Amber Holdings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC093054 (Scotland)

AMBER HOLDINGS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Pun Wai Chung

Mrs Christina Sur Wang Wager

SECRETARY:

Tai Tai Chung

REGISTERED OFFICE:

50 West Regent Street

Glasgow

G2 2RA

REGISTERED NUMBER:

SC093054 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

Chartered Accountants

9 Royal Crescent

Glasgow

G3 7SP

FIXED ASSETS

Investment property

3

1,000,000

891,835

CURRENT ASSETS

Cash at bank

249,188

224,331

CREDITORS

Amounts falling due within one year

4

84,805

85,954

NET CURRENT ASSETS

164,383

138,377

TOTAL ASSETS LESS CURRENT LIABILITIES

1,164,383

1,030,212

PROVISIONS FOR LIABILITIES

(20,551

)

-

ACCRUALS AND DEFERRED INCOME

(1,080

)

(900

)

NET ASSETS

1,142,752

1,029,312

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

6

87,614

-

Retained earnings

6

1,055,038

1,029,212

1,142,752

1,029,312

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

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 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 August 2022 and were signed on its behalf by:

Mrs Christina Sur Wang Wager - Director

1.	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 as modified by the revaluation of certain assets.

Turnover

The turnover shown in the profit and loss account represents the value of rental income receivable for the year, exclusive of Value Added Tax. Income is recognised on the basis on rental due for the year.

Investment property

Investment properties are shown at their fair value. The surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the property market is not considered to be permanent.

This is in accordance with FRS102 which, unlike the Companies Act 2006, does not require depreciation of investment properties. Investment properties are held for their investment potential and not for use by the company and so their current value is of prime importance.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve together with the fair value movement.

Financial instruments

Basic financial instruments such as cash, debtors and creditors are measured at transaction price. Financial liabilities classified as payable within one year are not amortised.

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 directors consider there are no material uncertainties about the company's ability to continue as a going concern. Accordingly the financial statements have been prepared on a going concern basis. This assessment of going concern includes the expected impact of COVID-19 to the entity in the 12 months following the signing of these financial statements.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2021

891,835

Revaluations

108,165

At 31 December 2021

1,000,000

NET BOOK VALUE

At 31 December 2021

1,000,000

At 31 December 2020

891,835

Fair value at 31 December 2021 is represented by:

£

Valuation in 2021

108,165

Cost

891,835

1,000,000

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

1

-

Corporation Tax

6,058

4,043

VAT

4,083

-

Directors' current accounts

74,663

81,911

84,805

85,954

The loan from directors is interest free and repayable on demand.

5.	SECURED DEBTS

The bank holds a standard security and a bond and floating charge over the company's assets

6.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 January 2021

1,029,212

-

1,029,212

Profit for the year

113,440

113,440

Revaluation surplus

(87,614

)

87,614

-

At 31 December 2021

1,055,038

87,614

1,142,652

7.	RELATED PARTY DISCLOSURES