Registered number
10555393
NEW AMBASSADOR CARS LTD
Filleted Accounts
31 January 2023
NEW AMBASSADOR CARS LTD
Registered number: 10555393
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 - 1,036
Tangible assets 4 300 600
300 1,636
Current assets
Cash at bank and in hand 7,993 10,130
Creditors: amounts falling due within one year 5 6,119 12,711
Net current assets 14,112 22,841
Total assets less current liabilities 14,412 24,477
Creditors: amounts falling due after more than one year 6 (21,217) (24,278)
Provisions for liabilities (57) (114)
Net (liabilities)/assets (6,862) 85
Capital and reserves
Called up share capital 1 1
Profit and loss account (6,863) 84
Shareholders' funds (6,862) 85
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Waseem Bhatti
Director
Approved by the board on 9 August 2023
NEW AMBASSADOR CARS LTD
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2022 3,524
At 31 January 2023 3,524
Amortisation
At 1 February 2022 2,488
Provided during the year 1,036
At 31 January 2023 3,524
Net book value
At 31 January 2023 -
At 31 January 2022 1,036
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2022 1,500
At 31 January 2023 1,500
Depreciation
At 1 February 2022 900
Charge for the year 300
At 31 January 2023 1,200
Net book value
At 31 January 2023 300
At 31 January 2022 600
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 3,726 3,726
Taxation and social security costs (48) 3,049
Director's loan (9,797) (19,486)
Wages control - -
(6,119) (12,711)
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 21,217 24,278
7 Other information
NEW AMBASSADOR CARS LTD is a private company limited by shares and incorporated in England. Its registered office is:
94 Morris Road
Isleworth
TW7 6JF
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