Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-3162023-01-01falseSale & maintenance of motor vehicles6truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03508094 2023-01-01 2023-12-31 03508094 2022-01-01 2022-12-31 03508094 2023-12-31 03508094 2022-12-31 03508094 c:Director1 2023-01-01 2023-12-31 03508094 d:PlantMachinery 2023-01-01 2023-12-31 03508094 d:PlantMachinery 2023-12-31 03508094 d:PlantMachinery 2022-12-31 03508094 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03508094 d:Goodwill 2023-12-31 03508094 d:Goodwill 2022-12-31 03508094 d:CurrentFinancialInstruments 2023-12-31 03508094 d:CurrentFinancialInstruments 2022-12-31 03508094 d:Non-currentFinancialInstruments 2023-12-31 03508094 d:Non-currentFinancialInstruments 2022-12-31 03508094 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03508094 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03508094 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 03508094 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 03508094 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 03508094 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 03508094 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 03508094 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 03508094 d:ShareCapital 2023-12-31 03508094 d:ShareCapital 2022-12-31 03508094 d:RetainedEarningsAccumulatedLosses 2023-12-31 03508094 d:RetainedEarningsAccumulatedLosses 2022-12-31 03508094 c:OrdinaryShareClass1 2023-01-01 2023-12-31 03508094 c:OrdinaryShareClass1 2023-12-31 03508094 c:OrdinaryShareClass1 2022-12-31 03508094 c:FRS102 2023-01-01 2023-12-31 03508094 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03508094 c:FullAccounts 2023-01-01 2023-12-31 03508094 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03508094 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 03508094 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 03508094 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 03508094 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 03508094 2 2023-01-01 2023-12-31 03508094 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03508094









ALBRO (WOLVERHAMPTON) LIMITED








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
ALBRO (WOLVERHAMPTON) LIMITED
 
 
  
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ALBRO (WOLVERHAMPTON) LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Albro (Wolverhampton) Limited for the year ended 31 December 2023 which comprise  the Statement of financial position and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountantswe are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal .com/uk/en/about-us /regulation/ethics /acca-rulebook.html.

This report is made solely to the Board of directors of Albro (Wolverhampton) Limited, as a body, in accordance with the terms of our engagement letter dated 1 September 2024Our work has been undertaken solely to prepare for your approval the financial statements of Albro (Wolverhampton) Limited and state those matters that we have agreed to state to the Board of directors of Albro (Wolverhampton) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal .com/content/dam/ACCA_Global /Technical /fact/technical-factsheet -163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Albro (Wolverhampton) Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Albro (Wolverhampton) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Albro (Wolverhampton) Limited. You consider that Albro (Wolverhampton) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Albro (Wolverhampton) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Lancaster Clements Limited
 
Chartered Certified Accountants
  
Stanley House
27 Wellington Road
Bilston
West Midlands
WV14 6AH
19 September 2024
Page 1

 
ALBRO (WOLVERHAMPTON) LIMITED
REGISTERED NUMBER: 03508094

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,088
1,280

  
1,088
1,280

Current assets
  

Stocks
  
4,658
900

Debtors: amounts falling due within one year
 6 
9,095
3,129

Cash at bank and in hand
  
39,910
50,888

  
53,663
54,917

Creditors: amounts falling due within one year
 7 
(40,068)
(24,715)

Net current assets
  
 
 
13,595
 
 
30,202

Total assets less current liabilities
  
14,683
31,482

Creditors: amounts falling due after more than one year
 8 
(12,668)
(20,667)

Provisions for liabilities
  

Deferred tax
 10 
-
(287)

  
 
 
-
 
 
(287)

Net assets
  
2,015
10,528


Capital and reserves
  

Called up share capital 
 11 
24
24

Profit and loss account
  
1,991
10,504

  
2,015
10,528


Page 2

 
ALBRO (WOLVERHAMPTON) LIMITED
REGISTERED NUMBER: 03508094
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 September 2024.




B S Ghateaura
Director

The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
ALBRO (WOLVERHAMPTON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The company is a members limited liability company registered in England and Wales. The company's
registered office is Stanley House, 27 Wellington Road, Bilston, West Midlands WV14 6AH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
ALBRO (WOLVERHAMPTON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 5

 
ALBRO (WOLVERHAMPTON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6

 
ALBRO (WOLVERHAMPTON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 6).

Page 7

 
ALBRO (WOLVERHAMPTON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
11,000



At 31 December 2023

11,000



Amortisation


At 1 January 2023
11,000



At 31 December 2023

11,000



Net book value



At 31 December 2023
-



At 31 December 2022
-



Page 8

 
ALBRO (WOLVERHAMPTON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 January 2023
6,500



At 31 December 2023

6,500



Depreciation


At 1 January 2023
5,220


Charge for the year on owned assets
192



At 31 December 2023

5,412



Net book value



At 31 December 2023
1,088



At 31 December 2022
1,280


6.


Debtors

2023
2022
£
£


Trade debtors
2,200
-

Other debtors
1,971
404

Prepayments and accrued income
2,105
1,228

Tax recoverable
-
1,497

Deferred taxation
2,819
-

9,095
3,129


Page 9

 
ALBRO (WOLVERHAMPTON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
1,347
-

Other loans
8,000
8,000

Trade creditors
1,308
-

Other taxation and social security
195
-

Other creditors
25,971
13,693

Accruals and deferred income
3,247
3,022

40,068
24,715



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
12,668
20,667

12,668
20,667


Page 10

 
ALBRO (WOLVERHAMPTON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Other loans
8,000
8,000


8,000
8,000

Amounts falling due 1-2 years

Bank loans
8,000
8,000


8,000
8,000

Amounts falling due 2-5 years

Bank loans
4,668
12,667


4,668
12,667


20,668
28,667


Page 11

 
ALBRO (WOLVERHAMPTON) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Deferred taxation




2023


£






At beginning of year
287


Charged to profit or loss
(3,106)



At end of year
(2,819)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
-
287

Tax losses carried forward
2,819
-

(2,819)
287


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



24 (2022 - 24) ordinary shares of £1.00 each
24
24



12.


Pension commitments

During the year the company made pension contributions amounting to £16 (£86 2022).

 
Page 12