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Ambrey Sirius One Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 June 2024

Registration number: 13168414

 

Ambrey Sirius One Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Ambrey Sirius One Limited

Balance Sheet

30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

719,670

750,646

Current assets

 

Debtors

5

153,038

115,693

Cash at bank and in hand

 

59

437,188

 

153,097

552,881

Creditors: Amounts falling due within one year

6

(884,831)

(1,227,297)

Net current liabilities

 

(731,734)

(674,416)

Total assets less current liabilities

 

(12,064)

76,230

Provisions for liabilities

(143,377)

(158,874)

Net liabilities

 

(155,441)

(82,644)

Capital and reserves

 

Called up share capital

7

150

150

Profit and loss account

(155,591)

(82,794)

Shareholders' deficit

 

(155,441)

(82,644)

 

Ambrey Sirius One Limited

Balance Sheet

30 June 2024

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

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

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

Company Registration Number: 13168414

 

Ambrey Sirius One Limited

Notes to the Unaudited 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 Section 1A - '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.

Going concern

Notwithstanding the company having net current liabilities of £731,734 (2023 - £674,416) and net liabilities of £155,441 (2023 - £82,644) as at 30 June 2024, the directors, having made all necessary enquiries and taken all steps that they ought to have taken, have concluded that the going concern basis of preparation remains appropriate. This assessment is based on the financial performance and continued support of the wider Ambrey Limited group for the foreseeable future.

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).

 

Ambrey Sirius One Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

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 value 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 financial statements is in respect of going concern, as described above.

The key estimate that has a significant impact on the financial statements is in respect of tangible fixed assets. Maritime vessels are carried at cost, less accumulated depreciation and any subsequent accumulated impairment loss. This requires estimation in the depreciation rates used as well as assessment of the ongoing economic contribution of the assets of the company as to whether an indicator or impairment has occurred. The carrying amount is £719,670 (2023 - £750,646).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services. Turnover is shown net of value added tax, returns, rebates and discounts. Revenue is recognised when the relevant service is provided.

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.

The company passes some of its tax losses to fellow group companies via group relief. It receives payment for these losses at the average rate of tax for the financial period in which the losses are relieved.

 

Ambrey Sirius One Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

Deferred tax is recognised on all timing differences at the balance sheet date. 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

Maritime vessels

10% straight line

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Short term intercompany debtors and creditors; 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.

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.


 

 

Ambrey Sirius One Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Tangible assets

Maritime vessels
 £

Total
£

Cost or valuation

At 1 July 2023

873,292

873,292

Additions

61,185

61,185

At 30 June 2024

934,477

934,477

Depreciation

At 1 July 2023

122,646

122,646

Charge for the year

92,161

92,161

At 30 June 2024

214,807

214,807

Carrying amount

At 30 June 2024

719,670

719,670

At 30 June 2023

750,646

750,646

5

Debtors

2024
£

2023
£

Trade debtors

-

28,880

Amounts owed from connected companies

151,343

86,663

Prepayments

1,545

-

Other debtors

150

150

153,038

115,693

 

Ambrey Sirius One Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

6

Creditors

2024
£

2023
£

Due within one year

Trade creditors

119,849

132,926

Amounts owed to connected groups

431,586

859,680

Accruals and deferred income

68,112

-

Other creditors

265,284

234,691

884,831

1,227,297

7

Share capital

Allotted, called up and not fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

75

75

100

100

B Ordinary shares of £1 each

75

75

50

50

150

150

150

150

8

Related party transactions

Summary of transactions with entities with joint control or entities under common ownership

Included within Other creditors is a shareholder loan totalling £265,282 (2023 - £234,690). The loan is repayable on demand and provided interest free.

During the year £428,094 was repaid to companies under common ownership, at year end £431,586 (2023 - £859,680) remained due to these companies.

During the year the company made sales of £68,344 (2023 - £345,027) to a company for which a director was deemed to have significant influence, in respect of bareboat charter. At year end the amount due from these companies was £142,574 (2023 - £86,663).

During the year the company made purchases of £Nil (2023 - £42,770) to a company for which a director was deemed to have significant influence, in respect of recharges for vessel maintenance.

 

 

Ambrey Sirius One Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2024

9

Parent and ultimate parent undertaking


Up to the 1 February 2024, the company's immediate parent was Ambrey Holdings Limited, incorporated in England and Wales, who held 66.67% of the share capital. The remaining 33.33% was held by Aspiral Sun UK Ltd.

From the 1 February 2024 the company is under the joint control of Ambrey Holdings Limited and Aspiral Sun UK Ltd via a shareholding of 75 shares each.