Registration number:
Albert Graham Limited
for the Year Ended 31 March 2024
Albert Graham Limited
(Registration number: NI011444)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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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 assets |
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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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Net assets |
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Capital and reserves |
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Called up share capital |
8,500 |
8,500 |
|
Revaluation reserve |
322,644 |
322,644 |
|
Retained earnings |
713,900 |
674,538 |
|
Shareholders' funds |
1,045,044 |
1,005,682 |
For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Albert Graham Limited
(Registration number: NI011444)
Balance Sheet as at 31 March 2024
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
Albert Graham Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in Northern Ireland.
The address of its registered office is:
These financial statements were authorised for issue by the
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
Exemption from preparing group accounts
The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Albert Graham Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Deferred tax is accounted for on all differences arising from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements.
Tangible assets
Tangible assets (other than freehold property) are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Land and property assets are held at fair value.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Fixed assets are depreciated at rates calculated to reduce them to residual value at the end of their expected normal lives. The principal rates used are as follows:
Asset class |
Depreciation method and rate |
Buildings - owned |
4% per year (straight line) |
Fixtures and fittings |
10% per year (straight line) |
Motor vehicles |
25% per year (reducing balance) |
Computer equipment |
25% per year (straight line) |
Website development costs |
25% per year (straight line) |
Investment property
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.
Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.
Stocks
Stock is valued at lower of cost and net realisable value, after due regard for obsolete and slow moving stock.
Albert Graham Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
The Company has a defined contribution scheme operated by a life assurance company and the premiums payable are charged in the accounts in the year in which they are paid.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Albert Graham Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Tangible assets |
Freehold land and buildings |
Fixtures and fittings |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2023 |
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Additions |
- |
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Disposals |
- |
- |
( |
( |
At 31 March 2024 |
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Depreciation |
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At 1 April 2023 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
( |
At 31 March 2024 |
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Carrying amount |
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At 31 March 2024 |
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At 31 March 2023 |
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Included in fixed assets are motor vehicles with a net book value of £46,825 (2023: £29,305) which are the subject of hire purchase contracts. The amount outstanding on the finance agreement at the year end was £11,775 (2023: £7,098). Depreciation charged on these assets during the year amounted to £6,659 (2023: £15,509).
Revaluation
The fair value of the company's property was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Albert Graham Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Investment properties |
2024 |
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At 1 April |
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At 31 March |
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The Company's investment property was valued by professional valuers in May 2019 and adjustments to cost have been made as appropriate so as to include the property at fair value.
Stocks |
2024 |
2023 |
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Goods for resale |
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Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Albert Graham Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Creditors |
Note |
2024 |
2023 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Corporation tax |
28,185 |
7,971 |
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Due after one year |
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Loans and borrowings |
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Substantially all of the amounts due to trade creditors have been incurred under conditions of sale which include terms relating to the reservation of title of goods supplied until payment is made.
The bank borrowings are secured by a charge over the book debts, a floating charge over all the assets of the Company and a legal mortgage over the Company's property.
Loans and borrowings |
2024 |
2023 |
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Non-current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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- |
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2024 |
2023 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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Hire purchase contracts |
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Albert Graham Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
|
|
|
8,500 |
|
8,500 |
Related party transactions |
The Company is a wholly owned subsidiary of DAG Property Limited, which is controlled by Darius and Mrs Maureen Graham.
At the balance sheet date, amounts due to the Directors was as follows:
2024 |
2023 |
|
Directors current account |
136,209 |
119,698 |
No interest is charged in respect of this balance.