Registered number:
11637213
AMBIENTE GROUP UK LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 31 DECEMBER 2019
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AMBIENTE GROUP UK LIMITED
REGISTERED NUMBER:
11637213
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2019
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
16 July 2020
.
The notes on pages 2 to 6 form part of these financial statements.
Page 1
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AMBIENTE GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2019
Ambiente Group UK Limited is a private company limited by shares, registered in England and Wales (company number: 11637213). The registered office is 10 Queen Street Place, London, EC4R 1AG and the principal place of business is 5th Floor, 20 Old Bailey, London, EC4M 7AN.
The principal activity is the provision of consultancy services.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The following principal accounting policies have been applied:
The directors have prepared financial projections for the period covering twelve months from the date of these financial statements. Due to the level of uncertainty over the impact of the global pandemic on the financial performance of the business, sensitivity analysis has been performed to model the impact of more adverse trends compared to those included in the original financial projections. These sensitivities seek to model the impact of possible downside risks to the achievement of the financial projections. The sensitivities applied were a further decrease in future sales rates, and a reduction in gross margins. The forecasts and projections used were based on what is known and relevant information available at the time. Per the analysis, evidence exists that there will be sufficient resources to continue normal trade for the foreseeable future. Whilst the company has made a loss, moving forward it will recognise new sales streams due to the consolidation of group entities with a common parent expecting to turn the company profitable. Additionally, the parent company has confirmed its willingness to support the working capital needs of the company for the foreseeable future. As such, the Directors believe it appropriate to prepare the financial statements on a going concern basis.
Page 2
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AMBIENTE GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2019
2.
Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income
except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙
the amount of revenue can be measured reliably;
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it is probable that the Company will receive the consideration due under the contract;
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the stage of completion of the contract at the end of the reporting period can be measured reliably; and
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the costs incurred and the costs to complete the contract can be measured reliably.
Page 3
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AMBIENTE GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2019
2.
Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 4
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AMBIENTE GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2019
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The average monthly number of employees, including directors, during the period was
9
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Charge for the period on owned assets
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Page 5
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AMBIENTE GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2019
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Post balance sheet events
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The accounts are approved during a period when there is much uncertainty as a result of the international Pandemic of the Novel Corona Virus (“COVID-19”). In the directors’ view, consistent with many others in the industry, the COVID-19 virus is considered to be a non-adjusting post balance sheet event and no adjustment is made in the financial statements as a result. The Company’s response has been to move quickly to protect the health and safety of its staff and clients, and to adjust operational procedures as necessary to continue providing high quality service. The impacts of COVID-19 have been mitigated by the diversity of services and revenue streams of the company. To date, the impact of COVID-19 has had a slightly negative, but generally negligible impact on the business.
Nova Consulting Group Inc, a company registered in the United States of America is considered to be the ultimate controlling party.
The auditors' report on the financial statements for the period ended 31 December 2019 was unqualified.
The audit report was signed on
16 July 2020
by
Gareth Ogden
(Senior Statutory Auditor) on behalf of
Haysmacintyre LLP
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Page 6
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