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Company No: 11825188 (England and Wales)

ALBION STORAGE SOLUTIONS LTD

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

ALBION STORAGE SOLUTIONS LTD

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

ALBION STORAGE SOLUTIONS LTD

STATEMENT OF FINANCIAL POSITION

As at 29 February 2024
ALBION STORAGE SOLUTIONS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 45,264 41,336
45,264 41,336
Current assets
Debtors 4 45,863 54,938
Cash at bank and in hand 5 9,259 31,873
55,122 86,811
Creditors: amounts falling due within one year 6 ( 23,611) ( 33,992)
Net current assets 31,511 52,819
Total assets less current liabilities 76,775 94,155
Creditors: amounts falling due after more than one year 7 ( 5,101) ( 8,076)
Provision for liabilities ( 6,984) ( 10,334)
Net assets 64,690 75,745
Capital and reserves
Called-up share capital 4 4
Profit and loss account 64,686 75,741
Total shareholders' funds 64,690 75,745

For the financial year ending 29 February 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 Albion Storage Solutions Ltd (registered number: 11825188) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Sarah Louise Noy
Director

30 September 2024

ALBION STORAGE SOLUTIONS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
ALBION STORAGE SOLUTIONS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 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

Albion Storage Solutions Ltd (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 Unit 24b Halesworth Business Centre, Norwich Road, Halesworth, IP19 8QJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Office equipment 25 % reducing balance
Computer equipment 25 % reducing balance

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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 Income Statement as described below.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 3

3. Tangible assets

Plant and machinery Vehicles Office equipment Computer equipment Total
£ £ £ £ £
Cost
At 01 March 2023 34,997 19,251 1,707 0 55,955
Additions 2,995 15,000 1,072 790 19,857
Disposals 0 ( 3,500) ( 708) 0 ( 4,208)
At 29 February 2024 37,992 30,751 2,071 790 71,604
Accumulated depreciation
At 01 March 2023 9,379 4,813 427 0 14,619
Charge for the financial year 7,028 5,250 434 181 12,893
Disposals 0 ( 984) ( 188) 0 ( 1,172)
At 29 February 2024 16,407 9,079 673 181 26,340
Net book value
At 29 February 2024 21,585 21,672 1,398 609 45,264
At 28 February 2023 25,618 14,438 1,280 0 41,336

4. Debtors

2024 2023
£ £
Trade debtors 28,748 21,611
Amounts owed by directors 5,911 20,200
VAT recoverable 0 1,923
Other debtors 11,204 11,204
45,863 54,938

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 9,259 31,873

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 2,804 2,700
Trade creditors 18,138 18,588
Accruals 1,575 1,500
Taxation and social security 1,094 11,204
23,611 33,992

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

2024 2023
£ £
Bank loans 5,101 8,076