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COMPANY REGISTRATION NUMBER: 01278761
Albright International Limited
Financial Statements
30 September 2024
Albright International Limited
Financial Statements
Year ended 30 September 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
3
Independent auditor's report to the members
5
Statement of income and retained earnings
9
Statement of financial position
10
Notes to the financial statements
11
Albright International Limited
Officers and Professional Advisers
The board of directors
Mr N E L Bedggood
Mr L E V Bedggood
Mr R Hunt
Mrs M Adaway
Mr G Moore
Mr D Crew
Registered office
Unit E Evingar Trading Estate
Ardglen Road
Whitchurch
Hampshire
RG27 7BB
Auditor
TTCA Ltd
Chartered accountants & statutory auditor
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY
Albright International Limited
Strategic Report
Year ended 30 September 2024
The directors present the strategic report for the year ended 30 September 2024 and confirm to the company's members that they have complied with their duty under section 172 of the Companies Act 2006. Principal activity The company's principal activity during the year continued to be that of the manufacture and sale of solenoid switches and switch gear. Interest rate risk The nature of the company's activities and the basis of funding are such that the directors envisage the company has sufficient liquid resources. The company is not financially dependent on the income earned on these resources and therefore the risk of interest rate fluctuations is not significant to the business. Nonetheless the directors continue to take steps to secure rates of interest which will generate the best return for the company. Fair review of the business The company has suffered a decline in sales compared with the year before due in the main to customers now having caught up after the pandemic. The year ended 30 September 2024 saw a 4.0% decrease in turnover to £40.7m. Cost of sales have fallen to £34.5m. Gross profit has fallen to £6.1m. The company saw an operating profit of £604k. Cash balances at the year- end increased from £4.9m in 2023 to £7.5m. Future developments The directors are looking into battery development and high voltage switches. Foreign exchange currency risk: The directors consider the risk on the capital value of short and medium term investments to be low. The directors continue to manage the above risks by only entering into short-term investments and continually reviewing these short-term investments to ensure that the maximum rates of return are achieved. The company also holds cash in foreign currencies such as Euros, Dollars, Swiss Francs and Chinese Yuan. The company does not enter into forward contracts in respect of Euros and Dollars, instead the company buys and sells these currencies as and when required on the spot market. Events since the balance sheet date The retirement of several key staff scheduled for 2025.Tony Nichols (General Manager Albright, China January 2025), Richard Hunt (Finance Director, June 2025), and Herve Lefort (General Manager of Albright France, December 2025).
This report was approved by the board of directors on 24 April 2025 and signed on behalf of the board by:
Mr R Hunt
Director
Albright International Limited
Directors' Report
Year ended 30 September 2024
The directors present their report and the financial statements of the company for the year ended 30 September 2024 .
Directors
The directors who served the company during the year were as follows:
Mr N E L Bedggood
Mr L E V Bedggood
Mr R Hunt
Mrs M Adaway
Mr D Crew
Mr G Moore
(Appointed 15 January 2024)
Mr W Wright
(Resigned 7 June 2024)
Dividends
The directors do not recommend the payment of a dividend.
Future developments
The directors are looking into battery development and high voltage switches.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 24 April 2025 and signed on behalf of the board by:
Mr R Hunt
Director
Albright International Limited
Independent Auditor's Report to the Members of Albright International Limited
Year ended 30 September 2024
Opinion
We have audited the financial statements of Albright International Limited (the 'company') for the year ended 30 September 2024 which comprise the statement of income and retained earnings, statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors and other management (as required by auditing standards), the polices and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably. Firstly the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the company is subject to many other laws and regulations where the consequences of non- compliance could have a material effect on amounts or disclosures in the financial statement, for instance through the imposition of fines or litigation. We identified areas as those most likely to have such an effect: anti bribery and certain aspects of company legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatement in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit there remains a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Thomas McManners BSc ACA ACMI
(Senior Statutory Auditor)
For and on behalf of
TTCA Ltd
Chartered accountants & statutory auditor
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY
24 April 2025
Albright International Limited
Statement of Income and Retained Earnings
Year ended 30 September 2024
2024
2023
Note
£
£
Turnover
4
40,748,992
42,511,790
Cost of sales
34,567,943
35,760,044
-------------
-------------
Gross profit
6,181,049
6,751,746
Administrative expenses
5,770,715
5,068,269
Other operating income
5
194,391
164,414
------------
------------
Operating profit
6
604,725
1,847,891
Income from shares in group undertakings
9
1,443,087
1,001,438
Other interest receivable and similar income
10
43,457
16,447
------------
------------
Profit before taxation
2,091,269
2,865,776
Tax on profit
11
82,537
97,376
------------
------------
Profit for the financial year and total comprehensive income
2,008,732
2,768,400
------------
------------
Retained earnings at the start of the year
21,051,064
18,282,664
-------------
-------------
Retained earnings at the end of the year
23,059,796
21,051,064
-------------
-------------
All the activities of the company are from continuing operations.
Albright International Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
12
1,237,818
1,294,203
Investments
13
6,031,845
5,531,845
------------
------------
7,269,663
6,826,048
Current assets
Stocks
14
7,134,614
7,440,734
Debtors
15
13,299,827
14,815,197
Cash at bank and in hand
7,458,612
4,943,063
-------------
-------------
27,893,053
27,198,994
Creditors: amounts falling due within one year
Trade creditors
6,342,478
7,222,961
Amounts owed to group undertakings
4,792,189
4,792,189
Other creditors including taxation and social security
16
429,507
448,135
Accruals and deferred income
508,746
480,693
-------------
-------------
12,072,920
12,943,978
-------------
-------------
Net current assets
15,820,133
14,255,016
-------------
-------------
Total assets less current liabilities
23,089,796
21,081,064
-------------
-------------
Net assets
23,089,796
21,081,064
-------------
-------------
Capital and reserves
Called up share capital
17
30,000
30,000
Profit and loss account
18
23,059,796
21,051,064
-------------
-------------
Shareholders funds
23,089,796
21,081,064
-------------
-------------
These financial statements were approved by the board of directors and authorised for issue on 24 April 2025 , and are signed on behalf of the board by:
Mr L E V Bedggood
Director
Company registration number: 01278761
Albright International Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit E Evingar Trading Estate, Ardglen Road, Whitchurch, Hampshire, RG27 7BB.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Albright International Ltd has strong cash reserves and has a strong order book. The business remains very much a going concern.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Lea Redway Group which can be obtained from Lea Redway Limited, Unit E Evingar Trading Estate, Ardglen Road, Whitchurch, Hampshire. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: No cash flow statement has been presented for the company.
Judgements and key sources of estimation uncertainty
The preparation of these financial statements in conformity with United Kingdom Generally Accepted Accounting Practice requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the valuation of closing stock and work in progress.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% straight line
Computer equipment
-
25% straight line
Motor vehicles
-
20% straight line
Equipment, fixtures & fittings
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
40,748,992
42,511,790
-------------
-------------
The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2024
2023
£
£
United Kingdom
10,147,782
7,943,978
Overseas sales
29,353,203
33,136,557
Licence fee received
1,248,007
1,431,255
-------------
-------------
40,748,992
42,511,790
-------------
-------------
Analysis of overseas sales:
2024
2023
£
£
Europe
15,329,050
17,123,997
North America
10,614,248
11,318,470
Rest of the world
3,409,905
4,694,090
-------------
-------------
Total
29,353,203
33,136,557
-------------
-------------
5. Other operating income
2024
2023
£
£
Management charges receivable
194,391
164,414
---------
---------
6. Operating profit
Operating profit or loss is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
433,040
398,252
Foreign exchange differences
468,679
237,183
---------
---------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
37,000
35,200
--------
--------
Fees payable to the company's auditor and its associates for other services:
Other non-audit services
597
351
--------
--------
8. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
136
153
Administrative staff
41
36
----
----
177
189
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
6,378,326
6,098,952
Other pension costs
138,483
132,416
------------
------------
6,516,809
6,231,368
------------
------------
9. Income from shares in group undertakings
2024
2023
£
£
Dividends from group undertakings
1,443,087
1,001,438
------------
------------
10. Other interest receivable and similar income
2024
2023
£
£
Interest on bank deposits
43,457
16,447
--------
--------
11. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
82,537
97,376
--------
--------
Tax on profit
82,537
97,376
--------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 22 %).
2024
2023
£
£
Profit on ordinary activities before taxation
2,091,269
2,865,776
------------
------------
Profit on ordinary activities by rate of tax
522,817
630,470
Utilisation of tax losses
( 440,280)
( 533,094)
------------
------------
Tax on profit
82,537
97,376
------------
------------
12. Tangible assets
Plant and machinery
Computer Equipment
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 October 2023
7,082,254
1,970,417
218,548
5,734,554
15,005,773
Additions
190,615
26,769
159,271
376,655
------------
------------
---------
------------
-------------
At 30 September 2024
7,272,869
1,997,186
218,548
5,893,825
15,382,428
------------
------------
---------
------------
-------------
Depreciation
At 1 October 2023
6,897,130
1,944,440
180,628
4,689,372
13,711,570
Charge for the year
50,013
34,819
24,990
323,218
433,040
------------
------------
---------
------------
-------------
At 30 September 2024
6,947,143
1,979,259
205,618
5,012,590
14,144,610
------------
------------
---------
------------
-------------
Carrying amount
At 30 September 2024
325,726
17,927
12,930
881,235
1,237,818
------------
------------
---------
------------
-------------
At 30 September 2023
185,124
25,977
37,920
1,045,182
1,294,203
------------
------------
---------
------------
-------------
13. Investments
Shares in group undertakings
£
Cost
At 1 October 2023
5,531,845
Additions
500,000
------------
At 30 September 2024
6,031,845
------------
Impairment
At 1 October 2023 and 30 September 2024
------------
Carrying amount
At 30 September 2024
6,031,845
------------
At 30 September 2023
5,531,845
------------
Subsidiaries, associates and other investments
Class of share
Percentage of shares held
Subsidiary undertakings
Albright Deutschland GmbH
Ordinary
100
Albright France
Ordinary
80
Albright Lietuva UAB
Ordinary
100
Albright Mechanical Engineering Shanghai
Ordinary
100
Albright Japan
Ordinary
100
Albright Electromechanical India Private Limited
Ordinary
100
During the year the company acquired additional share capital totalling £500,000 in Albright Electromechanical India Private Limited, a company incorporated in India.
14. Stocks
2024
2023
£
£
Raw materials and consumables
3,558,020
4,572,489
Work in progress
2,196,228
1,422,974
Finished goods and goods for resale
1,380,366
1,445,271
------------
------------
7,134,614
7,440,734
------------
------------
15. Debtors
2024
2023
£
£
Trade debtors
7,088,483
7,800,678
Amounts owed by group undertakings
5,427,818
6,232,042
Prepayments and accrued income
295,718
159,217
Other debtors
487,808
623,260
-------------
-------------
13,299,827
14,815,197
-------------
-------------
16. Other creditors including taxation and social security falling
due within one year
2024
2023
£
£
Social security and other taxes
186,015
202,093
Other creditors
243,492
246,042
---------
---------
429,507
448,135
---------
---------
17. Called up share capital
Authorised share capital
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
30,000
30,000
30,000
30,000
--------
--------
--------
--------
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
30,000
30,000
30,000
30,000
--------
--------
--------
--------
18. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
19. Related party transactions
During the year the company made sales totalling £892,163 (2023: £812,993) to Albright France. Purchases totalling £2,023 were purchased from Albright France (2023: £2,079). Albright France is an 80% subsidiary of Albright International Limited . These transactions were entered into on an arms length basis. Included in trade debtors is an amount of £305,506 (2023: £305,506) due from Albright France to Albright International Limited . Included within 'Amounts owed by group undertakings' is a figure of £216,533 (2023: £199,826) due from Albright France. Dividends received from Albright France during the year were £32,325 (2023: £nil). Management charges received from Albright France totalled £20,000 (2023: £21,552) Advantage has been taken of the exemption from disclosure of inter-company transactions and balances with wholly owned subsidiaries.