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REGISTERED NUMBER: 01819489 (England and Wales)














ALBION ELECTRIC STORES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023






ALBION ELECTRIC STORES LIMITED (REGISTERED NUMBER: 01819489)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ALBION ELECTRIC STORES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: G W Jefferies
C D Jefferies





SECRETARY: C D Jefferies





REGISTERED OFFICE: Albion House
Aire Bank Works
South Accommodation Road
Hunslet Leeds
LS10 1PR





REGISTERED NUMBER: 01819489 (England and Wales)





ACCOUNTANTS: UHY BPR Heaton
Chartered Accountants
Glenewes House
Gate Way Drive
Leeds
West Yorkshire
LS19 7XY

ALBION ELECTRIC STORES LIMITED (REGISTERED NUMBER: 01819489)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 416,845 405,489

CURRENT ASSETS
Stocks 191,855 168,738
Debtors 5 221,536 300,263
Cash at bank and in hand 53,557 45,353
466,948 514,354
CREDITORS
Amounts falling due within one year 6 390,336 463,049
NET CURRENT ASSETS 76,612 51,305
TOTAL ASSETS LESS CURRENT
LIABILITIES

493,457

456,794

PROVISIONS FOR LIABILITIES 11,113 7,826
NET ASSETS 482,344 448,968

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 7 284,267 280,467
Retained earnings 197,977 168,401
SHAREHOLDERS' FUNDS 482,344 448,968

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ALBION ELECTRIC STORES LIMITED (REGISTERED NUMBER: 01819489)

BALANCE SHEET - continued
31 JULY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 February 2024 and were signed on its behalf by:





C D Jefferies - Director


ALBION ELECTRIC STORES LIMITED (REGISTERED NUMBER: 01819489)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1. STATUTORY INFORMATION

Albion Electric Stores Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - 2% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using the value at the Statement of Financial Position date.

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit and loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

ALBION ELECTRIC STORES LIMITED (REGISTERED NUMBER: 01819489)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

Financial assets and liabilities are initially measured at transaction price, except for those financial assets classified as at fair value through profit and loss.

Basic financial instruments
Basic financial instruments are those with relatively straight forward terms and would normally include cash, bank balances, trade debtors, trade creditors and uncomplicated bank loans.

When the arrangement does not constitute a financing transaction, e.g. trade debtors on normal commercial terms, the debtor will be valued initially at transaction price (i.e. cost) and subsequently at transaction price less impairment (if any) due to concerns over recoverability.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 9 ) .

ALBION ELECTRIC STORES LIMITED (REGISTERED NUMBER: 01819489)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 August 2022 380,000 262,778 642,778
Additions - 25,740 25,740
Disposals - (86,501 ) (86,501 )
At 31 July 2023 380,000 202,017 582,017
DEPRECIATION
At 1 August 2022 - 237,289 237,289
Charge for year 3,800 12,311 16,111
Eliminated on disposal - (84,428 ) (84,428 )
Revaluation adjustments (3,800 ) - (3,800 )
At 31 July 2023 - 165,172 165,172
NET BOOK VALUE
At 31 July 2023 380,000 36,845 416,845
At 31 July 2022 380,000 25,489 405,489

Included in cost or valuation of land and buildings is freehold land of £ 190,000 (2022 - £ 190,000 ) which is not depreciated.

Cost or valuation at 31 July 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Cost 380,000 202,017 582,017

If freehold property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 162,148 162,148

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 160,166 244,735
Other debtors 61,370 55,528
221,536 300,263

ALBION ELECTRIC STORES LIMITED (REGISTERED NUMBER: 01819489)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 84,254 109,726
Trade creditors 104,233 136,261
Amounts owed to group undertakings 55,545 55,769
Taxation and social security 49,229 34,827
Other creditors 97,075 126,466
390,336 463,049

Nil (2022: £17,500) of the bank loan and overdraft is CBILS, secured by a government backed guarantee. The remaining balance is secured by a legal charge over the company assets.

7. RESERVES
Revaluation
reserve
£   
At 1 August 2022 280,467
Revaluation adjustment 3,800

At 31 July 2023 284,267

8. RELATED PARTY DISCLOSURES

The balance owed to Albion Electric (Holdings) Limited at the year end was £55,545 (2022: £55,769). Other creditors includes £59,737 (2022: £64,500) owed to the directors.

9. CONTROLLING PARTY

The company was under the control of Albion Electric (Holdings) Limited who own 100% of the issued share capital of the company. The directors G Jefferies and C Jefferies hold 50% each of the issued share capital of Albion Electric (Holdings) Limited.