REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 June 2024 |
for |
AM REAL ESTATE INVESTMENTS LTD |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 June 2024 |
for |
AM REAL ESTATE INVESTMENTS LTD |
AM REAL ESTATE INVESTMENTS LTD (REGISTERED NUMBER: 10814690) |
Contents of the Financial Statements |
for the year ended 30 June 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
AM REAL ESTATE INVESTMENTS LTD |
Company Information |
for the year ended 30 June 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
5th Floor |
Palladium House |
1-4 Argyll Street |
London |
W1F 7TA |
AM REAL ESTATE INVESTMENTS LTD (REGISTERED NUMBER: 10814690) |
Statement of Financial Position |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the director and authorised for issue on |
AM REAL ESTATE INVESTMENTS LTD (REGISTERED NUMBER: 10814690) |
Notes to the Financial Statements |
for the year ended 30 June 2024 |
1. | STATUTORY INFORMATION |
AM Real Estate Investments Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Going Concern |
The Directors have reviewed the Financial Reporting Council's Guidance on the going concern basis of accounting and reporting on solvency and liquidity risks that was issued in April 2016 and current guidance. |
The company has net current liabilities of £908,437 and net assets of £15,581 of which £875,184 relates to the intercompany balance owed to the parent company. The board of the parent company has confirmed that they will continue to support the company for a period of at least 12 months from the balance sheet date. |
When assessing the company's ability to continue trading as a going concern the directors have reviewed the cash flows of the company for the 12 months to 30 June 2024. The review has encapsulated cash flows and working capital requirements as known at the date of this report. |
The Directors have reasonable expectations that the Company has adequate resources to continue its operational existence for the foreseeable future. Accordingly they continue to adopt a going concern basis of accounting in the preparing the Annual Report and Accounts. |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover from temporary placements is recognised when the service is provided. Turnover from permanent placements, which is based on a percentage of the candidate's remuneration package, is recognised when the candidate commences employment. |
Turnover is stated net of VAT and provisions are made for refunds that may be due on this turnover. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date. |
AM REAL ESTATE INVESTMENTS LTD (REGISTERED NUMBER: 10814690) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Financial instruments |
The company has chosen to adopt Section 11 of FRS 102 in respect of financial instruments as it has only basic financial instruments. |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses. |
Government grants |
Grants of a revenue nature are recognised in "other income" within profit or loss in the same period as the related expenditure. This includes the Government Coronavirus Job Retention Scheme ('Furlough'). |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed to group undertakings |
Taxation and social security |
AM REAL ESTATE INVESTMENTS LTD (REGISTERED NUMBER: 10814690) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
6. | RELATED PARTY DISCLOSURES |
The balance of the intercompany account with AMP 75 Limited at the year end was an amount owed to AMP 75 Limited from AM Real Estate Investments Ltd of £875,183 (2022: £708,873). AM Real Estate Investments Ltd is a wholly owned subsidiary of AMP 75 Limited. |
7. | ULTIMATE CONTROLLING PARTY |
In the opinion of the directors the company is controlled by W L Mortimer and A J Mortimer, who are the majority shareholders of the ultimate parent company, AMP 75 Limited. |