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Registered number: 12795105
AMBER LABS LIMITED
UNAUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 AUGUST 2024
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AMBER LABS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
The directors present their report and the financial statements for the year ended 31 August 2024.
The directors who served during the year were:
Amber Labs delivered another year of strong growth, with Turnover increased by 22% to £15.5m (2023: £12.7m), reflecting continued client demand and resilience of our business model. In FY24 we secured more than £8m of new contracts spanning both public and private sector clients, underpinning delivery well into 2026. This reflects the continued strength of our customer relationships and the growing trust placed in us to deliver complex cloud, data, and AI programmes.
Profit before tax was £113k, as we chose to reinvest heavily in people, capability, and intellectual property. Headcount grew from 42 to 74 employees, with new leadership talent joining to strengthen our management team. We also increased investment in technology and delivery capability, capitalising £2.46m of development expenditure as we build platforms to scale the business over the coming years.
The business has historically relied on short-term debt while scaling, but in FY24 we prepared the company for long-term financing. Since year-end, we have commenced a refinancing programme to replace short-term loans with traditional long-term facilities, reducing financing costs and providing a stable base for growth. This marks an important transition from early-stage growth financing towards sustainable capital structures.
As is typical for fast-growing consultancies, year-end cash was impacted by timing of supplier payments and salaries. Post year-end collections and refinancing have already strengthened liquidity. The directors are confident in the company’s ability to manage working capital effectively as it continues to grow.
Market Position and Delivery Capacity
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The markets we serve — cloud, data, and AI — are expanding rapidly, with significant long-term opportunity. Amber Labs is positioned at the right time, with the right skills and the right clients, to capture this growth. Importantly, we have scaled our workforce and leadership to ensure reliable delivery across multi-year programmes, giving customers confidence in both our capability and resilience.
Corporate Social Responsibility
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Beyond commercial success, we are committed to making a positive impact. In FY24, Amber Labs supported initiatives such as our partnership with a London school in a lower economic area, providing technology access and opportunities to students who would otherwise be left behind.
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AMBER LABS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
With a strong client base, new leadership, investment in intellectual property, and a transition to long-term financing, the business is well positioned for the next stage of growth. The directors are confident in Amber Labs’ ability to scale profitably, capture market share in fast-growing technology sectors, and build long-term value for all stakeholders.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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S Payet
Director
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AMBER LABS LIMITED
REGISTERED NUMBER: 12795105
BALANCE SHEET
AS AT 31 AUGUST 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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AMBER LABS LIMITED
REGISTERED NUMBER: 12795105
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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S Payet
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The notes on pages 5 to 10 form part of these financial statements.
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AMBER LABS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Amber Labs Limited is a private company limited by shares. The company is incorporated in England and Wales and its registered address is Aston House, Cornwall Avenue, London N3 1LF.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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AMBER LABS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (continued)
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. No amortisation has been provided to date as the software is still under construction with a timeline to be released to the general market through towards the end of 2025, amortisation will take place from the point it is released.
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AMBER LABS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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The average monthly number of employees, including directors, during the year was 74 (2023 - 42).
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AMBER LABS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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Charge for the year on owned assets
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AMBER LABS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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AMBER LABS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
The company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £90,935 (2023: £65,338). Contributions totalling £23,918 (2023: £20,245) were payable to the fund at the balance sheet date and are included in creditors.
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