Company registration number 03237904 (England and Wales)
ALBABRIDGE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
ALBABRIDGE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
ALBABRIDGE LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
13,926
18,701
Investment property
4
2,517,490
2,517,490
Investments
5
7,824
7,824
2,539,240
2,544,015
Current assets
Investments
7
121,266
91,370
Cash at bank and in hand
277,241
295,547
398,507
386,917
Creditors: amounts falling due within one year
8
(417,052)
(329,585)
Net current (liabilities)/assets
(18,545)
57,332
Total assets less current liabilities
2,520,695
2,601,347
Creditors: amounts falling due after more than one year
9
(865,853)
(874,639)
Provisions for liabilities
(415,419)
(416,612)
Net assets
1,239,423
1,310,096
Capital and reserves
Called up share capital
10
109,998
109,998
Non-distributable profits reserve
11
234,171
234,171
Distributable profit and loss reserves
895,254
965,927
Total equity
1,239,423
1,310,096
ALBABRIDGE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -

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

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 30 January 2025
M J Cotton
Director
Company registration number 03237904 (England and Wales)
ALBABRIDGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

Albabridge Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10 Strawberry Bank, Blackburn, Lancashire, BB2 6AA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The company is reliant upon the financial support of its director and external finance providers. The directortrue is not aware of any reason why this support will not be maintained for the foreseeable future. As a result, the director has continued to adopt the going concern basis in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for services provided.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
33% Straight line
Motor vehicles
25% Reducing balance

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.

1.5
Investment property

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. The surplus or deficit on revaluation is recognised in profit or loss.

ALBABRIDGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
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 current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

ALBABRIDGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
ALBABRIDGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023 and 30 April 2024
24,958
Depreciation and impairment
At 1 May 2023
6,257
Depreciation charged in the year
4,775
At 30 April 2024
11,032
Carrying amount
At 30 April 2024
13,926
At 30 April 2023
18,701

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Motor vehicles
13,669
18,225
4
Investment property
2024
£
Fair value
At 1 May 2023 and 30 April 2024
2,517,490

The company's portfolio of investment properties has been valued by the company director.

5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
7,824
7,824
6
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Eastridge Properties Limited
1 - Below
Ordinary
100.00
Laycourt Properties Ltd
1 - Below
Ordinary
100.00
ALBABRIDGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
6
Subsidiaries
(Continued)
- 7 -

Registered office addresses (all UK unless otherwise indicated):

1
10 Strawberry Bank, Blackburn, Lancashire, BB2 6AA
7
Current asset investments
2024
2023
£
£
Other investments
121,266
91,370

Current asset investments are measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,397
5,264
Obligations under finance leases
3,353
3,353
Amounts owed to group undertakings
284,243
209,836
Taxation and social security
36,320
26,187
Other creditors
4,029
102
Accruals and deferred income
83,710
84,843
417,052
329,585

Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.

9
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
29,611
35,007
Obligations under finance leases
12,461
15,814
Other borrowings
823,781
823,818
865,853
874,639

Other creditors relate to sums advanced on mortgage which are secured against certain of the company's investment properties.

Amounts included above which fall due after five years are as follows:
Payable other than by instalments
830,405
836,405
ALBABRIDGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
100,770
100,770
100,770
100,770
B Ordinary shares of £1 each
8,865
8,865
8,865
8,865
C Ordinary shares of £1 each
363
363
363
363
109,998
109,998
109,998
109,998
11
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
234,171
246,681
Non distributable profits in the year
-
(12,510)
At the end of the year
234,171
234,171
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