Amberside Valuations Ltd Filleted accounts for Companies House (small and micro)

AMBERSIDE VALUATIONS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 11735297

Amberside Valuations Ltd

Filleted Unaudited Financial Statements

31 December 2022

Amberside Valuations Ltd

Statement of Financial Position

31 December 2022

	31 Dec 22	31 Oct 21
Note	£	£

Fixed assets

Tangible assets	6	11,218	7,554

Current assets

Debtors	7	266,649	93,483
Cash at bank and in hand		46,588	126,627
		---------	---------
		313,237	220,110

Creditors: amounts falling due within one year	8	92,003	44,770
		---------	---------
Net current assets		221,234	175,340
		---------	---------
Total assets less current liabilities		232,452	182,894

Provisions	2,132	2,941
	---------	---------
Net assets	230,320	179,953
	---------	---------

Capital and reserves

Called up share capital	1,025	1,025
Profit and loss account	229,295	178,928
	---------	---------
Shareholders funds	230,320	179,953
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the Period ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Amberside Valuations Ltd

Statement of Financial Position (continued)

31 December 2022

These financial statements were approved by the board of directors and authorised for issue on 31 July 2023 , and are signed on behalf of the board by:

Daniel Philip Scowcroft

Director

Company registration number: 11735297

Amberside Valuations Ltd

Notes to the Financial Statements

Period from 1 November 2021 to 31 December 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 9 Amberside House, Wood Lane, Paradise Industrial Estate, Hemel Hempstead, HP2 4TP, United Kingdom. The company's principal activity during the year was that of providing financial consultancy services.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of service Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: - the amount of revenue can be measured reliably; - it is probable that the company will receive the consideration due to the contract; - the stage of completion of the contract at the end of the reporting period can be measured reliably; and - the costs incurred and the costs to complete the contract can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	20% straight line
Equipment	-	20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the Period amounted to 7 (2021: 7 ).

5. Tax on profit

Major components of tax expense

	Period from
	1 Nov 21 to	Year to
	31 Dec 22	31 Oct 21
	£	£

Current tax:

UK current tax expense	21,688	27,323
	--------	--------
Tax on profit	21,688	27,323
	--------	--------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the Period is lower than (2021: higher than) the standard rate of corporation tax in the UK of 19 % (2021: 19 %).

	Period from
	1 Nov 21 to	Year to
	31 Dec 22	31 Oct 21
	£	£
Profit on ordinary activities before taxation	122,055	136,675
	---------	---------
Profit on ordinary activities by rate of tax	23,191	25,968
Effect of expenses not deductible for tax purposes	897	376
Other tax adjustment to increase/(decrease) tax liability	(2,400)	979
	---------	---------
Tax on profit	21,688	27,323
	---------	---------

6. Tangible assets

	Plant and machinery	Equipment	Total
	£	£	£
Cost
At 1 November 2021	9,229	1,469	10,698
Additions	6,129	831	6,960
Disposals	–	( 833)	( 833)
	--------	-------	--------
At 31 December 2022	15,358	1,467	16,825
	--------	-------	--------
Depreciation
At 1 November 2021	2,664	480	3,144
Charge for the period	2,673	242	2,915
Disposals	–	( 452)	( 452)
	--------	-------	--------
At 31 December 2022	5,337	270	5,607
	--------	-------	--------
Carrying amount
At 31 December 2022	10,021	1,197	11,218
	--------	-------	--------
At 31 October 2021	6,565	989	7,554
	--------	-------	--------

7. Debtors

	31 Dec 22	31 Oct 21
	£	£
Trade debtors	127,379	1,429
Amounts owed by group undertakings and undertakings in which the company has a participating interest	126,667	–
Other debtors	12,603	92,054
	---------	--------
	266,649	93,483
	---------	--------

8. Creditors: amounts falling due within one year

	31 Dec 22	31 Oct 21
	£	£
Trade creditors	3,922	269
Corporation tax	22,441	25,434
Social security and other taxes	56,285	7,375
Wages payable	5,878	–
Other creditors	3,477	11,692
	--------	--------
	92,003	44,770
	--------	--------

9. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	31 Dec 22	31 Oct 21
	£	£
Included in provisions	2,132	2,941
	-------	-------

The deferred tax account consists of the tax effect of timing differences in respect of:

	31 Dec 22	31 Oct 21
	£	£
Accelerated capital allowances	2,132	2,941
	-------	-------

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	31 Dec 22	31 Oct 21
	£	£
Not later than 1 year	17,208	–
Later than 1 year and not later than 5 years	–	10,836
	--------	--------
	17,208	10,836
	--------	--------

11. Directors' advances, credits and guarantees

During the Period the directors entered into the following advances and credits with the company:

	31 Dec 22
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Paul Adam Crane	–	1,611	( 1,592)	19
David James Lomas	–	–	–	–
	----	-------	-------	----
	–	1,611	( 1,592)	19
	----	-------	-------	----

	31 Oct 21
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Paul Adam Crane	–	–	–	–
David James Lomas	( 47)	97	( 50)	–
	----	----	----	----
	( 47)	97	( 50)	–
	----	----	----	----

The above loans from Directors are included within Other creditors.

12. Related party transactions

	2022	2021
	£	£
Balances due from an entity to the company over which the entity has control	126,667	–
Services provided to an entity by the company over which the entity has joint control	105	–
Services received from an entity to the company over which the entity has joint control	1,638	–
Services provided to an entity by the company over which the entity has significant influence	–	9,777
Services received from an entity to the company over which the entity has significant influence	36,059	56,328