Amber Island Limited - Period Ending 2021-05-31
Amber Island Limited - Period Ending 2021-05-31
Registration number:
Amber Island Limited
for the Year Ended 31 May 2021
Amber Island Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Amber Island Limited
Company Information
Directors |
Ahmad Al Husseini Jalal Al-Husseini |
Company secretary |
Ibrahim Jalal Faraj |
Registered office |
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Accountants |
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Amber Island Limited
(Registration number: 08547651)
Balance Sheet as at 31 May 2021
Note |
2021 |
2020 |
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Current assets |
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Stocks |
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Cash at bank and in hand |
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|
|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
1,000 |
1,000 |
|
Profit and loss account |
(423,308) |
(405,815) |
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Shareholders' deficit |
(422,308) |
(404,815) |
For the financial year ending 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Amber Island Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Depreciation
Asset class |
Depreciation method and rate |
Fixture and fittings |
5 years straight line |
Office equipment |
2 years straight line |
Short Leasehold |
10 years straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Amber Island Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Stocks |
2021 |
2020 |
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Other inventories |
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Amber Island Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021
Creditors |
Creditors: amounts falling due within one year
2021 |
2020 |
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Due within one year |
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Taxation and social security |
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- |
Other creditors |
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Related party transactions |
Transactions with directors |
2021 |
At 1 June 2020 |
Advances to directors |
Repayments by director |
At 31 May 2021 |
Jalal Al-Husseini |
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Interest free loan |
( |
- |
( |
( |
Ahmad Al Husseini |
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Interest free loan |
( |
- |
- |
( |
Ibrahim Jalal Faraj |
||||
Interest free loan |
( |
|
( |
( |
2020 |
At 1 June 2019 |
Repayments by director |
At 31 May 2020 |
Jalal Al-Husseini |
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Interest free loan |
( |
( |
( |
Ahmad Al Husseini |
|||
Interest free loan |
( |
- |
( |
Ibrahim Jalal Faraj |
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Interest free loan |
( |
( |
( |
Amber Island Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021
Directors' remuneration
The directors' remuneration for the year was as follows:
2021 |
2020 |
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Remuneration |
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- |
Contributions paid to money purchase schemes |
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- |
20,243 |
- |