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Ambrey International Limited

Annual Report and Financial Statements
Year Ended 30 June 2024

Registration number: 10095821

 

Ambrey International Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Profit and Loss Account

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13 to 26

 

Ambrey International Limited

Company Information

Directors

C J Charnley

J Thompson

Registered office

Thorn Business Centre
Rotherwas
Hereford
HR2 6JT

Auditors

PKF Francis Clark
Senior Statutory Auditor
Ground Floor
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset
TA1 2PX

 

Ambrey International Limited

Strategic Report for the Year Ended 30 June 2024

The directors present their strategic report for the year ended 30 June 2023.

Principal activity

The principal activity of the company is the provision of maritime security and risk management services.

Review of the business

Turnover for the period has reduced compared to the previous year by 30%, but this includes the migration of digital services sales from Ambrey International Limited to Ambrey Analytics Limited, equating to 6.5% of the reduction.

The first 6 months of this reporting period spanned the separation between Ambrey International Limited and Ambrey Limited Nigeria Ltd, during which period Ambrey International Limited experienced some disruption to sales and consequently gross profit also. Trade picked up within the second half of the year, however, as a new trading arrangement commenced with the local partner in Nigeria. Continued development in efficiencies and supplier relations has continued to improve sales since the reporting period.

Overheads significantly reduced during the period due to the establishment of Ambrey Analytics Limited and a restructure within the whole Ambrey Group.

The retained profit translates to an increase in net assets from £12.3m to £12.8m.

Management have continued to focus on efficiency and managing overheads to continue delivering services to the highest market standard in a mature and competitive market. The company continues to generate a positive cash position.

Financial Key Performance Indicators

The company uses a number of key financial indicators in assessing and driving performance. The key financial indicators used by the company are as follows:

Year ended 30 June 2024

Year ended 30 June 2023

Turnover £m

19.6

27.8

Gross profit £m

2.9

5.2

Profit before tax £m

0.7

1.4

 

Ambrey International Limited

Strategic Report for the Year Ended 30 June 2024

Principal risks and uncertainties

As has been the case previously, the key strategic risk for the Company and indeed the sector is that the perceived risk of maritime crime and piracy to commercial shipping declines, reducing the demand for maritime security services. We continuously review this possibility and, using our own expert understanding of the market, look to predict if such a decline is likely to occur and, if so, when. Current events in the Gulf of Guinea emphasise the need for shipping clients and clients in the Oil and Gas industry to retain a physical security presence around their operations and activities for the foreseeable future. Our continuous review of the market is undertaken principally through engagement with the client base in the form of contract lengths, market surveys and discussion with other sector stakeholders including industry associations and insurers alongside directed work, such as commission papers to challenge current assumptions and timelines. All indications are that the services currently provided will be in demand for a long time to come, this is supported by a recent uptick in piracy and maritime crime in our core trading regions.

The sanctions and regulatory framework has become ever more complex and demanding, leaving no room for error. Enhanced digital and management frameworks have been put in place to mitigate this risk and commercial exposure to the sanctioned markets has been minimal.

Lesser risks in terms of impact and probability range from loss of the regulatory licensing framework in relation to firearms, quality management accreditation or flag state approval. In a competitive market supplier quality management is always a concern. These risks are ever present but are mitigated by good management delivered by quality people in management and on the water. Continued investment in our people is paramount.

Approved and authorised by the Board on 6 June 2025 and signed on its behalf by:
 

.........................................
C J Charnley
Director

 

Ambrey International Limited

Directors' Report for the Year Ended 30 June 2024

The directors present their report for the year ended 30 June 2023.

Directors of the company

The directors who held office during the year were as follows:

C J Charnley

J Thompson

Financial instruments

Objectives and policies

The company's activities expose it to a number of financial risks, including credit risk, cash flow risk and liquidity risk. The use and nature of financial instruments are determined by the director in the context of trading terms made available to the company and wider group by customers and suppliers, with the objective of securing the liquidity and profitability of the company.

Price risk, credit risk, liquidity risk and cash flow risk

The company's principal financial instruments comprise bank balances, short term trade and other debtors and creditors, and long term loans.

Due to the nature of the financial instruments used by the company, there is limited exposure to price risk.

The company's policy in respect of credit risk is to obtain appropriate credit checks on potential customers before sales are made and to monitor payments against contractual agreements for existing customers.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 6 June 2025 and signed on its behalf by:
 

.........................................
C J Charnley
Director

 

Ambrey International Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Ambrey International Limited

Independent Auditor's Report to the Members of Ambrey International Limited

Opinion

We have audited the financial statements of Ambrey International Limited (the 'company') for the year ended 30 June 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Ambrey International Limited

Independent Auditor's Report to the Members of Ambrey International Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

 

Ambrey International Limited

Independent Auditor's Report to the Members of Ambrey International Limited

As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the company. We gained an understanding of the industry in which the company operates as part of this assessment to identify the key laws and regulations affecting the company. As part of this, we reviewed the group’s website for indication of any regulations and certification in place and discussed these with the relevant individuals responsible for compliance. The key regulations we identified were International Maritime Law and UN Conventions, International Codes of Conduct and UK licensing laws, as well as health and safety regulations, tax legislation, and employment law. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

• Enquiries of management regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements.

• Reviewed legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance.

Given that the company trades in high-risk territories we have also carried out procedures to address the risk of non-compliance under the Bribery Act 2010. These procedures involved the following:

• Searches have been carried out on a sample of suppliers and customers in these high-risk territories to look for any sanctions or evidence of criminal activities.

We assessed the susceptibility of the financial statements to material misstatement through management override or fraud, and obtained an understanding of the controls in place to mitigate the risk of fraud. One significant fraud risk is the manipulation of revenue cut-off to purposely understate results. This involves recognising revenue in incorrect periods to misrepresent the financial performance of the company. We also discussed with management whether there had been any instances of known or alleged fraud, of which there were none, and evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements. Based upon our understanding we designed and conducted audit procedures including:

• Audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

• Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates.

• We reviewed a sample of transits ongoing at year end and ensured that the sale was being recognised in the correct accounting period.

• We reviewed a sample of completed transits from the clients CRM software and agreed this through to invoice and posting in the accounts system.

 

Ambrey International Limited

Independent Auditor's Report to the Members of Ambrey International Limited

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Nicholas Farrant BA MSc FCA (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor

Ground Floor
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset
TA1 2PX

14 June 2025

 

Ambrey International Limited

Profit and Loss Account

Year Ended 30 June 2024

Note

2024
£

2023
£

Turnover

3

19,635,757

27,792,104

Cost of sales

 

(16,763,965)

(22,621,814)

Gross profit

 

2,871,792

5,170,290

Administrative expenses

 

(1,687,663)

(3,735,779)

Operating profit

5

1,184,129

1,434,511

Exceptional items

4

(522,678)

-

Interest payable and similar expenses

8

(9,306)

-

   

(531,984)

-

Profit before tax

 

652,145

1,434,511

Tax on profit

9

(125,803)

(300,011)

Profit for the financial year

 

526,342

1,134,500

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Ambrey International Limited

Balance Sheet

30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

10

-

215,000

Tangible assets

11

-

-

Investments

12

200

200

 

200

215,200

Current assets

 

Debtors

13

20,791,072

19,253,235

Cash at bank and in hand

 

3,084,335

403,325

 

23,875,407

19,656,560

Creditors: Amounts falling due within one year

15

(11,049,075)

(7,517,977)

Net current assets

 

12,826,332

12,138,583

Total assets less current liabilities

 

12,826,532

12,353,783

Provisions for liabilities

16

-

(53,593)

Net assets

 

12,826,532

12,300,190

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

12,826,432

12,300,090

Shareholders' funds

 

12,826,532

12,300,190

Approved and authorised by the Board on 6 June 2025 and signed on its behalf by:
 

.........................................
C J Charnley
Director

Company Registration Number: 10095821

 

Ambrey International Limited

Statement of Changes in Equity

Year Ended 30 June 2024

Share capital
£

Profit and loss account
£

Total
£

At 1 July 2023

100

12,300,090

12,300,190

Profit for the year

-

526,342

526,342

Total comprehensive income

-

526,342

526,342

At 30 June 2024

100

12,826,432

12,826,532

Share capital
£

Profit and loss account
£

Total
£

At 1 July 2022

100

11,165,590

11,165,690

Profit for the year

-

1,134,500

1,134,500

Total comprehensive income

-

1,134,500

1,134,500

At 30 June 2023

100

12,300,090

12,300,190

 

Ambrey International Limited

Notes to the Financial Statements

Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Thorn Business Centre
Rotherwas
Hereford
HR2 6JT
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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' and the Companies Act 2006. There are no material departures from FRS 102.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Summary of disclosure exemptions

Ambrey International Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the discloure exemptions available to it in respect of its individual financial statements. Exceptions have been taken in relation to financial instruments, presentation of a cash flow statement, and remuneration of key management.

Group accounts not prepared

The company has taken advantage of the exemption available in section 400 of the Companies Act 2006 and has not prepared group accounts. These financial statements present information about the company as an individual undertaking and not about its group. The results of the company are included within the consolidated financial statements of Ambrey Limited. The registered office of Ambrey Limited is: Thorn Business Centre, Rotherwas, Hereford, HR2 6JT.

 

Ambrey International Limited

Notes to the Financial Statements

Year Ended 30 June 2024

Going concern

On the basis of his assessment of the company's financial position and resources, the director believes that the company is well placed to manage its business risks. Therefore the director has a reasonable expectation that the company have adequate resources to continue in operational existence for the foreseeable future, and the director is satisfied that it remains appropriate for the company to adopt the going concern basis of accounting in preparing these financial statements.

In making their going concern assessment, the director has given consideration to the operations and financial performance and position of both the company and the wider group. While recognising that there can be no certainty, having considered these factors and made all necessary enquiries, the director is satisfied that the company will continue to meet its liabilities as they fall due, and is satisfied that the company will continue to operate with sufficient cash headroom for a period of at least 12 months (from the date of approval of these financial statements).

Key accounting judgements and sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key judgement that has a significant impact on the financal statements is in respect of going concern, as noted above.

The key estimates that have a significant effect on the amounts recognised in the financial statements are described below.

Amounts due from group undertakings are recognised net of provisions for doubtful debts, which requires an estimation of the amounts recoverable from other group companies. Management concluded that a provision of £522,678 (2023 - £Nil) was required against intercompany debtors in the company due to these balances being irrecoverable. The carrying amount is £18,191,209 (2023 - £15,609,241). See note 13.

Revenue recognition

Turnover comprises the fair value of the consideration receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Revenue in respect of maritime transit services is recognised with respect to the stage of completion of the transit, based on the total number of days included in the contract term. Revenue in respect of the management charges made to other group companies and other consultancy services is recognised when the service has been provided.

 

Ambrey International Limited

Notes to the Financial Statements

Year Ended 30 June 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

3 years straight line

Plant and equipment

3 years straight line

Maritime vessels

5 years straight line

Intangible assets

Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Internally generated software

10 years straight line

 

Ambrey International Limited

Notes to the Financial Statements

Year Ended 30 June 2024

Investments

Investments in subsidiaries and joint ventures are measured at cost less impairment.

Defined contribution pension obligation

The company operates a defined contribution pension scheme for eligible employees. Contributions are charged to the profit and loss account when they fall due in accordance with the rules of the scheme.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Short term intercompany debtors and creditors;
• Investments in subsidiaries and joint ventures; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for investments, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Investments in subsidiaries and joint ventures are measured at cost less impairment.

 

Ambrey International Limited

Notes to the Financial Statements

Year Ended 30 June 2024

3

Revenue

The analysis of the company's revenue for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

19,500,677

26,884,215

Rendering of services

135,080

907,889

19,635,757

27,792,104

The analysis of the company's revenue for the year by class of business is as follows:

2024
£

2023
£

Maritime security

19,500,677

26,884,215

Consultancy and crisis management

135,080

907,889

19,635,757

27,792,104

The analysis of the company's revenue for the year by market is as follows:

2024
£

2023
£

Rest of world

19,635,757

27,792,104

4

Exceptional items

The analysis of the company's other gains and losses for the year is as follows:

2024
£

2023
£

Intercompany debtor impairment

(522,678)

-

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Foreign exchange (gains)/losses

(31,388)

97,533

 

Ambrey International Limited

Notes to the Financial Statements

Year Ended 30 June 2024

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

259,189

783,584

Social security costs

28,715

92,132

Pension costs, defined contribution scheme

5,863

13,426

293,767

889,142

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

7

16

7

16

7

Auditor's remuneration

2024
£

2023
£

Audit of the financial statements

9,714

8,240


 

8

Interest payable and similar expenses

2024
£

2023
£

Interest expense on other finance liabilities

9,306

-

 

Ambrey International Limited

Notes to the Financial Statements

Year Ended 30 June 2024

9

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

348,486

245,258

UK corporation tax adjustment to prior periods

(169,090)

(140)

179,396

245,118

Deferred taxation

Arising from origination and reversal of timing differences

(53,593)

54,893

Tax expense in the income statement

125,803

300,011

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 20.5%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

652,145

1,434,511

Corporation tax at standard rate

163,036

294,016

Decrease in UK and foreign current tax from adjustment for prior periods

(169,090)

(140)

Tax decrease from effect of capital allowances and depreciation

-

(6,462)

Effect of expense not deductible in determining taxable profit (tax loss)

131,699

1,992

Increase from tax losses for which no deferred tax asset was recognised

158

-

Deferred tax expense relating to changes in tax rates or laws

-

10,605

Total tax charge

125,803

300,011

 

Ambrey International Limited

Notes to the Financial Statements

Year Ended 30 June 2024

Deferred tax

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Fixed asset timing differences

-

53,750

Short term timing differences

157

-

157

53,750

10

Intangible assets

Internally generated software
 £

Total
£

Cost or valuation

At 1 July 2023

215,000

215,000

Disposals

(215,000)

(215,000)

At 30 June 2024

-

-

Amortisation

Carrying amount

At 30 June 2024

-

-

At 30 June 2023

215,000

215,000

Software was sold to an entity under common control for £215,000.

 

Ambrey International Limited

Notes to the Financial Statements

Year Ended 30 June 2024

11

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2023

9,992

4,600

14,592

At 30 June 2024

9,992

4,600

14,592

Depreciation

At 1 July 2023

9,992

4,600

14,592

At 30 June 2024

9,992

4,600

14,592

Carrying amount

At 30 June 2024

-

-

-

 

Ambrey International Limited

Notes to the Financial Statements

Year Ended 30 June 2024

12

Investments

2024
£

2023
£

Investments in subsidiaries

200

200

Subsidiaries

£

Cost or valuation

At 1 July 2023

200

Carrying amount

At 30 June 2024

200

At 30 June 2023

200

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Ambrey Shipyards Limited

Thorn Business Centre
Rotherwas
Hereford, HR2 6JT

Ordinary

100%

100%

Ambrey Insurance Brokers Limited

Thorn Business Centre
Rotherwas
Hereford, HR2 6JT

Ordinary

100%

100%

Ambrey Mozambique LDA

Avenida Martires da Mueda
No488, Ground Floor
Bairro Central, Maputo City

Mozambique

Ordinary

99%

99%

Ambrey Senegal SAS

Dakar (Senegal) Cite Keur Gorgui Lot 57
Residence Moustapha
1er etage

Senegal

Ordinary

100%

100%

Joint ventures

Ambrey ECSEN JV SAS

Dakar, 3, Place de l'Independence BP 205, Dakar, Senegal

Ordinary

49%

49%

 

     
 

Ambrey International Limited

Notes to the Financial Statements

Year Ended 30 June 2024

Subsidiary undertakings

Ambrey Shipyards Limited

The principal activity of Ambrey Shipyards Limited is the provision of ship building, maintenance and refit services to the marine and maritime industry.

Ambrey Insurance Brokers Limited

The principal activity of Ambrey Insurance Brokers Limited is that of an insurance broker.

Ambrey Mozambique LDA

The principal activity of Ambrey Mozambique LDA is a dormant company.

Ambrey Senegal SAS

The principal activity of Ambrey Senegal SAS is a dormant company.

Joint ventures

Ambrey ECSEN JV SAS

The principal activity of Ambrey ECSEN JV SAS is ownership and charter of vessels.

 

Ambrey International Limited

Notes to the Financial Statements

Year Ended 30 June 2024

13

Debtors

Note

2024
£

2023
£

Trade debtors

 

1,967,484

3,358,568

Amounts owed from group

20

18,191,209

15,609,241

Other debtors

 

5,646

36,009

Prepayments

 

537,628

249,417

Income tax asset

9

89,105

-

 

20,791,072

19,253,235

During the year provisions against amounts due from group were £522,678 (2023 - £Nil).

14

Cash and cash equivalents

2024
£

2023
£

Cash on hand

1,571

2,458

Cash at bank

3,082,764

400,867

3,084,335

403,325

15

Creditors

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

1,052,535

1,088,139

Amounts due to group undertakings

20

9,403,010

5,577,152

Social security and other taxes

 

28,652

29,778

Other creditors

 

256,765

3,707

Accruals

 

308,113

653,510

Corporation tax

9

-

165,691

 

11,049,075

7,517,977

16

Provisions for liabilities

Deferred tax
£

Total
£

At 1 July 2023

53,593

53,593

Increase (decrease) in existing provisions

(53,593)

(53,593)

At 30 June 2024

-

-

 

Ambrey International Limited

Notes to the Financial Statements

Year Ended 30 June 2024

17

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

18

Commitments

The company has given unlimited guarantee to companies under common control, Ambrey Limited and Ambrey Risk Limited, over any bank borrowing within these companies. At year end, the bank borrowings in these companies was £Nil (2023 - £Nil).

19

Pension schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £5,863 (2023 - £13,426).

20

Related party transactions

Summary of transactions with entities under common ownership

The Company has taken advantage of the exemption available in FRS 102 to not disclose transactions with its parent company and other wholly owned subsidiaries within the group.

During the year £365,421 was advanced to group undertakings, at year end £1,708,458 (2023 - £1,343,037) remained due from these companies. £55,911 was also received from group undertakings, at year end £112,991 (2023 - £57,080) remained due to these companies.

 

Ambrey International Limited

Notes to the Financial Statements

Year Ended 30 June 2024

21

Parent and ultimate parent undertaking

The company's immediate parent is Ambrey Limited, incorporated in England and Wales.

The parent of the smallest group in which these financial statements are consolidated is Ambrey Limited, incorporated in England and Wales.

The address of Ambrey Limited is:
Thorn Business Centre, Rotherwas, Hereford, HR2 6JT