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Registered number: 05210453
















AMALGAM COLLECTION LIMITED




FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

































AMALGAM COLLECTION LIMITED

 
COMPANY INFORMATION


DIRECTORS
S Copeman 
N Price 
B Street (resigned 21 August 2025)
P Mackenzie (appointed 1 March 2025)




COMPANY SECRETARY
S Gartshore



REGISTERED NUMBER
05210453



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 COLLECTION LIMITED


CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Directors' responsibilities statement
 
5
Independent auditors' report
 
6 - 9
Statement of comprehensive income
 
10
Statement of financial position
 
11
Statement of changes in equity
 
12
Notes to the financial statements
 
13 - 25



AMALGAM COLLECTION LIMITED

 
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.
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

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.

Page 1


AMALGAM COLLECTION LIMITED


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

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

OTHER KEY PERFORMANCE INDICATORS
 
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.



N Price
Director

Page 2

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.

RESULTS AND DIVIDENDS

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). 

DIRECTORS

The directors who served during the year were:

S Copeman 
N Price 
B Street (resigned 21 August 2025)

GOING CONCERN

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.

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'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'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.

SMALL COMPANIES NOTE

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Page 3


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.
 






N Price
Director

Date: 27 August 2025

The Power House
Romney Avenue
Lockleaze
Bristol
BS7 9ST

Page 4


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 2006They 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.

Page 5


AMALGAM COLLECTION LIMITED

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


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 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 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 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.


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 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 6


AMALGAM COLLECTION LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMALGAM COLLECTION 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 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.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

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.


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, 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 Directors' responsibilities statement set out on page 5, 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.


Page 7


AMALGAM COLLECTION LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMALGAM COLLECTION 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 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
 
Page 8


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.


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 9


AMALGAM COLLECTION LIMITED

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

  

Turnover
  
11,511,750
10,069,632

Cost of sales
  
(7,759,026)
(6,916,158)

Gross profit
  
3,752,724
3,153,474

Administrative expenses
  
(2,638,987)
(2,323,708)

Operating profit
  
1,113,737
829,766

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

Profit before tax
  
989,056
771,103

Tax on profit
 6 
-
42,500

Profit for the year
  
989,056
813,603

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 13 to 25 form part of these financial statements.

Page 10


AMALGAM COLLECTION LIMITED
REGISTERED NUMBER:05210453

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 7 
96,679
132,747

Tangible assets
 8 
28,454
27,194

  
125,133
159,941

Current assets
  

Stocks
 9 
2,804,155
3,038,263

Debtors: amounts falling due within one year
 10 
1,976,693
1,255,786

Cash at bank and in hand
  
2,338,246
1,095,713

  
7,119,094
5,389,762

Creditors: amounts falling due within one year
 11 
(5,245,459)
(4,410,056)

Net current assets
  
 
 
1,873,635
 
 
979,706

Total assets less current liabilities
  
1,998,768
1,139,647

Creditors: amounts falling due after more than one year
 12 
(1,335,826)
(1,465,761)

  

Net assets/(liabilities)
  
662,942
(326,114)


Capital and reserves
  

Called up share capital 
 14 
1,000
1,000

Capital contribution reserve
 15 
3,379,246
3,379,246

Profit and loss account
 15 
(2,717,304)
(3,706,360)

  
662,942
(326,114)


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 13 to 25 form part of these financial statements.

Page 11


AMALGAM COLLECTION LIMITED


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


Called up share capital
Capital contribution reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
1,000
3,379,246
(4,519,963)
(1,139,717)



Profit for the year
-
-
813,603
813,603



At 1 January 2024
1,000
3,379,246
(3,706,360)
(326,114)



Profit for the year
-
-
989,056
989,056


At 31 December 2024
1,000
3,379,246
(2,717,304)
662,942


The notes on pages 13 to 25 form part of these financial statements.

Page 12


AMALGAM COLLECTION LIMITED

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

1.


GENERAL INFORMATION

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

 
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 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:

 
2.2

GOING CONCERN

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.

 
2.3

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.

Page 13


AMALGAM COLLECTION LIMITED

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company has transferred the significant risks and rewards of ownership to the buyer;
the Company 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 Company 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.

Where the company receives deposits from customers for goods ordered and these conditions are not satisfied the balance is held in deferred income. 

 
2.5

OPERATING LEASES: THE COMPANY AS LESSEE

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

 
2.6

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.

 
2.7

BORROWING COSTS

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

 
2.8

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

Page 14


AMALGAM COLLECTION LIMITED

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.


 
2.10

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

 
2.11

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.

Page 15


AMALGAM COLLECTION LIMITED

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

2.ACCOUNTING POLICIES (CONTINUED)


2.11
TANGIBLE FIXED ASSETS (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:

Plant and machinery
-
3 - 6 years Straight Line
Fixtures and fittings
-
2 - 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.

 
2.12

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.

 
2.13

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.

Page 16


AMALGAM COLLECTION LIMITED

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.14

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.

 
2.15

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.


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 2.2 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. 

Page 17


AMALGAM COLLECTION LIMITED

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

4.


EMPLOYEES

2024
2023
£
£

Wages and salaries
1,392,982
1,387,432

Social security costs
152,125
155,204

Cost of defined contribution scheme
44,788
59,166

1,589,895
1,601,802


The average monthly number of employees, including directors, during the year was 25 (2023: 25).


5.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
383,401
469,287

Company contributions to defined contribution pension schemes
18,744
30,756

402,145
500,043


During the year retirement benefits were accruing to no directors (2023: NIL) in respect of defined contribution pension schemes.

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

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £9,377 (2023: £13,506).

There were no key management personel other than the directors. 


6.


TAXATION


2024
2023
£
£



TOTAL CURRENT TAX
-
-

DEFERRED TAX


Losses and other deductions
-
(42,500)

TOTAL DEFERRED TAX
-
(42,500)


TAXATION ON PROFIT/(LOSS) ON ORDINARY ACTIVITIES
-
(42,500)
Page 18


AMALGAM COLLECTION LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
6.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
989,056
771,103


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 25%)
247,264
181,368

EFFECTS OF:


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

Capital allowances for year in excess of depreciation
15,075
(46)

Utilisation of tax losses
(254,479)
-

Other adjustments
(8,702)
-

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

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

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

Page 19


AMALGAM COLLECTION LIMITED

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


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

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.


7.


INTANGIBLE ASSETS




Computer software

£



COST


At 1 January 2024
216,417



At 31 December 2024

216,417



AMORTISATION


At 1 January 2024
83,670


Charge for the year on owned assets
36,068



At 31 December 2024

119,738



NET BOOK VALUE



At 31 December 2024
96,679



At 31 December 2023
132,747



Page 20


AMALGAM COLLECTION LIMITED

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

8.


TANGIBLE FIXED ASSETS





Plant and machinery
Fixtures and fittings
Total

£
£
£



COST OR VALUATION


At 1 January 2024
108,910
121,568
230,478


Additions
282
11,777
12,059


Disposals
-
(3,486)
(3,486)



At 31 December 2024

109,192
129,859
239,051



DEPRECIATION


At 1 January 2024
98,549
104,735
203,284


Charge for the year on owned assets
3,037
7,310
10,347


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



At 31 December 2024

101,586
109,011
210,597



NET BOOK VALUE



At 31 December 2024
7,606
20,848
28,454



At 31 December 2023
10,361
16,833
27,194


9.


STOCKS

2024
2023
£
£

Raw materials and consumables
5,185
5,042

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

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

2,804,155
3,038,263


Page 21


AMALGAM COLLECTION LIMITED

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

10.


DEBTORS

2024
2023
£
£


Trade debtors
1,599,141
818,266

Amounts owed by group undertakings
55,000
55,000

Other debtors
12,845
58,974

Prepayments and accrued income
59,707
73,546

Deferred taxation
250,000
250,000

1,976,693
1,255,786


Amounts owed by group undertakings are interest free, unsecured and repayable on demand. 


11.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Bank loans
10,648
10,648

Other loans
603,226
-

Trade creditors
722,262
691,953

Other taxation and social security
203,227
129,730

Other creditors
383,268
142,352

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

5,245,459
4,410,056


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.
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%. The loan is repayable in monthly installments until May 2026.

Page 22


AMALGAM COLLECTION LIMITED

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

12.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

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, which was the 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, interest free and is repayable on completion of set milestones.
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%. The loan is repayable in monthly installments until May 2026.



13.


DEFERRED TAXATION




2024


£






At beginning of year
250,000



AT END OF YEAR
250,000

The deferred tax asset is made up as follows:

2024
2023
£
£


Losses and other deductions
250,000
250,000

250,000
250,000

Page 23


AMALGAM COLLECTION LIMITED

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

14.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1,000 (2023: 1,000) Ordinary shares of £1.00 each
1,000
1,000



15.


RESERVES

Profit and loss account

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

16.


ANALYSIS OF NET DEBT




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand


1,095,713

1,242,575

2,338,288

Bank overdrafts

-

(42)

(42)

Debt due after 1 year


(1,465,761)

21,750

(1,444,011)

Debt due within 1 year

(10,648)

(495,041)

(505,689)



(380,696)
769,242
388,546


17.


PENSION COMMITMENTS

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.

Page 24


AMALGAM COLLECTION LIMITED

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

18.


COMMITMENTS UNDER OPERATING LEASES

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

2024
2023
£
£


Not later than 1 year
3,252
3,829

Later than 1 year and not later than 5 years
2,239
647

5,491
4,476


19.


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. During the year, the company has made sales of £153,187 (2023: Nil) from Dongguan Finexpo Models Co Ltd. 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 11.
At the year end £22,213 (2023: £22,471) was included in trade debtors owed to a close family member of the ultimate controlling party.


20.


CONTROLLING PARTY

The immediate parent company is Amalgam Holdings Limited, a company incorporated in England and Wales.
The ultimate parent company in the year was Danegeld Holdings Limited, a company incorporated in the British Virgin Islands. The ultimate controlling party in the year was M Bukhtoyarova. Since the year end the ownership of the Group transferred from Danegeld Holdings Limited to M Bukhtoyarova, who remains the ultimate controlling party.

 
Page 25