Company registration number 11218958 (England and Wales)
AmdecUK Limited
Audited Financial Statements
For the year ended
28 February 2025
Pages for filing with registrar
AmdecUK Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
AmdecUK Limited
Statement Of Financial Position
As at 28 February 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
25,296,904
25,227,074
Investment property
5
1,500,000
Investments
6
75
75
26,796,979
25,227,149
Current assets
Debtors
7
27,169,081
16,623,300
Cash at bank and in hand
153,012
53,347
27,322,093
16,676,647
Creditors: amounts falling due within one year
Bank loans secured over fixed assets
9
11,684,709
10,173,631
Other creditors
9
27,486,971
17,251,605
39,171,680
27,425,236
Net current liabilities
(11,849,587)
(10,748,589)
Net assets
14,947,392
14,478,560
Capital and reserves
Called up share capital
18,200,000
18,400,000
Profit and loss reserves
(3,252,608)
(3,921,440)
Total equity
14,947,392
14,478,560
The notes on pages 2 to 6 form part of these financial statements.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 31 May 2025 and are signed on its behalf by:
C. Van Niekerk
Director
Company registration number 11218958 (England and Wales)
AmdecUK Limited
Notes To The Financial Statements
For the year ended 28 February 2025
- 2 -
1
General information
AmdecUK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dixcart House, Addlestone Road, Bourne Business Park, Addlestone, Surrey, KT15 2LE.
2
Accounting policies
2.1
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 adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
2.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3
Turnover
Revenue derived from rented properties is measured at the fair value of the consideration received or receivable and represents amounts receivable per the contract, net of discounts and exclusive of VAT.
2.4
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.
Assets in the course of construction are not depreciated.
2.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
2.6
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
2.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
AmdecUK Limited
Notes To The Financial Statements (Continued)
For the year ended 28 February 2025
2
Accounting policies
(Continued)
- 3 -
2.8
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 classified and accounted for, according to the substance of the contractual arrangement, as either 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.
Basic financial assets
Basic financial assets, which include debtors, 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. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.
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.
2.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
3
Employees
The company employed no persons during the current and preceding years.
AmdecUK Limited
Notes To The Financial Statements (Continued)
For the year ended 28 February 2025
- 4 -
4
Tangible fixed assets
Assets under construction
£
Cost
At 1 March 2024
25,227,074
Additions
69,830
At 28 February 2025
25,296,904
Depreciation and impairment
At 1 March 2024 and 28 February 2025
Carrying amount
At 28 February 2025
25,296,904
At 29 February 2024
25,227,074
5
Investment property
2025
£
Fair value
At 1 March 2024
Additions
1,500,000
At 28 February 2025
1,500,000
Investment property comprises two plots acquired from All Saints Developments (Great Ellingham) Limited. The fair value of the investment property has been arrived at on the basis of a directors' valuation, made on an open market value basis by reference to market evidence of transaction prices for similar properties.
6
Fixed asset investments
2025
2024
£
£
Shares in group undertakings
75
75
These shares in All Saints Developments (Great Ellingham) Limited have been pledged to Belvedere Security Limited in its capacity as Security Trustee for the secured parties. This relates to a development loan with Sancus Funding Limited in the amount of £10,300,000 for the construction of Phase 1 (which was subsequently settled after the reporting date) and £10,749,500 for the construction of Phase 2a of the Bowsfield residential development in Norwich.
AmdecUK Limited
Notes To The Financial Statements (Continued)
For the year ended 28 February 2025
- 5 -
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
30,000
Other debtors
3,406
15,305
3,406
45,305
2025
2024
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
27,165,675
16,577,995
Total debtors
27,169,081
16,623,300
8
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
11,684,709
10,173,631
Trade creditors
7,451
21,148
Amounts owed to group undertakings
27,479,520
17,230,452
Other creditors
5
39,171,680
27,425,236
At the reporting date the company had a loan agreement with Investec Bank PLC to provide development finance for the demolition project related to the Palmer Street property of £3,500,000, a facility for the expansion of the international division of £6,500,000 and £1,500,000 advanced for the purchase of Plot 6 and Plot 13 in the Bowsfield development in Norwich. The outstanding balance at the reporting date is £11,500,000 (2024: £10,000,000) and is secured over the properties. The loan bears interest at a variable rate, consisting of the central bank rate plus 4.5% margin per annum, with interest being serviced quarterly in arrears. At the reporting date accrued quarterly interest of £184,709 (2024: £173,631) was unpaid. The loan is repayable by September 2025.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
AmdecUK Limited
Notes To The Financial Statements (Continued)
For the year ended 28 February 2025
9
Audit report information
(Continued)
- 6 -
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 28 February 2025 and of its 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.
Senior Statutory Auditor:
Julia Wigram FCA
Statutory Auditor:
Dixcart Audit LLP
Date of audit report:
2 June 2025
10
Operating lease commitments
As lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2025
2024
£
£
Total commitments
180,000
11
Events after the reporting date
On 21 March 2025, the company disposed of Plot 13 in the Bowsfield development in Norwich, England for the sales price of £875,000. The existing loan with Investec Bank PLC was accordingly decreased by £875,000.
12
Parent company
The parent company is Amdec Investments (Pty) Ltd, incorporated in South Africa with registered office at Amdec House, Silverwood Close, Steenberg Office Park. Tokai, 7945, South Africa. It is also the parent of the smallest group for which consolidated accounts including AmdecUK Limited are drawn up, and copies of these accounts can be obtained from its registered office.