Registered number
05476038
Excelsior Ambassador Limousines Limited
Filleted Accounts
30 June 2023
Excelsior Ambassador Limousines Limited
Registered number: 05476038
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 4 32,000 32,000
Tangible assets 5 13,276 16,603
45,276 48,603
Current assets
Debtors 6 2,074 939
Creditors: amounts falling due within one year 7 (82,960) (65,369)
Net current liabilities (80,886) (64,430)
Total assets less current liabilities (35,610) (15,827)
Creditors: amounts falling due after more than one year 8 (346) (4,974)
Net liabilities (35,956) (20,801)
Capital and reserves
Called up share capital 2 2
Profit and loss account (35,958) (20,803)
Shareholders' funds (35,956) (20,801)
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.
L Wilkins
Director
Approved by the board on 29 March 2024
Excelsior Ambassador Limousines Limited
Notes to the Accounts
for the year ended 30 June 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:
Fixtures, fittings, tools and equipment 20% reducing balance basis
Motor vehicles 20% reducing balance basis
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Going concern
The company meets its day to day requirements through the continued support of the creditors, the bank and the shareholders. The directors consider that the company will operate within its current facilities. However, the margin of facilities over the requirements is not large and, inherently, there can be no certainty to these matters. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustment that would result in a withdrawal of the support of the creditors, the bank or the shareholders.
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
4 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2022 32,000
At 30 June 2023 32,000
Amortisation
At 30 June 2023 -
Net book value
At 30 June 2023 32,000
At 30 June 2022 32,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
5 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2022 1,114 38,025 39,139
At 30 June 2023 1,114 38,025 39,139
Depreciation
At 1 July 2022 993 21,543 22,536
Charge for the year 31 3,296 3,327
At 30 June 2023 1,024 24,839 25,863
Net book value
At 30 June 2023 90 13,186 13,276
At 30 June 2022 121 16,482 16,603
6 Debtors 2023 2022
£ £
Trade debtors 1,598 415
Other debtors 476 524
2,074 939
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 6,247 4,420
Obligations under finance lease and hire purchase contracts 6,210 6,210
Other creditors 70,503 54,739
82,960 65,369
8 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 346 4,974
9 Other information
Excelsior Ambassador Limousines Limited is a private company limited by shares and incorporated in England. Its registered office is:
21 Surbiton Road
Eastleigh
Hampshire
SO50 4HY
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