AMG Automotive Services Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 03061826 (England and Wales)

AMG Automotive Services Ltd

Unaudited Financial Statements For The Year Ended 31 December 2022

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A R Boyd

Mrs K Boyd

SECRETARY:

Mrs K Boyd

REGISTERED OFFICE:

The Service Centre

Railway Court

Doncaster

South Yorkshire

DN4 5FB

REGISTERED NUMBER:

03061826 (England and Wales)

ACCOUNTANTS:

Kingswood Allotts Limited

Chartered Accountants

Sidings Court

Lakeside

Doncaster

South Yorkshire

DN4 5NU

FIXED ASSETS

Tangible assets

4

25,826

40,113

CURRENT ASSETS

Stocks

17,500

17,500

Debtors

118,254

85,466

Cash at bank and in hand

120,051

191,623

255,805

294,589

CREDITORS

Amounts falling due within one year

150,669

139,370

NET CURRENT ASSETS

105,136

155,219

TOTAL ASSETS LESS CURRENT LIABILITIES

130,962

195,332

CREDITORS

Amounts falling due after more than one year

5

(24,677

)

(34,574

)

PROVISIONS FOR LIABILITIES

(2,404

)

(3,800

)

NET ASSETS

103,881

156,958

CAPITAL AND RESERVES

Called up share capital

6

6,000

6,000

Retained earnings

97,881

150,958

SHAREHOLDERS' FUNDS

103,881

156,958

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2022 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2023 and were signed on its behalf by:

A R Boyd - Director

1.	STATUTORY INFORMATION

AMG Automotive Services Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant, fixtures and fittings

-

33.33% on cost, 20% on cost and 10% on cost

Motor vehicles

-

33.33% on cost

Stocks and work in progress

Stock and short term work in progress is valued at the lower of cost and net realisable value. Cost is purchase cost plus direct costs of production. Net realisable value is the amount expected to be realised in the normal course of trade in the company's business after costs of realisation.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Operating lease commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Grants

Grants received in respect of revenue expenditure are credited to the profit and loss account in the year to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2021 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2022

178,230

Disposals

(15,443

)

At 31 December 2022

162,787

DEPRECIATION

At 1 January 2022

138,117

Charge for year

14,287

Eliminated on disposal

(15,443

)

At 31 December 2022

136,961

NET BOOK VALUE

At 31 December 2022

25,826

At 31 December 2021

40,113

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2022

2021

£

£

Repayable by instalments

Bank loans more than 5 years

-

4,987

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

6,000

Ordinary

£1

6,000

6,000

7.	OTHER FINANCIAL COMMITMENTS

At the year end, the company had total commitments under non cancellable operating leases in respect of a property it occupies totalling £276,000 (2021: £310,500) and a motor vehicle totalling £4,887 (2021: £436).

8.	RELATED PARTY DISCLOSURES

At the year end, the company owed the directors £53,158 (2021: £63,700) on their directors' loan account. The loan is interest free and without any formal repayment terms.