Ambitious Limited - Accounts to registrar (filleted) - small 18.2

Ambitious Limited - Accounts to registrar (filleted) - small 18.2

AMBITIOUS LIMITED - Company Information

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REGISTERED NUMBER: 07964801 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2020

for

Ambitious Limited

Ambitious Limited (Registered number: 07964801)






Contents of the Financial Statements
for the Year Ended 31 December 2020




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Ambitious Limited

Company Information
for the Year Ended 31 December 2020







DIRECTORS: W Weaver
L Debenham





REGISTERED OFFICE: Regency House
33 Wood Street
Barnet
Hertfordshire
EN5 4BE





REGISTERED NUMBER: 07964801 (England and Wales)





ACCOUNTANTS: Cartwrights
Chartered Accountants and Business Advisors
Regency House
33 Wood Street
Barnet
Hertfordshire
EN5 4BE
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Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Ambitious Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ambitious Limited for the year ended 31 December 2020 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Ambitious Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ambitious Limited and state those matters that we have agreed to state to the Board of Directors of Ambitious Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ambitious Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Ambitious Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ambitious Limited. You consider that Ambitious Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Ambitious Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

We have considered the adequacy of the disclosures made in note 2 of the financial statements concerning the reliance of the company on the continued support of the directors and shareholders in order to continue as a going concern. In view of the significance of this uncertainty we consider that it should be drawn to your attention.






Cartwrights
Chartered Accountants and Business Advisors
Regency House
33 Wood Street
Barnet
Hertfordshire
EN5 4BE


14 September 2021

This page does not form part of the statutory financial statements

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Ambitious Limited (Registered number: 07964801)

Balance Sheet
31 December 2020

31/12/20 31/12/19
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,528 3,603

CURRENT ASSETS
Debtors 5 780 2,650
Cash at bank 6,836 5,684
7,616 8,334
CREDITORS
Amounts falling due within one year 6 6,863 9,923
NET CURRENT ASSETS/(LIABILITIES) 753 (1,589 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
3,281
2,014

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 3,181 1,914
SHAREHOLDERS' FUNDS 3,281 2,014

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 notes form part of these financial statements

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Ambitious Limited (Registered number: 07964801)

Balance Sheet - continued
31 December 2020


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 14 September 2021 and were signed on its behalf by:





W Weaver - Director


The notes form part of these financial statements

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Ambitious Limited (Registered number: 07964801)

Notes to the Financial Statements
for the Year Ended 31 December 2020

1. STATUTORY INFORMATION

Ambitious 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.

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" including the provisions of Section 1A "Small Entities" 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on cost
Computer equipment - 25% on cost

Government grants
The accounting policy adopted for grants is in accordance with the FRS 102 Section 24. The amount of grants recognised in the financial statements is £6,000. There are no indications of other forms of government assistance from which the entity has directly benefited.

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
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continuing support of the company's directors and shareholders. If the company were unable to continue in existence for the foreseeable future, adjustments would be necessary to reduce the balance sheet values of assets to their recoverable amounts and to reclassify fixed assets as current assets.

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Ambitious Limited (Registered number: 07964801)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2020

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2020
and 31 December 2020 22,353
DEPRECIATION
At 1 January 2020 18,750
Charge for year 1,075
At 31 December 2020 19,825
NET BOOK VALUE
At 31 December 2020 2,528
At 31 December 2019 3,603

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/20 31/12/19
£    £   
Trade debtors 780 1,344
Other debtors - 1,306
780 2,650

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/20 31/12/19
£    £   
Taxation and social security 706 862
Other creditors 6,157 9,061
6,863 9,923

7. POST BALANCE SHEET EVENTS

The Covid 19 global pandemic and subsequent intervention from governments worldwide has resulted in a high level of uncertainty and volatility. The outcome of these events is at the time of signing these financial statements unknown and as such the financial impact to revenue and demand cannot be estimated. Notwithstanding these events, the directorS believe the company will continue to trade successfully in the future.

8. ULTIMATE CONTROLLING PARTY

The controlling party is W Weaver.

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