| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| FOR |
| ALBEMARLE HOMES LIMITED |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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: |
| 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 £ |
| The total distribution of dividends for the year ended 30th September 2024 will be £ |
| 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 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: |
| 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. |
| for and on behalf of |
| Chartered Certified Accountants |
| Register Auditor |
| 46 Main Street |
| Mexborough |
| South Yorkshire |
| S64 9DU |
| ALBEMARLE HOMES LIMITED (REGISTERED NUMBER: 08525773) |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| 535,110 | 201,875 |
| Other operating income |
| OPERATING PROFIT | 4 |
| Interest receivable and similar income |
| 599,785 | 230,580 |
| Interest payable and similar expenses | 5 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 6 |
| PROFIT FOR THE FINANCIAL YEAR |
| 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 |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| ALBEMARLE HOMES LIMITED (REGISTERED NUMBER: 08525773) |
| BALANCE SHEET |
| 30TH SEPTEMBER 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 8 |
| CURRENT ASSETS |
| Stocks | 9 |
| Debtors | 10 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 11 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 16 |
| Retained earnings | 17 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 30th September 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 30th September 2024 |
| 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 |
| Interest paid | ( |
) | ( |
) |
| Interest element of hire purchase payments paid |
( |
) |
( |
) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Sale of tangible fixed assets |
| Interest received |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| Loan repayments in year | ( |
) | ( |
) |
| Intercompany loan movement | 331,760 | 187,742 |
| Capital repayments in year | ( |
) | ( |
) |
| Equity dividends paid | ( |
) |
| Net cash from financing activities | ( |
) | ( |
) |
| Increase in cash and cash equivalents |
| Cash and cash equivalents at beginning of year |
2 |
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 |
| Depreciation charges |
| Loss on disposal of fixed assets |
| Finance costs | 3,966 | 3,147 |
| Finance income | (44,473 | ) | (11,675 | ) |
| 621,444 | 286,789 |
| (Increase)/decrease in stocks | ( |
) |
| (Increase)/decrease in trade and other debtors | ( |
) |
| Increase in trade and other creditors |
| Cash generated from operations |
| 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 | 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 |
| 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. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| 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 |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 30.9.24 | 30.9.23 |
| Administrative |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Hire of plant and machinery |
| Other operating leases |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| Loss on disposal of fixed assets |
| Auditors' remuneration |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Bank loan interest |
| Hire purchase interest |
| 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 |
| Deferred tax | ( |
) |
| Tax on profit |
| 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 |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| 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 |
| 8. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor | Computer |
| machinery | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1st October 2023 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
| At 30th September 2024 |
| DEPRECIATION |
| At 1st October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
| At 30th September 2024 |
| NET BOOK VALUE |
| At 30th September 2024 |
| At 30th September 2023 |
| 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 |
| DEPRECIATION |
| At 1st October 2023 |
| Charge for year |
| At 30th September 2024 |
| NET BOOK VALUE |
| At 30th September 2024 |
| At 30th September 2023 |
| 9. | STOCKS |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Work-in-progress |
| 10. | DEBTORS |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| VAT |
| Prepayments |
| Amounts falling due after more than one year: |
| Other debtors |
| Aggregate amounts |
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Other loans (see note 13) |
| Hire purchase contracts (see note 14) |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| Other creditors |
| Deferred income |
| Accrued expenses |
| 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) |
| Hire purchase contracts (see note 14) |
| 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 |
| Amounts falling due between one and two years: |
| Other loans - 1-2 years | - |
| 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 |
| Between one and five years |
| 15. | PROVISIONS FOR LIABILITIES |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Deferred tax | 55,830 | 56,920 |
| Deferred |
| tax |
| £ |
| Balance at 1st October 2023 |
| Credit to Income Statement during year | ( |
) |
| Balance at 30th September 2024 |
| 16. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30.9.24 | 30.9.23 |
| value: | £ | £ |
| 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 |
| Profit for the year |
| Dividends | ( |
) |
| At 30th September 2024 |
| 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. |