REGISTERED NUMBER: |
Strategic Report, |
Report of the Director and |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
ALBERT HILL COMMERCIALS LIMITED |
REGISTERED NUMBER: |
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: |
Registered office: |
Registered number: |
Senior statutory auditor: |
Auditors: |
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: |
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 |
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: |
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. |
for and on behalf of |
Accountants and Statutory Auditor |
43 Coniscliffe Road |
Darlington |
Co. Durham |
DL3 7EH |
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 |
Cost of sales |
Gross profit |
Administrative expenses |
2,272,789 | 1,993,889 |
Other operating income |
Operating profit | 5 |
Interest receivable and similar income |
2,360,670 | 2,067,371 |
Interest payable and similar expenses | 6 |
Profit before taxation |
Tax on profit | 7 |
Profit for the financial year |
Other comprehensive income | - | - |
Total comprehensive income for the year |
ALBERT HILL COMMERCIALS LIMITED (REGISTERED NUMBER: 03915247) |
Balance Sheet |
31 December 2023 |
31/12/23 | 31/12/22 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 8 |
Investment property | 9 |
Current assets |
Stocks | 10 |
Debtors | 11 |
Cash at bank |
Creditors |
Amounts falling due within one year | 12 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | 13 |
Net assets |
Capital and reserves |
Called up share capital | 14 |
Retained earnings | 15 |
Shareholders' funds |
The financial statements were approved by the director and authorised for issue on |
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 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2023 |
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 | ( |
) |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Cost of aborted investment | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) |
Amount introduced by directors | 6,905,098 | - |
Amount withdrawn by directors | (15,394 | ) | (141,512 | ) |
Balances with connected parties |
Net cash from financing activities | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
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 |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Finance costs | 245 | 17,598 |
Finance income | (3,881 | ) | (1,482 | ) |
2,382,706 | 2,061,220 |
Increase in stocks | ( |
) | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations | ( |
) |
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 | ( |
) | 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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Freehold property | - |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
Europe |
South America |
4. | EMPLOYEES AND DIRECTORS |
31/12/23 | 31/12/22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
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 |
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 |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31/12/23 | 31/12/22 |
£ | £ |
Loan interest |
Interest payable |
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 |
Underprovision in prior year | - | (52 | ) |
Total current tax |
Deferred tax |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
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 |
Additions |
Disposals |
Reclassification/transfer |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal |
Reclassification/transfer |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
Reclassification/transfer | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
Reclassification/transfer | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
9. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Work-in-progress |
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 |
Bad debt provision | (97,797 | ) | (117,637 | ) |
Other debtors |
Director's current account | - | 141,463 |
VAT |
Prepayments |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/23 | 31/12/22 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | - | 294,439 |
Other creditors |
Director's current account | 6,748,241 | - |
Accrued expenses |
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 |
Accelerated capital allowances | 10,372 |
Balance at 31 December 2023 |
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: | £ | £ |
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 |
Profit for the year |
At 31 December 2023 |
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 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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 |
31/12/23 | 31/12/22 |
£ | £ |
Sales |
Purchases |
Amount due from related party |