State of Ambition Ltd - Abbreviated accounts

STATE OF AMBITION LTD - Company Information

Registered number

08198991

State of Ambition Ltd

Unaudited Abbreviated Accounts

30 September 2016

State of Ambition Ltd
Registered number:		08198991
Abbreviated Balance Sheet
as at 30 September 2016

Notes			2016			2015
£				£
Current assets
Debtors		113			14,570
Cash at bank and in hand		536			703
		649			15,273

Creditors: amounts falling due within one year		(3,181)			(2,423)

Net current (liabilities)/assets			(2,532)			12,850

Total assets less current liabilities			(2,532)			12,850

Creditors: amounts falling due after more than one year			(111,458)			(134,709)



Net liabilities			(113,990)			(121,859)

Capital and reserves
Called up share capital	2		100			100
Profit and loss account			(114,090)			(121,959)

Shareholder's funds			(113,990)			(121,859)

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.



D B Sanghrajka
Director
Approved by the board on 28 June 2017

State of Ambition Ltd
Notes to the Abbreviated Accounts
for the year ended 30 September 2016

1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

	Turnover
	Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

	Foreign currencies
	Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

	Leasing and hire purchase commitments
	Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

	Going concern
	Although the company has net liabilities of £113,990, included in creditors falling due in more than one year are convertible loans of £60,000 which will convert to equity once certain targets are achieved. The director is confident these targets will be acheived. There are £22,604 of loans where repayment began in September 2016. These payments will be made in installments and the director is confident the company will be in a position to meet the repayments. In addition, there is an amount of £24,854 owed to the director and the company is therefore dependent upon the ongoing support of the director which he has agreed to give for a period of no less than twelve months. Based on these facts, the director considers the company to be a going concern and the accounts have been prepared on this basis.

2	Share capital	Nominal		2016		2016		2015
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		100		100		100