Amyco Industrial Doors Ltd. - Period Ending 2021-03-31

Amyco Industrial Doors Ltd. - Period Ending 2021-03-31


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Registration number: 01741841

Amyco Industrial Doors Ltd.

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2021

 

Amyco Industrial Doors Ltd.

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Amyco Industrial Doors Ltd.

(Registration number: 01741841)
Balance Sheet as at 31 March 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

1,640

14,700

Current assets

 

Stocks

5

34,000

32,500

Debtors

6

138,825

214,643

Cash at bank and in hand

 

449,988

419,726

 

622,813

666,869

Creditors: Amounts falling due within one year

7

(204,207)

(171,783)

Net current assets

 

418,606

495,086

Total assets less current liabilities

 

420,246

509,786

Creditors: Amounts falling due after more than one year

7

-

(2,412)

Net assets

 

420,246

507,374

Capital and reserves

 

Called up share capital

8

100

100

Profit and loss account

420,146

507,274

Shareholders' funds

 

420,246

507,374

For the financial year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 7 December 2021
 

 

Amyco Industrial Doors Ltd.

(Registration number: 01741841)
Balance Sheet as at 31 March 2021

.........................................
M Grady
Director

 

Amyco Industrial Doors Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

1

General information

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

The address of its registered office is:
Unit 23 Century Park
Garrison Lane
Bordesley Green
Birmingham
B9 4NZ

These financial statements were authorised for issue by the director on 7 December 2021.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

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

Revenue recognition

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

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

Tax

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

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

 

Amyco Industrial Doors Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

Tangible assets

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

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

Depreciation

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

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Fixtures and fittings

20% reducing balance

Motor vehicles

25% straight line

Cash and cash equivalents

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

Trade debtors

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

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

Stocks

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

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

Trade creditors

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

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

Borrowings

 

Amyco Industrial Doors Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

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

Dividends

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

Defined contribution pension obligation

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

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 14 (2020 - 13).

 

Amyco Industrial Doors Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2020

129,901

84,762

214,663

At 31 March 2021

129,901

84,762

214,663

Depreciation

At 1 April 2020

127,871

72,092

199,963

Charge for the year

410

12,650

13,060

At 31 March 2021

128,281

84,742

213,023

Carrying amount

At 31 March 2021

1,620

20

1,640

At 31 March 2020

2,030

12,670

14,700

5

Stocks

2021
£

2020
£

Other inventories

34,000

32,500

6

Debtors

2021
£

2020
£

Trade debtors

137,624

214,170

Other debtors

1,201

473

138,825

214,643

 

Amyco Industrial Doors Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

7

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

2,412

10,947

Trade creditors

 

135,347

91,717

Taxation and social security

 

8,653

35,782

Accruals and deferred income

 

2,950

2,950

Other creditors

 

54,845

30,387

 

204,207

171,783

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

-

2,412

8

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Dividends

   

2021

 

2020

   

£

 

£

Interim dividend of £900 (2020 - £900) per ordinary share

 

90,000

 

90,000

         

10

Related party transactions

Directors' remuneration

The director's remuneration for the year was as follows:

 

Amyco Industrial Doors Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021

2021
£

2020
£

Remuneration

8,996

8,996

Contributions paid to money purchase schemes

240

240

9,236

9,236

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

2021
No.

2020
No.

Accruing benefits under money purchase pension scheme

1

1