Company Registration No. 11218958
AmdecUK Limited
Audited Financial Statements
For the year ended
28 February 2022
Pages for filing with registrar
AmdecUK Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
AmdecUK Limited
Statement Of Financial Position
As at 28 February 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
38,787,434
38,655,500
Investments
5
70
70
38,787,504
38,655,570
Current assets
Debtors
6
9,868,770
11,290,594
Cash at bank and in hand
551,791
2,249,247
10,420,561
13,539,841
Creditors: amounts falling due within one year
Bank loans secured over fixed assets
7
17,972,234
18,058,000
Other creditors
7
45,409
24,776
18,017,643
18,082,776
Net current liabilities
(7,597,082)
(4,542,935)
Net assets
31,190,422
34,112,635
Capital and reserves
Called up share capital
34,000,000
36,000,000
Profit and loss reserves
(2,809,578)
(1,887,365)
Total equity
31,190,422
34,112,635
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 May 2022 and are signed on its behalf by:
C. Van Niekerk
Director
Company Registration No. 11218958
AmdecUK Limited
Notes To The Financial Statements
For the year ended 28 February 2022
- 2 -
1
General information
AmdecUK Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Dixcart House, Addlestone Road, Bourne Business Park, Addlestone, Surrey, United Kingdom, KT15 2LE.
2
Accounting policies
2.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The
financial statements
present information about the company as an individual entity and not about its group
.
2.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future.
The directors have assessed the effect of the covid pandemic on the business and consider that there is no impact on going concern.
Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3
Turnover
Rental income is measured at the fair value of the consideration received or receivable and represents amounts receivable per the contract, net of discounts and exclusive of VAT.
2.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Assets in the course of construction are not depreciated.
2.5
Fixed asset investments
Interests in subsidiaries
are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
2.6
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual
provisions of the instrument. Basic financial instruments are initially recognised at the
transaction price,
unless the arrangement constitutes a financing transaction, where it is recognised at
the present value of
the future payments discounted at a market rate of interest for a similar debt
instrument. Debt instruments
are subsequently measured at amortised cost.
AmdecUK Limited
Notes To The Financial Statements (Continued)
For the year ended 28 February 2022
2
Accounting policies
(Continued)
- 3 -
2.7
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
3
Employees
The company employed no persons during the current and preceding years.
4
Tangible fixed assets
Assets under construction
£
Cost
At 1 March 2021
38,655,500
Additions
131,934
At 28 February 2022
38,787,434
Depreciation and impairment
At 1 March 2021 and 28 February 2022
Carrying amount
At 28 February 2022
38,787,434
At 28 February 2021
38,655,500
AmdecUK Limited
Notes To The Financial Statements (Continued)
For the year ended 28 February 2022
- 4 -
5
Fixed asset investments
2022
2021
£
£
Shares in group undertakings
70
70
These shares in All Saints Developments (Great Ellingham) Limited have been pledged to Belvedere Security Limited in its capacity as Security Trustee for the secured parties. This relates to a development loan with Sancus Funding Limited in the amount of £9,200,000 for the construction of Phase 1 of the Bowsfield residential development in Norwich.
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
4,030
225
Amounts owed by group undertakings
500,000
2,265,000
Other debtors
13,753
91,303
517,783
2,356,528
2022
2021
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
9,350,987
8,934,066
Total debtors
9,868,770
11,290,594
7
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
17,972,234
18,058,000
Trade creditors
8,950
Amounts owed to group undertakings
2,988
1,277
Other creditors
33,471
23,499
18,017,643
18,082,776
The two bank loans are due for repayment in August 2022. It is the intention of the directors to renew these loans for a further period of not less than 1 year. Interest is charged at 5.5% - 6.5%. The loans are secured.
AmdecUK Limited
Notes To The Financial Statements (Continued)
For the year ended 28 February 2022
- 5 -
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was J.M.F. Wigram FCA and the auditor was Dixcart Audit LLP.
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
540,000
720,000
10
Controlling party
The immediate and ultimate parent undertaking and controlling party
is Amdec Investments (Pty) Ltd, which prepares group accounts. The registered office of Amdec Investments (Pty) Ltd is Amdec House, Silverwood Close, Steenberg Office Park, Tokai, 7945, South Africa.