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Registered number: 06452453
















AMALGAM HOLDINGS LIMITED




DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024


































img5d02.png


AMALGAM HOLDINGS LIMITED

 
COMPANY INFORMATION


DIRECTORS
N Price 
B Street (resigned 21 August 2025)
P Mackenzie  




COMPANY SECRETARY
S Gartshore



REGISTERED NUMBER
06452453



REGISTERED OFFICE
The Power House
Romney Avenue

Lockleaze

Bristol

BS7 9ST




INDEPENDENT AUDITORS
Bishop Fleming Audit Limited
Chartered Accountants & Statutory Auditors

10 Temple Back

Bristol

BS1 6FL






AMALGAM HOLDINGS LIMITED


CONTENTS



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3
Directors' Responsibilities Statement
 
4
Independent Auditors' Report
 
5 - 8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Statement of Financial Position
 
10
Company Statement of Financial Position
 
11
Consolidated Statement of Changes in Equity
 
12
Company Statement of Changes in Equity
 
13
Consolidated Statement of Cash Flows
 
14
Notes to the Financial Statements
 
15 - 32



AMALGAM HOLDINGS LIMITED

 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

INTRODUCTION
 
The Directors of Amalgam Holdings Limited (AHL, or, “The Amalgam Group”) present their strategic report for the year ended 31st December 2024.

BUSINESS REVIEW
 
The Amalgam Group remains the world’s leading maker of the finest hand made large scale automotive models, working with the world’s most well known luxury automotive brands to model many of history’s most important cars, as well as modern releases, at a level of detail matched nowhere else.
During 2024, the Amalgam Group’s strong brand, predicated on attention to detail and a quest for authenticity, continued to represent a compelling attraction to many of the world’s richest people, autophiles and art lovers.  We were pleased to extend our long standing and highly successful licence agreement with Ferrari to the end of 2028.  
The Directors were particularly pleased to record repeat orders from a number of large automotive manufacturers, racing teams and sponsors, underlining the value of using our models as part of a carefully designed customer journey to delight customers and elevate their experiences to an extraordinary peak of luxury.  Enquiries of this nature have continued strongly since the year end.

PRINCIPAL RISKS AND UNCERTAINTIES
 
There are a number of risks and uncertainties that face the business and to this end the risks and the management of them are reviewed periodically by the Leadership Team.
Health, safety, and environmental concerns at each location at which the group operates are formally reviewed on a quarterly basis, with a task focussed monthly meeting to keep action planning on track between these dates.  We achieved ISO14001 certification for our Hungary location during 2023.
      1. Foreign Exchange risk
The Group trades in a number of different currencies in their global operations.  To minimise risks arising from foreign exchange exposure, the Group seeks downpayments on orders when placed, plans monthly outgoings with a view to currencies required, and uses natural hedging whenever possible.  
      2. Credit risk
AHL takes care in approving credit worthiness of major new customers, and periodically reviews existing relationships.  Most customers pay a deposit at the time of placing an order which reduces our subsequent exposure.
      3. Liquidity
AHL seeks to manage liquidity risk by ensuring sufficient funds are available to meet foreseeable needs.  Regular reviews of all elements of the group’s working capital cycle take place throughout the year.
      4. Innovation risk 
The luxury automotive industry is a high growth industry, albeit in a period of flux.  Environmental concerns and alternatives to hydrocarbon internal combustion engines are bringing large numbers of new entrants and AHL continues to develop relationships with a number of these.  Similarly, the technologies used to build models continue to develop and evolve.  AHL aims to use third party equipment as much as possible to allow for a high level of versatility and adaptability whilst new technologies are maturing with a view to making more permanent investments as the cost, availability and capabilities of the techniques become more readily apparent.

FINANCIAL KEY PERFORMANCE INDICATORS
 
The financial key performance indicators that AHL manages most closely are turnover, orders, cash, EBITDA and price.

Page 1


AMALGAM HOLDINGS LIMITED


GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

OTHER KEY PERFORMANCE INDICATORS
 
Other critical key performance indicators include manufacturing output, manufacturing efficiency, development project timelines, and inventory quantities.

FUTURE DEVELOPMENTS
 
The Directors are heavily focussed on manufacturing and development efficiencies in order to improve margins further.  The long term impact of US tariffs in 2025 will take some time to become clear, however it is wise in the face of short term uncertainty to manage the cost base carefully.  


This report was approved by the board and signed on its behalf.



N Price
Director

Date: 27 August 2025

Page 2

1
AMALGAM HOLDINGS 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

The directors who served during the year were:

N Price 
B Street (resigned 21 August 2025)

GOING CONCERN

At the year end the group had net assets of £1,002,154 (2023: -£47,450).

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

AUDITORS

The auditorsBishop Fleming Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 




N Price
Director

Date: 27 August 2025

The Power House
Romney Avenue
Lockleaze
Bristol
BS7 9ST

Page 3


AMALGAM HOLDINGS LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and the Group and of the profit or loss of the Group for that period.

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

select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 4


AMALGAM HOLDINGS LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMALGAM HOLDINGS LIMITED
OPINION


We have audited the financial statements of Amalgam Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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's 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 United Kingdom, including the Financial Reporting Council'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 or 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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 5


AMALGAM HOLDINGS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMALGAM HOLDINGS LIMITED (CONTINUED)

OPINION 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the 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 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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' Responsibilities Statement set out on page 4, 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 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.


Page 6


AMALGAM HOLDINGS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMALGAM HOLDINGS LIMITED (CONTINUED)

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 an Auditors' 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 Group financial statements.


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

We have considered the nature of the industry and sector, control environment and financial performance, key drivers for directors’ remuneration, bonus levels and performance targets;
We have considered the results of enquiries with management and the directors in relation to their own identification and assessment of the risks of irregularities within the Group;
We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that systems are operating in line with documentation; and
We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified the highest areas of risk to be in relation to revenue recognition and
management override.
We also obtained an understanding of the legal and regulatory frameworks that the Group operates in,
focusing on provisions of those laws and regulations that had a direct effect on the determination of material
amounts and disclosures in the financial statements. The key laws and regulations we considered in this context
included the UK Companies Act, FRS 102 and UK tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the
financial statements but compliance with which may be fundamental to the Group’s ability to operate or to
avoid a material penalty. These included data protection and employment law.
 
Page 7


AMALGAM HOLDINGS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMALGAM HOLDINGS LIMITED (CONTINUED)


Our procedures to respond to the risks identified included the following:

Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having direct effect on the financial statements.
Enquiring of management concerning actual and potential litigation and claims;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
Reviewing board meeting minutes;
Performing substantive testing in relation to the recognition of revenue; and
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries, and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of the business.

We also communicated relevant identified laws and regulations and potential fraud risk to all engagement team
members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout
the audit.
 
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 Auditors' Report.


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 2006Our 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 Auditors' 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.






Simon Morrison FCA (Senior Statutory Auditor)
for and on behalf of
Bishop Fleming Audit Limited
Chartered Accountants
Statutory Auditors
10 Temple Back
Bristol
BS1 6FL

29 August 2025
Page 8


AMALGAM HOLDINGS LIMITED

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

2024
2023
Note
£
£

  

Turnover
 4 
11,511,750
10,069,632

Cost of sales
  
(6,629,341)
(5,710,675)

Gross profit
  
4,882,409
4,358,957

Administrative expenses
  
(3,819,512)
(3,435,192)

Operating profit
 5 
1,062,897
923,765

Interest payable and similar expenses
 9 
(124,681)
(58,663)

Profit before taxation
  
938,216
865,102

Tax on profit
 10 
-
42,500

Profit for the year
  
938,216
907,602

  

Foreign exchange reserve movement
  
130,438
(32,768)

Other comprehensive income for the year
  
130,438
(32,768)

Total comprehensive income for the year
  
1,068,654
874,834

Profit for the year attributable to:
  

Owners of the parent Company
  
938,216
907,602

  
938,216
907,602

The notes on pages 15 to 32 form part of these financial statements.


Page 9


AMALGAM HOLDINGS LIMITED
REGISTERED NUMBER:06452453

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 11 
96,679
132,747

Tangible assets
 12 
47,626
53,211

  
144,305
185,958

Current assets
  

Stocks
 14 
2,815,984
3,052,979

Debtors: amounts falling due within one year
 15 
2,040,315
1,290,602

Cash at bank and in hand
 16 
2,361,430
1,113,371

  
7,217,729
5,456,952

Creditors: amounts falling due within one year
 17 
(5,005,004)
(4,224,599)

Net current assets
  
 
 
2,212,725
 
 
1,232,353

Total assets less current liabilities
  
2,357,030
1,418,311

Creditors: amounts falling due after more than one year
 18 
(1,335,826)
(1,465,761)

Net assets/(liabilities)
  
1,021,204
(47,450)


Capital and reserves
  

Called up share capital 
 20 
3,333
3,333

Share premium account
 21 
1,520,606
1,520,606

Foreign exchange reserve
 21 
61,545
(68,893)

Other reserves
 21 
3,379,246
3,379,246

Profit and loss account
 21 
(3,943,526)
(4,881,742)

Equity attributable to owners of the parent Company
  
1,021,204
(47,450)

  
1,021,204
(47,450)


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





N Price
Director

Date: 27 August 2025

The notes on pages 15 to 32 form part of these financial statements.

Page 10


AMALGAM HOLDINGS LIMITED
REGISTERED NUMBER:06452453

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 13 
538,181
538,181

  
538,181
538,181

  

Creditors: amounts falling due within one year
 17 
(55,000)
(55,000)

Net current liabilities
  
 
 
(55,000)
 
 
(55,000)

Total assets less current liabilities
  
483,181
483,181

  

  

Net assets
  
483,181
483,181


Capital and reserves
  

Called up share capital 
 20 
3,333
3,333

Share premium account
 21 
1,520,606
1,520,606

Profit and loss account
 21 
(1,040,758)
(1,040,758)

  
483,181
483,181


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





N Price
Director

Date: 27 August 2025

The notes on pages 15 to 32 form part of these financial statements.

Page 11
 

AMALGAM HOLDINGS LIMITED
 
 
 


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



Called up share capital
Share premium account
Foreign exchange reserve
Capital contribution reserve
Profit and loss account
Total equity


£
£
£
£
£
£



At 1 January 2023
3,333
1,520,606
(36,125)
3,379,246
(5,789,344)
(922,284)





Profit for the year
-
-
-
-
907,602
907,602


Foreign Exchange Movements
-
-
(32,768)
-
-
(32,768)





At 1 January 2024
3,333
1,520,606
(68,893)
3,379,246
(4,881,742)
(47,450)





Profit for the year
-
-
-
-
938,216
938,216


Foreign Exchange Movements
-
-
130,438
-
-
130,438



At 31 December 2024
3,333
1,520,606
61,545
3,379,246
(3,943,526)
1,021,204



The notes on pages 15 to 32 form part of these financial statements.

Page 12

AMALGAM HOLDINGS LIMITED


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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
3,333
1,520,606
(1,040,758)
483,181



At 1 January 2024
3,333
1,520,606
(1,040,758)
483,181


At 31 December 2024
3,333
1,520,606
(1,040,758)
483,181


The notes on pages 15 to 32 form part of these financial statements.

Page 13


AMALGAM HOLDINGS LIMITED


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
938,216
907,602

Adjustments for:

Amortisation of intangible assets
35,909
35,696

Depreciation of tangible assets
24,812
13,173

Loss on disposal of tangible assets
28,874
40

Interest paid
(124,681)
(58,663)

Taxation charge
-
(42,500)

Decrease/(increase) in stocks
236,995
(1,049,084)

(Increase) in debtors
(619,275)
(160,485)

Increase/(decrease) in creditors
177,179
(368,700)

Foreign exchange movement
(29,165)
3,369

Net cash generated from operating activities

668,864
(719,552)


Cash flows from investing activities

Purchase of intangible fixed assets
-
(3,095)

Purchase of tangible fixed assets
(18,777)
(21,191)

Net cash from investing activities

(18,777)
(24,286)

Cash flows from financing activities

New loans
1,248,235
-

Repayment of loans
(14,303)
(9,890)

Repayment of other loans
(760,641)
(92,897)

Interest paid
124,681
58,663

Net cash used in financing activities
597,972
(44,124)

Net increase/(decrease) in cash and cash equivalents
1,248,059
(787,962)

Cash and cash equivalents at beginning of year
1,113,371
1,901,333

Cash and cash equivalents at the end of year
2,361,430
1,113,371


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,361,430
1,113,371

2,361,430
1,113,371


Page 14


AMALGAM HOLDINGS LIMITED

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

1.


GENERAL INFORMATION

Amalgam Holdings Limited is a company limited by shares incorporated in England and Wales. The registered office is The Power House, Romney Avenue, Lockleaze, Bristol, BS7 9ST. 

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

GOING CONCERN

At the year end the group had net assets of £1,051,204 (2023: net liabilities of £47,450).
Included within creditors over one year was £636,781 (2023: £1,338,120) due to the former ultimate parent undertaking Danegeld Holdings Limited, a company incorporated in the British Virgin Islands. Since the year end Danegeld Holdings has ceased to be the ultimate parent undertaking and the loan has been reassigned to the new ultimate controlling party who has indicated that they are supportive of the group (which constitutes Amalgam Collection Limited, its parent company and all fellow subsidiary companies) and has indicated that further financial support will be made available where necessary to ensure the group continues to operate for a period of at least 12 months for approval of these financial statements.
In addition, further facilities as detailed in note 18 have been obtained with a maturity date of November 2028. In addition, the Group continues to trade profitably and budgets and forecasts prepared indicate that this will continue to be the case.
On this basis, the directors consider that the preparation of these financial statements on the going concern basis is appropriate.

Page 15


AMALGAM HOLDINGS LIMITED

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 16


AMALGAM HOLDINGS LIMITED

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

OPERATING LEASES: THE GROUP AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 17


AMALGAM HOLDINGS LIMITED

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

CURRENT AND DEFERRED TAXATION

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

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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.11

INTANGIBLE ASSETS

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.

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.

 The estimated useful lives range as follows:

Computer Software
-
6
years

Page 18


AMALGAM HOLDINGS LIMITED

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.12

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
15 - 20 years Straight Line
Plant and machinery
-
3 - 6 years Straight Line
Fixtures and fittings
-
2 - 6 years Straight Line
Office equipment
-
3 - 6 years Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 19


AMALGAM HOLDINGS LIMITED

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.14

STOCKS

Finished goods stock includes completed products.  When stock is purchased from a group company (‘the manufacturer’), the company use a standard costing method to value the finished goods stock. To manufacture the product is a very labour intensive process and as a consequence the company values the finished stock by allocating production overheads of the manufacturer, which are invoiced to the Company and recorded in Cost of Sales in the period to which they relate, to the units produced on the basis of the normal capacity of the production facilities to arrive at a ‘standard unit cost’. Normal capacity is the production expected to be achieved on average over a year period under normal circumstances.  The amount of fixed overhead allocated to each unit of production is not increased as a consequence of low production or idle plant. 

Management uses judgment when allocating the production overheads to individual products. The company sells a wide range of products can be grouped down to categories or types of model.  Each type of model is allocated a ‘unit of production’ and this is multiplied by the ‘standard unit cost’.  A more complex and labour intensive product will have a higher value compared to a straight forward product.

Finished goods stock purchased from third parties is recorded at cost.

Work in progress is manufactured by the company and includes labour and attributable overheads.

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

At each reporting date, stocks are assessed for impairment.  If stock is 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.

When stock are sold, the company recognises the carrying amount of those stock items as an expense in the period in which the related revenue is recognised.

 
2.15

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

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

 
2.17

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 20


AMALGAM HOLDINGS LIMITED

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

3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Deferred tax asset
The company has begun recognising a deferred tax asset based on forecast future profitability. The remaining unrecognised deferred tax asset is £346,532 (2023: £637,143) relating to losses and other deductions will be recognised in line with anticipated utilisation. See Note 2.3 for further details.
Stock provision
The company sells perfect scale model cars in both new and classic designs and these are subject to changes in customer taste and demands.  It is therefore necessary for management to consider the recoverability of the cost of inventory and the associated provisioning required.  Due to the nature of the products sold by the company, judgement has to be applied when forming an expectation about customers changes in taste and demand.
Management have devised a methodology to provide for stock, and consider that the sales trends in the past three years will set a precedent for future sales.  Any products which have not sold in the last three years are provided for in full.  If there have been no sales in the past two years then there is a 50% provision against the cost of those products.  If there have been no sales in the past 12 months then there will be a 25% provision against that product type.  Products which have been sold in the last three years will be provided for on a sliding scale, depending on the numbers which have sold in each of the past three years.  
Management do not consider the age of stock when determining the appropriate stock provision. At 31 December 2024, the stock provision stands at £1,551,028 (2023: £937,585).
Further to this methodology, management do review the stock held and will provide for damaged products, as well as applying assumptions around anticipated saleability of finished goods on an ad-hoc basis.  See Note 14 for the carrying amount of inventory net of its associated provision.
Recoverability of amounts owed by group
The directors believe that the amounts owed from group undertakings are recoverable in full and therefore do not require impairment. 
Other Loan from private individuals
Included in 'Other loans' is a balance from an unconnected private individual. The repayment of the loan is linked to the sales of a certain product type and as such the repayment terms are uncertain. Based on selling trends and available information, the company has classified the loan as a creditor falling due after one year, but not after five years. 
Carrying value of investments
The investment in the Hungarian subsidiary is currently held at £538,181, see Note 13. The directors do not consider this investment to be impaired, as the subsidiary is profit making and will continue to be so.

Page 21


AMALGAM HOLDINGS LIMITED

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

4.


TURNOVER

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of Model Cars
11,511,750
10,069,632

11,511,750
10,069,632


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
2,257,780
4,116,309

Rest of Europe
5,836,319
2,936,657

Rest of the world
3,417,651
3,016,666

11,511,750
10,069,632



5.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
(39,264)
28,227

Other operating lease rentals
78,983
79,073


6.


AUDITORS' REMUNERATION

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
25,750
25,000

Page 22


AMALGAM HOLDINGS LIMITED

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

7.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
2,234,300
2,208,224

Social security costs
152,125
155,204

Cost of defined contribution scheme
44,788
59,166

2,431,213
2,422,594


The Group and Company have no employees other than the directors, who did not receive any remuneration (2023: £NIL).


8.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
283,912
469,287

Group contributions to defined contribution pension schemes
12,522
30,756

296,434
500,043


During the year retirement benefits were accruing to 2 directors (2023: 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £171,416 (2023: £249,212).


9.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Other loan interest payable
124,681
58,663

124,681
58,663

Page 23


AMALGAM HOLDINGS LIMITED

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

10.


TAXATION


2024
2023
£
£



TOTAL CURRENT TAX
-
-

DEFERRED TAX


Origination and reversal of timing differences
-
(42,500)

TOTAL DEFERRED TAX
-
(42,500)


TAX ON PROFIT
-
(42,500)
Page 24


AMALGAM HOLDINGS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
10.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is the same as (2023: the same as) the standard rate of corporation tax in the UK of 25% (2023: 25%) as set out below:

2024
2023
£
£


Profit on ordinary activities before tax
938,216
865,102


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 25%)
234,554
203,472

EFFECTS OF:


Non-tax deductible amortisation of goodwill and impairment
-
(46)

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
842
110

Capital allowances for year in excess of depreciation
15,075
-

Utilisation of tax losses
(254,479)
-

Other adjustments
(8,702)
-

Remeasurement of deferred tax for changes in tax rates
-
11,412

Movements in deferred tax not recognised
-
(235,344)

Other differences leading to an increase (decrease) in the tax charge
12,710
(22,104)

TOTAL TAX CHARGE FOR THE YEAR
-
(42,500)


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

The Group has tax losses available of £2.2m in the UK subsidiary to utilise against future trading profits. The Company continues to be profit making and forecasts indicate this trend is to continue therefore a deferred tax asset has been recognised on a portion of these losses.

Page 25


AMALGAM HOLDINGS LIMITED

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

11.


INTANGIBLE ASSETS

Group and Company





Computer software

£



COST


At 1 January 2024
217,810


Foreign exchange movement
(159)



At 31 December 2024

217,651



AMORTISATION


At 1 January 2024
85,063


Charge for the year on owned assets
35,909



At 31 December 2024

120,972



NET BOOK VALUE



At 31 December 2024
96,679



At 31 December 2023
132,747



Page 26


AMALGAM HOLDINGS LIMITED

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

12.


TANGIBLE FIXED ASSETS

Group






Long-term leasehold property
Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



COST OR VALUATION


At 1 January 2024
22,628
145,506
121,568
13,992
303,694


Additions
-
282
11,777
6,718
18,777


Disposals
-
5,859
(3,486)
-
2,373


Exchange adjustments
(2,480)
(4,171)
-
(1,468)
(8,119)



At 31 December 2024

20,148
147,476
129,859
19,242
316,725



DEPRECIATION


At 1 January 2024
7,984
129,443
104,735
8,321
250,483


Charge for the year on owned assets
(910)
11,549
7,310
6,863
24,812


Disposals
-
-
(3,034)
-
(3,034)


Exchange adjustments
1,308
(3,521)
-
(949)
(3,162)



At 31 December 2024

8,382
137,471
109,011
14,235
269,099



NET BOOK VALUE



At 31 December 2024
11,766
10,005
20,848
5,007
47,626



At 31 December 2023
14,644
16,063
16,833
5,671
53,211




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Long leasehold
11,766
14,644

11,766
14,644


Page 27


AMALGAM HOLDINGS LIMITED

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

13.


FIXED ASSET INVESTMENTS

Company





Investments in subsidiary companies

£



COST OR VALUATION


At 1 January 2024
538,181



At 31 December 2024
538,181





SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Amalgam Collection Limited
Ordinary
100
Amalgam Hungary
Ordinary
100


14.


STOCKS

Group
Group
2024
2023
£
£

Raw materials and consumables
17,014
19,758

Work in progress (goods to be sold)
296,421
238,959

Finished goods and goods for resale
2,502,549
2,794,262

2,815,984
3,052,979


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 28


AMALGAM HOLDINGS LIMITED

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

15.


DEBTORS

Group
Group
2024
2023
£
£


Trade debtors
1,599,141
818,266

Other debtors
131,467
148,790

Prepayments and accrued income
59,707
73,546

Deferred taxation
250,000
250,000

2,040,315
1,290,602





16.


CASH AND CASH EQUIVALENTS

Group
Group
2024
2023
£
£

Cash at bank and in hand
2,361,430
1,113,371

2,361,430
1,113,371



17.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
10,648
10,648
-
-

Other loans
603,226
-
-
-

Trade creditors
420,537
376,408
-
-

Amounts owed to group undertakings
-
-
55,000
55,000

Other taxation and social security
203,227
129,730
-
-

Other creditors
444,538
272,440
-
-

Accruals and deferred income
3,322,828
3,435,373
-
-

5,005,004
4,224,599
55,000
55,000


Included within 'Other creditors' is £79,202 (2023: £79,202) due to a director. Interest is accruing at a rate of 2.3% per annum. The balance is unsecured and repayable on demand.
Also included in 'bank loans' is a 'Bounce Back Loan Agreement' of £10,648 (2023: £10,648) which is secured by way of a floating charge over the company in favour of HSBC UK Bank plc. The interest rate charged is fixed at 2.5%.

Page 29


AMALGAM HOLDINGS LIMITED

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

18.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
Group
2024
2023
£
£

Bank loans
663,344
14,303

Other loans
672,482
1,451,458

1,335,826
1,465,761


Included in 'Other loans' are three loan agreements owing to Danegeld Holdings Limited, the former ultimate parent undertaking, totalling £638,315 (2023: £1,388,120). Interest is accruing at a rate of 5% per annum. The balance is unsecured and due for repayment on 31 December 2025.
Also included in 'Other loans' is an amount owing to an unconnected private individual totalling £53,333 (2023: £63,330). The balance is unsecured and interest free.
Included in 'bank loans' is a 'Bounce Back Loan Agreement' of £4,165 (2023: £14,303) which is secured by way of a floating charge over the company in favour of HSBC UK Bank plc. The interest rate charged is fixed at 2.5%.


19.


DEFERRED TAXATION


Group



2024


£






At beginning of year
250,000



AT END OF YEAR
250,000

Company


2024






AT END OF YEAR
-



Group
Group
2024
2023
£
£

Losses and other deductions
250,000
250,000

250,000
250,000

Page 30


AMALGAM HOLDINGS LIMITED

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

20.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1,429 (2023: 1,429) Ordinary shares of £1.00 each
1,429
1,429
1,904 (2023: 1,904) Ordinary 2016 shares of £1.00 each
1,904
1,904

3,333

3,333

Ordinary shares and Ordinary 2016 shares carry equal rights in terms of voting, to participate in distributions by way of dividend as determined by Directors, to participate in a distribution of capital. Ordinary shares and Ordinary 2016 shares are non redeemable. 



21.


RESERVES

Share premium account

The share premium account includes amounts received in excess of nominal value on issues of shares.

Foreign exchange reserve

Foreign exchange reserve is the effect the movement of exchange rates has on the value of balance sheet items.

Capital contribution reserve

The capital contribution reserve arised in relation to the waiver of intercompany loans with the parent company. These contributions are non-refundable, have no entitlement dividends, interest or assets of the company on winding up and the reserve is considered distributable.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses. All are available for distribution.

22.


ANALYSIS OF NET DEBT




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

1,113,371

1,248,059

2,361,430

Debt due after 1 year

(1,465,761)

111,600

(1,354,161)

Debt due within 1 year

(10,648)

(584,891)

(595,539)



(363,038)
774,768
411,730

Page 31


AMALGAM HOLDINGS LIMITED

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

23.


PENSION COMMITMENTS

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £44,788 (2023: £44,861).  Contributions totalling £12,207 (2023: £20,550) were payable to the fund at the reporting date and are included in creditors.


24.


COMMITMENTS UNDER OPERATING LEASES

At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
-
3,829

Later than 1 year and not later than 5 years
-
647

-
4,476


25.


RELATED PARTY TRANSACTIONS

During the year, the company has made purchases of £662,544 (2023: £5,015,468) from Dongguan Finexpo Models Co Ltd, a company under common control. At the year end £19,050 (2023: £1,286) was due to Dongguan Finexpo Models Co Ltd and is recognised in trade creditors. At the year end 
£1,068,062 (2023: £305,865) was due from Dongguan Finexpo Models Co Ltd and is recognised in trade debtors.
At the year end £79,202 was included in other creditors (2023: £79,202) which was due to a director of the company.
At the year end the company had a loan from the former ultimate parent company. The details of this loan are described in note 18.
During the year the company made sales totalling £NIL (2023: Nil) to the a close family member of the
ultimate controlling party. At the year end £22,213 (2023: £22,471) was included in trade debtors owed from this family member.


26.


POST BALANCE SHEET EVENTS

Post year end, the loan provided by the ultimate parent company was reassigned to a close family member of the ultimate controlling party.
A loan of €800,000 (£676,320) was received post year end to partially refinance the loan provided by the ultimate controlling party of the company. The terms of this loan for repayment is November 2028 with an interest rate payable of 5%.


27.


CONTROLLING PARTY

The ultimate controlling party is M Bukhtoyarova, who remains the ultimate controlling party.


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