REGISTERED NUMBER: SC393731 (Scotland)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

Ambassador Residential Ltd

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

7

Balance Sheet

8

Statement of Changes in Equity

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

12

DIRECTORS:

D Gaffney

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

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

The company's key financial performance indicators during the year are as follows:

2024

2023

£

£

Turnover

20,958,777

25,974,274

Gross assets

6,191,467

5,816,901

PRINCIPAL RISKS AND UNCERTAINTIES

1. Economic risks

Risks:

The company's business operations are sensitive to economic conditions and, in particular, to inflationary pressures on pricing and implications to the levels of cost of materials.

Mitigation processes:

The directors regularly review the impact of the economic conditions on the company's budget and strategic plans, to ensure that we maintain our competitive position in the market.

2. Regulatory risks

Risks:

A failure to comply with health and safety legislation could lead to an incident which causes serious illness, injury or even loss of life to one of our customers, employees or other stakeholders, in turn leading to a significant impact on our reputation.

Mitigation processes:

We have a range of policies and procedures in place, including training, improved reporting and regular monitoring, to ensure compliance with existing regulatory requirements. This includes processes and procedures in relation to health and safety.

3. Financial risks

Risks:

It is vital to the business that we continue to meet our financial obligations to our creditors. We are also reliant on maintaining sound systems of internal control and on our information systems and technology to ensure the smooth operation of our business without risk of fraud or material error.

Mitigation processes:

Directors constantly monitor our performance against our financial performance and undertakes detailed stress-testing of our performance. Working capital is also closely managed and carefully forecast.

ON BEHALF OF THE BOARD:

D Gaffney - Director

27 May 2026

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of property development.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

D Gaffney

R Boyd

Other changes in directors holding office are as follows:

G Coster ceased to be a director after 31 December 2024 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

D Gaffney - Director

27 May 2026

Opinion

We have audited the financial statements of Ambassador Residential Ltd (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance;

- results of our enquiries of management about their own identification and assessment of the risks and irregularities;

- any matters we identified having reviewed the company's internal controls established to mitigate risks of fraud or

non- compliance with laws and regulations;

- the matters discussed among the audit engagement team regarding how and where fraud might occur in the

financial statements and any potential indicators of fraud.

We obtained an understanding of the legal and regulatory framework that the company operates in. The key laws and regulations we considered included the UK Companies Act and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. In addition we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate. These included health and safety, GDPR and employment laws. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors, inspection of regulatory and legal correspondence, if any, and review of minutes of meetings.These limited procedures did not identify actual or suspected non-compliance.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Paul Martin (Senior Statutory Auditor)

for and on behalf of McLay McAlister & McGibbon LLP

Chartered Accountants and Statutory Auditors

145 St Vincent Street

Glasgow

G2 5JF

27 May 2026

TURNOVER

20,958,777

25,974,274

Cost of sales

(18,653,918

)

(28,204,969

)

GROSS PROFIT/(LOSS)

2,304,859

(2,230,695

)

Administrative expenses

(1,262,154

)

(888,108

)

OPERATING PROFIT/(LOSS)

4

1,042,705

(3,118,803

)

Interest receivable and similar income

556

-

1,043,261

(3,118,803

)

Interest payable and similar expenses

5

(12,083

)

-

PROFIT/(LOSS) BEFORE TAXATION

1,031,178

(3,118,803

)

Tax on profit/(loss)

6

(266,000

)

500,805

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

765,178

(2,617,998

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

765,178

(2,617,998

)

FIXED ASSETS

Tangible assets

7

29,416

11,463

CURRENT ASSETS

Debtors

8

6,098,585

5,739,203

Cash at bank

63,466

66,235

6,162,051

5,805,438

CREDITORS

Amounts falling due within one year

9

(12,088,285

)

(12,478,897

)

NET CURRENT LIABILITIES

(5,926,234

)

(6,673,459

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(5,896,818

)

(6,661,996

)

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

11

(5,896,918

)

(6,662,096

)

SHAREHOLDERS' FUNDS

(5,896,818

)

(6,661,996

)

The financial statements were approved by the Board of Directors and authorised for issue on 27 May 2026 and were signed on its behalf by:

D Gaffney - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100

(4,044,098

)

(4,043,998

)

Changes in equity

Total comprehensive income

-

(2,617,998

)

(2,617,998

)

Balance at 31 December 2023

100

(6,662,096

)

(6,661,996

)

Changes in equity

Total comprehensive income

-

765,178

765,178

Balance at 31 December 2024

100

(5,896,918

)

(5,896,818

)

Cash flows from operating activities

Cash generated from operations

1

(1,400,349

)

(1,386,734

)

Interest paid

(12,083

)

-

Net cash from operating activities

(1,412,432

)

(1,386,734

)

Cash flows from investing activities

Purchase of tangible fixed assets

(32,719

)

(3,693

)

Sale of tangible fixed assets

1,325

-

Interest received

556

-

Net cash from investing activities

(30,838

)

(3,693

)

Cash flows from financing activities

Amount paid by group undertakings

1,440,501

481,413

Net cash from financing activities

1,440,501

481,413

Decrease in cash and cash equivalents

(2,769

)

(909,014

)

Cash and cash equivalents at beginning of year

2

66,235

975,249

Cash and cash equivalents at end of year

2

63,466

66,235

1.	RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.24

31.12.23

£

£

Profit/(loss) before taxation

1,031,178

(3,118,803

)

Depreciation charges

13,441

5,681

Finance costs

12,083

-

Finance income

(556

)

-

1,056,146

(3,113,122

)

(Increase)/decrease in trade and other debtors

(796,622

)

1,190,239

(Decrease)/increase in trade and other creditors

(1,659,873

)

536,149

Cash generated from operations

(1,400,349

)

(1,386,734

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

63,466

66,235

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

66,235

975,249

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank

66,235

(2,769

)

63,466

66,235

(2,769

)

63,466

Total

66,235

(2,769

)

63,466

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" 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.

Fixtures and fittings

-

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.

Financial instruments

Debtors

Trade and other debtors are recognised at the settlement amount due with appropriate allowances for irrecoverable amounts when there is objective evidence the asset is impaired.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash in hand and bank overdrafts.

Creditors

Trade and other creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due.

Taxation

Taxation for the year comprises current and deferred tax. 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 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. However, if they were to lose the support of either this would cast significant doubt on the company's ability to continue as a going concern.

3.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

946,983

667,391

The average number of employees during the year was NIL (2023 - NIL).

31.12.24

31.12.23

£

£

Directors' remuneration

-

-

4.	OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging:

31.12.24

31.12.23

£

£

Depreciation - owned assets

13,441

5,681

Auditors' remuneration

28,000

8,375

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

CIS interest

12,083

-

6.

TAXATION

Analysis of the tax charge/(credit)

The tax charge/(credit) on the profit for the year was as follows:

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

-

(231,805

)

Deferred tax

266,000

(269,000

)

Tax on profit/(loss)

266,000

(500,805

)

7.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 January 2024

30,994

Additions

32,719

Disposals

(7,395

)

At 31 December 2024

56,318

DEPRECIATION

At 1 January 2024

19,531

Charge for year

13,441

Eliminated on disposal

(6,070

)

At 31 December 2024

26,902

NET BOOK VALUE

At 31 December 2024

29,416

At 31 December 2023

11,463

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

465,809

1,916,446

Amounts owed by group undertakings

-

171,240

Other debtors

704,460

25,739

Tax

9,495

9,495

Deferred tax asset

207,000

473,000

VAT

161,176

175,581

Prepayments and accrued income

4,550,645

2,967,702

6,098,585

5,739,203

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

3,052,866

5,601,976

Amounts owed to group undertakings

1,295,386

26,125

Social security and other taxes

119,203

114,370

Other creditors

355,529

(49,576

)

Accruals and deferred income

7,265,301

6,786,002

12,088,285

12,478,897

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

100

Ordinary

1

100

100

11.

RESERVES

Retained

earnings

£

At 1 January 2024

(6,662,096

)

Profit for the year

765,178

At 31 December 2024

(5,896,918

)

12.	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.

During the year, the company’s turnover arose entirely from transactions with associated companies.

13.	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