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COMPANY REGISTRATION NUMBER: 08363804
AMBER PRECAST LTD.
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 June 2024
AMBER PRECAST LTD.
STATEMENT OF FINANCIAL POSITION
30 June 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Intangible assets
5
7,084
35,586
Tangible assets
6
69,830
77,425
--------
---------
76,914
113,011
CURRENT ASSETS
Stocks
17,503
41,537
Debtors
7
156,840
236,639
Cash at bank and in hand
2,075,414
1,239,479
------------
------------
2,249,757
1,517,655
CREDITORS: amounts falling due within one year
8
2,512,374
2,931,335
------------
------------
NET CURRENT LIABILITIES
262,617
1,413,680
---------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 185,703)
( 1,300,669)
---------
------------
NET LIABILITIES
( 185,703)
( 1,300,669)
---------
------------
CAPITAL AND RESERVES
Called up share capital
90
90
Profit and loss account
( 185,793)
( 1,300,759)
---------
------------
SHAREHOLDERS DEFICIT
( 185,703)
( 1,300,669)
---------
------------
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 income and retained earnings has not been delivered.
For the year ending 30 June 2024 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 year 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 .
AMBER PRECAST LTD.
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 26 February 2025 , and are signed on behalf of the board by:
Hughes Armstrong Industries Limited
Director
Company registration number: 08363804
AMBER PRECAST LTD.
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Davy Business Park, Prince Of Wales Road, Sheffield, S9 4EX, England.
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 a non-going concern basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern The company meets its daily working capital requirements through operating revenues and financial support from its shareholders. The directors do not consider it appropriate to prepare the accounts on the going concern basis as it is planned to cease trading at the end of February 2025. Management is implementing a wind down plan, which ensures the payment of all current and future obligations of the company in full. 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. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion. Income tax Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences. Foreign currencies Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account. Operating leases Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Goodwill Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its estimated useful life up to a maximum of 20 years. This length of time is presumed to be the maximum useful life of purchased goodwill because it is difficult to make projections beyond this period. Goodwill is reviewed for impairment at the end of the first full financial year following each acquisition and subsequently as and when necessary if circumstances emerge that indicate that the carrying value may not be recoverable.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5 years
Development costs
-
8 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
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.
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:
Leasehold property
-
10 Years straight line
Plant & Machinery
-
15% reducing balance and 15% straight line
Fixtures & Fittings
-
15% 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial 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 entity after deducting all of its financial liabilities.
Defined contribution plans
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 34 (2023: 40 ).
5. INTANGIBLE ASSETS
Goodwill
Development costs
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
28,000
269,336
297,336
--------
---------
---------
Amortisation
At 1 July 2023
28,000
233,750
261,750
Charge for the year
28,502
28,502
--------
---------
---------
At 30 June 2024
28,000
262,252
290,252
--------
---------
---------
Carrying amount
At 30 June 2024
7,084
7,084
--------
---------
---------
At 30 June 2023
35,586
35,586
--------
---------
---------
6. TANGIBLE ASSETS
Short leasehold property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 July 2023
23,560
92,713
23,190
139,463
Additions
6,700
6,700
--------
--------
--------
---------
At 30 June 2024
23,560
99,413
23,190
146,163
--------
--------
--------
---------
Depreciation
At 1 July 2023
7,853
38,899
15,286
62,038
Charge for the year
2,356
8,461
3,478
14,295
--------
--------
--------
---------
At 30 June 2024
10,209
47,360
18,764
76,333
--------
--------
--------
---------
Carrying amount
At 30 June 2024
13,351
52,053
4,426
69,830
--------
--------
--------
---------
At 30 June 2023
15,707
53,814
7,904
77,425
--------
--------
--------
---------
7. DEBTORS
2024
2023
£
£
Trade debtors
79,726
153,011
Other debtors
77,114
83,628
---------
---------
156,840
236,639
---------
---------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
127,805
417,724
Amounts owed to group undertakings and undertakings in which the company has a participating interest
327,201
441,860
Social security and other taxes
189,214
546,719
Other creditors
1,868,154
1,525,032
------------
------------
2,512,374
2,931,335
------------
------------
9. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
181,854
272,781
Later than 1 year and not later than 5 years
181,854
---------
---------
181,854
454,635
---------
---------