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REGISTERED NUMBER: SC393731 (Scotland)


















Financial Statements for the Year Ended 31 December 2022

for

Ambassador Residential Ltd

Ambassador Residential Ltd (Registered number: SC393731)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Ambassador Residential Ltd

Company Information
for the Year Ended 31 December 2022







DIRECTORS: D Gaffney
G Coster
R Boyd





REGISTERED OFFICE: The Ink Building
24 Douglas Street
GLASGOW
G2 7NQ





REGISTERED NUMBER: SC393731 (Scotland)





AUDITORS: McLay McAlister & McGibbon LLP
Chartered Accountants and Statutory Auditors
145 St Vincent Street
Glasgow
G2 5JF

Ambassador Residential Ltd (Registered number: SC393731)

Balance Sheet
31 December 2022

31.12.22 31.12.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 13,451 11,314

CURRENT ASSETS
Debtors 5 6,883,925 5,474,854
Cash at bank 975,249 229,208
7,859,174 5,704,062
CREDITORS
Amounts falling due within one year 6 11,916,623 9,336,384
NET CURRENT LIABILITIES (4,057,449 ) (3,632,322 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(4,043,998

)

(3,621,008

)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (4,044,098 ) (3,621,108 )
(4,043,998 ) (3,621,008 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2024 and were signed on its behalf by:





R Boyd - Director


Ambassador Residential Ltd (Registered number: SC393731)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

Ambassador Residential Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover in respect of long term contracts is assessed on a contract by contract basis, whereby turnover and related costs are reflected in the profit and loss account in accordance with the stage of completion of the contract. Where the outcome of each long term contract can be assessed with reasonable certainty before its conclusion, the attributable profit is recognised in the profit and loss account as the difference between the reported turnover and related costs for that contract.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

The company's policy is to review the remaining useful lives and residual value of all tangible fixed assets on an on-going basis and to adjust the depreciation charge to reflect the remaining useful economic life and residual value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Going concern
The financial statements have been prepared on a going concern basis assuming the continued support of fellow group companies and the company's creditors.

Ambassador Residential Ltd (Registered number: SC393731)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2022 19,856
Additions 7,445
At 31 December 2022 27,301
DEPRECIATION
At 1 January 2022 8,542
Charge for year 5,308
At 31 December 2022 13,850
NET BOOK VALUE
At 31 December 2022 13,451
At 31 December 2021 11,314

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Trade debtors 2,095,950 525,254
Amounts owed by group undertakings 394,723 264,378
Other debtors 4,393,252 4,685,222
6,883,925 5,474,854

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Trade creditors 3,189,860 2,728,735
Amounts owed to group undertakings - 114,297
Taxation and social security 30,901 80,093
Other creditors 8,695,862 6,413,259
11,916,623 9,336,384

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul Martin (Senior Statutory Auditor)
for and on behalf of McLay McAlister & McGibbon LLP

Ambassador Residential Ltd (Registered number: SC393731)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

8. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption available in Section 33.1A of FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

9. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

10. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Ambassador Group Holdings Limited, a company incorporated in Scotland. The ultimate controlling party is D Gaffney by virtue of his 100% shareholding in Ambassador Group Holdings Limited.

Ambassador Group Holdings Limited is the largest group for which consolidated financial statements are prepared which include these results. A copy of the consolidated financial statements can be obtained from the registered office:

110 Queen Street
Glasgow
G1 3BX