REGISTERED NUMBER: 05677101 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
FOR |
ALBION 4C LIMITED |
REGISTERED NUMBER: 05677101 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
FOR |
ALBION 4C LIMITED |
ALBION 4C LIMITED (REGISTERED NUMBER: 05677101) |
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 | 5 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Notes to the Consolidated Financial Statements | 16 |
ALBION 4C LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ALBION 4C LIMITED (REGISTERED NUMBER: 05677101) |
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. |
REVIEW OF BUSINESS |
The group deals with the manufacture, import and export of combustion components and the development and supply of products in the water management industry. |
The year's results for the group are summarised on page 9, which include the Key Performance Indicators of turnover, gross profit and net profit. |
The group's gross profit margin improved to 23.9% from 20.2% the previous year. However, turnover was down 32.8% from the previous year due to the planned closure of Albion 4C Ltd's main trading division at the end of March 2024. The group made a profit of £610,021 on the sale of one of its four freehold properties, leading to Profit Before Tax of £209,744 (2023: £15,206). |
At the end of the year, the group's reserves have decreased to £5,826,866 (2023: £5,932,537). |
The company's gross profit margin improved to 13.3% from 11.9% the previous year. However, turnover was down 51.2% from the previous year due to the planned closure of the company's main trading division at the end of March 2024. The company made a profit of £610,021 on the sale of one of its four freehold properties, leading to Profit Before Tax of £7,641 (2023: £313,818 loss). |
At the end of the year, the company's reserves have decreased to £5,128,671 (2023: £5,386,550). |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks and uncertainties relating to the group's trade revolve around whether the group's goods remain valid for future market regulations. |
ON BEHALF OF THE BOARD: |
ALBION 4C LIMITED (REGISTERED NUMBER: 05677101) |
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 |
The total distribution of dividends for the year was: |
2024 | 2023 |
£ | £ |
Interim | 300,000 | - |
Final | - | - |
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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ALBION 4C LIMITED (REGISTERED NUMBER: 05677101) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
AUDITORS |
The auditors, Boler Wiseman, will not be proposed for reappointment in accordance with section 485 of the Companies Act 2006 as they have indicated that they will be resigning as auditors. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ALBION 4C LIMITED |
Opinion |
We have audited the financial statements of Albion 4c 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 and 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 |
ALBION 4C 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ALBION 4C LIMITED |
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: |
The company reports and operates under Employment law, pension autoenrolment and packaging regulations. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. |
Audit procedures performed by the engagement team included: |
Assessment of the risk of material misstatement in respect of irregularities, including fraud, taking into account the company's past history, assessing the control environment, the complexity of transactions and any unusual factors relating to the client. |
Discussions with management and those charged with governance of known and suspected instances of non-compliance with laws and regulation. |
Detailed analytical reviews of the company's financial statements and audit tests on the company's operating procedures. |
Assessment of the company's compliance with the legal and regulatory framework that is applicable to its industry by gathering sufficient evidence. |
Sample testing on key areas of the financial statements that have been identified as areas where potential material misstatements may have occurred due to error or fraud. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
There are inherent limitations in the audit procedures described above and the further non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion. |
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 |
ALBION 4C 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 |
Statutory Auditor |
8 Tollgate |
Stanbridge Earls |
Romsey |
Hampshire |
SO51 OHE |
ALBION 4C LIMITED (REGISTERED NUMBER: 05677101) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
2024 | 2024 | 2024 |
Continuing | Discontinued | Total |
Notes | £ | £ | £ |
TURNOVER | 5,007,007 | 4,063,945 | 9,070,952 |
Cost of sales | (3,404,005 | ) | (3,522,129 | ) | (6,926,134 | ) |
GROSS PROFIT | 1,603,002 | 541,816 | 2,144,818 |
Administrative expenses | (1,450,797 | ) | (530,853 | ) | (1,981,650 | ) |
152,205 | 10,963 | 163,168 |
Other operating income | 3,120 | - | 3,120 |
OPERATING PROFIT | 4 | 155,325 | 10,963 | 166,288 |
Interest receivable and similar income | 45,332 | - | 45,332 |
Interest payable and similar expenses | 5 | (1,876 | ) | - | (1,876 | ) |
PROFIT BEFORE TAXATION | 198,781 | 10,963 | 209,744 |
Tax on profit | 6 | (15,416 | ) | - | (15,416 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 194,328 |
ALBION 4C LIMITED (REGISTERED NUMBER: 05677101) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
2023 | 2023 | 2023 |
Continuing | Discontinued | Total |
Notes | £ | £ | £ |
TURNOVER | 13,009,226 | 483,729 | 13,492,955 |
Cost of sales | (10,330,780 | ) | (435,235 | ) | (10,766,015 | ) |
GROSS PROFIT | 2,678,446 | 48,494 | 2,726,940 |
Administrative expenses | (2,642,510 | ) | (70,778 | ) | (2,713,288 | ) |
OPERATING PROFIT/(LOSS) | 4 | 35,936 | (22,284 | ) | 13,652 |
Interest receivable and similar income | 1,562 | - | 1,562 |
Interest payable and similar expenses | 5 | (8 | ) | - | (8 | ) |
PROFIT/(LOSS) BEFORE TAXATION | 37,490 | (22,284 | ) | 15,206 |
Tax on profit/(loss) | 6 | (8,790 | ) | - | (8,790 | ) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
Profit/(loss) attributable to: |
Owners of the parent | 6,416 |
ALBION 4C LIMITED (REGISTERED NUMBER: 05677101) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 194,328 | 6,416 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
194,328 |
6,416 |
Total comprehensive income attributable to: |
Owners of the parent | 194,328 | 6,416 |
ALBION 4C LIMITED (REGISTERED NUMBER: 05677101) |
CONSOLIDATED BALANCE SHEET |
30TH SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 | 289,318 | 543,693 |
Investments | 10 | 3,802 | 13,538 |
293,120 | 557,231 |
CURRENT ASSETS |
Stocks | 11 | 1,482,203 | 3,051,358 |
Debtors | 12 | 1,222,576 | 3,433,171 |
Cash at bank and in hand | 3,817,996 | 1,300,445 |
6,522,775 | 7,784,974 |
CREDITORS |
Amounts falling due within one year | 13 | 989,030 | 2,409,668 |
NET CURRENT ASSETS | 5,533,745 | 5,375,306 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
5,826,865 |
5,932,537 |
CAPITAL AND RESERVES |
Called up share capital | 15 | 100 | 100 |
Retained earnings | 16 | 5,826,765 | 5,932,437 |
SHAREHOLDERS' FUNDS | 5,826,865 | 5,932,537 |
The financial statements were approved by the Board of Directors and authorised for issue on 26th June 2025 and were signed on its behalf by: |
P J Guppy - Director |
ALBION 4C LIMITED (REGISTERED NUMBER: 05677101) |
COMPANY BALANCE SHEET |
30TH SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
Company's profit/(loss) for the financial year | 42,121 | (250,508 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
ALBION 4C LIMITED (REGISTERED NUMBER: 05677101) |
CONSOLIDATED 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 | 5,926,021 | 5,926,121 |
Changes in equity |
Total comprehensive income | - | 6,416 | 6,416 |
Balance at 30th September 2023 | 100 | 5,932,437 | 5,932,537 |
Changes in equity |
Dividends | - | (300,000 | ) | (300,000 | ) |
Total comprehensive income | - | 194,328 | 194,328 |
Balance at 30th September 2024 | 100 | 5,826,765 | 5,826,865 |
ALBION 4C LIMITED (REGISTERED NUMBER: 05677101) |
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 |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30th September 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30th September 2024 |
ALBION 4C LIMITED (REGISTERED NUMBER: 05677101) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
1. | STATUTORY INFORMATION |
Albion 4c Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The group has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Basis of consolidation |
The consolidated accounts have been prepared by amalgamating the figures from the holding company with the trading subsidiary and then making consolidation adjustments to net off figures where appropriate. |
Turnover |
Turnover comprises the sales of spares for domestic boilers, revenue being recognised at the point of delivery to the customer. |
The group recognises revenue from the sale of goods when all the following conditions are satisfied: |
the group has transferred to the buyer the significant risks and rewards of ownership of the goods; |
the group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
the amount of revenue can be measured reliably; |
it is probable that the economic benefits associated with the transaction will flow to the entity; |
the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Tangible fixed assets |
Freehold property | - |
Plant,machinery and eqpt | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
In accordance with FRS102, freehold land is not depreciated . |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
The unlisted investments are initially stated at cost and subsequently stated at cost less provisions for impairment. |
ALBION 4C LIMITED (REGISTERED NUMBER: 05677101) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stock is measured at the lower of cost and estimated selling price less costs to complete and sell, recognising an impairment loss if necessary, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Trade and other debtors |
Trade and other debtors are initially and subsequently valued at cost. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and on hand and deposits with banks . |
Foreign currency risk |
The Company has limited exposure to foreign currency risk. Substantially all of the Company's sales are denominated in Sterling whereas substantially all of the Company's purchases are denominated in Euros. |
Credit risk |
The Company is at risk from its customers defaulting in making payments for goods that have been supplied to them. The majority of the Company's customers are based within the central heating business and therefore industry related changes or economic hardships present a risk to the Company. |
Trade and other creditors |
Trade and other creditors are initially and subsequently valued at cost. |
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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
ALBION 4C LIMITED (REGISTERED NUMBER: 05677101) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
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 makes contributions to employees' defined-contribution personal pension schemes and these contributions are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 1,725,748 | 1,741,934 |
Social security costs | 143,662 | 206,024 |
Other pension costs | 133,088 | 217,051 |
2,002,498 | 2,165,009 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Management and administration | 10 | 12 |
Selling and distribution | 7 | 8 |
2024 | 2023 |
£ | £ |
Directors' remuneration | 339,340 | 290,401 |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc | 80,614 | 123,168 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Other operating leases | 450 | 37,558 |
Depreciation - owned assets | 45,909 | 63,188 |
(Profit)/loss on disposal of fixed assets | (614,710 | ) | 95 |
Auditors' remuneration | 31,740 | 39,420 |
Auditors' remuneration for non audit work | 5,860 | 5,400 |
Foreign exchange differences | 31,314 | 4,115 |
ALBION 4C LIMITED (REGISTERED NUMBER: 05677101) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest | - | 8 |
Interest payable HMRC | 1,876 | - |
1,876 | 8 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 14,427 | 11,106 |
Group relief | - | 2,890 |
Prior year tax | - | (2,890 | ) |
Total current tax | 14,427 | 11,106 |
Deferred tax: |
Accelerated capital allowances | 989 | (2,316 | ) |
Tax on profit | 15,416 | 8,790 |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Interim | 300,000 | - |
ALBION 4C LIMITED (REGISTERED NUMBER: 05677101) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
9. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant,machinery | and | Motor |
property | and eqpt | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st October 2023 | 866,000 | 178,100 | 341,804 | 28,929 | 1,414,833 |
Additions | - | 7,998 | 6,051 | - | 14,049 |
Disposals | (350,000 | ) | (5,509 | ) | (82,494 | ) | (28,929 | ) | (466,932 | ) |
At 30th September 2024 | 516,000 | 180,589 | 265,361 | - | 961,950 |
DEPRECIATION |
At 1st October 2023 | 362,983 | 146,374 | 332,854 | 28,929 | 871,140 |
Charge for year | 27,980 | 14,013 | 3,916 | - | 45,909 |
Eliminated on disposal | (130,583 | ) | (5,509 | ) | (79,396 | ) | (28,929 | ) | (244,417 | ) |
At 30th September 2024 | 260,380 | 154,878 | 257,374 | - | 672,632 |
NET BOOK VALUE |
At 30th September 2024 | 255,620 | 25,711 | 7,987 | - | 289,318 |
At 30th September 2023 | 503,017 | 31,726 | 8,950 | - | 543,693 |
Company |
Fixtures |
Freehold | Plant,machinery | and | Motor |
property | and eqpt | fittings | vehicles | 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 |
ALBION 4C LIMITED (REGISTERED NUMBER: 05677101) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
10. | FIXED ASSET INVESTMENTS |
Group |
Shares in |
group | Unlisted |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1st October 2023 |
and 30th September 2024 | 2 | 42,919 | 42,921 |
PROVISIONS |
At 1st October 2023 | - | 29,383 | 29,383 |
Impairments | - | 9,736 | 9,736 |
At 30th September 2024 | - | 39,119 | 39,119 |
NET BOOK VALUE |
At 30th September 2024 | 2 | 3,800 | 3,802 |
At 30th September 2023 | 2 | 13,536 | 13,538 |
Company |
Shares in |
group | Unlisted |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1st October 2023 |
and 30th September 2024 | 60,661 |
PROVISIONS |
At 1st October 2023 | - | 29,383 | 29,383 |
Impairments | - | 9,736 | 9,736 |
At 30th September 2024 | - | 39,119 | 39,119 |
NET BOOK VALUE |
At 30th September 2024 | 21,542 |
At 30th September 2023 | 31,278 |
ALBION 4C LIMITED (REGISTERED NUMBER: 05677101) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
10. | 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: 8 Tollgate, Stanbridge Earls, Romsey, HANTS, SO51 0HE |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Registered office: 8 Tollgate, Stanbridge Earls, Romsey, HANTS, SO51 0HE |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Registered office: 8 Tollgate, Stanbridge Earls, Romsey, HANTS, SO51 0HE |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
11. | STOCKS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Finished goods and component parts | 1,482,203 | 3,051,358 |
ALBION 4C LIMITED (REGISTERED NUMBER: 05677101) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 1,135,506 | 3,321,736 |
Amounts owed by group undertakings | - | - |
Other debtors | 16,252 | 32,019 |
Deferred tax asset | 4,811 | 5,800 | 6,908 | 5,950 |
Prepayments and accrued income | 66,007 | 73,616 |
1,222,576 | 3,433,171 |
Deferred tax asset |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Accelerated capital allowances | 4,811 | 5,800 | 6,908 | 5,950 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade creditors | 320,898 | 1,921,522 |
Tax | 14,235 | 10,769 |
Social security and other taxes | 30,840 | 50,781 |
VAT | 177,785 | 273,538 | 10,165 | 101,269 |
Other creditors | 18,547 | 45,479 |
Accruals and deferred income | 426,725 | 107,579 |
989,030 | 2,409,668 |
14. | DEFERRED TAX |
Group |
£ |
Balance at 1st October 2023 | (5,800 | ) |
Provided during year | 989 |
Balance at 30th September 2024 | (4,811 | ) |
Company |
£ |
Balance at 1st October 2023 | ( |
) |
Provided during year | ( |
) |
Balance at 30th September 2024 | ( |
) |
ALBION 4C LIMITED (REGISTERED NUMBER: 05677101) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
16. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1st October 2023 | 5,932,437 |
Profit for the year | 194,328 |
Dividends | (300,000 | ) |
At 30th September 2024 | 5,826,765 |
Company |
Retained |
earnings |
£ |
At 1st October 2023 |
Profit for the year |
Dividends | ( |
) |
At 30th September 2024 |
17. | RELATED PARTY DISCLOSURES |
During the year, a total of key management personnel compensation of £ 957,498 (2023 - £ 694,535 ) was paid. |
18. | ULTIMATE CONTROLLING PARTY |
The controlling party is the shareholders. |
The ultimate controlling party is the shareholders. |