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Company No: 05127975 (England and Wales)

ALBROW & SONS LIMITED

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

ALBROW & SONS LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

ALBROW & SONS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2023
ALBROW & SONS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 208,718 168,677
208,718 168,677
Current assets
Stocks 706,743 661,850
Debtors
- due within one year 5 17,205 15,562
- due after more than one year 5 61,464 61,464
Cash at bank and in hand 361,790 534,895
1,147,202 1,273,771
Creditors: amounts falling due within one year 6 ( 236,050) ( 465,908)
Net current assets 911,152 807,863
Total assets less current liabilities 1,119,870 976,540
Net assets 1,119,870 976,540
Capital and reserves
Called-up share capital 100 100
Profit and loss account 1,119,770 976,440
Total shareholders' funds 1,119,870 976,540

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 Albrow & Sons Limited (registered number: 05127975) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

H R Albrow
Director
R J Albrow
Director

18 March 2024

ALBROW & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
ALBROW & SONS 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

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 £.

Going concern

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

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

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.

Taxation

Current tax
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.

Pensions

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

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.

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 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.

Dividends

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 8

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 July 2022 25,950 25,950
At 30 June 2023 25,950 25,950
Accumulated amortisation
At 01 July 2022 25,950 25,950
At 30 June 2023 25,950 25,950
Net book value
At 30 June 2023 0 0
At 30 June 2022 0 0

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 July 2022 206,653 18,284 57,337 36,876 319,150
Additions 0 0 51,250 1,453 52,703
Disposals 0 0 ( 26,557) 0 ( 26,557)
At 30 June 2023 206,653 18,284 82,030 38,329 345,296
Accumulated depreciation
At 01 July 2022 53,760 15,678 49,529 31,506 150,473
Charge for the financial year 4,133 391 2,823 1,573 8,920
Disposals 0 0 ( 22,815) 0 ( 22,815)
At 30 June 2023 57,893 16,069 29,537 33,079 136,578
Net book value
At 30 June 2023 148,760 2,215 52,493 5,250 208,718
At 30 June 2022 152,893 2,606 7,808 5,370 168,677

5. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Prepayments 8,848 8,048
Deferred tax asset 226 803
Other debtors 8,131 6,711
17,205 15,562
Debtors: amounts falling due after more than one year
Other debtors 61,464 61,464

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 33,435 61,862
Accruals 14,922 15,890
Corporation tax 91,280 131,380
Other taxation and social security 13,986 868
Other creditors 82,427 255,908
236,050 465,908

7. Deferred tax

2023 2022
£ £
At the beginning of financial year 803 ( 372)
(Charged)/credited to the Income Statement ( 577) 1,175
At the end of financial year 226 803

The deferred taxation balance is made up as follows:

2023 2022
£ £
Accelerated capital allowances 193 770
Pension Surplus 33 33
226 803

8. Financial commitments

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
1,647 1,721

9. Related party transactions

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.