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AMBERSTEW LTD
Unaudited filleted financial statements
31 March 2023
Company registration number 06282629
AMBERSTEW LTD
Contents
Statement of financial position
Notes to the financial statements
AMBERSTEW LTD
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 1,292 1,946
_______ _______
1,292 1,946
Current assets
Debtors 7 50,651 42,557
Cash at bank and in hand 342 505
_______ _______
50,993 43,062
Creditors: amounts falling due
within one year 8 ( 42,348) ( 32,049)
_______ _______
Net current assets 8,645 11,013
_______ _______
Total assets less current liabilities 9,937 12,959
Creditors: amounts falling due
after more than one year 9 ( 9,046) ( 12,251)
Provisions for liabilities ( 246) ( 457)
_______ _______
Net assets 645 251
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 644 250
_______ _______
Shareholders funds 645 251
_______ _______
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.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 18 January 2024 , and are signed on behalf of the board by:
Miss S. F. Chambers
Director
Company registration number: 06282629
AMBERSTEW LTD
Notes to the 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 76 Woodlands Road, Gillingham, Kent, ME7 2DS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These accounts have been prepared on the going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Combined other intangible assets - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 33.33 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 April 2022 and 31 March 2023 14,500 14,500
_______ _______
Amortisation
At 1 April 2022 and 31 March 2023 14,500 14,500
_______ _______
Carrying amount
At 31 March 2023 - -
_______ _______
At 31 March 2022 - -
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 and 31 March 2023 5,269 557 9,125 14,951
_______ _______ _______ _______
Depreciation
At 1 April 2022 4,825 557 7,623 13,005
Charge for the year 89 - 565 654
_______ _______ _______ _______
At 31 March 2023 4,914 557 8,188 13,659
_______ _______ _______ _______
Carrying amount
At 31 March 2023 355 - 937 1,292
_______ _______ _______ _______
At 31 March 2022 444 - 1,502 1,946
_______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors - 1,380
Other debtors 50,651 41,177
_______ _______
50,651 42,557
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 3,242 3,200
Trade creditors 480 1,240
Corporation tax 30,692 22,089
Social security and other taxes 6,884 4,520
Other creditors 1,050 1,000
_______ _______
42,348 32,049
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 9,046 12,251
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr N. D. Chambers 31,077 30,308 ( 24,000) 37,385
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr N. D. Chambers 25,838 28,239 ( 23,000) 31,077
_______ _______ _______ _______
11. Controlling party
The company is under the control of the director, N. D. Chambers . He holds 100% of the issued share capital.