REGISTERED NUMBER:
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Ambrose Hire Limited |
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Report of the Directors and |
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Financial Statements |
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for the Year Ended 31 March 2022 |
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REGISTERED NUMBER:
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Ambrose Hire Limited |
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Report of the Directors and |
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Financial Statements |
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for the Year Ended 31 March 2022 |
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Ambrose Hire Limited (Registered number: 01414350) |
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Contents of the Financial Statements |
for the year ended 31 March 2022 |
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Page |
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Company Information | 1 |
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Report of the Directors | 2 |
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Report of the Independent Auditors | 3 |
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Income Statement | 7 |
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Other Comprehensive Income | 8 |
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Balance Sheet | 9 |
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Statement of Changes in Equity | 10 |
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Cash Flow Statement | 11 |
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Notes to the Cash Flow Statement | 12 |
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Notes to the Financial Statements | 13 |
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Ambrose Hire Limited |
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Company Information |
for the year ended 31 March 2022 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants and |
Statutory Auditor |
28 Eaton Avenue |
Matrix Office Park |
Buckshaw Village |
Chorley |
Lancashire |
PR7 7NA |
Ambrose Hire Limited (Registered number: 01414350) |
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Report of the Directors |
for the year ended 31 March 2022 |
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The directors present their report with the financial statements of the company for the year ended 31 March 2022. |
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DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2022. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2021 to the date of this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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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: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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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. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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AUDITORS |
The auditors, McMillan & Co LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Ambrose Hire Limited |
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Opinion |
We have audited the financial statements of Ambrose Hire Limited (the 'company') for the year ended 31 March 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2022 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. |
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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 Auditors' 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. |
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Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
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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 financial statements are authorised for issue. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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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. |
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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 this gives rise to a material misstatement in the financial statements themselves. 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. |
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Opinions on other matters 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Ambrose Hire Limited |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors. |
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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. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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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. |
Report of the Independent Auditors to the Members of |
Ambrose Hire Limited |
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Auditors' 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 a Report of the Auditors 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. |
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The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
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- | the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- | we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; |
- | we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; |
- | we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
- | identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
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We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
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- | making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- | considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
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To address the risk of fraud through management bias and override of controls, we: |
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- | performed analytical procedures to identify any unusual or unexpected relationships, and |
- | tested journal entries to identify unusual transactions. |
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In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
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- | agreeing financial statement disclosures to underlying supporting documentation; |
- | reading the minutes of meetings of those charged with governance; |
- | enquiring of management as to actual and potential litigation and claims; and |
- | reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors. |
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There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Ambrose Hire Limited |
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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 a Report of the Auditors 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. |
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for and on behalf of
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Chartered Accountants and |
Statutory Auditor |
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Ambrose Hire Limited (Registered number: 01414350) |
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Income Statement |
for the year ended 31 March 2022 |
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2022 | 2021 |
Notes | £'000 | £'000 |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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275 | (6 | ) |
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Other operating income |
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OPERATING PROFIT | 4 |
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Interest payable and similar expenses | 5 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 6 |
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PROFIT FOR THE FINANCIAL YEAR |
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Ambrose Hire Limited (Registered number: 01414350) |
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Other Comprehensive Income |
for the year ended 31 March 2022 |
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2022 | 2021 |
Notes | £'000 | £'000 |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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Ambrose Hire Limited (Registered number: 01414350) |
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Balance Sheet |
31 March 2022 |
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2022 | 2021 |
Notes | £'000 | £'000 | £'000 | £'000 |
FIXED ASSETS |
Tangible assets | 8 |
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CURRENT ASSETS |
Stocks | 9 |
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Debtors | 10 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 11 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
12 |
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PROVISIONS FOR LIABILITIES | 15 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 16 |
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Retained earnings | 17 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Ambrose Hire Limited (Registered number: 01414350) |
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Statement of Changes in Equity |
for the year ended 31 March 2022 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£'000 | £'000 | £'000 |
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Balance at 1 April 2020 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 March 2021 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 March 2022 |
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Ambrose Hire Limited (Registered number: 01414350) |
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Cash Flow Statement |
for the year ended 31 March 2022 |
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2022 | 2021 |
Notes | £'000 | £'000 |
Cash flows from operating activities |
Cash generated from operations | 1 |
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Interest element of hire purchase
payments paid |
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Tax paid | ( |
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Net cash from operating activities |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Sale of tangible fixed assets |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
Capital repayments in year | ( |
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Parent company loan |
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Equity dividends paid |
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Net cash from financing activities | ( |
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(Decrease)/increase in cash and cash equivalents | ( |
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Cash and cash equivalents at
beginning of year |
2 |
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207 |
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Cash and cash equivalents at end of
year |
2 |
653 |
962 |
Ambrose Hire Limited (Registered number: 01414350) |
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Notes to the Cash Flow Statement |
for the year ended 31 March 2022 |
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1. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
2022 | 2021 |
£'000 | £'000 |
Profit before taxation |
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Depreciation charges |
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Profit on disposal of fixed assets | ( |
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Finance costs | 18 | 16 |
660 | 531 |
Increase in stocks | ( |
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Decrease/(increase) in trade and other debtors |
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(Decrease)/increase in trade and other creditors | ( |
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Cash generated from operations |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
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Year ended 31 March 2022 |
31/3/22 | 1/4/21 |
£'000 | £'000 |
Cash and cash equivalents | 653 | 962 |
Year ended 31 March 2021 |
31/3/21 | 1/4/20 |
£'000 | £'000 |
Cash and cash equivalents | 962 | 207 |
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3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
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Other |
non-cash |
At 1/4/21 | Cash flow | changes | At 31/3/22 |
£'000 | £'000 | £'000 | £'000 |
Net cash |
Cash at bank | 962 | (309 | ) | 653 |
962 | ( |
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Debt |
Finance leases | (513 | ) | 360 | (249 | ) | (402 | ) |
(513 | ) | 360 | (249 | ) | (402 | ) |
Total | 449 | 51 | (249 | ) | 251 |
Ambrose Hire Limited (Registered number: 01414350) |
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Notes to the Financial Statements |
for the year ended 31 March 2022 |
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1. | STATUTORY INFORMATION |
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Ambrose Hire Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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All amounts in the financial statements have been rounded to the nearest £1,000. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
Having considered the Company's current trading, cash resources and forecast trading for the foreseeable future, the directors have no reason to believe that a material uncertainty exists that may cast doubt on the ability of the company to continue as a going concern. It is therefore considered appropriate to continue to prepare these accounts on a going concern basis. |
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Accounting estimates and judgements |
The management has not made any assumptions or judgments concerning the future or any other key sources of estimation uncertainty at the balance sheet date that could cause a material adjustment to the carrying amounts of assets or liabilities within the next financial year. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Financial instruments |
Trade and other debtors/creditors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition, they are measured at amortised cost using effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal payment terms, then it is measured at the present value of future payments discounted at a market rate of instrument for a similar debt instrument. |
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Ambrose Hire Limited (Registered number: 01414350) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2022 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
2022 | 2021 |
£'000 | £'000 |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
2022 | 2021 |
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Operational | 10 | 12 |
Management | 4 | 4 |
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Ambrose Hire Limited (Registered number: 01414350) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2022 |
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3. | EMPLOYEES AND DIRECTORS - continued |
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2022 | 2021 |
£ | £ |
Directors' remuneration |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging/(crediting): |
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2022 | 2021 |
£'000 | £'000 |
Hire of plant and machinery |
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Depreciation - owned assets |
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Depreciation - assets on hire purchase contracts |
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Profit on disposal of fixed assets | ( |
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Auditors' remuneration |
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5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2022 | 2021 |
£'000 | £'000 |
Hire purchase |
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6. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2022 | 2021 |
£'000 | £'000 |
Current tax: |
UK corporation tax |
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Tax adjusted from earlier period | (6 | ) | - |
Total current tax |
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Deferred tax |
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( |
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Tax on profit |
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UK corporation tax has been charged at 19% . |
Ambrose Hire Limited (Registered number: 01414350) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2022 |
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6. | TAXATION - continued |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
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2022 | 2021 |
£'000 | £'000 |
Profit before tax |
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Profit multiplied by the standard rate of corporation tax in the UK of
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Effects of: |
Adjustments to tax charge in respect of previous periods | ( |
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Adjustments in respect of previous periods - deferred tax | 7 | - |
Remeasurement of deferred tax for changes in tax rates | 49 | - |
Total tax charge | 102 | 13 |
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Deferred tax has been provided at 25% during the year (2021: 19%), following the enactment of the Finance Act 2021. |
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7. | DIVIDENDS |
2022 | 2021 |
£'000 | £'000 |
Ordinary shares of £1 each |
Dividends paid |
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8. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£'000 | £'000 | £'000 | £'000 |
COST |
At 1 April 2021 |
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Additions |
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Disposals | ( |
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( |
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At 31 March 2022 |
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DEPRECIATION |
At 1 April 2021 |
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Charge for year |
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Eliminated on disposal | ( |
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( |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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Ambrose Hire Limited (Registered number: 01414350) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2022 |
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8. | TANGIBLE FIXED ASSETS - continued |
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At 31 March 2022, the net book value of tangible fixed assets held under hire purchase agreements was £873,000 (2021: £827,000). Accumulated depreciation on these assets was £469,000 (2021: £331,000). The depreciation charged to the financial statements on these assets in the period was £165,000 (2021: £161,000). |
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9. | STOCKS |
2022 | 2021 |
£'000 | £'000 |
Stock | 16 | 10 |
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10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£'000 | £'000 |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£'000 | £'000 |
Hire purchase contracts (see note 13) |
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Trade creditors |
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Corporation tax |
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Other creditors |
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Loan from parent company | 500 | 500 |
Accrued expenses |
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12. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2022 | 2021 |
£'000 | £'000 |
Hire purchase contracts (see note 13) |
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13. | LEASING AGREEMENTS |
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Minimum lease payments under hire purchase fall due as follows: |
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2022 | 2021 |
£'000 | £'000 |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Ambrose Hire Limited (Registered number: 01414350) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2022 |
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14. | SECURED DEBTS |
|
Hire purchase liabilities are secured by the asset to which they relate. |
|
15. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£'000 | £'000 |
Deferred tax | 205 | 142 |
|
Deferred tax |
£'000 |
Balance at 1 April 2021 |
|
Charge to Income Statement during year |
|
Balance at 31 March 2022 |
|
|
16. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £'000 | £'000 |
|
Ordinary | £1 | 5 | 5 |
|
17. | RESERVES |
Retained |
earnings |
£'000 |
|
At 1 April 2021 |
|
Profit for the year |
|
At 31 March 2022 |
|
|
18. | CAPITAL COMMITMENTS |
2022 | 2021 |
£'000 | £'000 |
Contracted but not provided for in the |
financial statements |
|
|
Ambrose Hire Limited (Registered number: 01414350) |
|
Notes to the Financial Statements - continued |
for the year ended 31 March 2022 |
|
19. | RELATED PARTY DISCLOSURES |
|
The following related party transactions are related by virtue of being ultimately controlled by the estate of Mr TJ Hemmings (deceased). |
|
Gleadhill House Stud Ltd |
Sales to Gleadhill House Stud Ltd amounted to £915 (2021: £1,699). |
|
Northern Trust Company Ltd |
Sales to Northern Trust Company Ltd amounted to £552 (2021: £4,082) and purchases from Northern Trust Company Limited amounted to £7,796 (2021: £5,000) all of which were in the ordinary course of business. Amounts due from Northern Trust Company Ltd relating to the above amounted to £83 (2021: £1.588) at 31 March 2022. An amount of £299 (2021: £nil) was owed to Northern Trust Company Ltd as at 31 March 2022. |
|
At the year end £51,000 (2021:£51,000 is due to Northern Trust Ltd in respect of tax losses claimed in previous years. |
|
Hemway Ltd |
Management charges of £66,000 (2021: £63,000) were incurred during the year. Other purchases amounted to £8,444 (2021: £nil) all of which were within the normal course of business. An amount of £nil (2021: £3,600) was outstanding at the end of the year. |
|
Ballaseyr Stud Ltd |
Sales to Ballaseyr Stud Ltd amounted to £3,082 (2021: £3,489) in the year. An amount of £nil (2021: £nil) was outstanding at the year end. |
|
Wordon Limited |
During the prior year, the parent company made a loan of £500,000 to the Company. This is still outstanding at the year end. There are no fixed repayment terms and accordingly it has been classified as due within one year. |
|
20. | ULTIMATE CONTROLLING PARTY |
|
The ultimate controlling party is Wordon Limited, a company incorporated in the Isle of Man and wholly owned by the estate of Mr TJ Hemmings (deceased). Wordon Limited does not prepared consolidated accounts. |