ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation


Caseware UK (AP4) 2018.0.196 2018.0.1962019-07-312019-07-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.No description of principal activityfalsefalse2018-03-26true112744932018-03-25112744932018-03-262019-07-31112744932019-07-3111274493 c:Director1 2018-03-262019-07-3111274493 d:Buildings d:LongLeaseholdAssets 2018-03-262019-07-3111274493 d:Buildings d:LongLeaseholdAssets 2019-07-3111274493 d:LandBuildings 2019-07-3111274493 d:PlantMachinery 2018-03-262019-07-3111274493 d:PlantMachinery 2019-07-3111274493 d:PlantMachinery d:OwnedOrFreeholdAssets 2018-03-262019-07-3111274493 d:OwnedOrFreeholdAssets 2018-03-262019-07-3111274493 d:CurrentFinancialInstruments 2019-07-3111274493 d:Non-currentFinancialInstruments 2019-07-3111274493 d:CurrentFinancialInstruments d:WithinOneYear 2019-07-3111274493 d:Non-currentFinancialInstruments d:AfterOneYear 2019-07-3111274493 d:ShareCapital 2019-07-3111274493 d:RetainedEarningsAccumulatedLosses 2019-07-3111274493 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2018-03-262019-07-3111274493 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2019-07-3111274493 c:FRS102 2018-03-262019-07-3111274493 c:AuditExempt-NoAccountantsReport 2018-03-262019-07-3111274493 c:FullAccounts 2018-03-262019-07-3111274493 c:PrivateLimitedCompanyLtd 2018-03-262019-07-31iso4217:GBPxbrli:pure

Company Registration Number 11274493























AMANTE LIMITED





UNAUDITED
FINANCIAL STATEMENTS





 31 JULY 2019























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AMANTE LIMITED
REGISTERED NUMBER: 11274493

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2019

2019
Note
£

Fixed assets
  

Tangible assets
 4 
257,276

  
257,276

Current assets
  

Stocks
  
91

Debtors: amounts falling due within one year
 5 
12,037

Cash at bank and in hand
 6 
4,466

  
16,594

Creditors: amounts falling due within one year
 7 
(148,702)

Net current (liabilities)/assets
  
 
 
(132,108)

Total assets less current liabilities
  
125,168

Creditors: amounts falling due after more than one year
 8 
(153,014)

Provisions for liabilities
  

Other provisions
  
(6,000)

  
 
 
(6,000)

Net (liabilities)/assets
  
(33,846)

Page 1

 
AMANTE LIMITED
REGISTERED NUMBER: 11274493

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2019

2019
Note
£

Capital and reserves
  

Called up share capital 
  
100

Profit and loss account
  
(33,946)

  
(33,846)


The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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




S L Dempster
Director

Date: 19 December 2019

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
AMANTE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2019

1.


General information

Amante Limited is a private company limited by shares incorporated in Engand & Wales. The company number is 11274493. The registered office is at Armstrong Watson, Fariview House, Victoria Place, Carlisle, Cumbria, CA1 1HP and its principle place of business is 17 Lowther Street, Carlisle, Cumbria, CA3 8ES. 
The financial statements are presented in Pounds Sterling as this is the currency of the primary economic environment in which the company operates.
The company incorporated on 26 March 2018 and commenced business activities on 1 October 2018.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the balance sheet date total liabilities exceeded total assets by £33,846, a loss of £33,946 being recorded. The directors and related entities have pledged their continued support and have provided assurances that they will not withdraw any monies if it would prejudice the payment of other creditors. In the directors' opinion the company is able to meet its liabilities as they fall due over the next twelve months, therefore they have adopted the going concern basis.

 
2.3

Operating leases: the company as lessee

Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings 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.

 
2.6

Borrowing costs

All borrowing costs are recognised in the Statement of Income and Retained Earnings in the period in which they are incurred.

Page 3

 
AMANTE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2019

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 Statement of Financial Position 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.

 
2.8

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, as follows.

Depreciation is provided on the following basis:

Long-term leasehold property
-
2% straight line basis
Plant and equipment
-
Not depreciated

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 the Statement of Income and Retained Earnings.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

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.

Page 4

 
AMANTE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2019

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.


3.


Employees

The average monthly number of employees, including directors, during the period was 3.

Page 5

 
AMANTE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2019

4.


Tangible fixed assets





Long-term leasehold property
Plant and equipment
Total

£
£
£



Cost or valuation


Additions
245,982
12,389
258,371



At 31 July 2019

245,982
12,389
258,371



Depreciation


Charge for the period on owned assets
1,095
-
1,095



At 31 July 2019

1,095
-
1,095



Net book value



At 31 July 2019
244,887
12,389
257,276




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


2019
£

Long leasehold
244,887

244,887



5.


Debtors

2019
£


Other debtors
2,746

Prepayments and accrued income
2,563

Deferred taxation
6,728

12,037


Page 6

 
AMANTE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2019

6.


Cash and cash equivalents

2019
£

Cash at bank and in hand
4,466

4,466



7.


Creditors: Amounts falling due within one year

2019
£

Other loans
7,000

Trade creditors
9,896

Other creditors
128,106

Accruals and deferred income
3,700

148,702



8.


Creditors: Amounts falling due after more than one year

2019
£

Other loans
26,833

Other creditors
126,181

153,014



9.


Provisions





Provision for repairs

£





Charged to profit or loss
6,000



At 31 July 2019
6,000


10.Commitments under operating leases

At the reporting date the company had future minimum lease payments under non-cancellable operating leases of £196,757.


Page 7