Company Registration No. 10176304 (England and Wales)
AMBISPACE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
PAGES FOR FILING WITH REGISTRAR
AMBISPACE LIMITED
CONTENTS
Page
Abridged statement of financial position
1 - 2
Notes to the financial statements
3 - 8
Detailed trading and profit and loss account
11-12
AMBISPACE LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2021
30 April 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,155
1,444
Current assets
Stocks
500
3,500
Debtors
20,082
13,714
Cash at bank and in hand
27,159
2,037
47,741
19,251
Creditors: amounts falling due within one year
(125,910)
(90,005)
Net current liabilities
(78,169)
(70,754)
Total assets less current liabilities
(77,014)
(69,310)
Creditors: amounts falling due after more than one year
(21,233)
Net liabilities
(98,247)
(69,310)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(98,347)
(69,410)
Total equity
(98,247)
(69,310)
In accordance with section 444 of the Companies Act 2006 all
of
the members of the company have consented to the
preparation of an abridged statement of financial position pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 30 April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
AMBISPACE LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 APRIL 2021
30 April 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 April 2022 and are signed on its behalf by:
Mr Kevin Wheatley
Director
Company Registration No. 10176304
AMBISPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
- 3 -
1
Accounting policies
Company information
Ambispace Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The
registered number is 10176304 and the
registered office is
Hirst Priory, A161 Belton Road, Crowle, Scunthorpe, North Lincolnshire, DN17 4BU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
As detailed in the notes to the financial statements the company is dependent upon the continued support of its directors and has also been effected by the world wide impact of the Covid-19 virus. The directors have assessed the company's current and anticipated financial requirements and are confident that, with their support, the company will continue as a going concern for the foreseeable future, and at least for a period of twelve months from the date of this report. In the light of this the financial statements have been prepared on the going concern basis.
true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
AMBISPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
1
Accounting policies
(Continued)
- 4 -
Contract revenue recognition
When the outcome of a machine build contract can be estimated reliably, contract revenue and contract costs are recognised as revenue and expenses respectively by reference to the stage of completion of the contract activity at the balance sheet date (percentage of completion method). When the outcome of a contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred that are likely to be recoverable. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.
At the balance sheet date, the cumulative costs incurred plus recognised profit (less retained losses) on each contract is compared against the progressed billings. Where the cumulative costs incurred plus the recognised profits (less recognised losses) exceed progress billings, the balance is presented as due from customers on contracts within debtors. Where progressed billings exceed the cumulative costs incurred plus recognised profits (less recognised losses), the balance is presented as payments on account of contracts within creditors. Costs incurred in connection with future activity on a contract are shown as contract work in progress on the balance sheet unless it is not probable that such costs are recoverable from the customers, in which case, such costs are recognised as an expense immediately.
Progress billings not yet paid by customers and retentions by customers are included within trade debtors. Advances received are included within trade creditors.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
AMBISPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
1
Accounting policies
(Continued)
- 5 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's abridged statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
AMBISPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Classification of financial liabilities and equity instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.13
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
AMBISPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
3
4
3
Tangible fixed assets
Total
£
Cost
At 1 May 2020 and 30 April 2021
3,066
Depreciation and impairment
At 1 May 2020
1,622
Depreciation charged in the year
289
At 30 April 2021
1,911
Carrying amount
At 30 April 2021
1,155
At 30 April 2020
1,444
4
Loans and overdrafts
2021
2020
£
£
Bank loans
26,000
Payable within one year
4,767
Payable after one year
21,233
Amounts due by instalments after 5 years for the bank loan are £433.
AMBISPACE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
- 8 -
5
Going concern
During and
subsequent to the financial year end the company has been effected by the world wide impact of the Covid-19 virus. The director
s have
assessed the impact on the business and implemented appropriate controls to mitigate the issues arising from the outbreak.
The company is also dependent upon the continued support of its directors.
The
directors have
assessed the company's current and anticipated ongoing requirements and
in their opinion the
Covid-19 issues
, as far as can be
ascertained at present
,
will not impact on the company's ability to continue as a going concern
for a period of at least twelve months from the date of this report
.
The directors also confirms that it is their intention to continue to support the business throughout this period. Consequently these financial statements have been prepared on the going concern basis.
6
Related party transactions
At the 30th April 2021 the directors have advanced loans to the company amounting to £21,033 (2020 -£28,621). The loans are interest free and repayable on demand.
The company has received a loan during the period from a related company for £17,000. The loan is interest free and repayable on demand.
7
Events after the reporting date
On 19/10/2021 the company was granted an extension on the bounce bank loan from 6 years to 10 years.