Company registration number 00886913 (England and Wales)
ALBIS (U.K.) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
ALBIS (U.K.) LIMITED
COMPANY INFORMATION
Directors
Mrs T M Taylor
Mrs J P Bagnall
Mr H Klink
(Appointed 8 March 2023)
Dr J Loesch
(Appointed 8 March 2023)
Secretary
Mrs T M Taylor
Company number
00886913
Registered office
No. 5 LGA/LGC Booths Park
Chelford Road
Cheshire
WA16 8GS
Auditor
MHA Moore and Smalley
80 Mosley Street
Manchester
M2 3FX
Bankers
Barclays Bank plc
3 Hardman Street
10th Floor
Manchester
M3 3HF
Allied Irish Bank PLC
7/12 Dame Street
Dublin 2
Ireland
Deutsche Bank AG
1 Great Winchester Street
London
EC2N 2DB
Solicitors
Squire Patton Boggs
1 Spinningfields
1 Hardman Square
Manchester
M3 3EB
ALBIS (U.K.) LIMITED
CONTENTS
Page
Strategic report
1 - 6
Directors' report
7 - 8
Independent auditor's report
9 - 11
Statement of income and retained earnings
12
Balance sheet
13
Notes to the financial statements
14 - 25
ALBIS (U.K.) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
Review of the business
The statement of income and retained earnings is set out on page 12 and shows turnover for the year at £40,933,133 (2022 - £59,195,812) and profit before tax for the year of £2,060,307 (2022 - £3,745,534) with profit after tax of £1,558,539 (2022 - £3,065,995). Further details of turnover are given in note 3 to the financial statements.
Turnover decreased on the prior year by £18,262,679 (2022 – increase of £9,853,945); This decline is predominantly attributed to the broader economic landscape characterized by heightened inflation and rising interest rates, leading to a slowdown across all industry sectors throughout 2023. In the latter half of the year, although interest rates stabilized and inflation receded, the market continued to exercise caution. Despite these challenges, the company adeptly worked with its customers to navigate through, efficiently managing stock levels and preserving overall margins.
As we transition into 2024, the initial months have demonstrated a more robust performance than anticipated. Notably, despite the recent announcement of the UK being technically in recession, the trajectory for the remainder of the year remains uncertain. While acknowledging this uncertainty, management holds a quiet optimism and continues to closely monitor economic drivers that will shape the year ahead.
Sterling has fluctuated somewhat during the year, and therefore foreign currency (particularly Euros) continues to require careful management.
Cash management controls continue to be successful, and the company continues to maintain the positive cash position achieved in prior years. The cash position for the business continues to be relatively stable.
The position of the company at the year end
The balance sheet on page 13 of the financial statements shows the company's financial position at the year end in terms of its net assets position. Details of amounts owed to group undertakings, which include the parent company, are shown in note 13 on page 24.
Despite the operational changes implemented in response to the challenges posed by the COVID-19 pandemic, it is noteworthy that 2023 witnessed minimal disruptions to our services and workforce. Even with the complete lifting of restrictions, ALBIS UK and the Otto Krahn Group have remained vigilant, actively monitoring the situation throughout the year. This ongoing commitment ensures continuous and responsive support to both our customers and staff.
The ongoing uncertainty stemming from the current economic climate, coupled with the impending impact of the anticipated general election in 2024, poses challenges that are difficult to quantify definitively. In response, the Board, in collaboration with the Group Management Board, has undertaken an assessment of the potential financial implications on the company. This includes a comprehensive evaluation of the company's financial position and results for future periods. The Board has crafted a forecast grounded in prudent estimates, considering the company's robust cash resources, absence of external borrowings, group support, and the ability to secure funds if needed. It is crucial to note that, based on these robust forecasts, the financial statements have been prepared with the confident assumption that there is no material uncertainty regarding the company's ability to continue as a going concern.
There have been no other events since the balance sheet date which materially affect the position of the company.
ALBIS (U.K.) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Principal risks and uncertainties
The directors of ALBIS (U.K.) Limited confirm that we have carried out a robust assessment of the principal risks facing the company, including those that would threaten its business model, future performance, solvency, or liquidity. The principal risks and uncertainties facing the company are as follows: -
Competitive risk
Competitive pressure in the UK is a continuing risk for the company, which could result in it losing sales. The company manages this risk by delivering customer excellence and by providing added value to its customers, having competitive lead and response times in the supply of material and handling of customer queries as well as by maintaining strong relationships and local representation with key customers and suppliers.
Foreign currency risk
Sales to Ireland and mainland Europe are made in Euros and to the Far East and the US in US dollars. The company is therefore exposed to movements in the Euro to Sterling and US dollar to Sterling exchange rates.
Management monitors the exchange rate fluctuations closely according to its clearly defined strategy and considers the need to take out forward foreign currency contracts to fix the exchange rate, where it appears there will be significant fluctuations. In addition, most of the company’s supplies are bought in Euros to mitigate the receipt of Euros generated from such sales.
Liquidity risk
The company has an overdraft facility with its main bank, Deutsche Bank. This facility is charged at rates over SONIA and EONIA. If the company uses this facility, then it is exposed to any interest rate fluctuation.
The overall position is monitored closely by the Board of Directors and the group to ensure the company has sufficient funds for operations.
Credit risk
Credit risk is the risk that one party will cause a financial loss for that other party by failing to discharge an obligation. Group and company policies are aimed at minimising such losses and require that deferred terms are only granted to customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures. Details of the company’s debtors are shown in note 12 to the financial statements. The company’s credit risk is managed through insurance and appropriate credit checks which are made on all business prior to sales being allowed.
Impact of Brexit
In the aftermath of the UK referendum's decision to exit the European Union, the UK and EU encountered an extended period of political and economic uncertainty. Although a trade deal defining the UK's relationship with the EU was negotiated by the end of 2020, the repercussions persist, particularly in the wake of the new customs and duties rules that were introduced and subsequently evolved at the commencement of 2022. Recognizing the dynamic nature of this situation, the Board remains steadfast in closely monitoring developments. Furthermore, we are committed to ensuring that our staff receives ongoing training to comprehend and implement any new requirements that may arise, demonstrating our dedication to compliance in a continually changing landscape.
Impact of COVID 19
The global pandemic significantly impacted nearly all entities, creating uncertainty about the immediate outlook as countries managed their own variants, outbreaks, and borders. The COVID-19 pandemic presented considerable challenges for supply chains globally. Following the initial wave, the polymer industry witnessed an unexpected surge in demand, leading to gradual fulfilment and, at times, extended lead times. Multiple national lockdowns impeded the flow of raw materials, resulting in unforeseeable delays across the entire supply chain.
However, it is noteworthy that all pandemic-related restrictions have been lifted. For the first time since the onset of the pandemic, the business has successfully operated for a full year with the majority of staff based in the office. We are pleased to report that there is currently no discernible impact on our supply chains, staff, or business operations. Nevertheless, the Group and local Board remain vigilant and continue to monitor developments, ensuring a proactive approach to any potential future challenges.
ALBIS (U.K.) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Principal risks and uncertainties (continued)
Impact of Russia - Ukraine War
The geopolitical situation in Eastern Europe escalated on February 24, 2022, when Russia initiated its invasion of Ukraine. The conflict between the two nations is ongoing, marked by evolving military activities and the imposition of additional sanctions. Now, approaching the third year since the commencement of this conflict, its repercussions persist, significantly influencing economic and global financial markets. The war further compounds existing economic challenges, contributing to rising inflation and continued disruption in global supply chains.
The group and local board maintain a vigilant stance, actively monitoring the potential impacts stemming from this prolonged conflict. Close attention is being given to the ongoing supply-chain and travel disruptions in Eastern Europe, with a keen eye on the repercussions on the volatility of commodity prices and currencies. Additionally, the escalation of the conflict has resulted in increased costs and expenditures, prompting the need for continuous evaluation and proactive management.
Impact of Palestine – Israel Conflict
On October 7, 2023, the Palestinian group Hamas, officially designated as a terrorist organization by numerous countries, including Israel, the United States, the European Union, and the United Kingdom, initiated an armed assault against Israel. This crisis, resulting in heightened tensions in the Middle East, has had a discernible impact on global supply chain routes and the flow of goods and materials in and through the region. This has led to increased operational costs and extended lead times, as efforts are made to identify alternative transportation routes.
The group and local board remain actively engaged in monitoring the potential impacts arising from this conflict, particularly its effects on the supply chain. Close attention is given to the potential impact on the volatility of commodity prices and currencies, as well as the consequent rise in costs and expenditures.
Key performance indicators
The company now operates to the 1SO 9001 Quality Standard and is part of the distribution business trading under the globally established ALBIS brand. During the year ALBIS UK was externally audited and successfully obtained recertification. Management reviews the current systems and processes to ensure the company continues to meet the requirements of the standard and the demands customers place on us.
As part of this quality regime, management has identified Key Performance Indicators (KPIs) which are constantly monitored for improvement in the business. Two such indicators which are important to the business and are measured monthly are stock days and debtors days. Average monthly stock days were 39 days in 2023 (2022 - 45 days) and average monthly debtors days were 56 in 2023 (2022 - 57 days), these achievements were as a result of a wider group focus on working capital, in particular stock management and these measures continue to be key focuses in 2024 and management is pleased at the continuing progress being made.
ALBIS (U.K.) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Other information and explanations
ALBIS (U.K.) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Other information and explanations (continued)
ALBIS (U.K.) Limited are committed to reducing their environmental impact and contribution to climate change through continuous improvement procedures. The majority of employees work from home at least once a week, mitigating unnecessary commuting. During FY23, more hybrid vehicles have been added, and as a result 70% of company vehicles are now hybrid vehicles.
Methodology
All activity data has been converted into equivalent energy and GHG emissions using factors published by the UK Government in 2023. Electricity and natural gas disclosures have been calculated using metered kWh consumption taken from supplier fiscal invoices. Transport disclosures have been derived from mileage expense claims records. Where fuel type and engine size were unknown, average vehicle type was used.
GHG emissions associated with Scope 2 purchased electricity have been reported using both location-based (LB) and market-based (MB) methodologies. Location-based emissions have been carried into the total emissions figure – corresponding market-based emissions have been included for comparison only.
Environmental matters
Environmental protection is an essential part of the business philosophy of the group as a whole, with a basic concern being to protect the environment for the present and future generations as well as to maintain all applicable environmental protection laws and guidelines.
We promote environmental awareness to our employees, business partners and contractors and involve them in our activities. Environmental protection is a significant component of our sustainable growth strategy, and it is a factor in our business success.
The company is fully committed to improving environmental performance in these key areas as well as others and will encourage our business partners and members of the wider community to join in this effort.
Using resources in prudent, economic, and efficient ways is a high priority throughout the company. Our goal is to use the resources provided in a responsible, cost-conscious, and judicious way.
‘Accelerate our Future’ strategic program.
Accelerate our Future’ (AoF) is the strategic program initiated by the OKG Group, designed to guide ALBIS and MOCOM, the distribution, and compounding businesses, respectively, towards more agile and focused strategies. This program represents a fundamental shift in our organizational structure, driven by the need to adapt to dynamic market developments such as globalisation and digitalisation.
A significant milestone of the AoF program, implemented in 2020, was the legal separation of the distribution and compounding businesses within the group. This structural change aimed to empower both businesses as independent entities within a holding structure, allowing them to tailor their strategies more effectively to their unique market demands.
With the establishment of MOCOM as a separate legal entity for the compounding business, ALBIS (U.K.) Limited, no longer serving as a production/compounding site, continues to operate as a subsidiary of the ALBIS distribution business. This strategic alignment, facilitated by the AoF program, ensures that despite this transformation, the day-to-day operations of the UK business remain largely unaffected. It reinforces a collaborative partnership between ALBIS and MOCOM under the overarching umbrella of our parent company, OKG Group, enabling both entities to pursue their individual growth strategies while maintaining strategic cohesion.
ALBIS (U.K.) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
Other information and explanations (continued)
Section 172(1) statement
During the year, the Directors have acted together and individually in good faith when performing their duties to promote the success of the company for the benefit of its members as a whole while having regard (amongst other matters) to the following matters, examples of which can be found throughout this Strategic report:
Likely long-term consequences
Interests of the company’s staff and colleagues
Business relationships with suppliers and customers
Impact on the community and environment
Reputation for high standards of business conduct
Acting fairly between shareholders
Mrs J P Bagnall
Director
25 March 2024
ALBIS (U.K.) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
Principal activities
The company is a wholly owned subsidiary of ALBIS Distribution GmbH & Co. KG, based in Hamburg, Germany. The company continues to distribute engineering, compound, and specialist thermoplastics for customers in the UK and many other countries. The directors are not aware, at the date of this report, of any likely changes in the company’s activities in the next year.
Results and dividends
The results for the year are set out on page 12.
Ordinary dividends were paid amounting to £2,999,820. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mrs T M Taylor
Mrs J P Bagnall
Mr H Klink
(Appointed 8 March 2023)
Dr J Loesch
(Appointed 8 March 2023)
Mr F Kriebisch
(Resigned 8 March 2023)
Mr I Mills
(Resigned 8 March 2023)
Financial instruments
Details of financial instruments are provided in the accounting policies. Details of financial risk management, objectives and strategies are provided in the strategic report.
Post reporting date events
There have been no significant events affecting the company since the year end.
Future developments
The directors aim to maintain the management policies which have resulted in the company's growth and improved profitability in recent years.
Auditor
During the year the company appointed MHA Moore and Smalley, as auditor, who will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Energy and carbon report
Details of the energy and carbon report are provided in the strategic report.
ALBIS (U.K.) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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 of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mrs J P Bagnall
Director
25 March 2024
ALBIS (U.K.) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALBIS (U.K.) LIMITED
- 9 -
Opinion
We have audited the financial statements of ALBIS (U.K.) Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including 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.
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 Auditor's 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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.
ALBIS (U.K.) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ALBIS (U.K.) LIMITED
- 10 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 directors' report.
We have nothing to report in respect of the following matters in relation to which 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 remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are 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 directors determine is 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor's report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, are detailed below:
ALBIS (U.K.) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ALBIS (U.K.) LIMITED
- 11 -
Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to stock provisioning, debtor recoverability and future performance in light of the impact of the current economic uncertainty;
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; and
Because of the field in which the client operates, we identified the following areas as those most likely to have a material impact on the financial statements: UK REACH regulations, packaging producer legislation, employment law and compliance with the UK Companies Act.
Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 an auditor's report 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.
Lee Van Houplines FCA
Senior Statutory Auditor
For and on behalf of MHA Moore and Smalley
Chartered Accountants
Statutory Auditor
80 Mosley Street
Manchester
M2 3FX
25 March 2024
ALBIS (U.K.) LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£
£
Turnover
3
40,933,133
59,195,812
Change in stocks of finished goods and in work in progress
(1,323,471)
(2,542,191)
Other operating income
59,658
28,112
Raw materials and consumables
(33,531,701)
(48,225,752)
Other external expenses
(1,040,814)
(1,230,347)
Staff costs
6
(1,803,082)
(1,898,583)
Depreciation
4
(62,969)
(78,609)
Other operating expenses
(1,417,350)
(1,540,269)
Operating profit
4
1,813,404
3,708,173
Interest receivable and similar income
246,939
37,366
Interest payable and similar expenses
(36)
(5)
Profit before taxation
2,060,307
3,745,534
Tax on profit
8
(501,768)
(679,539)
Profit for the financial year
1,558,539
3,065,995
Retained earnings brought forward
10,717,890
11,901,895
Dividends
9
(2,999,820)
(4,250,000)
Retained earnings carried forward
9,276,609
10,717,890
The profit and loss account has been prepared on the basis that all operations are continuing operations.
ALBIS (U.K.) LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 13 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
138,481
194,051
Current assets
Stocks
11
3,906,949
5,230,420
Debtors
12
7,076,667
8,906,553
Cash at bank and in hand
7,650,713
7,740,980
18,634,329
21,877,953
Creditors: amounts falling due within one year
13
(5,683,435)
(7,541,348)
Net current assets
12,950,894
14,336,605
Net assets
13,089,375
14,530,656
Capital and reserves
Called up share capital
16
3,400,000
3,400,000
Capital reserve
17
412,766
412,766
Profit and loss reserves
17
9,276,609
10,717,890
Total equity
13,089,375
14,530,656
The financial statements were approved by the board of directors and authorised for issue on 25 March 2024 and are signed on its behalf by:
Mrs T M Taylor
Mrs J P Bagnall
Director
Director
Company Registration No. 00886913
ALBIS (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information
ALBIS (U.K.) Limited is a private company limited by shares incorporated in England and Wales. The registered office is No. 5 LGA/LGC Booths Park, Chelford Road, Cheshire, WA16 8GS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of ALBIS Distribution GmbH & Co. KG. These consolidated financial statements are available from Otto Krahn (GmbH & Co.) KG, Grimm 10, D-20457, Hamburg, Germany.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
ALBIS (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
10%, 20% and 33.33% straight line
Fixtures, fittings and equipment
10%, 25% and 33.33% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are valued on a first-in first-out basis and are stated at the lower of cost and estimated selling price less costs to sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
ALBIS (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
ALBIS (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
ALBIS (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.11
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.16
Expenditure on research and development is written off to the income statement in the year which it is incurred.
1.17
Group commissions receivable and management fee
Group commissions are determined annually and accounted for on a receivable basis. A management service fee is determined on an annual basis for services provided by Head Office.
ALBIS (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
2
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.
Critical judgements
Stock provision
The directors review the stock held for slow moving items which may indicate impairment. For items which have not been sold for a period greater than 12 months, a provision is generally made. Items which have not been sold for more than a period of 24 months are provided for in full unless there is a specific reason not to.
This policy is in line with the parent company, ALBIS Distribution GmbH & co. KG.
Bad debt provision
The Company insures the majority of its trade debtors. For debts that are not insured, the directors make an estimate of the recoverable value. When assessing recoverability the directors consider the net risk along with the ageing profile of debtors and historic experience.
3
Turnover
2023
2022
£
£
Turnover analysed by class of business
Sale of goods
40,933,133
59,195,812
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
38,048,862
55,033,336
Rest of Europe
2,872,616
4,149,288
Rest of the world
11,655
13,188
40,933,133
59,195,812
4
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Exchange losses
125,485
245,062
Depreciation of owned tangible fixed assets
62,969
78,609
Operating lease charges
166,605
116,359
ALBIS (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
21,250
16,000
All other non-audit services
2,750
2,250
24,000
18,250
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Office and management
31
31
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
1,352,797
1,350,959
Social security costs
133,695
247,355
Pension costs
316,590
300,269
1,803,082
1,898,583
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
305,156
238,639
Company pension contributions to defined contribution schemes
83,864
71,645
389,020
310,284
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).
ALBIS (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Directors' remuneration
(Continued)
- 21 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
186,357
141,859
Company pension contributions to defined contribution schemes
49,040
41,661
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
468,728
787,073
Adjustments in respect of prior periods
(47,662)
(15,212)
Total current tax
421,066
771,861
Deferred tax
Origination and reversal of timing differences
18,752
(72,855)
Changes in tax rates
1,180
(23,007)
Adjustment in respect of prior periods
60,770
3,540
Total deferred tax
80,702
(92,322)
Total tax charge
501,768
679,539
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
2,060,307
3,745,534
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
484,584
711,651
Tax effect of expenses that are not deductible for tax purposes
1,094
926
Adjustments in respect of prior years
(47,662)
(15,212)
Deferred tax adjustments in respect of prior years
60,770
3,540
Fixed asset differences
1,802
1,641
Effect of deferred tax rate
1,180
(23,007)
Taxation charge for the year
501,768
679,539
ALBIS (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
9
Dividends
2023
2022
£
£
Interim paid
2,999,820
4,250,000
10
Tangible fixed assets
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
1,846
369,856
221,765
593,467
Additions
7,399
7,399
Disposals
(83,023)
(83,023)
At 31 December 2023
1,846
377,255
138,742
517,843
Depreciation and impairment
At 1 January 2023
1,846
194,627
202,943
399,416
Depreciation charged in the year
46,835
16,134
62,969
Eliminated in respect of disposals
(83,023)
(83,023)
At 31 December 2023
1,846
241,462
136,054
379,362
Carrying amount
At 31 December 2023
135,793
2,688
138,481
At 31 December 2022
175,229
18,822
194,051
11
Stocks
2023
2022
£
£
Finished goods and goods for resale
3,906,949
5,230,420
12
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,092,678
8,451,352
Corporation tax recoverable
155,385
60,451
Amounts owed by group undertakings
743,380
224,203
Other debtors
1,000
1,000
Prepayments and accrued income
44,854
49,475
7,037,297
8,786,481
ALBIS (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Debtors
(Continued)
- 23 -
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 14)
39,370
120,072
Total debtors
7,076,667
8,906,553
13
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,058,598
2,000,056
Amounts owed to group undertakings
1,406,064
3,223,516
Taxation and social security
1,147,694
1,511,255
Other creditors
397,146
88,191
Accruals and deferred income
673,933
718,330
5,683,435
7,541,348
14
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2023
2022
Balances:
£
£
Accelerated capital allowances
-
(18,268)
Short term timing differences
39,370
138,340
39,370
120,072
2023
Movements in the year:
£
Asset at 1 January 2023
(120,072)
Charge to profit or loss
80,702
Asset at 31 December 2023
(39,370)
ALBIS (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
15
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
316,590
300,269
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge above represents contributions payable by the company to the fund. Contributions totalling £36,213 (2022 - £37,965) were payable to the fund at the balance sheet date and are included in creditors.
16
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Allotted, called up and fully paid
Ordinary shares of £1 each
3,400,000
3,400,000
3,400,000
3,400,000
All shares have equal voting rights and equal rights to participate in dividends and other distributions.
17
Reserves
Capital reserves
The Capital reserve represents a capital contribution from the company's parent undertaking.
Profit and loss account
Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.
18
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
133,271
83,208
Between one and five years
260,258
36,399
393,529
119,607
ALBIS (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
19
Ultimate controlling party
The directors regard Otto Krahn (GmbH & Co.) KG, a company incorporated in Germany, as the company's ultimate parent undertaking.
ALBIS Distribution GmbH & Co. KG, a company incorporated in Germany, is the immediate parent undertaking of which ALBIS (U.K.) Limited is a member and for which group accounts are prepared. Otto Krahn (GmbH & Co.) KG is the parent undertaking of the largest group of which ALBIS (U.K.) Limited is a member and for which group accounts are prepared. A copy of the group accounts can be obtained from Otto Krahn (GmbH & Co.) KG, Grimm 10, D-20457, Hamburg, Germany.
The ultimate controlling party is Krahn Verwaltung-Gesellschaft GmbH, a company incorporated in Germany.
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