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COMPANY REGISTRATION NUMBER: 08891982
AMBASSADOR PROPERTIES (MIDLANDS) LIMITED
Filleted Unaudited Abridged Financial Statements
31 March 2023
AMBASSADOR PROPERTIES (MIDLANDS) LIMITED
Abridged Financial Statements
Year ended 31 March 2023
Contents
Page
Officers and professional advisers
1
Accountants report to the director on the preparation of the unaudited statutory abridged financial statements
2
Abridged statement of financial position
3
Notes to the abridged financial statements
5
AMBASSADOR PROPERTIES (MIDLANDS) LIMITED
Officers and Professional Advisers
Director
Mr N J Witts-Hewinson
Registered Office
The White House
Station Road
Hagley
Stourbridge
West Midlands
DY9 0NU
Accountants
WH Audit Limited
Accountants
The White House
Station Road
West Hagley
Stourbridge
West Midlands
DY9 0NU
AMBASSADOR PROPERTIES (MIDLANDS) LIMITED
Accountants Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of AMBASSADOR PROPERTIES (MIDLANDS) LIMITED
Year ended 31 March 2023
As described on the abridged statement of financial position, the director of the company is responsible for the preparation of the abridged financial statements for the year ended 31 March 2023, which comprise the abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
WH Audit Limited Accountants
The White House Station Road West Hagley Stourbridge West Midlands DY9 0NU
27 September 2023
AMBASSADOR PROPERTIES (MIDLANDS) LIMITED
Abridged Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
1,200,000
1,200,000
Current assets
Debtors
5
7,580
6,345
Cash at bank and in hand
22,264
28,522
--------
--------
29,844
34,867
Creditors: amounts falling due within one year
6
8,500
9,039
--------
--------
Net current assets
21,344
25,828
------------
------------
Total assets less current liabilities
1,221,344
1,225,828
Creditors: amounts falling due after more than one year
7
929,665
941,950
------------
------------
Net assets
291,679
283,878
------------
------------
AMBASSADOR PROPERTIES (MIDLANDS) LIMITED
Abridged Statement of Financial Position (continued)
31 March 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
3,100
3,100
Revaluation reserve
256,857
256,857
Profit and loss account
31,722
23,921
---------
---------
Shareholders funds
291,679
283,878
---------
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
For the year ending 31 March 2023 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 abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 27 September 2023 , and are signed on behalf of the board by:
Mr N J Witts-Hewinson
Director
Company registration number: 08891982
AMBASSADOR PROPERTIES (MIDLANDS) LIMITED
Notes to the Abridged Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The White House, Station Road, Hagley, Stourbridge, DY9 0NU, West Midlands.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. The taxation expense represents the aggregate amount of current and deferred tax
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure, and is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
4. Tangible assets
Long leasehold property
£
Cost
At 1 April 2022 and 31 March 2023
1,200,000
------------
Depreciation
At 1 April 2022 and 31 March 2023
------------
Carrying amount
At 31 March 2023
1,200,000
------------
At 31 March 2022
1,200,000
------------
Included within the above is investment property as follows:
£
------------
At 1 April 2022 and 31 March 2023
1,200,000
------------
The investment property has been reflected at the director's estimated current value.
5. Debtors
2023
2022
£
£
Trade debtors
5,480
3,520
Other debtors
2,100
2,825
-------
-------
7,580
6,345
-------
-------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
1,850
1,889
Other creditors
6,650
7,150
-------
-------
8,500
9,039
-------
-------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Debenture loans
148,273
145,773
Bank loans and overdrafts
519,449
534,234
Director loan accounts
261,943
261,943
---------
---------
929,665
941,950
---------
---------
The bank loans with Svenska Handelsbanken Ab (Publ) are secured by legal charges over the investment properties and were registered on 25th November 2017 and 20th July 2018.