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Company registration number: 10239695
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FOR THE YEAR ENDED
31 DECEMBER 2019
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COMPANY INFORMATION
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L.R.C. Dowden (resigned 21 November 2019)
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D.J. Stewart (resigned 21 November 2019)
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T. White (resigned 21 November 2019)
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R.E. Brough (appointed 17 November 2019, resigned 21 November 2019)
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Chartered Accountants & Statutory Auditor
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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AMBIT MOAT LIMITED
REGISTERED NUMBER:10239695
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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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Total assets less current liabilities
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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 income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 5 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
Ambit Moat Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is disclosed on the company information page.
The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £.
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.
The following principal accounting policies have been applied:
The emergence and spread of COVID-19 in 2020, the associated social distancing measures and imposed travel restrictions have significantly impacted businesses globally.
As a result of the pandemic, the Company's trade has been impacted by a reduction in revenue streams, reflecting uncertainty in the wider economic environment.
Whilst COVID-19 has impacted the Company given the current uncertainties that exist regarding the duration
and extent of the pandemic, at this stage it is not possible to reliably forecast the full extent of this impact.
The Company is in a strong financial position with year end cash reserves of £2,794,077 and enjoys the support of group companies, as such it is expected that the Company will be able to continue to meet its liabilities as they fall due and for a period of at least one year from the date of signing these financial statements.
The directors therefore consider that the going concern basis of preparation continues to be appropriate.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Further detail of revenue recognition can be found under the accounting policy for construction contracts.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.Accounting policies (continued)
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs
are recognised by reference to the stage of completion of the contract activity as at the period end.
Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent
of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an
expense in the period in which they are incurred.
When it is probable that total contract costs will exceed total contract revenue, the expected loss is expensed
immediately, with a corresponding provision for an onerous contract being recognised.
Where the collectability of an amount already recognised as contract revenue is no longer probable, the
uncollectible amount is expensed rather than recognised as an adjustment to the amount of contract revenue.
The entity uses the percentage of completion method to determine the amounts to be recognised in the
period. The stage of completion is measured by reference to the contract costs incurred up to the end of the
reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed
to date do not include costs relating to future activity, such as for materials or prepayments.
The taxation expense represents the aggregate amount of current tax recognised in the reporting
period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other
comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or
directly in equity, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the
amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or
substantively enacted at the reporting date.
Companies within the group do not make any accounting adjustment for the benefit of taxation losses that are
transferred between group companies.
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual
provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes
a financing transaction, where it is recognised at the present value of the future payments discounted at a
market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
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 entity after deducting all of its financial liabilities.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.
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The average monthly number of employees, including directors, during the year was 20 (2018 - 13).
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Amounts owed by group undertakings
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Amounts recoverable on long term contracts
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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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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
The company has provided Lloyds Bank Plc with a debenture and omnibus guarantees to secure borrowings of other companies within the group. At 31 December 2019 the group had no bank borrowings (2018: £Nil). It is therefore not expected that any liability will crystalise for the company or the group in respect of this guarantee.
The parent of the smallest and largest group of undertakings for which group statements have been drawn up is that headed by Workplace Futures Group Limited. The address of their registered office is: Gordon House, Greencoat Place, London, SW1P 1PH. Copies of the consolidated financial statements of Workplace Futures Group Limited are available from Companies House, Crown Way, Cardiff, CF14 3UZ.
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Ultimate controlling party
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The directors consider that T.J. Benzecry is the ultimate controlling party.
The auditors' report on the financial statements for the year ended 31 December 2019 was unqualified.
The audit report was signed by Andrew Hookway FCA (Senior Statutory Auditor) for and on behalf of Menzies LLP.
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