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REGISTRAR OF COMPANIES

Registration number: 04592654

Albo Limited

Unaudited Financial Statements

31 July 2024

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Albo Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Albo Limited
for the Year Ended 31 July 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Albo Limited for the year ended 31 July 2024 as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Albo Limited, as a body, in accordance with the terms of our engagement letter dated 26 April 2024. Our work has been undertaken solely to prepare for your approval the accounts of Albo Limited and state those matters that we have agreed to state to the Board of Directors of Albo Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Albo Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Albo 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 Albo Limited. You consider that Albo 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 Albo 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.



Dodd & Co Limited
Chartered Accountants
Dodd & Co Limited
FIFTEEN Rosehill
Montgomery Way
CARLISLE
CA1 2RW

25 February 2025

 

Albo Limited

(Registration number: 04592654)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,306

2,822

Investment property

5

2,767,000

2,767,000

 

2,769,306

2,769,822

Current assets

 

Debtors

6

38,592

39,984

Cash at bank and in hand

 

163,020

79,907

 

201,612

119,891

Creditors: Amounts falling due within one year

7

(64,749)

(83,430)

Net current assets

 

136,863

36,461

Total assets less current liabilities

 

2,906,169

2,806,283

Provisions for liabilities

(36,685)

(37,236)

Net assets

 

2,869,484

2,769,047

Capital and reserves

 

Allotted, called up and fully paid share capital

62

62

Share premium reserve

1,325,618

1,325,618

Capital redemption reserve

18

18

Non-distributable reserve

 

246,886

246,886

Profit and loss account

1,296,900

1,196,463

Total equity

 

2,869,484

2,769,047

 

Albo Limited

(Registration number: 04592654)
Balance Sheet as at 31 July 2024 (continued)

For the financial year ending 31 July 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 February 2025 and signed on its behalf by:
 

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

G Tod

Director

 

Albo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

The principal place of business is:
Beech House
Durdar
CARLISLE
CA5 7LJ

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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.

Tax

The tax expense for the period comprises current and deferred 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.

 

Albo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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, fittings and office equipment

Reducing balance basis 15% and 20%

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 the sale of goods 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.

 

Albo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

Albo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

4

Tangible assets

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 August 2023

26,112

26,112

Disposals

(1,367)

(1,367)

At 31 July 2024

24,745

24,745

Depreciation

At 1 August 2023

23,290

23,290

Charge for the year

429

429

Eliminated on disposal

(1,280)

(1,280)

At 31 July 2024

22,439

22,439

Carrying amount

At 31 July 2024

2,306

2,306

At 31 July 2023

2,822

2,822

5

Investment properties

£

At 1 August 2023

2,767,000

At 31 July 2024

2,767,000

Investment property is shown at its open market value based on the valuation in 2018 made by Mr Michael A Blake BSc (Hons) FRICS of Stanton Mortimer Property Consultants, Mr Adrian P Tod MNAEA of Hayward Tod and director of Albo Limited and Mr John R Taylor FRICS of Reid Taylor Limited.

The directors have reviewed the carrying value at 31 July 2024 and consider no fair value adjustments are required.

6

Debtors

2024
£

2023
£

Trade debtors

28,028

35,543

Other debtors

10,564

4,441

38,592

39,984

 

Albo Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

28,893

52,418

Corporation tax liability

 

31,098

28,012

Other creditors

 

4,758

3,000

 

64,749

83,430

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

28,893

52,418