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Registered number: 03265886
THE ALBION BATH COMPANY LIMITED
Financial Statements
For The Year Ended 31 October 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 03265886
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 623,810 656,764
623,810 656,764
CURRENT ASSETS
Stocks 5 2,358 23,454
Debtors 6 40,449 55,507
Cash at bank and in hand 1,302,646 2,648,940
1,345,453 2,727,901
Creditors: Amounts Falling Due Within One Year 7 (274,638 ) (515,746 )
NET CURRENT ASSETS (LIABILITIES) 1,070,815 2,212,155
TOTAL ASSETS LESS CURRENT LIABILITIES 1,694,625 2,868,919
Creditors: Amounts Falling Due After More Than One Year 8 (103,186 ) (118,523 )
NET ASSETS 1,591,439 2,750,396
CAPITAL AND RESERVES
Called up share capital 10 665 1,000
Share premium account (1,255,920 ) -
Profit and Loss Account 2,846,694 2,749,396
SHAREHOLDERS' FUNDS 1,591,439 2,750,396
Page 1
Page 2
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr P Etherden
Director
25 July 2025
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
THE ALBION BATH COMPANY LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 03265886 . The registered office is The Factory, High Birch Road, Weeley Heath, Essex, CO16 9BU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold not provided
Plant & Machinery 20% W.D.V.
Motor Vehicles 25% W.D.V
Fixtures & Fittings 15% W.D.V.
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into the profit and loss account in arriving at the operating profit.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was 16 (2023: 19)
16 19
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 November 2023 539,833 172,092 35,670 207,047 954,642
Additions - - - 2,670 2,670
Disposals - (8,800 ) (23,495 ) - (32,295 )
As at 31 October 2024 539,833 163,292 12,175 209,717 925,017
...CONTINUED
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Page 5
Depreciation
As at 1 November 2023 - 120,938 19,565 157,375 297,878
Provided during the period - 9,330 722 7,850 17,902
Disposals - (4,294 ) (10,279 ) - (14,573 )
As at 31 October 2024 - 125,974 10,008 165,225 301,207
Net Book Value
As at 31 October 2024 539,833 37,318 2,167 44,492 623,810
As at 1 November 2023 539,833 51,154 16,105 49,672 656,764
5. Stocks
2024 2023
£ £
Work in progress 2,358 23,454
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 13,923 27,736
Prepayments and accrued income 8,959 7,828
Other debtors 8,135 11,099
Directors' loan accounts 9,432 8,844
40,449 55,507
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 12,407
Trade creditors 37,168 105,564
Corporation tax 63,832 88,740
Other taxes and social security 6,583 6,583
VAT 141,772 133,980
Other creditors 10,618 25,018
Payments in advance 3,055 68,190
Accruals and deferred income 11,610 12,672
Directors' loan accounts - 62,592
274,638 515,746
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 3,102
Bank loans 103,186 115,421
103,186 118,523
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 12,407
Later than one year and not later than five years - 3,102
- 15,509
- 15,509
10. Share Capital
2024 2023
Allotted, called up and fully paid £ £
665 Ordinary Shares of £ 1 each 665 1,000
Shares disposed during the period: £
335 Ordinary Shares of £ 1 each (335)
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 November 2023 Amounts advanced Amounts repaid Amounts written off As at 31 October 2024
£ £ £ £ £
Mr P Etherden 8,844 19,338 18,750 - 9,432
Dividends paid to directors
2024 2023
£ £
Mr P Etherden 59,695 39,000
Mr T Harvey 2,930 22,144
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12. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 62,625 61,144
13. Controlling Party
The company's controlling party is Mr P Etherden by virtue of his ownership of 88.7% of the issued share capital in the company.
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