Albany Reactive Services Limited
Registered number: 08845164
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,473 2,933
Investments 4 113,584 113,584
115,057 116,517
Current assets
Stocks 16,112 6,824
Debtors 5 48,690 23,198
Cash at bank and in hand 65,427 79,549
130,229 109,571
Creditors: amounts falling due within one year 6 (42,132) (37,662)
Net current assets 88,097 71,909
Total assets less current liabilities 203,154 188,426
Creditors: amounts falling due after more than one year 7 (14,950) (24,840)
Net assets £188,204 £163,586
Capital and reserves
Called up share capital 100 100
Profit and loss account 188,104 163,486
Shareholders' funds £188,204 £163,586
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R PADDICK
Director
Approved by the board on 8 July 2024
Albany Reactive Services Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 as applied to small entities by section 1A of the standard. The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles Reducing balance @ 25%
Fixtures, fittings, tools and equipment Reducing balance @ 25%
Investments
Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 1
3 Tangible fixed assets
Fixtures & fittings Motor vehicles Total
£ £ £
Cost
At 1 February 2023 5,211 16,299 21,510
Disposals - (12,888) (12,888)
At 31 January 2024 £5,211 £3,411 £8,622
Depreciation
At 1 February 2023 3,704 14,873 18,577
Charge for the year 377 114 491
On disposals - (11,919) (11,919)
At 31 January 2024 £4,081 £3,068 £7,149
Net book value
At 31 January 2024 £1,130 £343 £1,473
At 31 January 2023 £1,507 £1,426 £2,933
4 Investments
Other
investments
£
Cost
At 1 February 2023 113,584
At 31 January 2024 £113,584
5 Debtors 2024 2023
£ £
Trade debtors 20,027 16,773
Other debtors 28,663 6,425
£48,690 £23,198
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 17,844 2,443
Corporation tax 6,640 2,981
Other taxes and social security costs 3,859 10,050
Other creditors 3,789 12,188
£42,132 £37,662
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans £14,950 £24,840
8 Other information
Albany Reactive Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
239 Bullsmoor Lane
Enfield
MIDDX
EN1 4SB
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