Registration number:
2 AM Management Company Limited
for the Year Ended 31 March 2017
2 AM Management Company Limited
Contents
Company Information |
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Abridged Balance Sheet |
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Notes to the Abridged Financial Statements |
2 AM Management Company Limited
Company Information
Directors |
Mr Christopher McGinley Mr Christopher Allender |
Registered office |
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Page 1 |
2 AM Management Company Limited
(Registration number: 06817611)
Abridged Balance Sheet as at 31 March 2017
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2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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Provisions for liabilities |
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Accruals and deferred income |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their 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.
Page 2 |
2 AM Management Company Limited
(Registration number: 06817611)
Abridged Balance Sheet as at 31 March 2017
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
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Mr Christopher Allender
Director
Page 3 |
2 AM Management Company Limited
Notes to the Abridged Financial Statements for the Year Ended 31 March 2017
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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 abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These abridged 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.
Tangible assets
Tangible assets are stated in the statement of financial position 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 |
Office Equipment |
33% Straight Line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Page 4 |
2 AM Management Company Limited
Notes to the Abridged Financial Statements for the Year Ended 31 March 2017
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
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.
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.
Page 5 |
2 AM Management Company Limited
Notes to the Abridged Financial Statements for the Year Ended 31 March 2017
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.
Tangible assets |
Total |
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Cost or valuation |
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At 1 April 2016 |
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Additions |
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At 31 March 2017 |
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Depreciation |
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At 1 April 2016 |
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Charge for the year |
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At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
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At 31 March 2016 |
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Included within the net book value of land and buildings above is £869,581 (2016 - £Nil) in respect of freehold land and buildings.
Investments |
Total |
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Cost or valuation |
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At 1 April 2016 |
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Provision |
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Carrying amount |
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At 31 March 2017 |
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At 31 March 2016 |
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Page 6 |
2 AM Management Company Limited
Notes to the Abridged Financial Statements for the Year Ended 31 March 2017
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2017 |
2016 |
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Subsidiary undertakings |
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Ordinary |
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England |
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Ordinary |
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England |
The principal activity of Talstaff Limited is |
The principal activity of Stanton Logistics Limited is |
The profit for the financial period of Talstaff Limited was £160,086 and the aggregate amount of capital and reserves at the end of the period was £123,562. |
The profit for the financial period of Stanton Logistics Limited was £203,160 and the aggregate amount of capital and reserves at the end of the period was £412,024. |
Dividends |
Interim dividends paid
2017 |
2016 |
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Interim dividend of £
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Interim dividend of £
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Page 7 |
2 AM Management Company Limited
Notes to the Abridged Financial Statements for the Year Ended 31 March 2017
Related party transactions |
Transactions with directors |
Directors' remuneration
The directors' remuneration for the year was as follows:
2017 |
2016 |
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Remuneration |
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Dividends paid to directors |
2017 |
2016 |
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Mr Christopher McGinley |
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89,000 |
82,700 |
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Mr Christopher Allender |
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89,000 |
82,700 |
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Summary of transactions with subsidiaries
During the year, management charges of £236,966 (2016: £259,820) were charged to Talstaff Limited.
At the end of the year £203 (2016: £695) was due to Talstaff Limited
Stanton Logistics Limited is a wholly owned subsidiary of 2 AM Management Company Limited.
During the year, management charges of £227,483 (2016: £203,905) were charged to Stanton Logistics Limited.
At the end of the year £200,000 was due from Stanton Logistics Limited.
Transport and Logistics Staff Ltd is wholly owned by 2 AM Management Company Ltd.
At the end of the year £3 was due from Transport and Logistics Staff Ltd.
Income and receivables from related parties
2017 |
Subsidiary |
Sale of goods |
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Amounts receivable from related party |
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2016 |
Subsidiary |
Sale of goods |
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Page 8 |
2 AM Management Company Limited
Notes to the Abridged Financial Statements for the Year Ended 31 March 2017
Expenditure with and payables to related parties
2017 |
Subsidiary |
Amounts payable to related party |
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2016 |
Subsidiary |
Amounts payable to related party |
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Page 9 |