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FOR THE YEAR ENDED 31 DECEMBER 2024
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AMALGAM COLLECTION LIMITED
COMPANY INFORMATION
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AMALGAM COLLECTION LIMITED
CONTENTS
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AMALGAM COLLECTION LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors of Amalgam Holdings Limited (AHL, or, “The Amalgam Group”) present their strategic report for the year ended 31st December 2024.
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. 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
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.
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AMALGAM COLLECTION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The financial key performance indicators that AHL manages most closely are turnover, orders, cash, EBITDA and price.
Other critical key performance indicators include manufacturing output, manufacturing efficiency, development project timelines, and inventory quantities.
This report was approved by the board on 27 August 2025 and signed on its behalf.
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1
AMALGAM COLLECTION 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.
The profit for the year, after taxation, amounted to £989,056 (2023: £813,603).
The directors do not propose a dividend for the period (2023: £Nil).
The directors who served during the year were:
At the year end the company had net assets of £662,942 (2023: -£326,114).
Included within creditors over one year was £636,781 (2023: £1,338,120) due to the 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.
The auditors, Bishop Fleming Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
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AMALGAM COLLECTION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board and signed on its behalf.
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AMALGAM COLLECTION LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the 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 of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company'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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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AMALGAM COLLECTION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMALGAM COLLECTION LIMITED
We have audited the financial statements of Amalgam Collection Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of income and retained earnings and the related notes, 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).
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 Company 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.
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 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.
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 Report. 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. 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.
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AMALGAM COLLECTION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMALGAM COLLECTION LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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 Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the 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 or the Directors' report.
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AMALGAM COLLECTION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMALGAM COLLECTION LIMITED (CONTINUED)
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 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.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
∙We have considered the nature of the industry and sector, control environment and business performance.
∙We have considered the results of our enquiries of management and the board about their own identification and assessment of the risks of irregularities
∙We have reviewed the documentation of key processes and controls and performed walkthroughs of transactions to confirm that the systems are operating effectively, in line with documentation.
∙For any matters identified we have obtained and reviewed the Company’s documentation of their policies and procedures relating to:
°Identifying, evaluating and complying with laws and regulations, including Duty, and whether they were aware of any instances of non-compliance;
°Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
°The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.
∙We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.
As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut-off. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the Company 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 e considered in this context included UK Companies Act and 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 Company’s ability to operate or avoid a material penalty. These included health and safety regulations and employment law.
Our procedures to respond to 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 a direct effect on the financial statements.
∙Enquiring of management in relation to actual and potential claims or litigation;
∙Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙Performing detailed testing in relation to the recognition of revenue with a particular focus around the yearend cut off; and
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AMALGAM COLLECTION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMALGAM COLLECTION LIMITED (CONTINUED)
∙In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgments made in accounting estimates are
indicative of potential bias; and evaluating the business rationale of significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
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 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
10 Temple Back
BS1 6FL
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AMALGAM COLLECTION LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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AMALGAM COLLECTION LIMITED
REGISTERED NUMBER:05210453
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 25 form part of these financial statements.
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AMALGAM COLLECTION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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AMALGAM COLLECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Amalgam Collection Limited is a private 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
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
At the year end the company had net assets of £662,942 (2023: net liabilities of £326,114).
Included within creditors over one year was £636,781 (2023: £1,338,120) due to the 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.
Functional and presentation currency
Transactions and balances
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AMALGAM COLLECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Page 14
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AMALGAM COLLECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
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:
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AMALGAM COLLECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
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:
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.
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AMALGAM COLLECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
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 2.2 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 9 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.
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AMALGAM COLLECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 18
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AMALGAM COLLECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
6.TAXATION (CONTINUED)
Page 19
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AMALGAM COLLECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
6.TAXATION (CONTINUED)
The Company has tax losses available of £2.2m 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.
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AMALGAM COLLECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 21
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AMALGAM COLLECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 22
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AMALGAM COLLECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 23
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AMALGAM COLLECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
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.
The Company 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 Company to the fund and amounted to £44,788 (2023: £59,166) . Contributions totalling £12,207 (2023: £20,550) were payable to the fund at the reporting date and are included in creditors.
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AMALGAM COLLECTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The immediate parent company is
The ultimate parent company in the year was
Page 25
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