Silverfin false false 30/06/2023 01/07/2022 30/06/2023 Mrs S Chadwick 01/10/2013 Mr I Smith 01/10/2013 Mr J Smith 01/10/2013 13 February 2024 The principal activity of the company continued to be that of the manufacture and distribution of plastic extrusions and related products. 01984499 2023-06-30 01984499 bus:Director1 2023-06-30 01984499 bus:Director2 2023-06-30 01984499 bus:Director3 2023-06-30 01984499 2022-06-30 01984499 core:CurrentFinancialInstruments 2023-06-30 01984499 core:CurrentFinancialInstruments 2022-06-30 01984499 core:Non-currentFinancialInstruments 2023-06-30 01984499 core:Non-currentFinancialInstruments 2022-06-30 01984499 core:ShareCapital 2023-06-30 01984499 core:ShareCapital 2022-06-30 01984499 core:RevaluationReserve 2023-06-30 01984499 core:RevaluationReserve 2022-06-30 01984499 core:CapitalRedemptionReserve 2023-06-30 01984499 core:CapitalRedemptionReserve 2022-06-30 01984499 core:RetainedEarningsAccumulatedLosses 2023-06-30 01984499 core:RetainedEarningsAccumulatedLosses 2022-06-30 01984499 core:LandBuildings 2022-06-30 01984499 core:PlantMachinery 2022-06-30 01984499 core:Vehicles 2022-06-30 01984499 core:FurnitureFittings 2022-06-30 01984499 core:LandBuildings 2023-06-30 01984499 core:PlantMachinery 2023-06-30 01984499 core:Vehicles 2023-06-30 01984499 core:FurnitureFittings 2023-06-30 01984499 2022-07-01 2023-06-30 01984499 bus:FilletedAccounts 2022-07-01 2023-06-30 01984499 bus:SmallEntities 2022-07-01 2023-06-30 01984499 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 01984499 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 01984499 bus:Director1 2022-07-01 2023-06-30 01984499 bus:Director2 2022-07-01 2023-06-30 01984499 bus:Director3 2022-07-01 2023-06-30 01984499 core:LandBuildings core:TopRangeValue 2022-07-01 2023-06-30 01984499 core:PlantMachinery 2022-07-01 2023-06-30 01984499 core:Vehicles 2022-07-01 2023-06-30 01984499 core:FurnitureFittings 2022-07-01 2023-06-30 01984499 2021-07-01 2022-06-30 01984499 core:LandBuildings 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure

Company No: 01984499 (England and Wales)

ALBION EXTRUSIONS LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

ALBION EXTRUSIONS LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

ALBION EXTRUSIONS LIMITED

BALANCE SHEET

As at 30 June 2023
ALBION EXTRUSIONS LIMITED

BALANCE SHEET (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 969,397 902,656
969,397 902,656
Current assets
Stocks 246,000 238,000
Debtors 5 293,434 274,447
Cash at bank and in hand 45,065 156,692
584,499 669,139
Creditors: amounts falling due within one year 6 ( 339,973) ( 246,532)
Net current assets 244,526 422,607
Total assets less current liabilities 1,213,923 1,325,263
Creditors: amounts falling due after more than one year 7 ( 83,413) ( 78,482)
Provision for liabilities 8 ( 65,227) ( 58,597)
Net assets 1,065,283 1,188,184
Capital and reserves
Called-up share capital 2,499 2,499
Revaluation reserve 271,238 279,784
Capital redemption reserve 1,275 1,275
Profit and loss account 790,271 904,626
Total shareholders' funds 1,065,283 1,188,184

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Albion Extrusions Limited (registered number: 01984499) were approved and authorised for issue by the Board of Directors on 13 February 2024. They were signed on its behalf by:

Mrs S Chadwick
Director
ALBION EXTRUSIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
ALBION EXTRUSIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Albion Extrusions Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Penrose Works, Penrose Street, Off Bury New Road, BL2 6DX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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 VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

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.

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:

Land and buildings 50 years straight line
Plant and machinery 10 - 20 % reducing balance
Vehicles 20 % reducing balance
Fixtures and fittings 25 % reducing balance
Leases

The Company as lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. 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.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

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.

Basic 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, including creditors that are classified as debt, 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. 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. Amounts 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.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are 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.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 22 24

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 July 2022 933,850 569,680 83,163 44,581 1,631,274
Additions 42,522 75,125 0 24,560 142,207
Disposals 0 ( 49,945) 0 0 ( 49,945)
At 30 June 2023 976,372 594,860 83,163 69,141 1,723,536
Accumulated depreciation
At 01 July 2022 234,891 403,964 56,571 33,192 728,618
Charge for the financial year 19,366 42,892 6,648 4,890 73,796
Disposals 0 ( 48,275) 0 0 ( 48,275)
At 30 June 2023 254,257 398,581 63,219 38,082 754,139
Net book value
At 30 June 2023 722,115 196,279 19,944 31,059 969,397
At 30 June 2022 698,959 165,716 26,592 11,389 902,656

Revaluation of tangible assets

The freehold land and buildings at Penrose Street were last revalued on 30 June 2007.

If revalued assets were stated on a historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

2023 2022
£ £
Historical cost 555,427 512,905
Accumulated depreciation (117,811) (106,703)
Carrying value 437,616 406,202

5. Debtors

2023 2022
£ £
Trade debtors 175,191 146,034
Corporation tax 16,919 34,133
Other debtors 101,324 94,280
293,434 274,447

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 9,994 9,747
Trade creditors 142,247 113,169
Taxation and social security 56,292 23,816
Obligations under finance leases and hire purchase contracts 47,325 28,648
Other creditors 84,115 71,152
339,973 246,532

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 20,752 30,746
Obligations under finance leases and hire purchase contracts 62,661 47,736
83,413 78,482

8. Provision for liabilities

2023 2022
£ £
Deferred tax 65,227 58,597

9. Related party transactions

Transactions with the entity's directors

At the year end, Mr J Smith owed the company £60,587 on his director's loan account (2022 - £57,739). The loan is currently interest free and has no fixed repayment terms.