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REGISTERED NUMBER: 03915247 (England and Wales)














Strategic Report,

Report of the Director and

Financial Statements

for the Year Ended 31 December 2023

for

ALBERT HILL COMMERCIALS LIMITED

ALBERT HILL COMMERCIALS LIMITED (REGISTERED NUMBER: 03915247)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


ALBERT HILL COMMERCIALS LIMITED

Company Information
for the Year Ended 31 December 2023







Director: P W Foster



Registered office: 8 River View Industrial Estate
Dodsworth Street
Darlington
DL1 2UH



Registered number: 03915247 (England and Wales)



Senior statutory auditor: L Harris BSc (Hons), FCCA



Auditors: Mitchell Gordon LLP
Accountants and Statutory Auditor
43 Coniscliffe Road
Darlington
Co. Durham
DL3 7EH

ALBERT HILL COMMERCIALS LIMITED (REGISTERED NUMBER: 03915247)

Strategic Report
for the Year Ended 31 December 2023

The director presents his strategic report for the year ended 31 December 2023.

Review of business
The principal activity of the company is commercial vehicle modifications and sales.

The business continued to grow in 2023 as had been predicted, due to the company being able to supply vehicles to customers on a timely basis and to the specifications they desired.

The turnover, along with profits before tax, has increased as a result of the company maintaining strong stock levels throughout the year, thus being able to reduce lead times and satisfy customer needs.

This is the third consecutive year of increased profits despite difficult market conditions over the past 3 years.

This was due to the business having identified in previous years a potential shortage in the supply of vehicles in 2022 from the manufacturers. We expected lead times after COVID to extend outwards and to mitigate this risk we ensured we had a continuous supply of vehicles to be able to supply to our customers. This continuous supply of vehicles on order allowed the business an advantage over its competition as we had vehicles available with much shorter lead times.

Key financial performance indicators during the year were as follows;

Unit 2023 2022
Turnover £'000's £22,600 £18,731
Turnover growth % 21% 85%
Gross margin % 12% 12%
Profit before tax £'000's £2,360 £2,050

Principal risks and uncertainties
The business has grown over the recent years and has been able to retain profits within the business to assist with the purchase of stock and continue to ensure that there is no requirement for 3rd party lending.

As lead times on vehicles continues to shorten, the business emphasis has been to control the flow of all future orders with the aim of reducing stock levels and thus generate additional cashflow to ensure working capital requirements are met.

Future developments
The company has identified the issue of long lead times of body fitting work by external suppliers which has continued into 2024 . Therefore the company decided to bring the body fitting work in house under its own control This ensures we have control of the anticipated workflow and can meet our customers demand and timescales as all vehicles are planned weeks in advance.

The company created the inhouse workshop (specialising in VDL equipment) and employed 3 skilled fitters and a manager to take control of the fitting. The workshop turns around approximately 4 bodies to vehicles per week, this has become an inhouse profit centre. It is anticipated that the workshop will increase its workload and will take on additional external work to ensure a continuous work supply throughout the year.

On behalf of the board:





P W Foster - Director


16 September 2024

ALBERT HILL COMMERCIALS LIMITED (REGISTERED NUMBER: 03915247)

Report of the Director
for the Year Ended 31 December 2023

The director presents his report with the financial statements of the company for the year ended 31 December 2023.

Dividends
No dividends will be distributed for the year ended 31 December 2023.

Director
P W Foster held office during the whole of the period from 1 January 2023 to the date of this report.

Statement of director's responsibilities
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors
The auditors, Mitchell Gordon LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





P W Foster - Director


16 September 2024

Report of the Independent Auditors to the Members of
Albert Hill Commercials Limited

Opinion
We have audited the financial statements of Albert Hill Commercials Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Key audit matters
The financial statements for the year ended 31 December 2022 were not audited as the company was entitled to exemption under Section 477 of the Companies Act 2006.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Albert Hill Commercials Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Albert Hill Commercials Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other
management, and from our commercial knowledge and experience of the sectors in which the company operates;
- we focused on specific laws and regulations which we considered may have a direct material effect on the
financial statements or the operations of the company, including the Companies Act 2006, taxation legislation,
data protection compliance, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert
to instances of non-compliance throughout the audit.
These procedures did not identify any potentially material actual or suspected non-compliance.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge
of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- reviewed material journal entries to identify unusual transactions or posting by unusual users;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of
potential bias;
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims;
- reviewing correspondence with HMRC and the company's legal advisors.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remains a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance of fraud and cannot be expected to detect non-compliance with all laws & regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Albert Hill Commercials Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




L Harris BSc (Hons), FCCA (Senior Statutory Auditor)
for and on behalf of Mitchell Gordon LLP
Accountants and Statutory Auditor
43 Coniscliffe Road
Darlington
Co. Durham
DL3 7EH

16 September 2024

ALBERT HILL COMMERCIALS LIMITED (REGISTERED NUMBER: 03915247)

Statement of Comprehensive
Income
for the Year Ended 31 December 2023

31/12/23 31/12/22
Notes £    £   

Turnover 3 22,600,180 18,731,031

Cost of sales 19,940,504 16,503,711
Gross profit 2,659,676 2,227,320

Administrative expenses 386,887 233,431
2,272,789 1,993,889

Other operating income 84,000 72,000
Operating profit 5 2,356,789 2,065,889

Interest receivable and similar income 3,881 1,482
2,360,670 2,067,371

Interest payable and similar expenses 6 245 17,598
Profit before taxation 2,360,425 2,049,773

Tax on profit 7 565,495 396,998
Profit for the financial year 1,794,930 1,652,775

Other comprehensive income - -
Total comprehensive income for the year 1,794,930 1,652,775

ALBERT HILL COMMERCIALS LIMITED (REGISTERED NUMBER: 03915247)

Balance Sheet
31 December 2023

31/12/23 31/12/22
Notes £    £    £    £   
Fixed assets
Tangible assets 8 101,453 92,619
Investment property 9 1,522,794 1,522,794
1,624,247 1,615,413

Current assets
Stocks 10 23,265,839 9,087,633
Debtors 11 1,553,672 1,621,006
Cash at bank 262,178 1,950,526
25,081,689 12,659,165
Creditors
Amounts falling due within one year 12 12,504,331 1,878,275
Net current assets 12,577,358 10,780,890
Total assets less current liabilities 14,201,605 12,396,303

Provisions for liabilities 13 40,992 30,620
Net assets 14,160,613 12,365,683

Capital and reserves
Called up share capital 14 100 100
Retained earnings 15 14,160,513 12,365,583
Shareholders' funds 14,160,613 12,365,683

The financial statements were approved by the director and authorised for issue on 16 September 2024 and were signed by:





P W Foster - Director


ALBERT HILL COMMERCIALS LIMITED (REGISTERED NUMBER: 03915247)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 10,712,808 10,712,908

Changes in equity
Total comprehensive income - 1,652,775 1,652,775
Balance at 31 December 2022 100 12,365,583 12,365,683

Changes in equity
Total comprehensive income - 1,794,930 1,794,930
Balance at 31 December 2023 100 14,160,513 14,160,613

ALBERT HILL COMMERCIALS LIMITED (REGISTERED NUMBER: 03915247)

Cash Flow Statement
for the Year Ended 31 December 2023

31/12/23 31/12/22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (8,175,571 ) 1,617,899
Interest paid (245 ) (17,598 )
Tax paid (375,366 ) (204,510 )
Net cash from operating activities (8,551,182 ) 1,395,791

Cash flows from investing activities
Purchase of tangible fixed assets (64,751 ) (81,532 )
Sale of tangible fixed assets 30,000 56,251
Cost of aborted investment - (81,450 )
Interest received 3,881 1,482
Net cash from investing activities (30,870 ) (105,249 )

Cash flows from financing activities
Loan repayments in year - (360,001 )
Amount introduced by directors 6,905,098 -
Amount withdrawn by directors (15,394 ) (141,512 )
Balances with connected parties 4,000 -
Net cash from financing activities 6,893,704 (501,513 )

(Decrease)/increase in cash and cash equivalents (1,688,348 ) 789,029
Cash and cash equivalents at beginning of
year

2

1,950,526

1,161,497

Cash and cash equivalents at end of year 2 262,178 1,950,526

ALBERT HILL COMMERCIALS LIMITED (REGISTERED NUMBER: 03915247)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31/12/23 31/12/22
£    £   
Profit before taxation 2,360,425 2,049,773
Depreciation charges 34,820 17,678
Profit on disposal of fixed assets (8,903 ) (22,347 )
Finance costs 245 17,598
Finance income (3,881 ) (1,482 )
2,382,706 2,061,220
Increase in stocks (14,178,206 ) (1,258,825 )
Increase in trade and other debtors (78,129 ) (278,817 )
Increase in trade and other creditors 3,698,058 1,094,321
Cash generated from operations (8,175,571 ) 1,617,899

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 262,178 1,950,526
Year ended 31 December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 1,950,526 1,161,497


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank 1,950,526 (1,688,348 ) 262,178
1,950,526 (1,688,348 ) 262,178
Total 1,950,526 (1,688,348 ) 262,178

ALBERT HILL COMMERCIALS LIMITED (REGISTERED NUMBER: 03915247)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Albert Hill Commercials Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements,
estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis.

Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of vehicles is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Short leasehold - 10% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Investment property
Investment property is shown at a fair value that the director feels is a reflection of the current market value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


ALBERT HILL COMMERCIALS LIMITED (REGISTERED NUMBER: 03915247)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31/12/23 31/12/22
£    £   
United Kingdom 20,988,180 17,846,813
Europe 860,000 327,000
South America 752,000 557,218
22,600,180 18,731,031

4. EMPLOYEES AND DIRECTORS
31/12/23 31/12/22
£    £   
Wages and salaries 220,061 112,622
Social security costs 16,987 7,239
Other pension costs 2,675 1,497
239,723 121,358

ALBERT HILL COMMERCIALS LIMITED (REGISTERED NUMBER: 03915247)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31/12/23 31/12/22

Director 1 1
Workshop 4 -
Drivers 2 2
Security 2 2
Administration 3 3
12 8

31/12/23 31/12/22
£    £   
Director's remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31/12/23 31/12/22
£    £   
Depreciation - owned assets 34,820 17,678
Profit on disposal of fixed assets (8,903 ) (22,347 )
Auditors' remuneration 10,000 -

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31/12/23 31/12/22
£    £   
Loan interest 245 17,551
Interest payable - 47
245 17,598

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31/12/23 31/12/22
£    £   
Current tax:
UK corporation tax 555,123 375,366
Underprovision in prior year - (52 )
Total current tax 555,123 375,314

Deferred tax 10,372 21,684
Tax on profit 565,495 396,998

ALBERT HILL COMMERCIALS LIMITED (REGISTERED NUMBER: 03915247)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31/12/23 31/12/22
£    £   
Profit before tax 2,360,425 2,049,773
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

590,106

389,457

Effects of:
Expenses not deductible for tax purposes 11,034 700
Capital allowances in excess of depreciation (11,190 ) (16,349 )
Chargeable gains 90 1,557
Change in tax rate (34,917 ) -
Deferred tax accelerated capital allowances 10,372 21,684
Underprovision in earlier years - (51 )
Total tax charge 565,495 396,998

8. TANGIBLE FIXED ASSETS
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1 January 2023 500 60,000 53,623
Additions - - 60,750
Disposals - - -
Reclassification/transfer - - 31,050
At 31 December 2023 500 60,000 145,423
DEPRECIATION
At 1 January 2023 202 60,000 47,213
Charge for year 10 - 14,603
Eliminated on disposal - - -
Reclassification/transfer - - 28,658
At 31 December 2023 212 60,000 90,474
NET BOOK VALUE
At 31 December 2023 288 - 54,949
At 31 December 2022 298 - 6,410

ALBERT HILL COMMERCIALS LIMITED (REGISTERED NUMBER: 03915247)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 20,814 133,162 6,995 275,094
Additions - 4,001 - 64,751
Disposals (16,213 ) (29,639 ) - (45,852 )
Reclassification/transfer - (31,050 ) - -
At 31 December 2023 4,601 76,474 6,995 293,993
DEPRECIATION
At 1 January 2023 17,916 53,409 3,735 182,475
Charge for year 689 17,769 1,749 34,820
Eliminated on disposal (16,213 ) (8,542 ) - (24,755 )
Reclassification/transfer - (28,658 ) - -
At 31 December 2023 2,392 33,978 5,484 192,540
NET BOOK VALUE
At 31 December 2023 2,209 42,496 1,511 101,453
At 31 December 2022 2,898 79,753 3,260 92,619

9. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 1,522,794
NET BOOK VALUE
At 31 December 2023 1,522,794
At 31 December 2022 1,522,794

All investment property is included at cost, as the director feels this is a true reflection of the current market value.

10. STOCKS
31/12/23 31/12/22
£    £   
Stocks 20,211,032 6,072,076
Work-in-progress 3,054,807 3,015,557
23,265,839 9,087,633

ALBERT HILL COMMERCIALS LIMITED (REGISTERED NUMBER: 03915247)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. DEBTORS
31/12/23 31/12/22
£    £   
Amounts falling due within one year:
Trade debtors 811,649 725,785
Bad debt provision (97,797 ) (117,637 )
Other debtors 313,945 870,395
Director's current account - 141,463
VAT 52,650 -
Prepayments 2,225 1,000
1,082,672 1,621,006

Amounts falling due after more than one year:
Other debtors 471,000 -

Aggregate amounts 1,553,672 1,621,006

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade creditors 2,404,570 1,202,023
Tax 555,123 375,366
Social security and other taxes 6,768 1,131
VAT - 294,439
Other creditors 2,775,710 2,067
Director's current account 6,748,241 -
Accrued expenses 13,919 3,249
12,504,331 1,878,275

Included in Other creditors is a provision for goods received not yet invoiced of £2,770,360 (2022: £nil).

13. PROVISIONS FOR LIABILITIES
31/12/23 31/12/22
£    £   
Deferred tax 40,992 30,620

Deferred
tax
£   
Balance at 1 January 2023 30,620
Accelerated capital allowances 10,372
Balance at 31 December 2023 40,992

The amount of the net reversal of deferred tax expected to occur next year is £5,994, relating to the reversal of existing timing differences on tangible fixed assets.

ALBERT HILL COMMERCIALS LIMITED (REGISTERED NUMBER: 03915247)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/23 31/12/22
value: £    £   
100 Ordinary £1 100 100

Ordinary shares have one vote per share and the right to participate in any distribution as recommended by the directors, on a pro-rata basis with regard to total number of shares in issue.

15. RESERVES
Retained
earnings
£   

At 1 January 2023 12,365,583
Profit for the year 1,794,930
At 31 December 2023 14,160,513

16. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31/12/23 31/12/22
£    £   
P W Foster
Balance outstanding at start of year 141,463 -
Amounts advanced 15,394 141,463
Amounts repaid (156,857 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 141,463

This balance was subject to interest at a rate of 2% per annum, with no terms for repayment being set. The interest was charged at the applicable rate when the amount was outstanding.

17. RELATED PARTY DISCLOSURES

Entities over which the entity has control, joint control or significant influence
31/12/23 31/12/22
£    £   
Sales - 115,294
Purchases 104,134 232,140
Amount due from related party 112,000 139,400