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Ambrey Sentinel Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 June 2024

Registration number: 11575191

 

Ambrey Sentinel Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

Ambrey Sentinel Limited

Balance Sheet

30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

297,830

366,079

Current assets

 

Debtors

5

421,025

197,238

Cash at bank and in hand

 

210

219,344

 

421,235

416,582

Creditors: Amounts falling due within one year

6

(2,053,583)

(2,031,977)

Net current liabilities

 

(1,632,348)

(1,615,395)

Total assets less current liabilities

 

(1,334,518)

(1,249,316)

Provisions for liabilities

-

(9,178)

Net liabilities

 

(1,334,518)

(1,258,494)

Capital and reserves

 

Called up share capital

7

150

150

Profit and loss account

(1,334,668)

(1,258,644)

Shareholders' deficit

 

(1,334,518)

(1,258,494)

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: 11575191

 

Ambrey Sentinel 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 & Wales.

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

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', including Section 1A, 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 £1,632,348 (2023 - £1,615,395) and net liabilities of £1,334,518 (2023 - £1,258,494) 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 Sentinel Limited

Notes to the 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 in 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 required an 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 of impairment has occurred. The carrying amount is £297,830 (2023 - £366,079).

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 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.

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.

 

Ambrey Sentinel Limited

Notes to the Financial Statements

Year Ended 30 June 2024

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.

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 Sentinel Limited

Notes to the 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

952,682

952,682

At 30 June 2024

952,682

952,682

Depreciation

At 1 July 2023

586,603

586,603

Charge for the year

68,249

68,249

At 30 June 2024

654,852

654,852

Carrying amount

At 30 June 2024

297,830

297,830

At 30 June 2023

366,079

366,079

5

Debtors

2024
£

2023
£

Amounts owed from connected companies

418,194

197,188

Prepayments

2,377

-

Other debtors

454

50

421,025

197,238

 

Ambrey Sentinel Limited

Notes to the Financial Statements

Year Ended 30 June 2024

6

Creditors

2024
 £

2023
 £

Due within one year

Trade creditors

82,554

81,373

Amounts owed to connected companies

1,434,907

1,293,717

Corporation tax

-

158,736

Other creditors

498,152

498,151

Accrued expenses

37,970

-

2,053,583

2,031,977

7

Share capital

Allotted and called up share capital

 

2024

2023

 

No.

£

No.

£

Ordinary share capital of £1 each

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 £498,152 (2023 - £498,152). The loan is repayable on demand and provided interest free.

During the year £146,077 (2023 - £384,485) was received from companies under common ownership, at year end £1,439,794 (2023 - £1,293,717) remained due to these companies.

During the year the company made sales of £37,970 (2023 - £311,292) 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 £418,184 (2023 - £197,188).

During the year the company made purchases of £Nil (2023 - £84,139) from a company for which a director was deemed to have significant influence, in respect of recharges for vessel maintenance.

 

 

Ambrey Sentinel Limited

Notes to the 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 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 Limited and Aspiral Sun UK Ltd via a shareholding of 75 shares each.