Registered number
00859020
Albol Electronic & Mechanical Products Ltd
Filleted Accounts
31 December 2023
Albol Electronic & Mechanical Products Ltd
Registered number: 00859020
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 965,833 830,628
Current assets
Stocks 23 -
Debtors 4 410,390 293,575
Cash at bank and in hand 28,845 21,928
439,258 315,503
Creditors: amounts falling due within one year 5 (909,424) (636,260)
Net current liabilities (470,166) (320,757)
Total assets less current liabilities 495,667 509,871
Creditors: amounts falling due after more than one year 6 (127,976) (143,462)
Net assets 367,691 366,409
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account 357,691 356,409
Shareholders' funds 367,691 366,409
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
W K PTAK
Director
Approved by the board on 20 September 2024
Albol Electronic & Mechanical Products Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings 10% reducing balance
Land and buildings
It is the company policy, by a programme of repair and refurbishment, to maintain the property so that the residual value is at least equal to its book value. Having regard to this, it is the opinion of the Directors that depreciation of the property would not be material.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2023 825,140 101,972 927,112
Additions 135,754 - 135,754
At 31 December 2023 960,894 101,972 1,062,866
Depreciation
At 1 January 2023 - 96,484 96,484
Charge for the year - 549 549
At 31 December 2023 - 97,033 97,033
Net book value
At 31 December 2023 960,894 4,939 965,833
At 31 December 2022 825,140 5,488 830,628
4 Debtors 2023 2022
£ £
Trade debtors 24,138 36,539
Other debtors 386,252 257,036
410,390 293,575
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 23,468 21,757
Trade creditors 54,275 35,309
Taxation and social security costs 3,696 7,376
Accruals and deferred income 77,940 17,425
Other creditors 750,045 554,393
909,424 636,260
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 127,976 143,462
7 Related party transactions
Albol Properties Ltd and Albol Electronic & Mechanical Products Ltd are controlld by the same person. Albol Properties Ltd owed Albol Electronic & Mechanical Products Ltd £383,771.96 as at 31/12/2023 (2022: £252,971.96).
8 Other information
Albol Electronic & Mechanical Products Ltd is a private company limited by shares and incorporated in England. Its registered office is:
159 RAVENSCROFT ROAD
BECKENHAM
KENT
BR3 4TN
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