281,742).

The group's contributions to the director's defined contribution pension scheme in the period totalled £21,761 (2023: £17,001).

The highest paid director received remuneration of £152,512 (2023: £140,931). The value of the group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £7,658 (2023: £6,704).

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£ £
Hire of plant and machinery 366,553 430,900
Depreciation - owned assets 10,671 18,524
Goodwill amortisation 191,773 191,773
Auditors' remuneration 21,400 20,350
Auditors' remuneration for non audit work 29,670 20,844
Operating leases 69,895 69,588

5. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
£ £
Current tax:
UK corporation tax 247,245 -
Prior year over/under provision - (126,542 )

Tax on profit 247,245 (126,542 )

UK corporation tax has been charged at 25 % (2023 - 23.50 %).

AMIRI GROUP LIMITED (REGISTERED NUMBER: 10364324)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


5. TAXATION - continued

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£ £
Profit before tax 891,205 178,824
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 23.500 %)

222,801

42,024

Effects of:
Expenses not deductible for tax purposes 51,876 50,531
Depreciation in excess of capital allowances 339 3,145
Utilisation of tax losses (27,771 ) (95,700 )
Research and development tax credit relating to previous period - (126,542 )
Total tax charge/(credit) 247,245 (126,542 )

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 December 2024.

2023
Gross Tax Net
£ £ £
Company purchase of own shares (150,750 ) - (150,750 )

6. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


7. DIVIDENDS
2024 2023
£ £
Ordinary shares of £1 each
Final 39,000 39,000
Interim 96,184 112,854
135,184 151,854

AMIRI GROUP LIMITED (REGISTERED NUMBER: 10364324)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


8. INTANGIBLE FIXED ASSETS

Group
Goodwill
£
COST
At 1 January 2024
and 31 December 2024 3,872,935
AMORTISATION
At 1 January 2024 2,338,755
Amortisation for year 191,773
At 31 December 2024 2,530,528
NET BOOK VALUE
At 31 December 2024 1,342,407
At 31 December 2023 1,534,180

The amortisation charge for the year is included within administrative expenses in the statement of comprehensive income.

9. TANGIBLE FIXED ASSETS

Group
Fixtures
and
fittings
£
COST
At 1 January 2024 196,107
Additions 7,602
At 31 December 2024 203,709
DEPRECIATION
At 1 January 2024 175,730
Charge for year 10,671
At 31 December 2024 186,401
NET BOOK VALUE
At 31 December 2024 17,308
At 31 December 2023 20,377

AMIRI GROUP LIMITED (REGISTERED NUMBER: 10364324)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£
COST
At 1 January 2024 6,231,100
Disposals (15 )
At 31 December 2024 6,231,085
NET BOOK VALUE
At 31 December 2024 6,231,085
At 31 December 2023 6,231,100

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Amiri Construction Limited (registered number 05351797)
Registered office: England and Wales
Nature of business: Construction and refurbishment
%
Class of shares: holding
Ordinary 100.00

Amiri Homes Limited (registered number 12365893)
Registered office: England and Wales
Nature of business: Property development
%
Class of shares: holding
Ordinary 85.00

Amiri Homes Limited is exempt under section 479A of the Companies Act 2006 from the requirements of the same Act to the audit of their individual financial statements.


11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£ £ £ £
Trade debtors 3,183,513 1,466,879 - -
Amounts recoverable on contract 6,214,181 2,030,283 - -
Other debtors 2,617,082 2,230,034 15 -
Tax 126,542 126,542 - -
Prepayments and accrued income 235,175 118,479 - -
12,376,493 5,972,217 15 -

AMIRI GROUP LIMITED (REGISTERED NUMBER: 10364324)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£ £ £ £
Bank loans and overdrafts (see note 14) 2,042,160 - - -
Trade creditors 4,558,233 4,083,196 - -
Amounts owed to group undertakings - - 2,133,279 2,135,613
Tax 247,245 - - -
Social security and other taxes 184,156 159,964 - -
VAT 2,084,912 1,441,376 - -
Other creditors 99,029 80,256 - -
Accruals and deferred income 11,565,450 6,903,425 - -
20,781,185 12,668,217 2,133,279 2,135,613

Amounts owed to group undertakings are interest free and repayable on demand.

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2024 2023
£ £
Other loans (see note 14) 1,025,988 -
Trade creditors 492,602 391,569
1,518,590 391,569

14. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans - less than 1 year 2,042,160 -
Amounts falling due between one and two years:
Other loans - 1-2 years 1,025,988 -

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

AMIRI GROUP LIMITED (REGISTERED NUMBER: 10364324)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


Group
Non-cancellable
operating leases
2024 2023
£ £
Within one year 69,913 69,588
Between one and five years 268,585 29,052
In more than five years 27,833 -
366,331 98,640

16. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£ £
Bank loans 2,042,160 -
Other loans 1,025,988 -
3,068,148 -

Secured debts comprise balances of £1.03m and £2.04m which are secured by legal charges over the land to which it relates. The balances are due for repayment by January 2026 and December 2025 respectively and interest is charged at the market rate.

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
800,000 Ordinary £1 800,000 800,000

Rights, preferences and restrictions
Ordinary shares hold voting rights, are entitled to dividends, are not redeemable and are entitled first in a distribution arising from winding up of the company.

18. RESERVES

Group
Capital Founder
Retained Share redemption ordinary
earnings premium reserve shares Totals
£ £ £ £ £

At 1 January 2024 (2,267,842 ) 2,306,700 206,975 780,000 1,025,833
Profit for the year 643,960 643,960
Dividends (135,184 ) (135,184 )
At 31 December 2024 (1,759,066 ) 2,306,700 206,975 780,000 1,534,609

AMIRI GROUP LIMITED (REGISTERED NUMBER: 10364324)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


18. RESERVES - continued

Company
Capital Founder
Retained Share redemption ordinary
earnings premium reserve shares Totals
£ £ £ £ £

At 1 January 2024 3,501 2,306,700 206,975 780,000 3,297,176
Profit for the year 137,479 - - - 137,479
Dividends (135,184 ) - - - (135,184 )
At 31 December 2024 5,796 2,306,700 206,975 780,000 3,299,471

Founder ordinary shares
Founder ordinary shares totalling £780,000 were issued in the period ended 6 January 2022. These shares hold no voting rights, the dividends are discretionary and are entitled on a distribution arising from a winding up of the company to payment of the issue price paid per redeemable equity founder share.

19. NON-CONTROLLING INTERESTS

On 29 February 2024 the share capital in Amiri Homes Limited of 100 £1 shares was divided into 10,000 £0.01 shares. On the same date, 1,500 of these shares were purchased for £15 by a director of Amiri Homes Limited. As a result, Amiri Group Limited has reduced its shareholding in Amiri Homes Limited from 100% to 85%.

The non-controlling interests share of the group profit after tax was £nil.

During the year, dividends totalling £nil were paid to non-controlling interests through the subsidiary, Amiri Homes Limited.

At the balance sheet date, the non-controlling interests share of the group net assets was £15.

20. PENSION COMMITMENTS

The group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The pension cost charge to the profit or loss for the year in respect of defined contributions payable by the group amounted to £205,641 (2023: £181,859).

Contributions totalling £44,551 (2023: £30,596) were payable to the scheme at the year end and are included in other creditors.

21. CONTINGENT LIABILITIES

HMRC launched an enquiry into the Research and Development claim included on the corporation tax return for the year ended 2022 of a subsidiary company, for which there is a debtor included in the accounts of £126,542, which is ongoing post year end, and the outcome is unknown. The amount, if any, of any reduction in the tax debtor or subsequent tax liability due to HMRC, cannot be reasonably estimated at this time.

AMIRI GROUP LIMITED (REGISTERED NUMBER: 10364324)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


22. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Included within administrative expenses are credit notes totalling £nil (2023: £5,970) for consultancy / company secretarial services provided by Amiri Partnership Limited, a company where M Lawrence has a participating interest.

Included within administrative expenses is £75,440 (2023: £75,797) for consultancy/company secretarial services provided by Hanover Investments Limited, a company where M Lawrence is a shareholder.

Included within administrative expenses is £5,040 (2023: £4,800) for a trademark provided by Lawrence Capital (UK) Ltd, a company where M Lawrence has significant control.

Dividends totalling £46,628 (2023: £52,153) were payable in the period to Hanover Investments Limited.

Included in cost of sales is £10,821 (2023: £8,605) for performance bond costs provided by Sterling Finance Limited, a company where M Lawrence is a shareholder.

Included within interest receivable is £46,300 (2023: £81,250) received from Prospect Finance Limited, a company where M Lawrence is a shareholder, as a result of £1,000,000 being deposited during the year.

During the year, Prospect Capital Limited, a company where M Lawrence is a shareholder, provided a commercial term loan, repayable January 2026. A balance of £1,025,988 was outstanding at 31 December 2024. Prospect Capital Limited holds a second legal charge over the land to which it relates and interest is charged at the market rate.

Key management personnel include all directors and a number of senior managers across the group who together have authority and responsibility for planning, directing and controlling the activities of the group. The total compensation paid to key management personnel for services provided to the group was £995,498 (2023: £714,375).

23. POST BALANCE SHEET EVENTS

After the year end, the group deposited £1,000,000 with Prospect Finance Limited, a company where M Lawrence is a shareholder. The deposit yields annual interest above the normal bank rate that could be obtained.

24. ULTIMATE CONTROLLING PARTY

In the opinion of the directors there is no ultimate controlling party.