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REGISTERED NUMBER: 10959264 (England and Wales)















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH SEPTEMBER 2024

FOR

ALBEMARLE HOLDINGS LIMITED

ALBEMARLE HOLDINGS LIMITED (REGISTERED NUMBER: 10959264)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


ALBEMARLE HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH SEPTEMBER 2024







DIRECTORS: D Barker
Mrs C Barker





REGISTERED OFFICE: Grove Barn
11 Silica Court
Kirk Sandall
Doncaster
South Yorkshire
DN3 1EG





REGISTERED NUMBER: 10959264 (England and Wales)





AUDITORS: Leesing Marrison Lee & Co
Chartered Certified Accountants
Register Auditor
46 Main Street
Mexborough
South Yorkshire
S64 9DU

ALBEMARLE HOLDINGS LIMITED (REGISTERED NUMBER: 10959264)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30TH SEPTEMBER 2024

The directors present their strategic report of the company and the group for the year ended 30th September 2024.

BUSINESS MODEL
Albemarle Holdings Limited is a holding company owning 100% of the shares in Albemarle Homes Limited, Skyblu Limited (trading name: Development Delivery Consultancy) and Albemarle Portfolio Limited, as well as 60% of the shares in Logical Plumbing Solutions Limited and 33.3% of the shares in Grove Civil Engineering Limited. We are a family run company, operating in the property development sector.

BUSINESS PERFORMANCE
Performance across all five group companies has been strong. Despite continuing economic challenges, all five companies have remained profitable.

Funds distributed upwards from subsidiaries allow Albemarle Holdings Limited to remain competitive in land market and identify development opportunities through Albemarle Homes Limited.

A forward commitment agreement in Albemarle Homes Limited ensured stability in revenue in an otherwise unstable economic environment. This agreement is set to continue in the coming financial period.

BUSINESS ENVIRONMENT
The financial year ending 30th September 2024 saw continuing economic uncertainty. Interest rates remained high and no viable alternative to the Government Help To Buy: Equity Loan was brought forward, this meant the housing market continued to be slow moving and borrowing rates on loan facilities remained high.

Moving forward the market does seem to be slowly recovering particularly following multiple interest rate drops and a change in Government policy with a focus on delivering more new homes is also anticipated to have a positive impact on the economic environment.

STRATEGIC MANAGEMENT AND FUTURE PERFORMANCE
Forward planning and efficient business management is consistent across the group which ensured profits held during the period. Management have secured future contracts in Logical Plumbing Solutions Limited and Grove Civil Engineering Limited to ensure revenue in the coming period.

Long standing excellent customer relationships in Skyblu Limited mean we continue to deliver on consultancy contracts set to run into the next financial period and beyond.

Albemarle Homes continues to fulfil its existing forward commitment agreement as well capitalising on the increasing demand in the open market. We will also look to make a start on new sites in the coming period and continue to identify new strategic sites for future business.

Albemarle Portfolio Limited continues to make sufficient rental income to offset the higher borrowing rate. The borrowing rate is also set to reduce in the coming period with consecutive base rate reductions anticipated, thus reducing the financial burden of borrowing for Albemarle Portfolio.

We have also invested in new properties and continually look to grow the property portfolio when financially viable to ensure and increase profitability.

ON BEHALF OF THE BOARD:





D Barker - Director


4th April 2025

ALBEMARLE HOLDINGS LIMITED (REGISTERED NUMBER: 10959264)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30TH SEPTEMBER 2024

The directors present their report with the financial statements of the company and the group for the year ended 30th September 2024.

DIVIDENDS
Dividends of £160,376 (2023: £15,193) have been distributed during the year.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st October 2023 to the date of this report.

D Barker
Mrs C Barker

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Leesing Marrison Lee & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D Barker - Director


4th April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ALBEMARLE HOLDINGS LIMITED

Opinion
We have audited the financial statements of Albemarle Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th September 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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 Financial Reporting Standard 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 group's and of the parent company affairs as at 30th September 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 this gives rise to a material misstatement in the financial statements themselves. 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ALBEMARLE HOLDINGS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 Statement of Directors' Responsibilities set out on page three, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

Our procedures to respond to risks identified include the following;

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

-reading minutes of meetings of those charged with governance and reviewing regulatory correspondence;

- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and

- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ALBEMARLE HOLDINGS LIMITED


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 a Report of the Auditors 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.




Robert Tippett (Senior Statutory Auditor)
for and on behalf of Leesing Marrison Lee & Co
Chartered Certified Accountants
Register Auditor
46 Main Street
Mexborough
South Yorkshire
S64 9DU

4th April 2025

ALBEMARLE HOLDINGS LIMITED (REGISTERED NUMBER: 10959264)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 30TH SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £    £   

TURNOVER 16,794,757 15,274,257

Cost of sales 13,791,903 13,419,827
GROSS PROFIT 3,002,854 1,854,430

Administrative expenses 1,672,118 395,330
1,330,736 1,459,100

Other operating income 9,816 107,567
OPERATING PROFIT 4 1,340,552 1,566,667

Income from interest in associated
undertakings

27,602

35,865
Interest receivable and similar income 56,143 27,444
83,745 63,309
1,424,297 1,629,976
Gain/loss on revaluation of investment
property

118,152

601,460
1,542,449 2,231,436

Interest payable and similar expenses 5 110,895 81,785
PROFIT BEFORE TAXATION 1,431,554 2,149,651

Tax on profit 6 435,448 586,347
PROFIT FOR THE FINANCIAL YEAR 996,106 1,563,304
Profit attributable to:
Owners of the parent 831,360 1,420,471
Non-controlling interests 164,746 142,833
996,106 1,563,304

ALBEMARLE HOLDINGS LIMITED (REGISTERED NUMBER: 10959264)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30TH SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £   

PROFIT FOR THE YEAR 996,106 1,563,304


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

996,106

1,563,304

Total comprehensive income attributable to:
Owners of the parent 831,360 1,420,471
Non-controlling interests 164,746 142,833
996,106 1,563,304

ALBEMARLE HOLDINGS LIMITED (REGISTERED NUMBER: 10959264)

CONSOLIDATED BALANCE SHEET
30TH SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 9 243,738 487,476
Tangible assets 10 288,265 300,261
Investments 11 77,585 59,983
Investment property 12 4,675,697 4,055,332
5,285,285 4,903,052

CURRENT ASSETS
Stocks 13 4,978,866 3,113,196
Debtors 14 1,612,937 1,352,350
Cash at bank and in hand 3,481,057 1,631,045
10,072,860 6,096,591
CREDITORS
Amounts falling due within one year 15 8,645,802 4,989,665
NET CURRENT ASSETS 1,427,058 1,106,926
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,712,343

6,009,978

CREDITORS
Amounts falling due after more than one
year

16

(1,913,624

)

(1,924,410

)

PROVISIONS FOR LIABILITIES 19 (403,554 ) (377,413 )
NET ASSETS 4,395,165 3,708,155

CAPITAL AND RESERVES
Called up share capital 20 200 200
Retained earnings 21 4,318,369 3,647,385
SHAREHOLDERS' FUNDS 4,318,569 3,647,585

NON-CONTROLLING INTERESTS 76,596 60,570
TOTAL EQUITY 4,395,165 3,708,155

The financial statements were approved by the Board of Directors and authorised for issue on 4th April 2025 and were signed on its behalf by:





D Barker - Director


ALBEMARLE HOLDINGS LIMITED (REGISTERED NUMBER: 10959264)

COMPANY BALANCE SHEET
30TH SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 9 243,737 487,475
Tangible assets 10 - -
Investments 11 500,745 500,745
Investment property 12 785,382 785,382
1,529,864 1,773,602

CURRENT ASSETS
Debtors 14 579,554 539,554
Cash at bank 194,328 222,342
773,882 761,896
CREDITORS
Amounts falling due within one year 15 4,053 228,330
NET CURRENT ASSETS 769,829 533,566
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,299,693

2,307,168

CAPITAL AND RESERVES
Called up share capital 20 200 200
Retained earnings 21 2,299,493 2,306,968
SHAREHOLDERS' FUNDS 2,299,693 2,307,168

Company's profit for the financial year 152,901 1,038,424

The financial statements were approved by the Board of Directors and authorised for issue on 4th April 2025 and were signed on its behalf by:





D Barker - Director


ALBEMARLE HOLDINGS LIMITED (REGISTERED NUMBER: 10959264)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30TH SEPTEMBER 2024

Called up
share Retained Non-controlling Total
capital earnings Total interests equity
£    £    £    £    £   
Balance at 1st October 2022 200 2,242,107 2,242,307 30,867 2,273,174

Changes in equity
Dividends - (15,193 ) (15,193 ) (113,130 ) (128,323 )
Total comprehensive income - 1,420,471 1,420,471 142,833 1,563,304
Balance at 30th September 2023 200 3,647,385 3,647,585 60,570 3,708,155

Changes in equity
Dividends - (160,376 ) (160,376 ) (148,720 ) (309,096 )
Total comprehensive income - 831,360 831,360 164,746 996,106
Balance at 30th September 2024 200 4,318,369 4,318,569 76,596 4,395,165

ALBEMARLE HOLDINGS LIMITED (REGISTERED NUMBER: 10959264)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30TH SEPTEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st October 2022 200 1,283,737 1,283,937

Changes in equity
Dividends - (15,193 ) (15,193 )
Total comprehensive income - 1,038,424 1,038,424
Balance at 30th September 2023 200 2,306,968 2,307,168

Changes in equity
Dividends - (160,376 ) (160,376 )
Total comprehensive income - 152,901 152,901
Balance at 30th September 2024 200 2,299,493 2,299,693

ALBEMARLE HOLDINGS LIMITED (REGISTERED NUMBER: 10959264)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30TH SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,700,000 1,803,522
Interest paid (108,604 ) (79,265 )
Interest element of hire purchase payments
paid

(2,291

)

(2,520

)
Tax paid (468,860 ) (165,556 )
Net cash from operating activities 2,120,245 1,556,181

Cash flows from investing activities
Purchase of tangible fixed assets (84,441 ) (189,831 )
Purchase of investment property (502,213 ) (1,033,722 )
Sale of tangible fixed assets 4,501 -
Sale of fixed asset investments - 890,320
Sale of investment property - 1,253,687
Acquisition, net of cash acquired - (851,771 )
Interest received 56,143 27,444
Dividends received 10,000 -
Net cash from investing activities (516,010 ) 96,127

Cash flows from financing activities
New loans in year 1,900,000 -
Loan repayments in year (1,383,310 ) (539,409 )
Capital repayments in year (21,846 ) 3,056
Amount introduced by directors 64,950 -
Amount withdrawn by directors (4,921 ) (100,420 )
Equity dividends paid (160,376 ) (15,193 )
Dividends paid to minority interests (148,720 ) (113,130 )
Net cash from financing activities 245,777 (765,096 )

Increase in cash and cash equivalents 1,850,012 887,212
Cash and cash equivalents at beginning
of year

2

1,631,045

743,833

Cash and cash equivalents at end of
year

2

3,481,057

1,631,045

ALBEMARLE HOLDINGS LIMITED (REGISTERED NUMBER: 10959264)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30TH SEPTEMBER 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30.9.24 30.9.23
£    £   
Profit before taxation 1,431,554 2,149,651
Depreciation charges 329,407 330,676
Loss/(profit) on disposal of fixed assets 6,268 (890,320 )
Gain on revaluation of fixed assets (118,152 ) (601,460 )
Finance costs 110,895 81,785
Finance income (83,745 ) (63,309 )
1,676,227 1,007,023
(Increase)/decrease in stocks (1,865,670 ) 285,884
(Increase)/decrease in trade and other debtors (183,054 ) 465,946
Increase in trade and other creditors 3,072,497 44,669
Cash generated from operations 2,700,000 1,803,522

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30th September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 3,481,057 1,631,045
Year ended 30th September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 1,631,045 743,833


3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.10.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank and in hand 1,631,045 1,850,012 3,481,057
1,631,045 1,850,012 3,481,057
Debt
Finance leases (41,431 ) 21,846 (19,585 )
Debts falling due within 1 year (632,844 ) (513,307 ) (1,146,151 )
Debts falling due after 1 year (1,904,829 ) (3,385 ) (1,908,214 )
(2,579,104 ) (494,846 ) (3,073,950 )
Total (948,059 ) 1,355,166 407,107

ALBEMARLE HOLDINGS LIMITED (REGISTERED NUMBER: 10959264)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2024

1. STATUTORY INFORMATION

Albemarle Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance and 20% on reducing balance
Fixtures and fittings - 25% on reducing balance and 20% on reducing balance
Motor vehicles - 25% on reducing balance and 20% on reducing balance
Computer equipment - 33% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

ALBEMARLE HOLDINGS LIMITED (REGISTERED NUMBER: 10959264)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
30.9.24 30.9.23
£    £   
Wages and salaries 1,161,544 939,522
Social security costs 93,770 78,903
Other pension costs 151,912 145,325
1,407,226 1,163,750

The average number of employees during the year was as follows:
30.9.24 30.9.23

Cost of sales 12 14
Administration 28 21
40 35

The average number of employees by undertakings that were proportionately consolidated during the year was 40 (2023 - 35 ) .

30.9.24 30.9.23
£    £   
Directors' remuneration 37,998 21,657
Directors' pension contributions to money purchase schemes 120,000 120,000

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.9.24 30.9.23
£    £   
Hire of plant and machinery 2,039 1,960
Other operating leases 17,777 22,500
Depreciation - owned assets 70,539 72,677
Depreciation - assets on hire purchase contracts 15,129 19,571
Loss/(profit) on disposal of fixed assets 6,268 (890,320 )
Goodwill amortisation 243,738 243,737
Auditors' remuneration 15,160 11,200

ALBEMARLE HOLDINGS LIMITED (REGISTERED NUMBER: 10959264)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024

5. INTEREST PAYABLE AND SIMILAR EXPENSES
30.9.24 30.9.23
£    £   
Bank interest - 24
Bank loan interest 108,604 79,241
Hire purchase 2,291 2,520
110,895 81,785

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.9.24 30.9.23
£    £   
Current tax:
UK corporation tax 409,307 362,900

Deferred tax 26,141 223,447
Tax on profit 435,448 586,347

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
30.9.24 30.9.23
£    £   
Ordinary shares of £1 each
Final 160,376 15,193

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1st October 2023 532,910
Disposals (5,000 )
At 30th September 2024 527,910
AMORTISATION
At 1st October 2023 45,434
Amortisation for year 243,738
Eliminated on disposal (5,000 )
At 30th September 2024 284,172
NET BOOK VALUE
At 30th September 2024 243,738
At 30th September 2023 487,476

ALBEMARLE HOLDINGS LIMITED (REGISTERED NUMBER: 10959264)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024

9. INTANGIBLE FIXED ASSETS - continued

Group

Shares acquired during the year ended 30 September 2023 created goodwill of £731,213. Goodwill is being written off over its estimated useful life of 3 years.

Shares acquired during the year ended 30 September 2022 created negative goodwill of £203,303 which was written off in the year of acquisition.

Company
Goodwill
£   
COST
At 1st October 2023
and 30th September 2024 731,213
AMORTISATION
At 1st October 2023 243,738
Amortisation for year 243,738
At 30th September 2024 487,476
NET BOOK VALUE
At 30th September 2024 243,737
At 30th September 2023 487,475

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1st October 2023 212,720 49,567 271,754 37,406 571,447
Additions 495 21,558 57,995 4,393 84,441
Disposals - (24,751 ) (20,833 ) (4,257 ) (49,841 )
At 30th September 2024 213,215 46,374 308,916 37,542 606,047
DEPRECIATION
At 1st October 2023 101,960 38,482 105,043 25,701 271,186
Charge for year 27,814 5,858 46,923 5,073 85,668
Eliminated on disposal - (21,161 ) (14,377 ) (3,534 ) (39,072 )
At 30th September 2024 129,774 23,179 137,589 27,240 317,782
NET BOOK VALUE
At 30th September 2024 83,441 23,195 171,327 10,302 288,265
At 30th September 2023 110,760 11,085 166,711 11,705 300,261

ALBEMARLE HOLDINGS LIMITED (REGISTERED NUMBER: 10959264)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024

10. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st October 2023
and 30th September 2024 76,750 45,000 121,750
DEPRECIATION
At 1st October 2023 45,036 9,000 54,036
Charge for year 7,929 7,200 15,129
At 30th September 2024 52,965 16,200 69,165
NET BOOK VALUE
At 30th September 2024 23,785 28,800 52,585
At 30th September 2023 31,714 36,000 67,714

11. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST
At 1st October 2023 59,983
Share of profit/(loss) 27,602
Dividends received (10,000 )
At 30th September 2024 77,585
NET BOOK VALUE
At 30th September 2024 77,585
At 30th September 2023 59,983
Company
Unlisted
investments
£   
COST
At 1st October 2023
and 30th September 2024 500,745
NET BOOK VALUE
At 30th September 2024 500,745
At 30th September 2023 500,745

ALBEMARLE HOLDINGS LIMITED (REGISTERED NUMBER: 10959264)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024

11. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Albemarle Homes Limited
Registered office: Grove Barn, 11 Silica Court, Kirk Sandall, Doncaster,DN3 1EG
Nature of business: Property development
%
Class of shares: holding
Ordinary 100.00
30.9.24 30.9.23
£    £   
Aggregate capital and reserves 409,362 178,566
Profit for the year 595,819 227,433

Albemarle Portfolio Limited
Registered office: Grove Barn, 11 Silica Court, Kirk Sandall, Doncaster,DN3 1EG
Nature of business: Property rental
%
Class of shares: holding
Ordinary 100.00
30.9.24 30.9.23
£    £   
Aggregate capital and reserves 1,336,734 1,211,163
Profit for the year 167,008 668,869

Logical Plumbing Solutions Limited
Registered office: Grove Barn, 11 Silica Court, Kirk Sandall, Doncaster,DN3 1EG
Nature of business: Plumbing contractor
%
Class of shares: holding
Ordinary 60.00
30.9.24 30.9.23
£    £   
Aggregate capital and reserves 437,870 234,724
Profit for the year 551,994 460,444

Skyblu Limited
Registered office: Grove Barn, 11 Silica Court, Kirk Sandall, Doncaster,DN3 1EG
Nature of business: Consultancy
%
Class of shares: holding
Ordinary 100.00
30.9.24 30.9.23
£    £   
Aggregate capital and reserves 334,565 217,295
Profit for the year 389,896 469,250


ALBEMARLE HOLDINGS LIMITED (REGISTERED NUMBER: 10959264)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024

12. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1st October 2023 4,055,332
Additions 502,213
Revaluations 118,152
At 30th September 2024 4,675,697
NET BOOK VALUE
At 30th September 2024 4,675,697
At 30th September 2023 4,055,332

Fair value at 30th September 2024 is represented by:
£   
Valuation in 2022 607,927
Valuation in 2023 601,460
Valuation in 2024 118,152
Cost 3,348,158
4,675,697

Company
Total
£   
FAIR VALUE
At 1st October 2023
and 30th September 2024 785,382
NET BOOK VALUE
At 30th September 2024 785,382
At 30th September 2023 785,382

13. STOCKS

Group
30.9.24 30.9.23
£    £   
Stocks 1,570 -
Work-in-progress 4,977,296 3,113,196
4,978,866 3,113,196

ALBEMARLE HOLDINGS LIMITED (REGISTERED NUMBER: 10959264)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024

14. DEBTORS

Group Company
30.9.24 30.9.23 30.9.24 30.9.23
£    £    £    £   
Amounts falling due within one year:
Trade debtors 440,768 373,251 - -
Amounts owed by group undertakings 720,358 642,825 569,554 539,554
Other debtors 201,061 176,457 10,000 -
VAT 136,337 127,212 - -
Prepayments 53,149 32,605 - -
1,551,673 1,352,350 579,554 539,554

Amounts falling due after more than one year:
Other debtors 61,264 - - -

Aggregate amounts 1,612,937 1,352,350 579,554 539,554

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.9.24 30.9.23 30.9.24 30.9.23
£    £    £    £   
Bank loans and overdrafts (see note 17) 10,000 132,844 - -
Other loans (see note 17) 1,136,151 500,000 - -
Hire purchase contracts (see note 18) 14,175 21,850 - -
Trade creditors 2,246,979 2,485,842 - -
Amounts owed to group undertakings 720,357 642,825 - 5,000
Tax 409,275 468,828 - 219,997
Social security and other taxes 52,684 57,851 - -
Other creditors 2,318,572 623,752 - -
Directors' current accounts 60,820 791 633 633
Accruals and deferred income 3,343 2,508 - -
Accrued expenses 1,673,446 52,574 3,420 2,700
8,645,802 4,989,665 4,053 228,330

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
30.9.24 30.9.23
£    £   
Bank loans (see note 17) 1,908,214 972,181
Other loans (see note 17) - 932,648
Hire purchase contracts (see note 18) 5,410 19,581
1,913,624 1,924,410

ALBEMARLE HOLDINGS LIMITED (REGISTERED NUMBER: 10959264)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024

17. LOANS

An analysis of the maturity of loans is given below:

Group
30.9.24 30.9.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,000 132,844
Other loans 1,136,151 500,000
1,146,151 632,844
Amounts falling due between one and two years:
Bank loans - 1-2 years 1,908,214 972,181
Other loans - 1-2 years - 932,648
1,908,214 1,904,829

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30.9.24 30.9.23
£    £   
Net obligations repayable:
Within one year 14,175 21,850
Between one and five years 5,410 19,581
19,585 41,431

19. PROVISIONS FOR LIABILITIES

Group
30.9.24 30.9.23
£    £   
Deferred tax 403,554 377,413

Group
Deferred
tax
£   
Balance at 1st October 2023 377,413
Charge to Income Statement during year 26,141
Accelerated capital allowances
Unrealised gains on
revaluation
Introduced on acquisition
Balance at 30th September 2024 403,554

ALBEMARLE HOLDINGS LIMITED (REGISTERED NUMBER: 10959264)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH SEPTEMBER 2024

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
200 Ordinary £1 200 200

21. RESERVES

Group
Retained
earnings
£   

At 1st October 2023 3,647,385
Profit for the year 831,360
Dividends (160,376 )
At 30th September 2024 4,318,369

Company
Retained
earnings
£   

At 1st October 2023 2,306,968
Profit for the year 152,901
Dividends (160,376 )
At 30th September 2024 2,299,493


22. RELATED PARTY DISCLOSURES

The entire shareholding of Skyblu Limited was acquired on 1 September 2023 from the directors D & C Barker. The transaction was carried out at fair value and goodwill has been recognised in the accounts.

23. ULTIMATE CONTROLLING PARTY

The directors, owning the majority of the issued share capital, exercised control over the company.