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REGISTERED NUMBER: 02187319 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Ambassadors Choice Limited

Ambassadors Choice Limited (Registered number: 02187319)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Ambassadors Choice Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: S R Wescott
G I Sankey





SECRETARY: D Gould





REGISTERED OFFICE: Macdonald House
21-31 Kelvin Way
Crawley
West Sussex
RH10 9SP





REGISTERED NUMBER: 02187319 (England and Wales)





AUDITORS: Brewers Chartered Accountants
Bourne House
Queen Street
Gomshall
Surrey
GU5 9LY

Ambassadors Choice Limited (Registered number: 02187319)

Balance Sheet
31 December 2023

31.12.23 31.12.22
as restated
Notes £    £   
CURRENT ASSETS
Stocks 225,840 340,697
Debtors 5 1,722,660 1,285,527
Cash at bank 57,340 389,350
2,005,840 2,015,574
CREDITORS
Amounts falling due within one year 6 1,391,958 998,922
NET CURRENT ASSETS 613,882 1,016,652
TOTAL ASSETS LESS CURRENT LIABILITIES 613,882 1,016,652

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 613,880 1,016,650
613,882 1,016,652

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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 August 2024 and were signed on its behalf by:





G I Sankey - Director


Ambassadors Choice Limited (Registered number: 02187319)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Ambassadors Choice Limited is a private company, limited by shares , registered in England and Wales. 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The functional currency is £ Sterling and the accounts are round to £ pound.

Going concern principle
The financial statements have been prepared on a going concern basis; the Directors have considered the basis of accounting in light of the strength of the Group Balance Sheet, and consider that the adoption of the going concern principle is appropriate.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In preparing financial statements, it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. There are no areas of critical estimate or significant judgements that affect the preparation of these financial statements.

Turnover
Turnover represents sales to customers at invoiced amount less Value Added Tax or local taxes on sales. Income is recognised on despatch of goods. Income on rebates is recognised when the right to the income arises.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Ambassadors Choice Limited (Registered number: 02187319)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Ambassadors Choice Limited (Registered number: 02187319)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
as restated
£    £   
Trade debtors 1,290,517 587,468
Amounts owed by group undertakings 324,000 594,000
Other debtors 108,143 104,059
1,722,660 1,285,527

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
as restated
£    £   
Trade creditors 517,114 577,994
Amounts owed to group undertakings 113,121 13,534
Taxation and social security 501,016 287,962
Other creditors 260,707 119,432
1,391,958 998,922

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

The Report of the Auditors was unqualified.

Andrew Skilton (Senior Statutory Auditor)
for and on behalf of Brewers Chartered Accountants

8. ULTIMATE CONTROLLING PARTY

Ambassadors Choice Limited is a 100% subsidiary of Cecil Macdonald & Co Limited. The results of Ambassadors Choice Limited are consolidated in the financial statements of Cecil Macdonald & Co Limited. Registered office: 21-31 Kelvin Way, Crawley, RH10 9SP.