Company registration number:
for the Year Ended
Alberti Limited
(Registration number: 02882348)
Balance Sheet as at 31 October 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
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Deferred tax liabilities |
(264,840) |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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Total equity |
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These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
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Alberti Limited
Notes to the Financial Statements
for the Year Ended 31 October 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
The principal place of business is:
Unit 9
Allenbrook Road
Rosehill Industrial Estate
Carlisle
CA1 2UT
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are presented in Sterling (£).
Alberti Limited
Notes to the Financial Statements
for the Year Ended 31 October 2023
Key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these significant judgements and estimate have been made include:
1. The going concern basis of preparation
The directors consider it appropriate to prepare the financial statements on a going concern basis. In forming this conclusion the directors have assessed the company’s future trading and cash requirements. However as the company is a member of the S R Keedwell Holdings Limited group (together the “group”) the directors have also assessed the viability of both the company and the group in forming their conclusion.
At the year end the company had net current liabilities and net assets of (£205,648) and £657,305 respectively. However, the company trades with other group companies and at the year end was owed £123,203 and owed £1,151,575 to fellow group companies. The company is also part of a group guarantee (see note 9 for further information). It has been confirmed, by group confirmation, for at least 12 months from the approval of these financial statements, that the group companies will not seek settlement of outstanding balances if it is considered detrimental to the ability of that company to continue trading. It has also been confirmed that the group will provide its members with any required support for at least 12 months from the approval date of these financial statements. The group, per its consolidated financial statements has consolidated net current assets of £14,639,646 (2022 - £14,262,010) and net assets of £28,060,369 as at 31 October 2023 (2022 - £27,503,988).
The directors have concluded that the trading forecast combined with the funding arrangements will enable the company and group to meet their liabilities as they fall due for at least 12 months from the date of approving the financial statements.
2. Depreciation rates
The directors assess and adopt an appropriate depreciation rate for each class of asset based on the anticipated useful economic life and expected residual value of the assets. These are reassessed annually for changes in legislation and other factors that may limit the useful economic life and the potential residual value. The current year depreciation charge is £445,159 and so a change in the adopted rate may materially impact the result for the financial year. There has been no change in the current year.
Alberti Limited
Notes to the Financial Statements
for the Year Ended 31 October 2023
Turnover recognition
Turnover represents the receipts or amounts receivable from haulage services provided net of value added tax. Turnover for hire of haulage vehicles is recognised in the period to which it relates. Turnover from haulage services provided is recognised at the point of delivery.
Government grants
Government grants are recognised under the accruals model resulting in income being recognised on a systematic basis over the period in which the related costs are incurred for which the grant is compensating. The income from the scheme is recognised as other income in the profit and loss and timing differences presented as other debtors or deferred income within the balance sheet.
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation of tangible assets
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Long leasehold land and buildings |
Straight line over 99 years |
Plant and machinery |
15% reducing balance |
Motor vehicles |
25% reducing balance |
Lorries and trailers |
25% reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Other debtors and loans receivable are initially recognised at fair value net of transaction costs and are subsequently measured at amortised cost using the effective interest method less any provision for impairment.
Alberti Limited
Notes to the Financial Statements
for the Year Ended 31 October 2023
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Short term trade creditors are measured at the transaction price, which is deemed to equate to amortised cost. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.
Reserves
Called up share capital represents the nominal value of shares that have been issued.
Share premium reserve includes any premiums received on the issue of share capital. Transaction costs associated with the issuing of shares are deducted from the share premium.
Profit and loss account includes all current and prior period profits and losses.
Alberti Limited
Notes to the Financial Statements
for the Year Ended 31 October 2023
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
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 payments obligations.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Alberti Limited
Notes to the Financial Statements
for the Year Ended 31 October 2023
Taxation |
Tax charged/(credited) in the profit and loss account:
2023 |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
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The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2023 |
2022 |
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Profit before tax |
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Corporation tax at standard rate |
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Tax increase from effect of capital allowances and depreciation |
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- |
Tax decrease from other short-term timing differences |
( |
- |
Tax decrease arising from group relief |
( |
( |
Total tax charge |
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- |
Alberti Limited
Notes to the Financial Statements
for the Year Ended 31 October 2023
Tangible assets |
Land and buildings |
Motor vehicles |
Plant and machinery |
Lorries and trailers |
Total |
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Cost or valuation |
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At 1 November 2022 |
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Additions |
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- |
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Disposals |
- |
( |
- |
( |
( |
At 31 October 2023 |
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Depreciation |
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At 1 November 2022 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
- |
( |
( |
At 31 October 2023 |
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Carrying amount |
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At 31 October 2023 |
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At 31 October 2022 |
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Included within the net book value of land and buildings above is £379,791 (2022 - £221,125) in respect of long leasehold land and buildings.
Alberti Limited
Notes to the Financial Statements
for the Year Ended 31 October 2023
Stocks |
2023 |
2022 |
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Stocks |
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Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Alberti Limited
Notes to the Financial Statements
for the Year Ended 31 October 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Loans and borrowings |
2023 |
2022 |
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Current loans and borrowings |
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Hire purchase contracts |
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2023 |
2022 |
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Non-current loans and borrowings |
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Hire purchase contracts |
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Other borrowings
Finance lease liabilities are secured on the lorries and trailers they are financing. At the balance sheet date the net book value of the assets was £1,422,346 (2022 - £1,014,412).
Alberti Limited
Notes to the Financial Statements
for the Year Ended 31 October 2023
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Summary of transactions with related parties
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
Audit Report |