Amato Food Products Limited 07675912 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is food wholesalers Digita Accounts Production Advanced 6.30.9574.0 true true true 07675912 2024-01-01 2024-12-31 07675912 2024-12-31 07675912 bus:Director1 1 2024-12-31 07675912 bus:Director2 1 2024-12-31 07675912 core:RetainedEarningsAccumulatedLosses 2024-12-31 07675912 core:ShareCapital 2024-12-31 07675912 core:CurrentFinancialInstruments 2024-12-31 07675912 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 07675912 core:CurrentFinancialInstruments core:WithinOneYear 2 2024-12-31 07675912 core:Goodwill 2024-12-31 07675912 core:FurnitureFittingsToolsEquipment 2024-12-31 07675912 core:LandBuildings 2024-12-31 07675912 core:MotorVehicles 2024-12-31 07675912 core:DeferredTaxation 2024-12-31 07675912 bus:FRS102 2024-01-01 2024-12-31 07675912 bus:Audited 2024-01-01 2024-12-31 07675912 bus:FullAccounts 2024-01-01 2024-12-31 07675912 bus:RegisteredOffice 2024-01-01 2024-12-31 07675912 bus:Director1 2024-01-01 2024-12-31 07675912 bus:Director1 1 2024-01-01 2024-12-31 07675912 bus:Director2 2024-01-01 2024-12-31 07675912 bus:Director2 1 2024-01-01 2024-12-31 07675912 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 07675912 bus:Agent1 2024-01-01 2024-12-31 07675912 core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 07675912 core:ShareCapital 2024-01-01 2024-12-31 07675912 core:Goodwill 2024-01-01 2024-12-31 07675912 core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 07675912 core:LandBuildings 2024-01-01 2024-12-31 07675912 core:MotorVehicles 2024-01-01 2024-12-31 07675912 core:Vehicles 2024-01-01 2024-12-31 07675912 core:DeferredTaxation 2024-01-01 2024-12-31 07675912 core:ParentEntities 2024-01-01 2024-12-31 07675912 core:UKTax 2024-01-01 2024-12-31 07675912 countries:EnglandWales 2024-01-01 2024-12-31 07675912 2023-12-31 07675912 bus:Director1 1 2023-12-31 07675912 bus:Director2 1 2023-12-31 07675912 core:RetainedEarningsAccumulatedLosses 2023-12-31 07675912 core:ShareCapital 2023-12-31 07675912 core:Goodwill 2023-12-31 07675912 core:FurnitureFittingsToolsEquipment 2023-12-31 07675912 core:LandBuildings 2023-12-31 07675912 core:MotorVehicles 2023-12-31 07675912 core:DeferredTaxation 2023-12-31 07675912 2023-01-01 2023-12-31 07675912 2023-12-31 07675912 bus:Director1 1 2023-12-31 07675912 bus:Director2 1 2023-12-31 07675912 core:CurrentFinancialInstruments 2023-12-31 07675912 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 07675912 core:CurrentFinancialInstruments core:WithinOneYear 2 2023-12-31 07675912 core:FurnitureFittingsToolsEquipment 2023-12-31 07675912 core:LandBuildings 2023-12-31 07675912 core:MotorVehicles 2023-12-31 07675912 bus:Director1 1 2023-01-01 2023-12-31 07675912 bus:Director2 1 2023-01-01 2023-12-31 07675912 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 07675912 core:ShareCapital 2023-01-01 2023-12-31 07675912 core:UKTax 2023-01-01 2023-12-31 07675912 2022-12-31 07675912 bus:Director1 1 2022-12-31 07675912 bus:Director2 1 2022-12-31 07675912 core:RetainedEarningsAccumulatedLosses 2022-12-31 07675912 core:ShareCapital 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 07675912

Amato Food Products Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2024

 

Amato Food Products Limited

Company Information

Directors

Mr Robert M Amato

Mrs Dolores A Amato

Registered office

6 St Andrews Square
Manchester
M1 2NS

Auditors

Matravers & Co Accountants & Business Advisers
Bridgewater House
Century Park, Caspian Road
Altrincham
Cheshire
WA14 5HH

 

Amato Food Products Limited

Strategic Report for the Year Ended 31 December 2024

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

Principal activity

The principal activity of the company is food wholesalers

Fair review of the business

The directors are satisfied with the results for the period and the year end balance sheet position. The company returned results in line with management expectations.

The company has continued its strategy of focusing on beneficial trading activities core to the business and is expected to contnue to maintain its profitability in future periods.

Profit on ordinary activities before taxation was £2,157,324 (2023:£1,341,042).

Principal risks and uncertainties

The company's principal risks in order to sustain financial performance have been identified as:
- Ensuring turnover levels
- Maintaining satisfactory gross profit margins
- Controlling levels of expenditure
- Purchasing foreign goods at favourable exchange rates

These are managed on a day to day basis by the managing director who also monitors the following financial key performance indicators:
- Management accounts
- Cash and bank balances
- Trade debtor balances
- Stock levels

Approved and authorised by the Board on 31 July 2025 and signed on its behalf by:
 

.........................................
Mr Robert M Amato
Director

 

Amato Food Products Limited

Directors' Report for the Year Ended 31 December 2024

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

Directors of the company

The directors who held office during the year were as follows:

Mr Robert M Amato

Mrs Dolores A Amato

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 31 July 2025 and signed on its behalf by:
 

.........................................
Mr Robert M Amato
Director

 

Amato Food Products Limited

Independent Auditor's Report to the Members of Amato Food Products Limited

Opinion

We have audited the financial statements of Amato Food Products Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account and Statement of Retained Earnings, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and 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 company's affairs as at 31 December 2024 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.

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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 director's 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Amato Food Products Limited

Independent Auditor's Report to the Members of Amato Food Products Limited

We have nothing to report in this regard.

The corresponding figures are unaudited.

Opinion on other matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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, or returns adequate for our audit have not been received from branches not visited by us; or

the 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 [set out on page ], 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor 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 an auditor’s report 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Amato Food Products Limited

Independent Auditor's Report to the Members of Amato Food Products 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 an auditor’s report 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.

......................................
Carol Ann Graham (Senior Statutory Auditor)
For and on behalf of Matravers & Co, Statutory Auditor
 Accountants & Business Advisers
Bridgewater House
Century Park, Caspian Road
Altrincham
Cheshire
WA14 5HH

31 July 2025

 

Amato Food Products Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

3

20,446,829

17,958,089

Cost of sales

 

(17,162,671)

(15,423,554)

Gross profit

 

3,284,158

2,534,535

Administrative expenses

 

(1,290,405)

(1,299,319)

Other operating income

-

500

Operating profit

5

1,993,753

1,235,716

Other interest receivable and similar income

6

45,535

26,556

Interest payable and similar charges

7

118,036

78,770

 

163,571

105,326

Profit before tax

 

2,157,324

1,341,042

Taxation

11

(540,754)

(343,430)

Profit for the financial year

 

1,616,570

997,612

Retained earnings brought forward

 

5,263,176

4,270,563

Dividends paid

 

(20,000)

(5,000)

Retained earnings carried forward

 

6,859,746

5,263,175

 

Amato Food Products Limited

Statement of Comprehensive Income for the Year Ended 31 December 2024

2024
£

2023
£

Profit for the year

1,616,570

997,612

Total comprehensive income for the year

1,616,570

997,612

 

Amato Food Products Limited

(Registration number: 07675912)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

13

329,050

932,117

Current assets

 

Stocks

14

1,103,274

1,052,519

Debtors

15

4,706,896

4,174,747

Cash at bank and in hand

 

2,046,827

1,021,208

 

7,856,997

6,248,474

Creditors: Amounts falling due within one year

17

(1,850,203)

(1,822,909)

Net current assets

 

6,006,794

4,425,565

Total assets less current liabilities

 

6,335,844

5,357,682

Provisions for liabilities

18

(80,853)

(94,407)

Net assets

 

6,254,991

5,263,275

Capital and reserves

 

Called up share capital

100

100

Retained earnings

6,254,891

5,263,175

Shareholders' funds

 

6,254,991

5,263,275

Approved and authorised by the Board on 31 July 2025 and signed on its behalf by:
 

.........................................
Mr Robert M Amato
Director

 

Amato Food Products Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital
£

Retained earnings
£

Total
£

At 1 January 2024

100

5,263,176

5,263,276

Total comprehensive income

-

1,616,570

1,616,570

Dividends

-

(20,000)

(20,000)

Dividend in specie

-

(604,855)

(604,855)

-

(624,855)

(624,855)

At 31 December 2024

100

6,254,891

6,254,991

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

100

4,270,563

4,270,663

Profit for the year

-

997,612

997,612

Dividends

-

(5,000)

(5,000)

At 31 December 2023

100

5,263,175

5,263,275

 

Amato Food Products Limited

Statement of Cash Flows for the Year Ended 31 December 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

1,616,570

997,612

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

94,264

100,502

(Profit)/loss on disposal of tangible assets

4

(1,824)

2,757

Loss from disposals of investments

4

22,500

-

Finance income

6

(45,535)

(26,556)

Finance costs

7

3,348

-

Income tax expense

11

540,754

343,430

 

2,230,077

1,417,745

Working capital adjustments

 

(Increase)/decrease in stocks

14

(50,755)

158,862

Increase in trade debtors

15

(478,036)

(1,306,128)

Decrease in trade creditors

17

(309,748)

(13,986)

Cash generated from operations

 

1,391,538

256,493

Income taxes paid

11

(271,379)

(806,624)

Net cash flow from operating activities

 

1,120,159

(550,131)

Cash flows from investing activities

 

Interest received

6

45,535

26,556

Acquisitions of tangible assets

(111,113)

(101,264)

Proceeds from sale of tangible assets

 

621,740

-

Proceeds from disposal of investments in joint ventures and associates

 

(22,500)

-

Net cash flows from investing activities

 

533,662

(74,708)

Cash flows from financing activities

 

Interest paid

7

(3,347)

-

Dividends paid

(624,855)

(5,001)

Net cash flows from financing activities

 

(628,202)

(5,001)

Net increase/(decrease) in cash and cash equivalents

 

1,025,619

(629,840)

Cash and cash equivalents at 1 January

 

1,021,208

1,651,048

Cash and cash equivalents at 31 December

 

2,046,827

1,021,208

 

Amato Food Products Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
6 St Andrews Square
Manchester
M1 2NS

These financial statements were authorised for issue by the Board on 31 July 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Amato Food Products Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% straight line

Furniture, fittings and equipment

20% and 25% reducing balance

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Amato Food Products Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the company's revenue for the year from continuing operations is as follows:

2024
 £

2023
 £

Sale of goods

20,446,829

17,958,089

All turnover arose from sales in the UK.

 

Amato Food Products Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

4

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2024
 £

2023
 £

Gain/loss on disposal of property, plant and equipment

1,824

(2,757)

Gain/loss from disposals of investments

(22,500)

-

(20,676)

(2,757)

5

Operating profit

Arrived at after charging/(crediting)

2024
 £

2023
 £

Depreciation expense

94,264

100,502

(Profit)/loss on disposal of property, plant and equipment

(1,824)

2,757

6

Other interest receivable and similar income

2024
 £

2023
 £

Interest income on bank deposits

3,490

1,916

Other finance income

42,045

24,640

45,535

26,556

7

Interest payable and similar expenses

2024
 £

2023
 £

Interest expense on other finance liabilities

3,347

-

Foreign exchange gains/losses

(121,383)

(78,770)

(118,036)

(78,770)

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
 £

2023
 £

Wages and salaries

1,505,246

1,374,961

Social security costs

149,563

134,838

Pension costs, defined contribution scheme

145,618

248,919

Other employee expense

3,303

2,379

1,803,730

1,761,097

 

Amato Food Products Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Production

34

31

Administration and support

13

13

47

44

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
 £

2023
 £

Remuneration

16,731

16,686

Contributions paid to money purchase schemes

119,000

227,905

135,731

244,591

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
 No.

2023
 No.

Accruing benefits under defined benefit pension scheme

2

2

10

Auditors' remuneration

2024
 £

2023
 £

Audit of the financial statements

10,000

3,500


 

11

Taxation

Tax charged/(credited) in the income statement

2024
 £

2023
 £

Current taxation

UK corporation tax

554,308

317,269

Deferred taxation

Arising from origination and reversal of timing differences

(13,554)

26,161

Tax expense in the income statement

540,754

343,430

 

Amato Food Products Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

12

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2024

344,500

344,500

At 31 December 2024

344,500

344,500

Amortisation

At 1 January 2024

344,500

344,500

At 31 December 2024

344,500

344,500

Carrying amount

At 31 December 2024

-

-

13

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

816,412

288,142

447,252

1,551,806

Additions

-

1,844

109,269

111,113

Disposals

(816,412)

-

(28,320)

(844,732)

At 31 December 2024

-

289,986

528,201

818,187

Depreciation

At 1 January 2024

195,229

216,299

208,161

619,689

Charge for the year

16,328

14,973

62,963

94,264

Eliminated on disposal

(211,557)

-

(13,259)

(224,816)

At 31 December 2024

-

231,272

257,865

489,137

Carrying amount

At 31 December 2024

-

58,714

270,336

329,050

At 31 December 2023

621,183

71,843

239,091

932,117

Included within the net book value of land and buildings above is £Nil (2023 - £621,183) in respect of freehold land and buildings.
 

 

Amato Food Products Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

14

Stocks

2024
 £

2023
 £

Raw materials and consumables

1,103,274

1,052,519

There are no stock provisions at the year end.

15

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

2,171,381

1,881,012

Other debtors

 

1,831,280

1,673,780

Prepayments

 

104,840

74,673

Income tax asset

11

599,395

545,282

   

4,706,896

4,174,747

There are no general bad debt provisions at the year end.

16

Cash and cash equivalents

2024
 £

2023
 £

Cash on hand

88,803

67,886

Cash at bank

1,771,817

808,448

Short-term deposits

186,207

144,874

2,046,827

1,021,208

17

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Trade creditors

 

1,135,672

1,150,839

Social security and other taxes

 

67,952

33,571

Other payables

 

59,566

400,372

Accrued expenses

 

32,702

20,858

Income tax liability

11

554,311

217,269

 

1,850,203

1,822,909

 

Amato Food Products Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

18

Provisions for liabilities

Deferred tax
£

Total
£

At 1 January 2024

94,407

94,407

Increase (decrease) in existing provisions

(13,554)

(13,554)

At 31 December 2024

80,853

80,853

19

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £145,618 (2023 - £248,919).

20

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share capital of £1 each

100

100

100

100

       

21

Related party transactions

R Amato is a director of the company. During the year advances totalling £117.978 (2023: £720,784) were made to R Amato. At the year end his overdrawn director's loan account balance was £1,061,839 (2023: £943,861) which is included in debtors.

D Amato is a director of the company. During the year advances totalling £62,579 (2023: £439,515) were made to D Amato. At the year end her overdrawn director's loan account balance was £750,325 (2023: £687,746) which is included in debtors.

R Amato is a director of Acorn 22 Holdings Limited. During the year Amato Food products Limited made a loan of £20,000 to Acorn 22 Holdings Limited. The loan is to be repaid by the 31st January 2027 and interest is accrued at 1% on a monthly basis. The balance due from Acorn 22 Holdings Limited at the year end was £20,000 which is included in other debtors.

R Amato is a director of The Wild Goose (Altrincham) Limited. Included in other debtors last year is a balance of £22,500 due from The Wild Goose (Altrincham) Limited from a loan of £25,000 which Amato Food Products Limited gave them in 2021.The outstanding balance of £22,500 was written off in the year due to The Wild Goose (Altrincham) Limited dissolving on the 26/06/2024. The write-off of the loan is shown under loss on disposal of current asset investments in the profit and loss account.

 

Amato Food Products Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Transactions with directors

2024

At 1 January 2024
£

Advances to director
£

Repayments by director
£

At 31 December 2024
£

Mr Robert M Amato

Interest was charged at the official rate of 2.25% on directors' advances and all advances were unsecured and repayable on demand

(943,861)

(117,580)

9,714

(1,051,727)

Mrs Dolores A Amato

(687,746)

(60,358)

7,891

(740,213)

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr Robert M Amato

Interest was charged at the official rate of 2.25% on directors' advances and all advances were unsecured and repayable on demand

(223,077)

(720,784)

-

(943,861)

Mrs Dolores A Amato

(248,231)

(440,972)

1,457

(687,746)

 

Amato Food Products Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Dividends paid to directors

2024
£

2023
£

20,000

5,000

 

 

Summary of transactions with parent

On the 28 October 2024 Amato F P Holdings Limited became the parent company of Amato Food Products Limited by virtue of it's 100% shareholding in the company.R Amato and D Amato who are the directors of Amato Food Products Limited are also the directors of Amato F P Holdings Limited.The company was incorporated in England and Wales.

During the year the net book value of the property was transferred to Amato F P Holdings via a dividend in specie.


Ultimate controlling party

There is no single ultimate controlling party.