AMBERLEY BUSINESS SERVICES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
Company Registration No. 06773867 (England and Wales)
AMBERLEY BUSINESS SERVICES LIMITED
COMPANY INFORMATION
Director
C M Brook
Company number
06773867
Registered office
46 Brooklands Drive
Goostrey
Cheshire
CW4 8JD
Auditor
DSG
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
AMBERLEY BUSINESS SERVICES LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Independent auditor's report
4 - 5
Statement of comprehensive income
6
Balance sheet
7
Statement of changes in equity
8
Statement of cash flows
9
Notes to the financial statements
10 - 17
AMBERLEY BUSINESS SERVICES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2020
- 1 -
The director presents the
S
trategic
R
eport for the year ended 31 March 2020.
Business review
The company continued with its principal activity, providing corporate finance advice to businesses, their directors and, where appropriate, their shareholders. It holds an Investment Business licence from the Financial Conduct Authority ("FCA"), limited to advising on and arranging deals in investments. The company operates under its trading name "Amberley Advisory".
Principal risks and uncertainties
Regulatory risk
:
That the company breaches the Financial Services & Markets Act 2006 and subsequent legislation. The company, via its Compliance Officer, is very diligent in its processes, both in the taking on of new assignments and clients and in monitoring assignments through to their conclusion and sign-off. Its Anti-Money Laundering Officer ensures compliance with anti-money laundering legislation. The company's Compliance Manual is updated regularly and circulated to its officers, associates and consultants.
Performance risk:
That the company receives a claim from an aggrieved client. It has professional indemnity insurance cover and limits its liability on all assignments in its engagement letters.
Financial risk:
That a client either cannot or will not settle Amberley's fee notes. There is a good spread of clients and, where appropriate, stage payments are requested. As a matter of policy, work on a "fully contingent" basis is a relatively small percentage of its fee income and is monitored regularly.
Dependence on director:
The director undertakes most of the company's commercial activities. Should the director become indisposed for any reason, one of the company's associates is on stand-by to complete Amberley Advisory's commitments to its clients. There has been no requirement to utilise this stand-by arrangement since the company commenced activities in 2009.
Brexit risk:
Most of Amberley's clients are UK registered companies and consequently Amberley has no direct exposure to the outcome of Brexit. However, several of its client companies are exposed to the Brexit risk. In view of the present continuing uncertainty over the Brexit outcome, the director is not able to quantify the likely effect of Brexit on Amberley's client companies.
Financial key performance indicators
The business is a small advisory business and as such has little need of complex performance indicators. The levels of fees and profitability are monitored quarterly and the company's cash flow is regularly monitored. There are significant cash balances held at all times, the utilisation of which would allow sufficient time for any corrective action required to be taken.
C M Brook
Director
9 July 2020
AMBERLEY BUSINESS SERVICES LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2020
- 2 -
The director presents his annual report and financial statements for the year ended 31 March 2020.
Principal activities
The company undertakes corporate finance activities and is regulated for investment business by the Financial Conduct Authority.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
C M Brook
C M Brook owned the whole of the issued share capital throughout the year.
No share options or other rights to subscribe for shares was granted during the year.
Results and dividends
The results for the year are set out on page 6.
No ordinary dividends were paid. The director does not recommend payment of a final dividend.
Post reporting date events
Prior to the year end there was the outbreak of the pandemic Covid 19. Covid 19 has had little effect on Amberley’s business, which has operated from the home of its director since inception. Some clients have deferred corporate finance activity, but the company has found other work to fill this gap. At the current levels of operation, Amberley remains profitable and cash generating.
Future developments
The director expects to continue the company's activities for the foreseeable future in line with its current strategy.
Auditor
Mazars LLP resigned as auditors on 1 February 2020 and DSG were appointed as auditor to the company on the same day.
AMBERLEY BUSINESS SERVICES LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
Statement of director's responsibilities
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
Statement of disclosure to auditor
So far as
the
director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the director
has
taken all the necessary steps that he
ought to have taken as
a
director
in order to make
him
sel
f
aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
C M Brook
Director
9 July 2020
AMBERLEY BUSINESS SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF AMBERLEY BUSINESS SERVICES LIMITED
- 4 -
Opinion
We have audited the financial statements of Amberley Business Services Limited (the 'company') for the year ended 31 March 2020 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and 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 FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 March 2020 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.
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
Auditor's
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.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the director's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the director has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue
.
The director is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the director's r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
AMBERLEY BUSINESS SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF AMBERLEY BUSINESS SERVICES LIMITED
- 5 -
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 identifie
d
material misstatements in the strategic report and the director's
r
eport
.
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 director's remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's
r
esponsibilities
s
tatement, the director is 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 director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's 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 an auditor’s report 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.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities
.
This description forms part of our auditor’s report.
This report is made solely to the company's member 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 member those matters we are required to state to him in an auditor's report 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 member for our audit work, for this report, or for the opinions we have formed.
Iain White BSc FCA (Senior Statutory Auditor)
for and on behalf of DSG
15 July 2020
Chartered Accountants
Statutory Auditor
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
AMBERLEY BUSINESS SERVICES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2020
- 6 -
Year
Year
ended
ended
31 March
31 March
2020
2019
Notes
£
£
Turnover
3
88,099
61,547
Administrative expenses
(78,166)
(47,821)
Operating profit
4
9,933
13,726
Interest receivable and similar income
7
136
53
Profit before taxation
10,069
13,779
Tax on profit
8
(2,019)
(1,766)
Profit for the financial year
8,050
12,013
The profit and loss account has been prepared on the basis that all operations are continuing operations.
AMBERLEY BUSINESS SERVICES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 7 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
9
51
77
Tangible assets
10
285
425
336
502
Current assets
Debtors
11
12,738
9,075
Cash at bank and in hand
71,926
70,847
84,664
79,922
Creditors: amounts falling due within one year
12
(26,565)
(30,039)
Net current assets
58,099
49,883
Total assets less current liabilities
58,435
50,385
Capital and reserves
Called up share capital
13
25,000
25,000
Profit and loss reserves
33,435
25,385
Total equity
58,435
50,385
The financial statements were approved and signed by the director and authorised for issue on 9 July 2020
C M Brook
Director
Company Registration No. 06773867
AMBERLEY BUSINESS SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2020
- 8 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2018
25,000
13,372
38,372
Period ended 31 March 2019:
Profit and total comprehensive income for the period
-
12,013
12,013
Balance at 31 March 2019
25,000
25,385
50,385
Period ended 31 March 2020:
Profit and total comprehensive income for the period
-
8,050
8,050
Balance at 31 March 2020
25,000
33,435
58,435
AMBERLEY BUSINESS SERVICES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2020
- 9 -
2020
2019
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
15
2,728
27,949
Corporation tax paid
(1,785)
-
Net cash inflow from operating activities
943
27,949
Investing activities
Purchase of tangible fixed assets
-
(125)
Interest received
136
53
Net cash generated from/(used in) investing activities
136
(72)
Net increase in cash and cash equivalents
1,079
27,877
Cash and cash equivalents at beginning of year
70,847
42,970
Cash and cash equivalents at end of year
71,926
70,847
AMBERLEY BUSINESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 10 -
1
Accounting policies
Company information
Amberley Business Services Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
46 Brooklands Drive, Goostrey, Cheshire, CW4 8JD.
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.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VA
T.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.
Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Software
33% reducing balance
1.5
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
33% reducing balance
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
.
AMBERLEY BUSINESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 11 -
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts
, where applicable,
are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
AMBERLEY BUSINESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 12 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
AMBERLEY BUSINESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 13 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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.
There are no estimates and assumptions that are considered to have a significant risk of causing a material
adjustment to the carrying amount of assets and liabilities.
3
Turnover and other revenue
2020
2019
£
£
Turnover analysed by class of business
Fees
88,099
61,547
2020
2019
£
£
Other significant revenue
Interest income
136
53
All turnover arose within the United Kingdom.
4
Operating profit
2020
2019
Operating profit for the period is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
3,100
2,600
Depreciation of owned tangible fixed assets
140
202
(Profit)/loss on disposal of tangible fixed assets
-
18
Amortisation of intangible assets
26
38
AMBERLEY BUSINESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 14 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Director
1
1
Their aggregate remuneration comprised:
2020
2019
£
£
Wages and salaries
30,000
10,000
Social security costs
2,949
217
32,949
10,217
6
Director's remuneration
2020
2019
£
£
Remuneration for qualifying services
30,000
10,000
7
Interest receivable and similar income
2020
2019
£
£
Interest income
Interest on bank deposits
136
53
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
136
53
8
Taxation
2020
2019
£
£
Current tax
UK corporation tax on profits for the current period
2,000
1,766
Adjustments in respect of prior periods
19
-
Total current tax
2,019
1,766
AMBERLEY BUSINESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
8
Taxation
(Continued)
- 15 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2020
2019
£
£
Profit before taxation
10,069
13,779
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2019: 19.00%)
1,913
2,618
Tax effect of expenses that are not deductible in determining taxable profit
35
37
Tax effect of utilisation of tax losses not previously recognised
-
(914)
Permanent capital allowances in excess of depreciation
32
25
Other permanent differences
20
-
Under/(over) provided in prior years
19
-
Taxation charge for the period
2,019
1,766
9
Intangible fixed assets
Software
£
Cost
At 1 April 2019 and 31 March 2020
2,536
Amortisation and impairment
At 1 April 2019
2,459
Amortisation charged for the year
26
At 31 March 2020
2,485
Carrying amount
At 31 March 2020
51
At 31 March 2019
77
AMBERLEY BUSINESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 16 -
10
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 April 2019 and 31 March 2020
2,529
Depreciation and impairment
At 1 April 2019
2,104
Depreciation charged in the year
140
At 31 March 2020
2,244
Carrying amount
At 31 March 2020
285
At 31 March 2019
425
11
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
11,891
8,334
Prepayments and accrued income
847
741
12,738
9,075
12
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
1,330
1,860
Corporation tax
2,000
1,766
Other taxation and social security
17,570
12,038
Other creditors
-
8,000
Accruals and deferred income
5,665
6,375
26,565
30,039
13
Share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
25,000 Ordinary shares of £1 each
25,000
25,000
AMBERLEY BUSINESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 17 -
14
Directors' transactions
During the year the company repaid in full the director's loan account balance owed to CM Brook as at 31 March 2019.
15
Cash generated from operations
2020
2019
£
£
Profit for the year after tax
8,050
12,013
Adjustments for:
Taxation charged
2,019
1,766
Investment income
(136)
(53)
(Gain)/loss on disposal of tangible fixed assets
-
18
Amortisation and impairment of intangible assets
26
38
Depreciation and impairment of tangible fixed assets
140
202
Movements in working capital:
(Increase)/decrease in debtors
(3,663)
497
(Decrease)/increase in creditors
(3,708)
13,468
Cash generated from operations
2,728
27,949
16
Analysis of changes in net funds
1 April 2019
Cash flows
31 March 2020
£
£
£
Cash at bank and in hand
70,847
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