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REGISTERED NUMBER: 08525773 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH SEPTEMBER 2024

FOR

ALBEMARLE HOMES LIMITED

ALBEMARLE HOMES LIMITED (REGISTERED NUMBER: 08525773)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


ALBEMARLE HOMES 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: 08525773 (England and Wales)





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

ALBEMARLE HOMES LIMITED (REGISTERED NUMBER: 08525773)

STRATEGIC REPORT
FOR THE YEAR ENDED 30TH SEPTEMBER 2024

The directors present their strategic report for the year ended 30th September 2024.

BUSINESS MODEL
Albemarle Homes Limited is a wholly owned subsidiary of Albemarle Holdings Limited. We are a family run housebuilder providing homes to the communities of South Yorkshire, North Nottinghamshire and Lincolnshire.
Our objective is to provide high quality and affordable homes, that also offer customers the opportunity to tailor specifications to their tastes. Utilising our vast network of local subcontractors with whom we have excellent longstanding relationships we aim to ensure a high standard at efficient cost to deliver profit.

BUSINESS PERFORMANCE
Key Performance Indicators (KPIs):

2024 2023
Turnover £13,158,597 £12,276,923
Gross Profit £1,445,908 £947,671
GP Margin 11% 8%

Despite a slowdown in the market in the financial period, revenue has held steady in FY24. High levels of inflation and changes in building regulations have resulted in an increase in costs proportionate to sales and thus a reduction in GP margin. However, good strategic management ensured we still maintained a healthy margin.

BUSINESS ENVIRONMENT
The financial year ending 30th September 2024 saw increased economic uncertainty with consecutive interest rate rises, high inflation and the conclusion of the Government Help To Buy: Equity Loan.
Economic uncertainty is set to continue as interest rates remain high and customer demand is still lower than previously experienced with the housing market not yet fully recovered. However, inflation has been reduced significantly and with interest rates forecast to fall an increase in demand is expected in the near future.

STRATEGIC MANAGEMENT
Through securing reservations well in advance, we ensured ongoing revenue through slowdowns in the market.
Having longstanding excellent working relationships with of our network of subcontractors allowed us to negotiate and keep costs competitively low ensuring we could keep our houses affordable to customers.

FUTURE PERFORMANCE
Management have already secured contracts that will ensure high levels of revenue for the next financial period and future periods to come; particularly beneficial given current market conditions. Signs of improvement in the market have been forthcoming with increasing customer interest and the economic forecast is now somewhat more prosperous than it was before the current financial period.

ON BEHALF OF THE BOARD:





D Barker - Director


2nd May 2025

ALBEMARLE HOMES LIMITED (REGISTERED NUMBER: 08525773)

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

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

DIVIDENDS
No interim dividend was paid during the year. The directors recommend a final dividend of £2,110.41 per share.

The total distribution of dividends for the year ended 30th September 2024 will be £ 211,041 .

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 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 of 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 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 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.

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 company'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 company'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


2nd May 2025

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

Opinion
We have audited the financial statements of Albemarle Homes Limited (the 'company') for the year ended 30th September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30th September 2024 and of its 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 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 directors are responsible for the other information. The other information comprises the information in the 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 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 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 HOMES LIMITED


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 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, 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 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 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.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 HOMES 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

2nd May 2025

ALBEMARLE HOMES LIMITED (REGISTERED NUMBER: 08525773)

INCOME STATEMENT
FOR THE YEAR ENDED 30TH SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £   

TURNOVER 13,158,597 12,276,923

Cost of sales 11,712,689 11,329,252
GROSS PROFIT 1,445,908 947,671

Administrative expenses 910,798 745,796
535,110 201,875

Other operating income 20,202 17,030
OPERATING PROFIT 4 555,312 218,905

Interest receivable and similar income 44,473 11,675
599,785 230,580

Interest payable and similar expenses 5 3,966 3,147
PROFIT BEFORE TAXATION 595,819 227,433

Tax on profit 6 153,982 61,068
PROFIT FOR THE FINANCIAL YEAR 441,837 166,365

ALBEMARLE HOMES LIMITED (REGISTERED NUMBER: 08525773)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30TH SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £   

PROFIT FOR THE YEAR 441,837 166,365


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

441,837

166,365

ALBEMARLE HOMES LIMITED (REGISTERED NUMBER: 08525773)

BALANCE SHEET
30TH SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 8 223,319 227,679

CURRENT ASSETS
Stocks 9 4,970,331 2,947,942
Debtors 10 179,126 107,708
Cash at bank and in hand 2,545,474 1,272,186
7,694,931 4,327,836
CREDITORS
Amounts falling due within one year 11 7,447,648 3,367,800
NET CURRENT ASSETS 247,283 960,036
TOTAL ASSETS LESS CURRENT
LIABILITIES

470,602

1,187,715

CREDITORS
Amounts falling due after more than one
year

12

(5,410

)

(952,229

)

PROVISIONS FOR LIABILITIES 15 (55,830 ) (56,920 )
NET ASSETS 409,362 178,566

CAPITAL AND RESERVES
Called up share capital 16 100 100
Retained earnings 17 409,262 178,466
SHAREHOLDERS' FUNDS 409,362 178,566

The financial statements were approved by the Board of Directors and authorised for issue on 2nd May 2025 and were signed on its behalf by:





D Barker - Director


ALBEMARLE HOMES LIMITED (REGISTERED NUMBER: 08525773)

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 100 12,101 12,201

Changes in equity
Total comprehensive income - 166,365 166,365
Balance at 30th September 2023 100 178,466 178,566

Changes in equity
Dividends - (211,041 ) (211,041 )
Total comprehensive income - 441,837 441,837
Balance at 30th September 2024 100 409,262 409,362

ALBEMARLE HOMES LIMITED (REGISTERED NUMBER: 08525773)

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 1,528,325 1,149,958
Interest paid (1,675 ) (1,675 )
Interest element of hire purchase payments
paid

(2,291

)

(1,472

)
Tax paid (36,148 ) (93,125 )
Net cash from operating activities 1,488,211 1,053,686

Cash flows from investing activities
Purchase of tangible fixed assets (66,273 ) (107,140 )
Sale of tangible fixed assets 4,500 -
Interest received 44,473 11,675
Net cash from investing activities (17,300 ) (95,465 )

Cash flows from financing activities
Loan repayments in year (296,496 ) (420,000 )
Intercompany loan movement 331,760 187,742
Capital repayments in year (21,846 ) (16,944 )
Equity dividends paid (211,041 ) -
Net cash from financing activities (197,623 ) (249,202 )

Increase in cash and cash equivalents 1,273,288 709,019
Cash and cash equivalents at beginning
of year

2

1,272,186

563,167

Cash and cash equivalents at end of
year

2

2,545,474

1,272,186

ALBEMARLE HOMES LIMITED (REGISTERED NUMBER: 08525773)

NOTES TO THE 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 595,819 227,433
Depreciation charges 63,766 67,884
Loss on disposal of fixed assets 2,366 -
Finance costs 3,966 3,147
Finance income (44,473 ) (11,675 )
621,444 286,789
(Increase)/decrease in stocks (2,022,389 ) 436,138
(Increase)/decrease in trade and other debtors (76,418 ) 326,404
Increase in trade and other creditors 3,005,688 100,627
Cash generated from operations 1,528,325 1,149,958

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 2,545,474 1,272,186
Year ended 30th September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 1,272,186 563,167


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 1,272,186 1,273,288 2,545,474
1,272,186 1,273,288 2,545,474
Debt
Finance leases (41,431 ) 21,846 (19,585 )
Debts falling due within 1 year (500,000 ) (636,151 ) (1,136,151 )
Debts falling due after 1 year (932,648 ) 932,648 -
(1,474,079 ) 318,343 (1,155,736 )
Total (201,893 ) 1,591,631 1,389,738

ALBEMARLE HOMES LIMITED (REGISTERED NUMBER: 08525773)

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

1. STATUTORY INFORMATION

Albemarle Homes 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 Company 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.

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

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
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

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 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.

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.

ALBEMARLE HOMES LIMITED (REGISTERED NUMBER: 08525773)

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

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company'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 513,665 308,200
Social security costs 41,138 28,147
Other pension costs 80,966 135,174
635,769 471,521

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

Administrative 20 18

30.9.24 30.9.23
£    £   
Directors' remuneration 2,431 1,948
Directors' pension contributions to money purchase schemes 60,000 120,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

4. OPERATING PROFIT

The operating profit is stated after charging:

30.9.24 30.9.23
£    £   
Hire of plant and machinery 2,039 1,960
Other operating leases 16,875 22,500
Depreciation - owned assets 48,638 48,312
Depreciation - assets on hire purchase contracts 15,129 19,571
Loss on disposal of fixed assets 2,366 -
Auditors' remuneration 4,200 4,000

5. INTEREST PAYABLE AND SIMILAR EXPENSES
30.9.24 30.9.23
£    £   
Bank loan interest 1,675 1,675
Hire purchase interest 2,291 1,472
3,966 3,147

ALBEMARLE HOMES LIMITED (REGISTERED NUMBER: 08525773)

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

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 155,072 36,148

Deferred tax (1,090 ) 24,920
Tax on profit 153,982 61,068

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.9.24 30.9.23
£    £   
Profit before tax 595,819 227,433
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 22.008%)

148,955

50,053

Effects of:
Expenses not deductible for tax purposes 5,027 1,831
Effect of tax rate change on deferred tax - 9,184
Total tax charge 153,982 61,068

7. DIVIDENDS
30.9.24 30.9.23
£    £   
Ordinary shares of £1 each
Final 211,041 -

8. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1st October 2023 207,149 16,577 170,707 24,252 418,685
Additions - 21,559 43,000 1,714 66,273
Disposals - (610 ) (20,833 ) (2,757 ) (24,200 )
At 30th September 2024 207,149 37,526 192,874 23,209 460,758
DEPRECIATION
At 1st October 2023 99,464 9,910 63,368 18,264 191,006
Charge for year 26,922 5,620 28,777 2,448 63,767
Eliminated on disposal - (484 ) (14,377 ) (2,473 ) (17,334 )
At 30th September 2024 126,386 15,046 77,768 18,239 237,439
NET BOOK VALUE
At 30th September 2024 80,763 22,480 115,106 4,970 223,319
At 30th September 2023 107,685 6,667 107,339 5,988 227,679

ALBEMARLE HOMES LIMITED (REGISTERED NUMBER: 08525773)

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

8. TANGIBLE FIXED ASSETS - continued

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

9. STOCKS
30.9.24 30.9.23
£    £   
Work-in-progress 4,970,331 2,947,942

10. DEBTORS
30.9.24 30.9.23
£    £   
Amounts falling due within one year:
Trade debtors 1,688 19,053
Amounts owed by group undertakings - 5,000
Other debtors 10,125 19,125
VAT 82,020 50,467
Prepayments 24,029 14,063
117,862 107,708

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

Aggregate amounts 179,126 107,708

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Other loans (see note 13) 1,136,151 500,000
Hire purchase contracts (see note 14) 14,175 21,850
Trade creditors 1,867,627 2,162,095
Amounts owed to group undertakings 327,589 829
Tax 155,072 36,148
Social security and other taxes 37,196 32,937
Other creditors 2,276,331 578,738
Deferred income 3,343 2,508
Accrued expenses 1,630,164 32,695
7,447,648 3,367,800

ALBEMARLE HOMES LIMITED (REGISTERED NUMBER: 08525773)

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

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.9.24 30.9.23
£    £   
Other loans (see note 13) - 932,648
Hire purchase contracts (see note 14) 5,410 19,581
5,410 952,229

13. LOANS

An analysis of the maturity of loans is given below:

30.9.24 30.9.23
£    £   
Amounts falling due within one year or on demand:
Other loans 1,136,151 500,000

Amounts falling due between one and two years:
Other loans - 1-2 years - 932,648

14. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

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

15. PROVISIONS FOR LIABILITIES
30.9.24 30.9.23
£    £   
Deferred tax 55,830 56,920

Deferred
tax
£   
Balance at 1st October 2023 56,920
Credit to Income Statement during year (1,090 )
Balance at 30th September 2024 55,830

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
100 Ordinary £1 100 100

ALBEMARLE HOMES LIMITED (REGISTERED NUMBER: 08525773)

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

17. RESERVES
Retained
earnings
£   

At 1st October 2023 178,466
Profit for the year 441,837
Dividends (211,041 )
At 30th September 2024 409,262

18. DEBENTURE

National House Building Council have a fixed and floating charge over the assets of the company to a fixed amount of £67,000.

19. RELATED PARTY DISCLOSURES

The directors are interested as directors in Albemarle Portfolio Limited, Skyblu Limited and Logical Plumbing Solutions Limited and as directors and shareholders in Albemarle Holdings Limited. Mr D Barker is interested as a director in Grove Civil Engineering Limited.

During the year, the company made sales of £500,000 (2023: £NIL) to Albemarle Portfolio Limited.
During the year, the company paid rent of £46,800 (2023: £46,800) to Albemarle Portfolio Limited.

During the year, the company made sales of £169,367 (2023: £50,483) to Skyblu Limited.There is a balance of £132,589 (2023: £829) due to Skyblu Limited at the balance sheet date included in Other Creditors.

During the year, the company made purchases of £716,784 (2023: £564,159) from Logical Plumbing Solutions Limited and there is a balance of £119,150 (2023: £109,321) included in Trade Creditors at the balance sheet date.
The company also made sales of £31,642 (2023: £33,285) to Logical Plumbing Solutions Limited during the year and there is a balance of £1,688 (2023: £7,216) included in Trade Debtors at the balance sheet date.

During the year, the company paid dividends of £211,041 (2023: £NIL) to Albemarle Holdings Limited. There is a balance of £195,000 (2023: £5,000 Other Debtor) due to Albemarle Holdings Limited at the balance sheet date included in Other Creditors.

During the year, the company made purchases of £734,998 (2023: £742,355) from Grove Civil Engineering Limited. There is a balance of £50,598 (2023: £106,138) included in Trade Creditors and £91 (2023: £91) included in Other Creditors at the balance sheet date.

The company paid rent for the use of office premises to a pension scheme in which the directors of the Company are beneficiaries. The total rent paid to the pension scheme during the year amounted to £16,875 (2023: £22,500).

20. ULTIMATE CONTROLLING PARTY

The controlling party is Albemarle Holdings Limited.

The directors owning the entire issued share capital of the controlling party exercised control over the company.