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Registered number: 04298830









ALBANY INTERIORS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
ALBANY INTERIORS LIMITED
 

CONTENTS



Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 12

 
ALBANY INTERIORS LIMITED
REGISTERED NUMBER: 04298830

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 7 
58,588
60,846

  
58,588
60,846

Current assets
  

Stocks
 8 
78,947
78,947

Debtors: amounts falling due within one year
 9 
2,517,146
2,639,867

Cash at bank and in hand
 10 
-
79,918

  
2,596,093
2,798,732

Creditors: amounts falling due within one year
 11 
(1,705,593)
(1,738,523)

Net current assets
  
 
 
890,500
 
 
1,060,209

Total assets less current liabilities
  
949,088
1,121,055

Creditors: amounts falling due after more than one year
 12 
(62,500)
(250,000)

Provisions for liabilities
  

Deferred tax
 14 
(1,558)
(1,128)

  
 
 
(1,558)
 
 
(1,128)

Net assets
  
885,030
869,927


Capital and reserves
  

Called up share capital 
  
2,500
2,500

Profit and loss account
  
882,530
867,427

  
885,030
869,927

Page 1

 
ALBANY INTERIORS LIMITED
REGISTERED NUMBER: 04298830
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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 comprehensive income 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 by: 




A. D. Kemp-Smith
Director

Date: 8 October 2024

The notes on pages 3 to 12 form part of these financial statements.
Page 2

 
ALBANY INTERIORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Albany Interiors Limited is a limited company incorporated in England & Wales under the Companies Act 2006. The address of the registered office is Albany House, Shirehall Way, Bury St Edmunds, Suffolk, IP33 2BA .  The principal activity of the company is shop fiiting and fast track construction works.

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:

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.

 
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.

Page 3

 
ALBANY INTERIORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
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 Balance sheet. 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 balance sheet 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 balance sheet 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 balance sheet date.

 
2.8

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.

Page 4

 
ALBANY INTERIORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Freehold property
-
Over 40 years
Plant & machinery
-
Over 40 years
Fixtures & fittings
-
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.

 
2.9

Stocks

Stocks are work in progress are value at the lower of cost and estimated selling price less costs to complete and sell after making due allowance for obsolete and slow-moving stocks.

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

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.

Page 5

 
ALBANY INTERIORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 16 (2023 - 18).


4.


Interest receivable

2024
2023
£
£


Other interest receivable
4,336
3,511

4,336
3,511


5.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
31,620
36,596

31,620
36,596

Page 6

 
ALBANY INTERIORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
4,800
9,333


4,800
9,333


Total current tax
4,800
9,333

Deferred tax


Origination and reversal of timing differences
430
(282)

Total deferred tax
430
(282)


Taxation on profit on ordinary activities
5,230
9,051

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 19% (2023 - 19%) as set out below:

2024
2023
£
£


Profit on ordinary activities before tax
20,333
42,512


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2023 - 19%)
3,863
8,077

Effects of:


Other differences leading to an increase (decrease) in the tax charge
1,367
974

Total tax charge for the year
5,230
9,051

Page 7

 
ALBANY INTERIORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Tangible fixed assets





Freehold property
Plant & machinery
Fixtures & fittings
Total

£
£
£
£



Cost or valuation


At 1 April 2023
21,366
62,993
5,917
90,276



At 31 March 2024

21,366
62,993
5,917
90,276



Depreciation


At 1 April 2023
5,610
18,898
4,922
29,430


Charge for the year on owned assets
534
1,575
149
2,258



At 31 March 2024

6,144
20,473
5,071
31,688



Net book value



At 31 March 2024
15,222
42,520
846
58,588



At 31 March 2023
15,756
44,095
995
60,846

Page 8

 
ALBANY INTERIORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Stocks

2024
2023
£
£

Work in progress
78,947
78,947

78,947
78,947

Page 9

 
ALBANY INTERIORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Debtors

2024
2023
£
£


Trade debtors
2,355,546
2,474,533

Other debtors
112,932
115,570

Prepayments and accrued income
48,668
49,764

2,517,146
2,639,867



10.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
-
79,918

Less: bank overdrafts
(438,789)
-

(438,789)
79,918



11.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
438,789
-

Bank loans
187,500
187,500

Trade creditors
1,015,779
1,391,454

Corporation tax
4,800
9,333

Other taxation and social security
56,667
146,489

Other creditors
2,058
3,747

1,705,593
1,738,523


The bank overdraft was secured by a fixed and floating charge debenture over the assets of the Company.

Page 10

 
ALBANY INTERIORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
62,500
250,000

62,500
250,000


This bank loan is unsecured and has a fixed interest rate of 4% per year. 


13.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
187,500
187,500


187,500
187,500

Amounts falling due 1-2 years

Bank loans
62,500
187,500


62,500
187,500

Amounts falling due 2-5 years

Bank loans
-
62,500


-
62,500


250,000
437,500

Page 11

 
ALBANY INTERIORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Deferred taxation




2024
2023


£

£






At beginning of year
(1,128)
(1,410)


Charged to profit or loss
(430)
282



At end of year
(1,558)
(1,128)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,558)
(1,128)

(1,558)
(1,128)


15.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £109,786 (2023 - £112,392).  Contributions totalling £2,058 (2023 - £3,747) were payable to the fund at the balance sheet date and are included in creditors. 


16.


Related party transactions

At the year end other debtors contained directors current account balances of £81,766 (2023: £82,605).


17.


Controlling party

The ultimate controlling party is A. D. Kemp-Smith by virtue of his shareholding in both the current and comparative year.  

Page 12