Company Registration No. 12130928 (England and Wales)
AMBERGATE ASSETS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
PAGES FOR FILING WITH REGISTRAR
AMBERGATE ASSETS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
AMBERGATE ASSETS LTD (REGISTERED NUMBER: 12130928)
BALANCE SHEET
AS AT
31 JULY 2020
31 July 2020
- 1 -
2020
Notes
£
£
Fixed assets
Tangible assets
3
2,645
Investment properties
4
150,000
152,645
Current assets
Debtors
5
713
Cash at bank and in hand
3,850
4,563
Creditors: amounts falling due within one year
6
(52,503)
Net current liabilities
(47,940)
Total assets less current liabilities
104,705
Creditors: amounts falling due after more than one year
7
(111,161)
Provisions for liabilities
(1,305)
Net liabilities
(7,761)
Capital and reserves
Called up share capital
200
Non-distributable profits reserve
8
5,565
Distributable profit and loss reserves
(13,526)
Total equity
(7,761)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 July 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
AMBERGATE ASSETS LTD (REGISTERED NUMBER: 12130928)
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2020
31 July 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 April 2021 and are signed on its behalf by:
Ms T Fuller
Director
AMBERGATE ASSETS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
- 3 -
1
Accounting policies
Company information
Ambergate Assets Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
19-21 Swan Street, West Malling, Kent, ME19 6JU.
1.1
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is represented by rental income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.3
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.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
AMBERGATE ASSETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
Number
Total
2
AMBERGATE ASSETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
- 5 -
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 31 July 2019
Additions
2,990
At 31 July 2020
2,990
Depreciation and impairment
At 31 July 2019
Depreciation charged in the year
345
At 31 July 2020
345
Carrying amount
At 31 July 2020
2,645
4
Investment property
2020
£
Fair value
At 31 July 2019
Additions
143,130
Revaluations
6,870
At 31 July 2020
150,000
Investment property comprises properties at fair value of £150,000. The fair value of the investment property has been arrived at by the directors of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2020
Amounts falling due within one year:
£
Other debtors
713
AMBERGATE ASSETS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
- 6 -
6
Creditors: amounts falling due within one year
2020
£
Other creditors
52,503
7
Creditors: amounts falling due after more than one year
2020
£
Bank loans and overdrafts
109,886
Other creditors
1,275
111,161
The bank loan is secured by way of fixed charge and negative pledge against the investment property.
8
Non-distributable profits reserve
2020
£
At the beginning of the year
-
Non distributable profits in the year
5,565
At the end of the year
5,565