REGISTERED NUMBER: |
AMBER PROPERTY ( SOUTH WEST ) LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 25 JUNE 2024 |
REGISTERED NUMBER: |
AMBER PROPERTY ( SOUTH WEST ) LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 25 JUNE 2024 |
AMBER PROPERTY ( SOUTH WEST ) LIMITED (REGISTERED NUMBER: 07273655) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 25 JUNE 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
AMBER PROPERTY ( SOUTH WEST ) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 25 JUNE 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AMBER PROPERTY ( SOUTH WEST ) LIMITED (REGISTERED NUMBER: 07273655) |
BALANCE SHEET |
25 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
AMBER PROPERTY ( SOUTH WEST ) LIMITED (REGISTERED NUMBER: 07273655) |
BALANCE SHEET - continued |
25 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Non distributable reserves |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
AMBER PROPERTY ( SOUTH WEST ) LIMITED (REGISTERED NUMBER: 07273655) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 25 JUNE 2024 |
1. | STATUTORY INFORMATION |
Amber Property ( South West ) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making their assessment, the directors have reviewed the balance sheet, the likely future cashflows of the business and have considered the facilities that are available to the company along with their continued support. |
At the date of approving the financial statements the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that the going concern basis of accounting remains appropriate. The directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Significant judgements and estimates |
In the application of the company's accounting policies, which are described in note 2, management are required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 a ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
(i) Investment Properties - The fair value of investment properties involved the use of professional valuation techniques, which are reviewed annually by management. Where factors that could impact the fair value are identified, appropriate adjustments are made through the income statement. |
AMBER PROPERTY ( SOUTH WEST ) LIMITED (REGISTERED NUMBER: 07273655) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 25 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. |
Depreciation is provided at the following annual rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives: |
Computer Equipment - 15% reducing balance |
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
Investment property |
Investment properties are held to generate rental income and capital appreciation. Investment properties are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Investment properties are subsequently remeasured at fair value. An assessment of investment property fair value is performed annually. Any changes in fair value are recognised in the income statement. |
Deferred tax is recognised on any fair value changes at the rate that would apply to the sale of the investment property, unless the property has a limited useful life and is held as part of a business model to consume all of the economic benefits associated with it. |
Stocks and work-in-progress |
Land stock includes undeveloped land and land under development and is initially recorded at cost. |
Work in progress is measured at the lower of cost and net realisable value. Cost includes all costs of purchase, costs of conversion and other costs, including site overheads, professional charges and other attributable overheads, incurred in bringing the work in progress to its present state of development. Full provision is made for losses in the year in which the loss is first foreseen. |
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. |
AMBER PROPERTY ( SOUTH WEST ) LIMITED (REGISTERED NUMBER: 07273655) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 25 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event. It is probable that an outflow of economic benefit will be required in settlement and the amount can be reliable estimated. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses rising from impairment are recognised in the profit and loss account in other administration expenses. |
AMBER PROPERTY ( SOUTH WEST ) LIMITED (REGISTERED NUMBER: 07273655) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 25 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Cash and cash equivalents |
Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Financial instruments |
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments". |
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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. |
Basic financial assets |
Basic financial assets, which include trade and other debtors, loans to related companies 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest. |
Basic financial liabilities |
Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
AMBER PROPERTY ( SOUTH WEST ) LIMITED (REGISTERED NUMBER: 07273655) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 25 JUNE 2024 |
4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 26 June 2023 |
and 25 June 2024 |
DEPRECIATION |
At 26 June 2023 |
Charge for year |
At 25 June 2024 |
NET BOOK VALUE |
At 25 June 2024 |
At 25 June 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 26 June 2023 |
and 25 June 2024 |
NET BOOK VALUE |
At 25 June 2024 |
At 25 June 2023 |
The properties are initially recognised at cost which is deemed to be its fair value. The property value is reviewed on an annual basis and subsequently remeasured by the directors. |
Fair value at 25 June 2024 is represented by: |
£ |
Valuation in 2023 | 450,305 |
Cost | 1,736,061 |
2,186,366 |
AMBER PROPERTY ( SOUTH WEST ) LIMITED (REGISTERED NUMBER: 07273655) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 25 JUNE 2024 |
5. | INVESTMENT PROPERTY - continued |
If investment property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 1,736,061 | 1,736,061 |
Investment property was valued on an open market basis on 25 June 2024 by the directors . |
6. | STOCKS |
2024 | 2023 |
£ | £ |
Stock of land |
Work-in-progress |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
AMBER PROPERTY ( SOUTH WEST ) LIMITED (REGISTERED NUMBER: 07273655) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 25 JUNE 2024 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
The bank loans are secured by way of fixed charge containing negative pledge. |
11. | PROVISIONS FOR LIABILITIES |
The deferred tax balance of £112,576 (2023 - £112,576) relates to the tax effect on changes in fair value of the investment property. |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 6 | 6 |
13. | TRANSACTIONS WITH DIRECTORS |
As at 25 June 2024 the company owed the directors £247,000 (2023 : £202,000) which is included within | creditors amounts falling due within one year. |
The balance is interest free and repayable on demand. |
14. | RELATED PARTY DISCLOSURES |
During the year the company received services from Beechwood Construction (South West) Limited, a company controlled by the directors. The value of these services were £73,914 (2023 - £613,390). The balance owing to Beechwood Construction (South West) Limited at the period end is £327,252 (2023 - £333,838). |
During the year the company received rental income from its investment properties of £110,000 (2023 - £90,000) from Moonstone Letts Limited. Moonstone Letts Limited is a company controlled by the directors.The amount owed to Moonstone Letts Limited at the year end is £192,566 (2023 - £155,366). |
15. | ULTIMATE CONTROLLING PARTY |