Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
|
|
|
208,718 | 168,677 | |||
Current assets | ||||
Stocks |
|
|
||
Debtors | ||||
- due within one year | 5 |
|
|
|
- due after more than one year | 5 |
|
|
|
Cash at bank and in hand |
|
|
||
1,147,202 | 1,273,771 | |||
Creditors: amounts falling due within one year | 6 | (
|
(
|
|
Net current assets | 911,152 | 807,863 | ||
Total assets less current liabilities | 1,119,870 | 976,540 | ||
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital |
|
|
||
Profit and loss account |
|
|
||
Total shareholders' funds |
|
|
Directors' responsibilities:
The financial statements of Albrow & Sons Limited (registered number:
H R Albrow
Director |
R J Albrow
Director |
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.
Albrow & Sons 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 10 All Saints Green, Norwich, Norfolk, NR1 3NA, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, 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 £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so 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.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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 profit or loss 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.
Goodwill |
|
Land and buildings |
|
Plant and machinery |
|
Vehicles |
|
Fixtures and fittings |
|
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.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position 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.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 01 July 2022 |
|
|
|
At 30 June 2023 |
|
|
|
Accumulated amortisation | |||
At 01 July 2022 |
|
|
|
At 30 June 2023 |
|
|
|
Net book value | |||
At 30 June 2023 |
|
|
|
At 30 June 2022 |
|
|
Land and buildings | Plant and machinery | Vehicles | Fixtures and fittings | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 July 2022 |
|
|
|
|
|
||||
Additions |
|
|
|
|
|
||||
Disposals |
|
|
(
|
|
(
|
||||
At 30 June 2023 |
|
|
|
|
|
||||
Accumulated depreciation | |||||||||
At 01 July 2022 |
|
|
|
|
|
||||
Charge for the financial year |
|
|
|
|
|
||||
Disposals |
|
|
(
|
|
(
|
||||
At 30 June 2023 |
|
|
|
|
|
||||
Net book value | |||||||||
At 30 June 2023 |
|
|
|
|
|
||||
At 30 June 2022 |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Debtors: amounts falling due within one year | |||
Prepayments |
|
|
|
Deferred tax asset |
|
|
|
Other debtors |
|
|
|
|
|
||
Debtors: amounts falling due after more than one year | |||
Other debtors |
|
|
2023 | 2022 | ||
£ | £ | ||
Trade creditors |
|
|
|
Accruals |
|
|
|
Corporation tax |
|
|
|
Other taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
At the beginning of financial year |
|
(
|
|
(Charged)/credited to the Income Statement | (
|
|
|
At the end of financial year |
|
|
The deferred taxation balance is made up as follows:
2023 | 2022 | ||
£ | £ | ||
Accelerated capital allowances |
|
|
|
Pension Surplus |
|
|
|
|
|
Pensions
The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
2023 | 2022 | ||
£ | £ | ||
Unpaid contributions due to the fund (inc. in other creditors) | 123 | 132 | |
Other pensions commitments not shown in the Balance Sheet | 1,524 | 1,589 | |
|
|
At the year end the directors were owed £82,141 (2022: £255,599) which is repayable on demand. Interest of £1,400 (2022: £5,090) was paid to the directors on these loans.