Company registration number 07624828 (England and Wales)
AMBEC LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
AMBEC LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
AMBEC LIMITED (REGISTERED NUMBER: 07624828)
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,043
2,125
Investment property
5
14,862,941
14,817,314
Investments
6
1,000
1,000
14,866,984
14,820,439
Current assets
Debtors
7
16,724,658
17,976,476
Cash at bank and in hand
188,627
221,696
16,913,285
18,198,172
Creditors: amounts falling due within one year
8
(1,074,180)
(2,176,461)
Net current assets
15,839,105
16,021,711
Total assets less current liabilities
30,706,089
30,842,150
Creditors: amounts falling due after more than one year
9
(1,866,244)
(2,289,069)
Net assets
28,839,845
28,553,081
Capital and reserves
Called up share capital
11
4,225,001
4,225,001
Non-distributable profits reserve
12
1,400,736
1,400,736
Distributable profit and loss reserves
23,214,108
22,927,344
Total equity
28,839,845
28,553,081
AMBEC LIMITED (REGISTERED NUMBER: 07624828)
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 8 July 2025 and are signed on its behalf by:
Mr A M Brooks
Director
AMBEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
AMBEC Limited is a private company limited by shares incorporated in England and Wales. The registered office is 20 Church Road, Tunbridge Wells, Kent, TN1 1JP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration receivable.
Specifically, revenue is recognised when tenants' rents become due. When rents are paid in advance, they are recognised in deferred income.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20%-33% straight line & 100% on acquisition
Freehold land is not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
AMBEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Investment property valuation
In determining the value of the properties held by the company, the directors consider all relevant available information, including but not limited to relevant valuation indices for properties of a similar type in the locations in which the properties are held. The directors will use their experience within the industry to determine a suitable valuation for the revaluation of the properties within the year.
AMBEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
4
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 January 2024
14,410
Additions
2,391
Disposals
(2,549)
At 31 December 2024
14,252
Depreciation and impairment
At 1 January 2024
12,285
Depreciation charged in the year
1,473
Eliminated in respect of disposals
(2,549)
At 31 December 2024
11,209
Carrying amount
At 31 December 2024
3,043
At 31 December 2023
2,125
5
Investment property
2024
£
Fair value
At 1 January 2024
14,817,314
Additions
45,627
At 31 December 2024
14,862,941
In the opinion of the directors, the total value of the investment properties held at the year end
was £14,862,941. The fair value of the investment property has been arrived at on the basis of a
valuation carried out by the directors. The valuation was made on an open market value basis by
reference to market evidence of transaction prices for similar properties. The directors do not
consider it necessary to obtain a valuation by an independent valuer.
AMBEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Investment property
(Continued)
- 6 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
16,399,339
16,353,712
Accumulated depreciation
-
-
Carrying amount
16,399,339
16,353,712
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1,000
1,000
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
47,768
38,973
Amounts owed by group undertakings
6,611,179
7,410,096
Other debtors
10,065,711
10,527,407
16,724,658
17,976,476
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
422,825
400,388
Trade creditors
2,021
Taxation and social security
69,471
10,681
Other creditors
579,863
1,765,392
1,074,180
2,176,461
AMBEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,866,244
2,289,069
Creditors which fall due after five years are payable as follows:
Payable by instalments
208,328
474,450
10
Loans and overdrafts
2024
2023
£
£
Bank loans
2,289,069
2,689,457
Payable within one year
422,825
400,388
Payable after one year
1,866,244
2,289,069
The bank loans totalling £2,289,069 are secured by fixed and floating charges over investment property and other assets owned by the company.
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
4,225,001
4,225,001
4,225,001
4,225,001
12
Non-distributable profits reserve
2024
2023
£
£
At the beginning and end of the year
1,400,736
1,400,736
13
Financial commitments, guarantees and contingent liabilities
The company has by way of a composite guarantee, jointly secured the loan facilities of AMHA Limited, a company under common control. This facility is secured by way of a fixed and floating charge over the current and future assets of the company. The amounts owed by the companies under this guarantee at 31 December 2024 amounted to £3,400,000 (2023 - £3,600,000).
AMBEC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
14
Related party transactions
The truecompany has taken advantage of the exemption within FRS 102 from the requirement to disclose transactions entered into between two or more members of a group provided that any subsidiary which is party to the transaction is wholly owned by such a member.