Registered number
02161919
ALBION CHAIRS LIMITED
Unaudited Filleted Accounts
31 December 2023
ALBION CHAIRS LIMITED
Registered number: 02161919
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 757,535 789,342
Current assets
Stocks 197,239 278,650
Debtors 5 166,942 237,625
Cash at bank and in hand 1,729 1,300
365,910 517,575
Creditors: amounts falling due within one year 6 (398,024) (518,097)
Net current liabilities (32,114) (522)
Total assets less current liabilities 725,421 788,820
Creditors: amounts falling due after more than one year 7 (314,704) (350,507)
Provisions for liabilities (11,649) (16,936)
Net assets 399,068 421,377
Capital and reserves
Called up share capital 25,000 25,000
Revaluation reserve 425,720 425,720
Profit and loss account (51,652) (29,343)
Shareholders' funds 399,068 421,377
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.
Mr P N Pask Mr E J Pask
Director Director
Approved by the board on 31 July 2024
ALBION CHAIRS LIMITED
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Freehold buildings over 32 years
Leasehold land and buildings 15% reducing balance
Plant and machinery 15% reducing balance
Fixtures, fittings, tools and equipment 15% reducing balance
Motor Vehicles 25% reducing balance
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 2023 2022
Number Number
Average number of persons employed by the company 12 13
3 Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 31,000
At 31 December 2023 31,000
Amortisation
At 1 January 2023 31,000
At 31 December 2023 31,000
Net book value
At 31 December 2023 -
Goodwill has been written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 870,030 479,525 59,680 1,409,235
Additions - 230 - 230
Disposals - - (11,150) (11,150)
At 31 December 2023 870,030 479,755 48,530 1,398,315
Depreciation
At 1 January 2023 148,763 431,265 39,865 619,893
Charge for the year 15,400 5,803 4,952 26,155
On disposals - - (5,268) (5,268)
At 31 December 2023 164,163 437,068 39,549 640,780
Net book value
At 31 December 2023 705,867 42,687 8,981 757,535
At 31 December 2022 721,267 48,260 19,815 789,342
5 Debtors 2023 2022
£ £
Trade debtors 145,382 215,073
Other debtors 21,560 22,552
166,942 237,625
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 50,645 62,921
Trade creditors 89,236 196,058
Taxation and social security costs 36,859 13,420
Sundry creditors & accruals 14,077 18,183
Other creditors 207,207 227,515
398,024 518,097
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 314,704 350,507
8 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 256,393 271,009
Bank loan is secured by first charge over freehold land at Lane End Road and fixed charge over book debts and a floating charge over all other assets.
9 Other information
ALBION CHAIRS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Studio 6
6 Hornsey Street
London
N7 8GR
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