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Registered number: SC182475










ALBION INVESTMENTS LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 
ALBION INVESTMENTS LIMITED
 

COMPANY INFORMATION


Directors
Mr B J I Kemp 
Mr D Page 




Registered number
SC182475



Registered office
Mitchelston Drive
Mitchelston Industrial Estate

Kirkcaldy

KY1 3NF




Independent auditors
Sumer Auditco Limited (Statutory Auditor)
Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH





 
ALBION INVESTMENTS LIMITED
 

CONTENTS



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Consolidated statement of comprehensive income
9
Consolidated statement of financial position
10 - 11
Company statement of financial position
12
Consolidated statement of changes in equity
13 - 14
Company statement of changes in equity
15
Consolidated statement of cash flows
16 - 17
Consolidated analysis of net debt
18
Notes to the financial statements
19 - 40


 
ALBION INVESTMENTS LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present the strategic report for the year ended 31 December 2023.

Business review
 
Despite tougher trading conditions during 2023, the Directors are pleased with the company's overall performance.
The business continues its strategy to position itself as one of Scotland's leading co-packers and bottlers.  
In July 2023, the business purchased the large adjacent and connected property to the existing production site in Kirkcaldy.  The acquisition of the site ensures any future growth, or new opportunities can be easily accommodated.
A new, fully racked cask storage warehouse facility is currently being evaluated and considered. 
The business continues to innovate and build strong relationships with new and long-standing customers alike and provides outstanding quality, service and flexibility to its customers. 
The Board of Directors continue to recognise that this could not be achieved without the valued support of all our employees and key suppliers.

Principal risks and uncertainties
 
The Company, like any business, faces a number of operating risk and uncertainties that could impact its performance. Steps are taken to understand these risks and to mitigate them to achieve the director's long-term goal of creating a sustainable business which delivers benefits to all stakeholders.
The principal risk to the business is the dependence on a limited/small customer base and the competitive nature of the sector. To supplement the existing customer base the business continues its growth strategy to find and attract new customers in different markets who want to outsource their value-added activities which simplifies their supply chain. A primary focus going forward is to substantially grow the turnover of the bottling division. An additional bottling line has been commissioned and will be operational from May 2024 along with increased investment in spirit handling capacity. 
Labour costs continue to be the biggest challenge to the business with annual wage rates increasing in line with the living wage along with significant increases in utilities and local rates costs.
Focus is placed on operating a sustainable business with minimal impact on the environment, reducing waste and enabling efficient re-cycling of materials.

Page 1

 
ALBION INVESTMENTS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Financial key performance indicators
 
The Company has developed a number of KPI reports that are monitored daily by the directors and the senior management team across the business. These reports measure various performances within the business that are directly linked to revenue, gross margins, overall profitability, quality and production efficiency rates. The directors recognise that with any reward, there are risks and uncertainties attached and these are monitored constantly by the board.
Turnover £13,493,662 (2022 - £14,662,992)
Gross profit £8,222,309 (2022 - £7,765,122)
Operating profit £3,636,351 (2022 - £3,243,757)


This report was approved by the board on 31 May 2024 and signed on its behalf.



Mr B J I Kemp
Director

Page 2

 
ALBION INVESTMENTS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £2,515,420 (2022 - £2,194,778).

Dividends of £420,500 have been paid during the year (2022 - £472,583)

Directors

The directors who served during the year were:

Mr B J I Kemp 
Mr D Page 

Future developments

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Page 3

 
ALBION INVESTMENTS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsSumer Auditco Limited (Statutory Auditor)will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 31 May 2024 and signed on its behalf.
 





Mr B J I Kemp
Director
Mr D Page
Director

Page 4

 
ALBION INVESTMENTS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALBION INVESTMENTS LIMITED
 

Opinion


We have audited the financial statements of Albion Investments Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Group Statement of comprehensive income, the Group and Company Statements of financial position, the Group Statement of cash flows, the Group and Company Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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.


Page 5

 
ALBION INVESTMENTS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALBION INVESTMENTS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' 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 set out on page 3, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
ALBION INVESTMENTS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALBION INVESTMENTS LIMITED (CONTINUED)


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 an Auditors' 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 Group 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.


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 Auditors' report.


Page 7

 
ALBION INVESTMENTS LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ALBION INVESTMENTS LIMITED (CONTINUED)


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 2006Our 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 Auditors' 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.





Mark Gibson (Senior statutory auditor)
for and on behalf of
Sumer Auditco Limited (Statutory Auditor)
Chartered Accountants
Pentland House
Saltire Centre
Glenrothes
Fife
KY6 2AH

31 May 2024
Page 8

 
ALBION INVESTMENTS LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

  

Turnover
 4 
13,493,662
14,662,992

Cost of sales
  
(5,271,353)
(6,897,870)

Gross profit
  
8,222,309
7,765,122

Administrative expenses
  
(4,996,867)
(4,602,645)

Other operating income
 5 
99,188
81,280

Fair value movements
  
311,721
-

Operating profit
 6 
3,636,351
3,243,757

Interest receivable and similar income
 10 
63,526
-

Interest payable and similar expenses
 11 
(126,541)
(130,377)

Profit before tax
  
3,573,336
3,113,380

Tax on profit
 12 
(1,057,916)
(918,602)

Profit for the financial year
  
2,515,420
2,194,778

Profit for the year attributable to:
  

Owners of the parent company
  
2,515,420
2,194,778

  
2,515,420
2,194,778

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

The notes on pages 19 to 40 form part of these financial statements.

Page 9

 
ALBION INVESTMENTS LIMITED
REGISTERED NUMBER: SC182475

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
£
£

Fixed assets
  

Intangible assets
 15 
259,926
240,810

Tangible assets
 16 
11,266,039
10,696,575

Investment property
 18 
1,602,240
133,896

  
13,128,205
11,071,281

Current assets
  

Stocks
 19 
48,724
48,591

Debtors: amounts falling due within one year
 20 
2,342,327
1,428,909

Cash at bank and in hand
 21 
3,161,935
4,444,359

  
5,552,986
5,921,859

Creditors: amounts falling due within one year
 22 
(2,934,691)
(2,399,077)

Net current assets
  
 
 
2,618,295
 
 
3,522,782

Total assets less current liabilities
  
15,746,500
14,594,063

Creditors: amounts falling due after more than one year
 23 
(601,863)
(2,000,360)

Provisions for liabilities
  

Deferred taxation
 27 
(1,561,291)
(1,375,947)

Other provisions
 28 
(311,193)
(301,997)

  
 
 
(1,872,484)
 
 
(1,677,944)

Net assets
  
13,272,153
10,915,759


Capital and reserves
  

Called up share capital 
 29 
34,000
34,000

Share premium account
 30 
45,492
45,492

Revaluation reserve
 30 
1,591,160
1,472,985

Investment property reserve
 30 
311,721
-

Other reserves
 30 
29,400
29,400

Profit and loss account
 30 
11,260,380
9,333,882

  
13,272,153
10,915,759


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 May 2024.




Mr B J I Kemp
Mr D Page
Director
Director

The notes on pages 19 to 40 form part of these financial statements.
Page 10

 
ALBION INVESTMENTS LIMITED
REGISTERED NUMBER: SC182475

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023


Page 11

 
ALBION INVESTMENTS LIMITED
REGISTERED NUMBER: SC182475

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
£
£

Fixed assets
  

Tangible assets
 16 
8,205,764
7,216,104

Investments
 17 
34,000
34,000

Investment Property
 18 
1,602,240
133,896

  
9,842,004
7,384,000

Current assets
  

Debtors: amounts falling due within one year
 20 
32,902
1,177

Cash at bank and in hand
 21 
1,115,059
696,437

  
1,147,961
697,614

Creditors: amounts falling due within one year
 22 
(1,461,625)
(751,905)

Net current liabilities
  
 
 
(313,664)
 
 
(54,291)

Total assets less current liabilities
  
9,528,340
7,329,709

  

Creditors: amounts falling due after more than one year
 23 
-
(894,825)

Provisions for liabilities
  

Deferred taxation
 27 
(1,103,674)
(865,701)

  
 
 
(1,103,674)
 
 
(865,701)

Net assets
  
8,424,666
5,569,183


Capital and reserves
  

Called up share capital 
 29 
34,000
34,000

Revaluation reserve
 30 
1,591,160
1,472,985

Investment property reserve
 30 
311,721
-

Profit and loss account carried forward
  
6,487,785
4,062,198

  
8,424,666
5,569,183


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 May 2024.


Mr B J I Kemp
Mr D Page
Director
Director

The notes on pages 19 to 40 form part of these financial statements.

Page 12

 

 
ALBION INVESTMENTS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Share premium account
Revaluation reserve
Investment property revaluation reserve
Other reserves
Profit and loss account
Total equity


£
£
£
£
£
£
£


At 1 January 2023
34,000
45,492
1,472,985
-
29,400
9,333,882
10,915,759



Comprehensive income for the year


Profit for the year
-
-
-
-
-
2,515,420
2,515,420


Surplus on revaluation of freehold property
-
-
261,474
-
-
-
261,474

Total comprehensive income for the year
-
-
261,474
-
-
2,515,420
2,776,894



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
-
-
(420,500)
(420,500)


Transfer to/from profit and loss account
-
-
(143,299)
311,721
-
(168,422)
-



Total transactions with owners
-
-
(143,299)
311,721
-
(588,922)
(420,500)



At 31 December 2023
34,000
45,492
1,591,160
311,721
29,400
11,260,380
13,272,153



Page 13

 
ALBION INVESTMENTS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Share premium account
Revaluation reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£
£

At 1 January 2022
34,000
45,492
-
29,400
7,309,746
7,418,638


Comprehensive income for the year

Profit for the year
-
-
-
-
2,194,778
2,194,778

Surplus on revaluation of freehold property
-
-
1,774,926
-
-
1,774,926
Total comprehensive income for the year
-
-
1,774,926
-
2,194,778
3,969,704


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
-
(472,583)
(472,583)

Transfer to/from profit and loss account
-
-
(301,941)
-
301,941
-


Total transactions with owners
-
-
(301,941)
-
(170,642)
(472,583)


At 31 December 2022
34,000
45,492
1,472,985
29,400
9,333,882
10,915,759


The notes on pages 19 to 40 form part of these financial statements.

Page 14

 
ALBION INVESTMENTS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Revaluation reserve
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 January 2023
34,000
1,472,985
-
4,062,198
5,569,183


Comprehensive income for the year

Profit for the year
-
-
-
3,014,509
3,014,509

Surplus on revaluation of freehold property
-
261,474
-
-
261,474
Total comprehensive income for the year
-
261,474
-
3,014,509
3,275,983


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(420,500)
(420,500)

Transfer to/from profit and loss account
-
(143,299)
311,721
(168,422)
-


Total transactions with owners
-
(143,299)
311,721
(588,922)
(420,500)


At 31 December 2023
34,000
1,591,160
311,721
6,487,785
8,424,666



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
34,000
-
2,130,109
2,164,109


Comprehensive income for the year

Profit for the year
-
-
2,102,731
2,102,731

Surplus on revaluation of freehold property
-
1,774,926
-
1,774,926
Total comprehensive income for the year
-
1,774,926
2,102,731
3,877,657


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(472,583)
(472,583)

Transfer to/from profit and loss account
-
(301,941)
301,941
-


Total transactions with owners
-
(301,941)
(170,642)
(472,583)


At 31 December 2022
34,000
1,472,985
4,062,198
5,569,183


The notes on pages 19 to 40 form part of these financial statements.

Page 15

 
ALBION INVESTMENTS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
2,515,420
2,194,778

Adjustments for:

Amortisation of intangible assets
30,015
29,310

Depreciation of tangible assets
856,263
878,466

Loss on disposal of tangible assets
26,536
(13,559)

Government grants
(29,084)
-

Interest paid
126,541
130,377

Interest received
(63,526)
-

Taxation charge
1,057,916
918,602

(Increase) in stocks
(133)
(4,214)

(Increase)/decrease in debtors
(599,918)
1,444,698

(Decrease) in creditors
(683,913)
(297,181)

Increase in provisions
9,196
15,869

Net fair value (gains)/losses recognised in P&L
(311,721)
-

Corporation tax (paid)
(643,771)
(546,151)

Net cash generated from operating activities

2,289,821
4,750,995
Page 16

 
ALBION INVESTMENTS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£




Cash flows from investing activities

Purchase of intangible fixed assets
(40,433)
(88,249)

Purchase of tangible fixed assets
(1,199,487)
(460,048)

Sale of tangible fixed assets
-
45,052

Purchase of investment properties
(1,156,623)
-

Government grants received
29,084
-

Interest received
63,526
-

HP interest paid
(59,681)
(90,446)

Net cash from investing activities

(2,363,614)
(593,691)

Cash flows from financing activities

Repayment of loans
(155,621)
(153,838)

Repayment of/new finance leases
(565,650)
(607,192)

Dividends paid
(420,500)
(472,583)

Interest paid
(66,860)
(39,931)

Net cash used in financing activities
(1,208,631)
(1,273,544)

Net (decrease)/increase in cash and cash equivalents
(1,282,424)
2,883,760

Cash and cash equivalents at beginning of year
4,444,359
1,560,599

Cash and cash equivalents at the end of year
3,161,935
4,444,359


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,161,935
4,444,359

3,161,935
4,444,359


The notes on pages 19 to 40 form part of these financial statements.

Page 17

 
ALBION INVESTMENTS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

4,444,359

(1,282,424)

3,161,935

Debt due after 1 year

(894,825)

894,825

-

Debt due within 1 year

(155,621)

(739,204)

(894,825)

Finance leases

(1,673,510)

565,650

(1,107,860)


1,720,403
(561,153)
1,159,250

The notes on pages 19 to 40 form part of these financial statements.

Page 18

 
ALBION INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Albion Investments Limited is a private company, limited by shares, incorporated in Scotland; with registration number: SC182475. The registered office address is Mitchelston Drive, Mitchelston Industrial Estate, Kirkcaldy, Fife, KY1 3NF.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102. .

Page 19

 
ALBION INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover can be measured reliably;
it is probable that the Group 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.

 
2.4

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

  
2.5

Finance leases and hire purchase contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Group Statement of comprehensive income in the same period as the related expenditure.

 
2.7

Interest income

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

Page 20

 
ALBION INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

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.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

 
2.10

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 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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 21

 
ALBION INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

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.

 The estimated useful lives range as follows:

Software
-
10% straight line
Website
-
10% straight line

 
2.12

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.
Tangible fixed assets that are in the course of construction are not depreciated. Depreciation will begin on completion of construction.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Land & buildings
-
4% straight line
Assets under construction
-
Not depreciated
Plant and machinery
-
4% to 40% straight line
Motor vehicles
-
25% straight line
Fixtures and fittings
-
15% to 25% straight line

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.

Page 22

 
ALBION INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.14

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Properties rented to directly or left unoccupied for use by other group companies are classified as land and buildings and held at historical cost less depreciation and impairment.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.16

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.

 
2.17

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.

 
2.18

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.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 23

 
ALBION INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.19

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.

 
2.20

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.

 
2.21

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Statement of financial position when the Group 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.

 
2.22

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.


Judgments in applying accounting policies and key sources of estimation uncertainty

The most significant estimation within the group's financial statements relates to depreciation and dilapidations provisions. The directors review depreciation rates on a regular basis to ensure that the policy rates remain appropriate and fairly charge the cost of fixed assets over their predicted useful lives for each specific category of fixed asset.
The directors review the dilapidations provision each year and provide for any additional work they believe  will be required to return the property to the original condition on the expiry of the lease agreement.

Page 24

 
ALBION INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Production services
8,106,097
9,783,014

Haulage and warehousing
5,086,796
4,790,314

Rental income
300,769
89,664

13,493,662
14,662,992


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Revenue from waste disposal
70,104
81,280

Government grants receivable
29,084
-

99,188
81,280



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of owned tangible fixed assets
856,263
878,466

Amortisation of intangible assets
30,015
29,310

Other operating lease rentals
1,945,382
730,710

Grants receivable
(29,084)
-

(Profit)/Loss on disposal of assets
26,536
(13,559)


7.


Auditors' remuneration

2023
2022
£
£

Audit of the financial statements of the group and company
5,350
5,000

Audit of the financial statements of the company's subsidiaries
9,600
9,000

Page 25

 
ALBION INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
4,123,265
4,310,329
-
-

Social security costs
371,709
400,263
-
-

Cost of defined contribution scheme
291,579
201,249
-
-

4,786,553
4,911,841
-
-


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Production staff
135
158
-
-



Administration staff
34
32
-
-



Directors
2
2
2
2

171
192
2
2


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
97,589
88,625

Group contributions to defined contribution pension schemes
121,374
94,333

218,963
182,958


During the year retirement benefits were accruing to 3 directors (2022 - 3) in respect of defined contribution pension schemes.


10.


Interest receivable

2023
2022
£
£


Bank interest receivable
63,526
-

63,526
-

Page 26

 
ALBION INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
65,820
39,931

Finance leases and hire purchase contracts
59,681
90,446

Other interest payable
1,040
-

126,541
130,377

12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
870,103
612,001

Adjustments in respect of previous periods
2,469
14,148


872,572
626,149


Total current tax
872,572
626,149

Deferred tax


Origination and reversal of timing differences
109,859
289,599

Adjustments in respect of prior periods
75,485
2,854

Total deferred tax
185,344
292,453


Taxation on profit on ordinary activities
1,057,916
918,602
Page 27

 
ALBION INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
3,573,336
3,113,380


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
839,734
591,542

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,775
1,102

Additional super-deduction capital allowances
(742)
(19,425)

Revaluation of investment properties
(73,254)
-

Adjustments to tax charge in respect of prior periods
77,954
17,002

Depreciation on non qualifying assets
35,721
29,404

Adjustments to the tax rates from 19%
41,027
69,502

Other timing differences leading to an increase (decrease) in taxation
134,701
229,475

Total tax charge for the year
1,057,916
918,602

Page 28

 
ALBION INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors that may affect future tax charges

The UK corporation tax during the year ended 31 December 2023 was 23.5% (2022: 19%). Finance Act 2021 enacted an increase in the corporation tax rate to 25% with effect from 1 April 2023. Deferred tax balances have been restated to take account of this increase, therefore deferred tax is calculated at 25%.


13.


Dividends

2023
2022
£
£


Interim paid
420,500
472,583

420,500
472,583


14.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £3,014,509 (2022 - £2,102,731).

Page 29

 
ALBION INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Intangible assets

Group and Company





Website
Software
Total

£
£
£



Cost


At 1 January 2023
28,562
289,186
317,748


Additions
-
40,433
40,433


Reclassification between classes
(1)
23,370
23,369



At 31 December 2023

28,561
352,989
381,550



Amortisation


At 1 January 2023
13,511
63,427
76,938


Charge for the year on owned assets
7,202
22,813
30,015


Reclassification between classes
1,348
13,323
14,671



At 31 December 2023

22,061
99,563
121,624



Net book value



At 31 December 2023
6,500
253,426
259,926



At 31 December 2022
15,051
225,759
240,810



The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.

Page 30

 
ALBION INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Tangible fixed assets

Group






Land & buildings
Assets under construction
Plant and machinery
Motor vehicles
Fixtures, fittings & equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
7,216,104
-
4,772,517
285,990
1,384,710
13,659,321


Additions
991,157
34,841
149,201
3,690
20,598
1,199,487


Disposals
-
-
-
-
(47,386)
(47,386)


Reclassification between classes
-
-
287,038
(660)
(302,734)
(16,356)


Revaluations
261,474
-
-
-
-
261,474



At 31 December 2023

8,468,735
34,841
5,208,756
289,020
1,055,188
15,056,540



Depreciation


At 1 January 2023
-
-
2,046,549
84,468
831,729
2,962,746


Charge for the year on owned assets
297,812
-
414,441
42,177
101,833
856,263


Disposals
-
-
-
-
(20,850)
(20,850)


Reclassification between classes
-
-
368,439
-
(376,097)
(7,658)



At 31 December 2023

297,812
-
2,829,429
126,645
536,615
3,790,501



Net book value



At 31 December 2023
8,170,923
34,841
2,379,327
162,375
518,573
11,266,039



At 31 December 2022
7,216,104
-
2,725,968
201,522
552,981
10,696,575

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
1,568,660
456,676

Motor vehicles
141,087
125,918

1,709,747
582,594

Page 31

 
ALBION INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           16.Tangible fixed assets (continued)


Company






Land & buildings
Assets under construction
Total

£
£
£

Cost or valuation


At 1 January 2023
7,216,104
-
7,216,104


Additions
991,157
34,841
1,025,998


Revaluations
261,474
-
261,474



At 31 December 2023

8,468,735
34,841
8,503,576



Depreciation


Charge for the year on owned assets
297,812
-
297,812



At 31 December 2023

297,812
-
297,812



Net book value



At 31 December 2023
8,170,923
34,841
8,205,764



At 31 December 2022
7,216,104
-
7,216,104






Page 32

 
ALBION INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
34,000



At 31 December 2023
34,000





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

QAS Group Limited
Mitchelston
Drive, Mitchelston
Industrial Estate,
Kirkcaldy, Fife, KY1
3NF
Warehousing & manufacturing support services
Ordinary A & B Shares
100%
QAS Copak Limited
Mitchelston Drive,
Mitchelston Industrial
Estate, Kirkcaldy, Fife,
KY1 3NF
Dormant
Ordinary Shares
100%

Page 33

 
ALBION INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Investment property

Group and Company


Investment property

£



Valuation


At 1 January 2023
133,896


Additions at cost
1,156,623


Surplus on revaluation
311,721



At 31 December 2023
1,602,240

In February 2023 both sites were valued at £3,600,000 and £3,750,000 by Andrew Reilly Associates. During the year, an adjacent property was purchased for £2,000,000 and subsequently revalued by Andrew Reilly Associates to £2,700,000. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties. The value of investment property has been calculated using this valuation based on the square footage of space rented outwith the group. The directors are of the opinion that there has been no changes to the valuation since this date and the valuation is representative of the current fair value.







19.


Stocks

Group
Group
2023
2022
£
£

Raw materials and consumables
48,724
48,591

48,724
48,591



20.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
1,962,245
1,262,798
31,800
1,177

Other debtors
1,102
-
1,102
-

Prepayments and accrued income
378,980
166,111
-
-

2,342,327
1,428,909
32,902
1,177


Page 34

 
ALBION INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
3,161,935
4,444,359
1,115,059
696,437

3,161,935
4,444,359
1,115,059
696,437



22.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
894,825
155,621
894,825
155,621

Trade creditors
294,669
488,967
18,383
40

Amounts owed to group undertakings
-
-
278,204
-

Corporation tax
500,623
271,822
162,747
107,531

Other taxation and social security
494,590
602,018
-
124,973

Obligations under finance lease and hire purchase contracts
505,997
567,975
-
-

Other creditors
52,151
56,823
-
-

Accruals and deferred income
191,836
255,851
107,466
363,740

2,934,691
2,399,077
1,461,625
751,905


Security for bank loans is given by way of a standard security over certain group properties and a bond and floating charge.
Net obligations under finance lease and hire purchase contracts are secured by the relevant assets.


23.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
-
894,825
-
894,825

Net obligations under finance leases and hire purchase contracts
601,863
1,105,535
-
-

601,863
2,000,360
-
894,825


Security for bank loans is given by way of a standard security over certain group properties and a bond and floating charge.
Net obligations under finance lease and hire purchase contracts are secured by the relevant assets.

Page 35

 
ALBION INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

24.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Amounts falling due within one year

Bank loans
894,825
155,621
894,825
155,621


894,825
155,621
894,825
155,621

Amounts falling due 1-2 years

Bank loans
-
894,825
-
894,825


-
894,825
-
894,825



894,825
1,050,446
894,825
1,050,446



25.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
505,997
567,975

Between 1-5 years
601,863
1,105,535

1,107,860
1,673,510

Page 36

 
ALBION INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

26.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
3,161,935
4,444,359
1,115,059
696,437

Financial assets that are debt instruments measured at amortised cost
1,963,347
1,262,798
32,902
1,177

5,125,282
5,707,157
1,147,961
697,614


Financial liabilities

Financial liabilities measured at amortised cost
(2,349,505)
(3,269,746)
(1,191,412)
(1,050,486)


Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.


Financial assets that are debt instruments measured at amortised cost comprise of trade debtors and other debtors.


Financial liabilities measured at amortised cost comprise of trade creditors, other creditors, bank loans, amounts owed to group undertakings and third party financing agreements.


27.


Deferred taxation


Group



2023


£






At beginning of year
1,375,947


Charged to profit or loss
185,344



At end of year
1,561,291

Page 37

 
ALBION INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
27.Deferred taxation (continued)

Company


2023


£






At beginning of year
865,701


Charged to profit or loss
237,973



At end of year
1,103,674

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
918,354
1,377,691
458,027
363,353

Pension surplus
(2,710)
(1,744)
-
-

Potential capital gain
645,647
-
645,647
502,348

1,561,291
1,375,947
1,103,674
865,701


28.


Provisions


Group



Dilapidations

£





At 1 January 2023
301,997


Charged to profit or loss
9,196



At 31 December 2023
311,193


29.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



30,600 (2022 - 30,600) Ordinary A shares of £1.00 each
30,600
30,600
3,400 (2022 - 3,400) Ordinary B shares of £1.00 each
3,400
3,400

34,000

34,000


Page 38

 
ALBION INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

30.


Reserves

Share premium account

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Revaluation reserve

The revaluation reserve includes all cumulative fair value valuation surplus in relation to land and buildings.

Investment property revaluation reserve

The investment property revaluation reserve includes all cumulative fair value valuation surplus in relation to investment properties.

Other reserves

This reserve records the nominal value of shares repurchased by the company.

Profit and loss account

The reserve records retained earnings and accumulated losses.


31.


Capital commitments




At 31 December 2023 the Group and Company had capital commitments as follows:


Group
Group
2023
2022
£
£

Contracted for but not provided in these financial statements
-
25,500

-
25,500


32.


Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £291,579 (2022 - £201,249). Contributions totalling £10,838 (2022 - £10,446) were payable to the fund at the reporting date and are included in creditors.

Page 39

 
ALBION INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

33.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
250,000
250,000

Later than 1 year and not later than 5 years
1,000,000
1,000,000

Later than 5 years
687,500
937,500

1,937,500
2,187,500

34.Contingent liabilities

At 31 December 2023, Albion Investments Limited and QAS Group limited have an unlimited cross corporate guarantee in favour of Barclays Bank Plc. This relates to a bank loan with an outstanding amount of £894,825 (2022 - £1,050,446).


35.


Related party transactions

The company has taken advantage of the exemption available within FRS 102 from disclosing related
party transactions with other wholly owned subsidiaries.


36.


Controlling party

The ultimate controlling party is Mr B J I Kemp as a result of his majority shareholding.

Page 40