Albert Graham Limited NI011444 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is retailing of furniture and furnishings Digita Accounts Production Advanced 6.30.9574.0 true true true NI011444 2023-04-01 2024-03-31 NI011444 2024-03-31 NI011444 bus:OrdinaryShareClass1 2024-03-31 NI011444 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 NI011444 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-03-31 NI011444 core:CurrentFinancialInstruments 2024-03-31 NI011444 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 NI011444 core:Non-currentFinancialInstruments 2024-03-31 NI011444 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 NI011444 core:FurnitureFittingsToolsEquipment 2024-03-31 NI011444 core:LandBuildings 2024-03-31 NI011444 core:MotorVehicles 2024-03-31 NI011444 bus:SmallEntities 2023-04-01 2024-03-31 NI011444 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 NI011444 bus:FilletedAccounts 2023-04-01 2024-03-31 NI011444 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI011444 bus:RegisteredOffice 2023-04-01 2024-03-31 NI011444 bus:Director3 2023-04-01 2024-03-31 NI011444 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 NI011444 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI011444 core:Buildings 2023-04-01 2024-03-31 NI011444 core:ComputerEquipment 2023-04-01 2024-03-31 NI011444 core:FurnitureFittings 2023-04-01 2024-03-31 NI011444 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 NI011444 core:LandBuildings 2023-04-01 2024-03-31 NI011444 core:MotorCars 2023-04-01 2024-03-31 NI011444 core:MotorVehicles 2023-04-01 2024-03-31 NI011444 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 NI011444 countries:NorthernIreland 2023-04-01 2024-03-31 NI011444 2023-03-31 NI011444 core:FurnitureFittingsToolsEquipment 2023-03-31 NI011444 core:LandBuildings 2023-03-31 NI011444 core:MotorVehicles 2023-03-31 NI011444 2022-04-01 2023-03-31 NI011444 2023-03-31 NI011444 bus:OrdinaryShareClass1 2023-03-31 NI011444 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 NI011444 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 NI011444 core:CurrentFinancialInstruments 2023-03-31 NI011444 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 NI011444 core:Non-currentFinancialInstruments 2023-03-31 NI011444 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 NI011444 core:FurnitureFittingsToolsEquipment 2023-03-31 NI011444 core:LandBuildings 2023-03-31 NI011444 core:MotorVehicles 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI011444

Albert Graham Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Albert Graham Limited

(Registration number: NI011444)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

533,051

519,904

Investment property

5

500,000

500,000

 

1,033,051

1,019,904

Current assets

 

Stocks

6

347,526

351,719

Debtors

7

103,593

71,403

Cash at bank and in hand

 

889

3,814

 

452,008

426,936

Creditors: Amounts falling due within one year

8

(388,411)

(390,623)

Net current assets

 

63,597

36,313

Total assets less current liabilities

 

1,096,648

1,056,217

Creditors: Amounts falling due after more than one year

8

(20,108)

(23,251)

Provisions for liabilities

(31,496)

(27,284)

Net assets

 

1,045,044

1,005,682

Capital and reserves

 

Called up share capital

10

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 23 July 2024 and signed on its behalf by:
 

.........................................
Mr Darius Graham
Director

 

Albert Graham Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: Bridgewater House, 1-5 Railway Street, Ballymena, Co. Antrim, BT42 2AA.

These financial statements were authorised for issue by the Board on 23 July 2024.

2

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

Investment properties are accounted for in accordance with the requirements of Financial Reporting Standard 102. They are included in the financial statements at their fair value as at the balance sheet date. Fair value gains and losses are reported through the profit and loss account.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 10).

 

Albert Graham Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Freehold land and buildings
£

Fixtures and fittings
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

1,098,535

267,511

100,348

1,466,394

Additions

-

510

81,111

81,621

Disposals

-

-

(59,512)

(59,512)

At 31 March 2024

1,098,535

268,021

121,947

1,488,503

Depreciation

At 1 April 2023

642,340

248,986

55,164

946,490

Charge for the year

12,900

6,364

12,404

31,668

Eliminated on disposal

-

-

(22,706)

(22,706)

At 31 March 2024

655,240

255,350

44,862

955,452

Carrying amount

At 31 March 2024

443,295

12,671

77,085

533,051

At 31 March 2023

456,195

18,525

45,184

519,904


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 13 May 2019 by an independent valuer . The name and qualification of the independent valuer are Mark Patterson (MRICS) on behalf of O'Connor Kennedy Turtle.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £172,280 (2023 - £172,280).

 

Albert Graham Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Investment properties

2024
£

At 1 April

500,000

At 31 March

500,000

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.

6

Stocks

2024
£

2023
£

Goods for resale

347,526

351,719

7

Debtors

Current

2024
£

2023
£

Trade debtors

86,362

55,440

Prepayments

17,231

15,963

 

103,593

71,403

 

Albert Graham Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

9

25,902

57,786

Trade creditors

 

45,942

34,222

Taxation and social security

 

48,263

59,089

Other creditors

 

240,119

231,555

Corporation tax

 

28,185

7,971

 

388,411

390,623

Due after one year

 

Loans and borrowings

9

20,108

23,251

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.
 

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

14,196

23,251

Hire purchase contracts

5,912

-

20,108

23,251

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Bank overdrafts

10,039

40,688

Hire purchase contracts

5,863

7,098

25,902

57,786

 

Albert Graham Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

8,500

8,500

8,500

8,500

       

11

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.