| 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 |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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: |
| 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. |
| 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: |
| 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. |
| for and on behalf of |
| Chartered Certified Accountants |
| Register Auditor |
| 46 Main Street |
| Mexborough |
| South Yorkshire |
| S64 9DU |
| 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 |
| 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 |
| Tangible assets | 10 |
| Investments | 11 |
| Investment property | 12 |
| CURRENT ASSETS |
| Debtors | 14 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 15 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 20 |
| Retained earnings | 21 |
| SHAREHOLDERS' FUNDS |
| 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 |
| 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 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30th September 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30th September 2024 |
| 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 |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| 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 |
| 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 |
| AMORTISATION |
| At 1st October 2023 |
| Amortisation for year |
| At 30th September 2024 |
| NET BOOK VALUE |
| At 30th September 2024 |
| At 30th September 2023 |
| 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 |
| NET BOOK VALUE |
| At 30th September 2024 |
| At 30th September 2023 |
| 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 |
| Registered office: Grove Barn, 11 Silica Court, Kirk Sandall, Doncaster,DN3 1EG |
| Nature of business: |
| % |
| Class of shares: | holding |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Registered office: Grove Barn, 11 Silica Court, Kirk Sandall, Doncaster,DN3 1EG |
| Nature of business: |
| % |
| Class of shares: | holding |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Registered office: Grove Barn, 11 Silica Court, Kirk Sandall, Doncaster,DN3 1EG |
| Nature of business: |
| % |
| Class of shares: | holding |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Registered office: Grove Barn, 11 Silica Court, Kirk Sandall, Doncaster,DN3 1EG |
| Nature of business: |
| % |
| Class of shares: | holding |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| 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 |
| NET BOOK VALUE |
| At 30th September 2024 |
| At 30th September 2023 |
| 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 |
| Other debtors | 201,061 | 176,457 |
| VAT | 136,337 | 127,212 |
| Prepayments | 53,149 | 32,605 |
| 1,551,673 | 1,352,350 |
| Amounts falling due after more than one | year: |
| Other debtors | 61,264 | - |
| Aggregate amounts | 1,612,937 | 1,352,350 |
| 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 |
| Tax | 409,275 | 468,828 |
| 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 |
| 8,645,802 | 4,989,665 |
| 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: | £ | £ |
| 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 |
| Profit for the year |
| Dividends | ( |
) |
| At 30th September 2024 |
| 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. |