REGISTERED NUMBER:
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Strategic Report, Report of the Director and |
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Financial Statements |
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for the Year Ended 31 December 2019 |
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for |
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AMBRA POLYMERS LTD |
REGISTERED NUMBER:
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Strategic Report, Report of the Director and |
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Financial Statements |
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for the Year Ended 31 December 2019 |
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for |
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AMBRA POLYMERS LTD |
AMBRA POLYMERS LTD (REGISTERED NUMBER: 11165129) |
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Contents of the Financial Statements |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Director | 3 |
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Report of the Independent Auditors | 5 |
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Statement of Comprehensive Income | 8 |
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Balance Sheet | 9 |
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Statement of Changes in Equity | 10 |
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Notes to the Financial Statements | 11 |
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AMBRA POLYMERS LTD |
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Company Information |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants & Registered Auditors |
6 - 8 Bath Street |
Bristol |
BS1 6HL |
AMBRA POLYMERS LTD (REGISTERED NUMBER: 11165129) |
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Strategic Report |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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The director presents his strategic report for the year ended 31 December 2019. |
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REVIEW OF BUSINESS |
The business has continued to grow throughout 2019 with turnover significantly increasing and the company |
generating a profit. During this growth phase, the business has enhanced its profile within the thermoplastics industry |
and been able to expand its customer base whilst meeting its regular commitments and maintaining appropriate cash |
flow. |
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POSITION AT THE END OF THE PERIOD |
Net assets at the year end were £44k (2018: 40k). |
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FUTURE DEVELOPMENTS |
The company will continue to explore all business opportunities whilst developing its reputation within the industry |
and sustaining profitable results. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The director considers there to be few significant financial risks to the business at the current time. |
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The company's activities expose it to the financial risk of changes in foreign currency exchange rates. The business is |
in the process of utilising it's foreign currency bank accounts to mitigate this risk. |
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The business's principal financial instruments comprise bank balances, trade debtors and trade creditors. The main |
purpose of these instruments is to finance the business's operations.The activities of the company |
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In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding |
and flexibility through the use of banking facilities. |
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Trade debtors are managed in terms of credit and cash flow risk by policies concerning credit offered to customers and |
the regular monitoring of amounts outstanding for both time and credit limits. All amounts shown in trade debtors at |
the balance sheet date have been since received, thereby requiring no provisions for bad or doubtful debt. |
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Trade creditors liquidity risk is managed by ensuring that sufficient funds are available to meet amounts due. |
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ON BEHALF OF THE BOARD: |
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AMBRA POLYMERS LTD (REGISTERED NUMBER: 11165129) |
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Report of the Director |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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The director presents his report with the financial statements of the company for the year ended 31 December 2019. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the provision of thermoplastic solutions. |
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DIRECTOR |
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GOING CONCERN |
The financial statements are prepared on a going concern basis despite the company having negative retained earnings |
totalling £55,778. In the company's first full year of trading, revenue has significant increased and the business |
generated a profit. |
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The director has reviewed and considered relevant information, including financial data in making his assessment. In |
response to the COVID-19 pandemic, the parent company has provided financial support to the company for a period |
of at least twelve months from the signing date, which indicates that the company will continue to meet its obligations |
as they fall due. The director has studied various analysis to take into account the impact on the business of possible |
scenarios brought on by the impact of COVID-19, alongside the measures that can be taken to mitigate the impact. |
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Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, |
and the current resources available, the director has concluded that the business can continue to adopt the going |
concern basis in preparing the annual report and accounts. |
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STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements |
in accordance with applicable law and regulations. |
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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: |
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- select suitable accounting policies and then apply them consistently; |
- make judgements and accounting estimates that are reasonable and prudent; |
- state whether applicable 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. |
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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. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is 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 he 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. |
AMBRA POLYMERS LTD (REGISTERED NUMBER: 11165129) |
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Report of the Director |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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AUDITORS |
The auditors, Haines Watts, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to |
small companies. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Ambra Polymers Ltd |
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Opinion |
We have audited the financial statements of Ambra Polymers Ltd (the 'company') for the year ended |
31 December 2019 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in |
Equity 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 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: |
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give a true and fair view of the state of the company's affairs as at 31 December 2019 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 |
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 directors' 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. |
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However, not all future events or conditions can be predicted. The COVID-19 viral pandemic is one of the most |
significant economic events for the UK with unprecedented levels of uncertainty of outcomes. It is therefore difficult to |
evaluate all of the potential implications on the company's trade, customers, suppliers and wider economy. The |
directors' view on the impact of COVID-19 is disclosed on page 11 within the accounting policies note. |
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Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic |
Report and the Report of the Director, 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 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. |
Report of the Independent Auditors to the Members of |
Ambra Polymers Ltd |
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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: |
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the information given in the Strategic Report and the Report of the Director for the financial year for which the
financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal
requirements. |
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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 Strategic Report or the Report of the Director. |
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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: |
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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; or |
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the director was not entitled to take advantage of the small companies' exemption from the requirement to prepare
a Strategic Report or in preparing the Report of the Director. |
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Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, 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 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 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. |
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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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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 |
Ambra Polymers Ltd |
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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 & Registered Auditors |
6 - 8 Bath Street |
Bristol |
BS1 6HL |
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AMBRA POLYMERS LTD (REGISTERED NUMBER: 11165129) |
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Statement of Comprehensive Income |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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Period |
23.1.18 |
Year Ended | to |
31.12.19 | 31.12.18 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales | ( |
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GROSS PROFIT/(LOSS) |
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Distribution costs | ( |
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Administrative expenses | ( |
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OPERATING PROFIT/(LOSS) | 4 |
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Interest payable and similar expenses | 5 | ( |
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PROFIT/(LOSS) BEFORE TAXATION |
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Tax on profit/(loss) | 6 |
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PROFIT/(LOSS) FOR THE FINANCIAL
YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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AMBRA POLYMERS LTD (REGISTERED NUMBER: 11165129) |
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Balance Sheet |
31 DECEMBER 2019 |
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2019 | 2018 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks | 7 |
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Debtors | 8 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 9 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings | 11 | ( |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved and authorised for issue by the director and authorised for issue on
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AMBRA POLYMERS LTD (REGISTERED NUMBER: 11165129) |
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Statement of Changes in Equity |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Changes in equity |
Deficit for the period | - | (60,138 | ) | (60,138 | ) |
Total comprehensive income | - | ( |
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Issue of share capital |
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Balance at 31 December 2018 |
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Changes in equity |
Profit for the year | - | 4,360 | 4,360 |
Total comprehensive income | - |
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Balance at 31 December 2019 |
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( |
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AMBRA POLYMERS LTD (REGISTERED NUMBER: 11165129) |
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Notes to the Financial Statements |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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1. | COMPANY INFORMATION |
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Ambra Polymers Ltd is a
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company's registered number and registered office address can be found on the Company Information page. |
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The company's principal activities and nature of its operations are disclosed in the Directors' Report. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The |
Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
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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 £. |
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The financial statements have been prepared on the historical cost convention. The principal accounting |
policies are set out below. |
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Going concern |
The financial statements are prepared on a going concern basis despite the company having negative retained |
earnings totalling £55,778. In the company's first full year of trading, revenue has significant increased and the |
business generated a profit. |
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The director has reviewed and considered relevant information, including financial data in making his |
assessment. In response to the COVID-19 pandemic, the parent company has provided financial support to the |
company for a period of at least twelve months from the signing date, which indicates that the company will |
continue to meet its obligations as they fall due. The director has studied various analysis to take into account |
the impact on the business of possible scenarios brought on by the impact of COVID-19, alongside the |
measures that can be taken to mitigate the impact. |
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Based on these assessments, given the measures that could be undertaken to mitigate the current adverse |
conditions, and the current resources available, the director has concluded that the business can continue to |
adopt the going concern basis in preparing the annual report and accounts. |
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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial |
statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of |
Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents amounts |
receivable for goods provided in the normal course of business, net of discounts, VAT and other sales related |
taxes. |
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Stocks |
Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials and where |
applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their |
present location and condition. |
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Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred |
in marketing, selling and distribution. |
AMBRA POLYMERS LTD (REGISTERED NUMBER: 11165129) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Cash and cash equivalents |
Cash and cash equivalents 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 are shown |
within borrowings in current liabilities. |
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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 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. |
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Basic financial assets |
Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash |
and bank balances, are initially measured at transaction price including transaction costs and are subsequently |
carried at amortised cost. 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. |
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Basic financial liabilities |
Basic financial liabilities, including trade and other creditors and amounts due to group undertakings 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 payments discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial |
liabilities are derecognised when, and only when, the company's contractual obligations are discharged, |
cancelled, or they expire. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive |
Income, 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. |
AMBRA POLYMERS LTD (REGISTERED NUMBER: 11165129) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange |
ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating |
result. |
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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 |
Period |
23.1.18 |
Year Ended | to |
31.12.19 | 31.12.18 |
£ | £ |
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: |
Period |
23.1.18 |
Year Ended | to |
31.12.19 | 31.12.18 |
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Direct staff | 1 | 1 |
Directors | 1 | 1 |
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A defined contribution pension scheme is operated by the company on behalf of its employees. The assets of |
the scheme are held separately from those of the company in an independently administered fund. The pension |
charge represents contributions payable by the company to the fund and amounted to £1,118 (2018: £530). |
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Period |
23.1.18 |
Year Ended | to |
31.12.19 | 31.12.18 |
£ | £ |
Director's remuneration |
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AMBRA POLYMERS LTD (REGISTERED NUMBER: 11165129) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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4. | OPERATING PROFIT/(LOSS) |
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The operating profit (2018 - operating loss) is stated after charging: |
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Period |
23.1.18 |
Year Ended | to |
31.12.19 | 31.12.18 |
£ | £ |
Auditors' remuneration |
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Other services relating to taxation | 545 | 545 |
All other services | 8,947 | 5,723 |
Foreign exchange differences |
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5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
23.1.18 |
Year Ended | to |
31.12.19 | 31.12.18 |
£ | £ |
Bank interest |
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Group loan interest |
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6. | TAXATION |
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Analysis of the tax charge |
No liability to UK corporation tax arose for the year ended 31 December 2019 nor for the period ended |
31 December 2018. |
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7. | STOCKS |
2019 | 2018 |
£ | £ |
Stocks |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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Called up share capital not paid |
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AMBRA POLYMERS LTD (REGISTERED NUMBER: 11165129) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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VAT | 73,805 | 2,539 |
Other creditors |
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Accrued expenses |
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10. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Share capital 1 | £1 | 100,000 | 100,000 |
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11. | RESERVES |
Retained |
earnings |
£ |
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At 1 January 2019 | ( |
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Profit for the year |
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At 31 December 2019 | ( |
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12. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with the wholly owned group companies. |
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13. | PARENT COMPANY |
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The company is a wholly owned subsidiary of Ambra Polimeri S.R.L., a company incorporated in Italy. Its |
registered office is Via Celeste Milani, 21040 Orrigio (Va), Italy. |