Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Dr W G Doherty 11/05/2023 R H Games 29/08/2014 A N Hocking 29/08/2014 J A House 03/11/2014 C Ching Loo 11/05/2023 M S G Maidment 11/05/2023 F C Noble 11/05/2023 K A Oliver-Games 29/08/2014 15 October 2024 The principal activity of the company continued to be that of patent and trade mark attorneys. 09194575 2024-03-31 09194575 bus:Director1 2024-03-31 09194575 bus:Director2 2024-03-31 09194575 bus:Director3 2024-03-31 09194575 bus:Director4 2024-03-31 09194575 bus:Director5 2024-03-31 09194575 bus:Director6 2024-03-31 09194575 bus:Director7 2024-03-31 09194575 bus:Director8 2024-03-31 09194575 2023-03-31 09194575 core:CurrentFinancialInstruments 2024-03-31 09194575 core:CurrentFinancialInstruments 2023-03-31 09194575 core:Non-currentFinancialInstruments 2024-03-31 09194575 core:Non-currentFinancialInstruments 2023-03-31 09194575 core:ShareCapital 2024-03-31 09194575 core:ShareCapital 2023-03-31 09194575 core:RetainedEarningsAccumulatedLosses 2024-03-31 09194575 core:RetainedEarningsAccumulatedLosses 2023-03-31 09194575 core:Goodwill 2023-03-31 09194575 core:Goodwill 2024-03-31 09194575 core:LandBuildings 2023-03-31 09194575 core:OfficeEquipment 2023-03-31 09194575 core:LandBuildings 2024-03-31 09194575 core:OfficeEquipment 2024-03-31 09194575 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2024-03-31 09194575 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2023-03-31 09194575 core:CurrentFinancialInstruments core:Secured 2024-03-31 09194575 core:MoreThanFiveYears 2024-03-31 09194575 core:MoreThanFiveYears 2023-03-31 09194575 bus:OrdinaryShareClass1 2024-03-31 09194575 bus:OrdinaryShareClass2 2024-03-31 09194575 bus:OrdinaryShareClass3 2024-03-31 09194575 bus:OrdinaryShareClass4 2024-03-31 09194575 core:WithinOneYear 2024-03-31 09194575 core:WithinOneYear 2023-03-31 09194575 core:BetweenOneFiveYears 2024-03-31 09194575 core:BetweenOneFiveYears 2023-03-31 09194575 2023-04-01 2024-03-31 09194575 bus:FilletedAccounts 2023-04-01 2024-03-31 09194575 bus:SmallEntities 2023-04-01 2024-03-31 09194575 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09194575 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09194575 bus:Director1 2023-04-01 2024-03-31 09194575 bus:Director2 2023-04-01 2024-03-31 09194575 bus:Director3 2023-04-01 2024-03-31 09194575 bus:Director4 2023-04-01 2024-03-31 09194575 bus:Director5 2023-04-01 2024-03-31 09194575 bus:Director6 2023-04-01 2024-03-31 09194575 bus:Director7 2023-04-01 2024-03-31 09194575 bus:Director8 2023-04-01 2024-03-31 09194575 core:Goodwill core:TopRangeValue 2023-04-01 2024-03-31 09194575 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 09194575 core:LandBuildings core:TopRangeValue 2023-04-01 2024-03-31 09194575 core:OfficeEquipment core:TopRangeValue 2023-04-01 2024-03-31 09194575 2022-04-01 2023-03-31 09194575 core:Goodwill 2023-04-01 2024-03-31 09194575 core:LandBuildings 2023-04-01 2024-03-31 09194575 core:OfficeEquipment 2023-04-01 2024-03-31 09194575 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 09194575 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 09194575 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 09194575 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 09194575 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 09194575 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 09194575 bus:OrdinaryShareClass3 2023-04-01 2024-03-31 09194575 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 09194575 bus:OrdinaryShareClass4 2023-04-01 2024-03-31 09194575 bus:OrdinaryShareClass4 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09194575 (England and Wales)

ALBRIGHT IP LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

ALBRIGHT IP LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

ALBRIGHT IP LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
ALBRIGHT IP LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 123,167 57,167
Tangible assets 4 1,387,478 1,392,284
Investment property 5 1,280,246 1,280,246
2,790,891 2,729,697
Current assets
Debtors
- due within one year 6 2,046,952 2,005,954
- due after more than one year 6 972,554 290,708
Cash at bank and in hand 890,357 1,013,119
3,909,863 3,309,781
Creditors: amounts falling due within one year 7 ( 809,799) ( 711,119)
Net current assets 3,100,064 2,598,662
Total assets less current liabilities 5,890,955 5,328,359
Creditors: amounts falling due after more than one year 8 ( 717,893) ( 539,830)
Provision for liabilities ( 233) ( 198)
Net assets 5,172,829 4,788,331
Capital and reserves
Called-up share capital 9 1,001 1,001
Profit and loss account 5,171,828 4,787,330
Total shareholders' funds 5,172,829 4,788,331

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Albright IP Limited (registered number: 09194575) were approved and authorised for issue by the Board of Directors on 15 October 2024. They were signed on its behalf by:

R H Games
Director
ALBRIGHT IP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
ALBRIGHT IP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Albright IP Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is County House, Bayshill Road, Cheltenham, GL50 3BA, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Share-based payment

Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.

Fair value is measured by use of the Black Scholes pricing model which is considered by management to be the most appropriate method of valuation. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line/reducing balance] basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 37 36

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 2,120,000 2,120,000
Additions 100,000 100,000
At 31 March 2024 2,220,000 2,220,000
Accumulated amortisation
At 01 April 2023 2,062,833 2,062,833
Charge for the financial year 34,000 34,000
At 31 March 2024 2,096,833 2,096,833
Net book value
At 31 March 2024 123,167 123,167
At 31 March 2023 57,167 57,167

4. Tangible assets

Land and buildings Office equipment Total
£ £ £
Cost
At 01 April 2023 1,599,283 123,419 1,722,702
Additions 0 42,399 42,399
At 31 March 2024 1,599,283 165,818 1,765,101
Accumulated depreciation
At 01 April 2023 226,527 103,891 330,418
Charge for the financial year 31,986 15,219 47,205
At 31 March 2024 258,513 119,110 377,623
Net book value
At 31 March 2024 1,340,770 46,708 1,387,478
At 31 March 2023 1,372,756 19,528 1,392,284

5. Investment property

Investment property
£
Valuation
As at 01 April 2023 1,280,246
As at 31 March 2024 1,280,246

The directors have considered the valuation of the property this year and are satisfied that the property is shown at fair value.

6. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 1,109,802 1,038,383
Amounts owed by connected companies 37,600 6,373
Amounts owed by directors 866,547 938,385
Prepayments 32,003 22,813
Other debtors 1,000 0
2,046,952 2,005,954
Debtors: amounts falling due after more than one year
Amounts owed by connected companies 972,554 290,708

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 73,045 24,096
Trade creditors 234,952 212,997
Accruals and deferred income 32,381 88,669
Taxation and social security 383,739 336,898
Other creditors 85,682 48,459
809,799 711,119

The long-term loans are secured by fixed and floating charges over the assets of the company.

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 717,893 539,830

The long-term loans are secured by fixed and floating charges over the assets of the company.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans 410,388 323,638

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
500 Ordinary A shares of £ 1.00 each 500 500
300 Ordinary B shares of £ 1.00 each 300 300
200 Ordinary C shares of £ 1.00 each 200 200
1 Ordinary D share of £ 1.00 1 1
1,001 1,001

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 6,430 0
between one and five years 9,645 0
16,075 0

11. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Dividends paid to directors 893,700 801,900

At the balance sheet date amounts totalling £866,547 (2023: £938,385) remain outstanding as due to the company from the directors. Interest has been charged at 2.25% per annum and the loans are payable on demand.