Company registration number 01692535 (England and Wales)
AMBA LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
AMBA LIMITED
COMPANY INFORMATION
Directors
M Amin
(Appointed 9 January 2023)
N Amin
Secretary
M Amin
Company number
01692535
Registered office
13 Norman Road
Sutton
Surrey
SM1 2JB
Accountants
Kingston Burrowes Accountants
450A London Road
North Cheam
Surrey
SM3 8JB
AMBA LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Balance sheet
3 - 4
Notes to the financial statements
5 - 8
AMBA LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 APRIL 2024
- 1 -

The directors present their annual report and financial statements for the Period ended 30 April 2024.

Principal activities

The principal activity of the company continued to be that of estate agent.

Directors

The directors who held office during the Period and up to the date of signature of the financial statements were as follows:

M Amin
(Appointed 9 January 2023)
N Amin
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
M Amin
N Amin
Director
Director
27 January 2025
AMBA LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF AMBA LIMITED
- 2 -

These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the Period ended 30 April 2024.

We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.

On the balance sheet, you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give a true and fair view.

You have determined that the company is exempt from the statutory requirement for an audit for this accounting Period. Therefore, the financial statements are unaudited.

 

The financial statements are provided exclusively to the directors for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.

Kingston Burrowes Accountants
27 January 2025
450A London Road
North Cheam
Surrey
SM3 8JB
AMBA LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 3 -
30 April 2024
31 October 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
-
0
3,172
Investment property
5
585,165
1,625,165
585,165
1,628,337
Current assets
Debtors
6
172,327
181,931
Cash at bank and in hand
1,108,820
26,229
1,281,147
208,160
Creditors: amounts falling due within one year
7
(237,525)
(53,067)
Net current assets
1,043,622
155,093
Total assets less current liabilities
1,628,787
1,783,430
Creditors: amounts falling due after more than one year
8
-
0
(27,500)
Provisions for liabilities
(9,972)
(102,019)
Net assets
1,618,815
1,653,911
Capital and reserves
Called up share capital
100
100
Revaluation reserve
9
252,345
1,196,411
Profit and loss reserves
1,366,370
457,400
Total equity
1,618,815
1,653,911
AMBA LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 4 -

For the financial Period ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
M Amin
N Amin
Director
Director
Company registration number 01692535 (England and Wales)
AMBA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
- 5 -
1
Accounting policies
Company information

Amba Limited is a private company limited by shares incorporated in England and Wales. The registered office is 13 Norman Road, Sutton, Surrey, SM1 2JB.

1.1
Reporting period

[ FRS 102 3.10 An entity shall present a complete set of financial statements (including comparative information as set out in paragraph 3.14) at least annually. When the end of an entity’s reporting period changes and the annual financial statements are presented for a period longer or shorter than one year, the entity shall disclose the following: (a) that fact; (b) the reason for using a longer or shorter period; and (c) the fact that comparative amounts presented in the financial statements (including the related notes) are not entirely comparable. ]

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

AMBA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
15% on reducing balance
Fixtures and fittings
15% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

AMBA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
- 7 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the Period was:

2024
2022
Number
Number
Total
1
1
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 November 2022 and 30 April 2024
3,000
8,768
11,768
Depreciation and impairment
At 1 November 2022
3,000
5,596
8,596
Depreciation charged in the Period
-
0
3,172
3,172
At 30 April 2024
3,000
8,768
11,768
Carrying amount
At 30 April 2024
-
0
-
0
-
0
At 31 October 2022
-
0
3,172
3,172
5
Investment property
2024
£
Fair value
At 1 November 2022
1,625,165
Disposals
(1,000,000)
Revaluations
(40,000)
At 30 April 2024
585,165
AMBA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2024
5
Investment property
(Continued)
- 8 -

The fair value of the investment property has been arrived at on the basis of a valuation carried out by Currell Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

6
Debtors
2024
2022
Amounts falling due within one year:
£
£
Other debtors
172,327
181,931
7
Creditors: amounts falling due within one year
2024
2022
£
£
Bank loans
-
0
10,000
Trade creditors
-
0
28,841
Corporation tax
231,792
5,560
Other taxation and social security
(534)
(2,295)
Other creditors
6,267
10,961
237,525
53,067
8
Creditors: amounts falling due after more than one year
2024
2022
£
£
Bank loans and overdrafts
-
0
27,500
9
Revaluation reserve
2024
2022
£
£
At the beginning of the Period
1,196,411
1,196,411
Transfer to retained earnings
(904,066)
-
0
Other movements
(40,000)
-
At the end of the Period
252,345
1,196,411
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