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REGISTERED NUMBER: 04279534 (England and Wales)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

AMBIC LIMITED

AMBIC LIMITED (REGISTERED NUMBER: 04279534)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


AMBIC LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: L A Hunt
R A Griffiths
J A Hunt





REGISTERED OFFICE: House of Ambic
Stella Gill Industrial Estate
Pelton Fell
Chester Le Street
Co. Durham
DH2 2RN





REGISTERED NUMBER: 04279534 (England and Wales)





ACCOUNTANTS: Lloyd Dowson Limited
Medina House
2 Station Avenue
Bridlington
East Yorkshire
YO16 4LZ

AMBIC LIMITED (REGISTERED NUMBER: 04279534)

BALANCE SHEET
30 JUNE 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,278,582 1,353,362
1,278,582 1,353,362

CURRENT ASSETS
Stocks 215,902 250,808
Debtors 6 442,290 406,195
Cash at bank and in hand 4,635 65,931
662,827 722,934
CREDITORS
Amounts falling due within one year 7 486,287 602,424
NET CURRENT ASSETS 176,540 120,510
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,455,122

1,473,872

CREDITORS
Amounts falling due after more than one
year

8

(852,189

)

(923,131

)

PROVISIONS FOR LIABILITIES (51,310 ) -
NET ASSETS 551,623 550,741

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 550,623 549,741
551,623 550,741

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 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.

AMBIC LIMITED (REGISTERED NUMBER: 04279534)

BALANCE SHEET - continued
30 JUNE 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 February 2025 and were signed on its behalf by:




L A Hunt - Director R A Griffiths - Director




J A Hunt - Director


AMBIC LIMITED (REGISTERED NUMBER: 04279534)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Ambic 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 relates to furniture manufacturing sales excluding discounts, rebates, value added tax and other taxes recognised upon fulfilment of rights and obligations.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2001, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

AMBIC LIMITED (REGISTERED NUMBER: 04279534)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the statement of income and retained earning over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates an auto-enrolment pension scheme. Contributions payable to the company's pension scheme are charged to the statement of income and retained earnings in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2023 - 30 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 60,000
AMORTISATION
At 1 July 2023
and 30 June 2024 60,000
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2023 1,305,043 1,136,862 2,441,905
Additions - 5,863 5,863
At 30 June 2024 1,305,043 1,142,725 2,447,768
DEPRECIATION
At 1 July 2023 286,330 802,213 1,088,543
Charge for year 26,101 54,542 80,643
At 30 June 2024 312,431 856,755 1,169,186
NET BOOK VALUE
At 30 June 2024 992,612 285,970 1,278,582
At 30 June 2023 1,018,713 334,649 1,353,362

AMBIC LIMITED (REGISTERED NUMBER: 04279534)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

5. TANGIBLE FIXED ASSETS - continued

Included in cost of land and buildings is freehold land of £ 125,000 (2023 - £ 125,000 ) which is not depreciated.

The net book value of tangible fixed assets includes £ 212,108 (2023 - £ 221,731 ) in respect of assets held under hire purchase contracts.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 302,335 315,815
Amounts owed by associates 87,250 -
Other debtors 52,705 90,380
442,290 406,195

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts 32,876 34,713
Hire purchase contracts 21,928 16,164
Trade creditors 106,158 205,995
Amounts owed to group undertakings 109,501 57,990
Taxation and social security 24,223 14,230
Other creditors 191,601 273,332
486,287 602,424

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.24 30.6.23
£    £   
Bank loans 699,186 730,224
Hire purchase contracts 153,003 192,907
852,189 923,131

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 519,201 593,717
Hire purchase 26,780 -
545,981 593,717

AMBIC LIMITED (REGISTERED NUMBER: 04279534)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

30.6.24 30.6.23
£    £   
Hire purchase contracts 174,931 209,071
Bank loans 707,176 730,100
882,107 939,171