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Company registration number: 07734249
Ambersea Ltd
Unaudited filleted financial statements
31 August 2023
Ambersea Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Ambersea Ltd
Directors and other information
Directors Mr Aivars Sangelis
Company number 07734249
Registered office Units E15 & E16 Industrial Centre
Norfolk Street
Boston
Lincs
PE21 9HG
Business address Unit E15-E16 Industrial Centre
Norfolk Street
Boston
Lincs
PE21 9HG
Accountants Lister and Co
75 High Street
Boston
PE218SX
Ambersea Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Ambersea Ltd
Year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ambersea Ltd for the year ended 31 August 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Ambersea Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Ambersea Ltd and state those matters that we have agreed to state to the board of directors of Ambersea Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ambersea Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Ambersea Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ambersea Ltd. You consider that Ambersea Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Ambersea Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Lister and Co
ACCA
75 High Street
Boston
PE218SX
8 February 2024
Ambersea Ltd
Statement of financial position
31 August 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 101,250 125,452
_______ _______
101,250 125,452
Current assets
Stocks 176,884 192,116
Debtors 6 118,654 108,423
Cash at bank and in hand 215,406 253,103
_______ _______
510,944 553,642
Creditors: amounts falling due
within one year 7 ( 160,329) ( 211,309)
_______ _______
Net current assets 350,615 342,333
_______ _______
Total assets less current liabilities 451,865 467,785
Creditors: amounts falling due
after more than one year 8 ( 14,202) ( 41,507)
Provisions for liabilities ( 17,229) ( 21,768)
_______ _______
Net assets 420,434 404,510
_______ _______
Capital and reserves
Called up share capital 9 100 100
Profit and loss account 420,334 404,410
_______ _______
Shareholders funds 420,434 404,510
_______ _______
For the year ending 31 August 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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 08 February 2024 , and are signed on behalf of the board by:
Mr Aivars Sangelis
Director
Company registration number: 07734249
Ambersea Ltd
Notes to the financial statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Units E15 & E16, Units E15 & E16 Industrial Centre, Norfolk Street, Boston, Lincs, PE21 9HG.
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.
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.
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.
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 - 15 % reducing balance
Motor vehicles - 25 % reducing balance
Office equipment - 20 % 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2022: 18 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Office Equiptment Total
£ £ £ £ £
Cost
At 1 September 2022 30,293 23,052 109,159 15,881 178,385
Additions 2,351 - - 3,777 6,128
_______ _______ _______ _______ _______
At 31 August 2023 32,644 23,052 109,159 19,658 184,513
_______ _______ _______ _______ _______
Depreciation
At 1 September 2022 18,903 8,664 22,042 3,324 52,933
Charge for the year 2,626 2,159 21,779 3,766 30,330
_______ _______ _______ _______ _______
At 31 August 2023 21,529 10,823 43,821 7,090 83,263
_______ _______ _______ _______ _______
Carrying amount
At 31 August 2023 11,115 12,229 65,338 12,568 101,250
_______ _______ _______ _______ _______
At 31 August 2022 11,390 14,388 87,117 12,557 125,452
_______ _______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 98,621 85,176
Other debtors 20,033 23,247
_______ _______
118,654 108,423
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 63,163 38,984
Social security and other taxes 24,504 35,478
Other creditors 72,662 136,847
_______ _______
160,329 211,309
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 14,202 41,507
_______ _______
9. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
10. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 41,537 49,378
Later than 1 year and not later than 5 years 8,454 48,752
_______ _______
49,991 98,130
_______ _______