Company registration number SC414787 (Scotland)
ALBATEC SPORT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
ALBATEC SPORT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ALBATEC SPORT LIMITED
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,114,587
1,217,757
Investments
4
100,001
100,001
1,214,588
1,317,758
Current assets
Stocks
5,965
3,755
Debtors
5
1,252,834
1,208,314
Cash at bank and in hand
5,200
2,248
1,263,999
1,214,317
Creditors: amounts falling due within one year
6
(113,032)
(105,030)
Net current assets
1,150,967
1,109,287
Total assets less current liabilities
2,365,555
2,427,045
Creditors: amounts falling due after more than one year
7
(4,887,212)
(4,875,501)
Net liabilities
(2,521,657)
(2,448,456)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(2,521,658)
(2,448,457)
Total equity
(2,521,657)
(2,448,456)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

ALBATEC SPORT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2023
31 July 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 29 July 2024
A SCOTT
Mr A Scott
Director
Company Registration No. SC414787
ALBATEC SPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information

Albatec Sport Limited is a private company limited by shares incorporated in Scotland. The registered office is Shealinghill, Lochfoot, Dumfries, Scotland, DG2 8NJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Going concern

At 31 July 2true023 the company had net liabilities of £2,521,657. Included within these liabilities is a loan from the director of £4,887,212. The director has confirmed that he will not demand repayment of this loan within the next 12 months and will continue to support the company.

 

The director, therefore, has made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

 

As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

1.3
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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
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:

Freehold land and buildings
2.5% per annum
Plant and equipment
10% per annum
Motor vehicles
10% per annum
ALBATEC SPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.6
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.

1.7
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 current liabilities.

1.8
Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from group companies. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

1.9
Leases

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.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
ALBATEC SPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2022 and 31 July 2023
990,028
153,193
764,927
1,908,148
Depreciation and impairment
At 1 August 2022
157,967
78,622
453,802
690,391
Depreciation charged in the year
24,751
14,320
64,099
103,170
At 31 July 2023
182,718
92,942
517,901
793,561
Carrying amount
At 31 July 2023
807,310
60,251
247,026
1,114,587
At 31 July 2022
832,061
74,571
311,125
1,217,757
4
Fixed asset investments
2023
2022
£
£
Investments
100,001
100,001
Movements in fixed asset investments
Investments in subsidiary companies
£
Cost or valuation
At 1 August 2022 & 31 July 2023
100,001
Carrying amount
At 31 July 2023
100,001
At 31 July 2022
100,001
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,759
1,635
Amounts owed by related parties
1,212,133
1,167,737
Other debtors
38,942
38,942
1,252,834
1,208,314
ALBATEC SPORT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
123
14
Taxation and social security
99,511
93,375
Other creditors
13,398
11,641
113,032
105,030
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
4,887,212
4,875,501
8
Related party transactions

During the year, the company made advances to the director of £3,000. Credits were received of £20,733 which resulted in amounts due by the company at the year end of £4,887,212 (2022 - £4,869,479 ).

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