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Registration number: 06379987

Almit Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2024

 

Almit Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 10

 

Almit Limited

Company Information

Directors

Mr F Mendel

Mr D Mendel

Registered office

Unit 7
Forest Row Business Park
Station Road
Forest Row
East Sussex
RH18 5DW

Accountants

Andrews & O'Shea Ltd
Accountants
Optima House
1 Mill Court
Spindle Way
Crawley
West Sussex
RH10 1TT

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Almit Limited
for the Year Ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Almit Limited for the year ended 30 September 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Almit Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Almit Limited and state those matters that we have agreed to state to the Board of Directors of Almit Limited, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Almit Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Almit Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Almit Limited. You consider that Almit Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Almit Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Andrews & O'Shea Ltd
Accountants
Optima House
1 Mill Court
Spindle Way
Crawley
West Sussex
RH10 1TT

2 December 2024

 

Almit Limited

(Registration number: 06379987)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

21,438

9,256

Current assets

 

Stocks

6

202,773

286,287

Debtors

7

338,420

303,650

Cash at bank and in hand

 

709,000

185,476

 

1,250,193

775,413

Creditors: Amounts falling due within one year

8

(621,781)

(263,638)

Net current assets

 

628,412

511,775

Net assets

 

649,850

521,031

Capital and reserves

 

Called up share capital

9

70

70

Capital redemption reserve

30

30

Other reserves

161,754

161,754

Retained earnings

487,996

359,177

Shareholders' funds

 

649,850

521,031

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Almit Limited

(Registration number: 06379987)
Balance Sheet as at 30 September 2024

Approved and authorised by the Board on 2 December 2024 and signed on its behalf by:
 

.........................................
Mr F Mendel
Director

   
     
 

Almit Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 7
Forest Row Business Park
Station Road
Forest Row
East Sussex
RH18 5DW

These financial statements were authorised for issue by the Board on 2 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions denominated in foreign currencies are translated into sterling and recorded at the rate of exchange ruling at the date of the transaction.

Balances at the year-end denominated in a foreign currency are translated into sterling at the rate of exchange ruling at the balance sheet date.

 

Almit Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income 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 operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and fittings

25% per annum - reducing balance basis

Computer equipment

33% per annum - reducing balance basis

Motor vehicles

25% per annum - reducing balance basis

Plant and machinery

25% per annum - reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Almit Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 7).

 

Almit Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

8,706

4,971

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2023

35,878

22,250

3,827

61,955

Additions

20,888

-

-

20,888

Disposals

(10,270)

-

-

(10,270)

At 30 September 2024

46,496

22,250

3,827

72,573

Depreciation

At 1 October 2023

29,953

19,280

3,466

52,699

Charge for the year

7,844

742

120

8,706

Eliminated on disposal

(10,270)

-

-

(10,270)

At 30 September 2024

27,527

20,022

3,586

51,135

Carrying amount

At 30 September 2024

18,969

2,228

241

21,438

At 30 September 2023

5,925

2,970

361

9,256

6

stocks

2024
£

2023
£

Other inventories

202,773

286,287

 

Almit Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

7

debtors

2024
£

2023
£

Trade debtors

318,867

273,572

Prepayments

6,706

7,344

Other debtors

12,847

22,734

338,420

303,650

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

177,178

111,404

Taxation and social security

130,727

97,992

Accruals and deferred income

22,501

46,112

Other creditors

291,375

8,130

621,781

263,638

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

70

70

70

70

       

10

Dividends

2024

2023

£

£

Interim dividend of £4,163 (2023 - £4,635) per ordinary share

291,375

324,416

 

 
 

Almit Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £70,125 (2023 - £19,125). These are the total commitments under the operating lease, the annual charge is £12,750 (2023 - £12,750).

12

Related party transactions

Summary of transactions with other related parties

Almit GMBH

On 8/10/2023 Almit GMBH purchased the shares of Almit Limited.

Almit limited sold goods and services to Almit GMBH to the value of £27,573.

Almit Limited purchased goods and services from Almit GMBH to the value of £163,543.

A dividend in favour of Almit GMBH to the value of £291,375 has been accrued at the year end.


Start (UK) Ltd

  In 2023 Mr P C Martin was also a director and shareholder of Start (UK) Ltd. This relationship ceased on 8/10/2023 when Mr P C Martin resigned as a director and sold his shares in Almit.
 Start (UK) Ltd charged commission to Almit Ltd to the value of £0 (2023 - £7,682).

Almit Ltd also sold goods and services to Start (UK) Ltd to the value of £53 (2023 - £370)

Almit Ltd charged Start (UK) Ltd management fees of £0 (2023 - £3,414) and was charged management fees of £0 (2023 - £12,000).

At the year end £0 (2023 - £6,828) was owed by Start (UK) Ltd and £0 (2023 - £1,200) was owed to Start (UK) Ltd by the company. At the balance sheet date the amount due to/from Start (UK) Ltd was £0 (2023 - £5,628).