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Registered number: 07895973 ALBATRANS LONDON (UK) LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2024
ALBATRANS LONDON (UK) LIMITED REGISTERED NUMBER: 07895973 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 9,301 |  | 16,188
|  |  | 9,301 |  | 16,188
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 1,804,421 |  | 1,442,197 |
Cash at bank and in hand | 6 | 1,349,942 |  | 1,903,328 |
|  | 3,154,363 |  | 3,345,525 |
Creditors: amounts falling due within one year | 7 | (1,568,148) |  | (2,041,336) |
Net current assets |  |  | 1,586,215 |  | 1,304,189
Total assets less current liabilities |  |  | 1,595,516 |  | 1,320,377
Net assets |  |  | 1,595,516 |  | 1,320,377
Capital and reserves |  |  |  |  |
Called up share capital | 8 |  | 50,000 |  | 50,000
Profit and loss account | 9 |  | 1,545,516 |  | 1,270,377
|  |  | 1,595,516 |  | 1,320,377
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 July 2025.
D Thomas
Director
The notes on pages 3 to 9 form part of these financial statements. Page 1
ALBATRANS LONDON (UK) LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2023 | 50,000 | 697,344 | 747,344
Comprehensive income for the year |  |  |
Profit for the year | - | 753,033 | 753,033
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (180,000) | (180,000)
At 1 January 2024 | 50,000 | 1,270,377 | 1,320,377
Comprehensive income for the year |  |  |
Profit for the year | - | 725,139 | 725,139
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (450,000) | (450,000)
At 31 December 2024 | 50,000 | 1,545,516 | 1,595,516
| The notes on pages 3 to 9 form part of these financial statements.
Page 2
ALBATRANS LONDON (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Albatrans UK Limited is a private company, limited by shares, registered in England and Wales. The Company’s registered number and registered office address can be found on the Company Information page. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | Going concern
The Board and management meet regularly during the year and continue to review the Company's financial position, budgets and forecasts in order to neutralise the potential financial impact from any significant downturn in trading. As a result of these reviews and projections, the Board and management have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the signing of these financial statements. The Company also continues to receive the full support of the group. Consequently, the directors believe that it is still appropriate to apply the going concern basis in the financial statements for the foreseeable future. Page 3
ALBATRANS LONDON (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.4 | Revenue
Turnover represents the total net amounts receivable by the Company for services supplied during the year in the normal course of its business, after deducting trade discounts and value added tax. Revenue is recognised when the service is carried out. For exports, this is the date of departure of the customers' goods from the UK. For imports, this is the date the customers' goods have passed through UK customs and are available for collection or, if the services include delivery of the goods, it is the date of delivery.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 4
ALBATRANS LONDON (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.9 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
| 2.10 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Fixtures and fittings | - | 15% | on cost
|  |  |  | Computer equipment | - | 33% | on cost
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Page 5
ALBATRANS LONDON (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.11 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.12 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.13 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.14 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Employees
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2024 | 2023
|  |  | No. | No.
|  | Average number of employees | 12 | 12
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ALBATRANS LONDON (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Tangible fixed assets
|  | Fixtures and fittings | Computer equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2024 | 12,700 | 30,247 | 42,947
| At 31 December 2024 | 12,700 | 30,247 | 42,947
| Depreciation |  |  |
| At 1 January 2024 | 4,533 | 22,226 | 26,759
| Charge for the year on owned assets | 1,843 | 5,044 | 6,887
| At 31 December 2024 | 6,376 | 27,270 | 33,646
| Net book value |  |  |
| At 31 December 2024 | 6,324 | 2,977 | 9,301
| At 31 December 2023 | 8,167 | 8,021 | 16,188
5. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 1,356,327 | 788,950
| Amounts owed by group undertakings | 106,742 | 243,235
| Other debtors | 73,889 | 69,085
| Prepayments and accrued income | 267,463 | 340,927
|  | 1,804,421 | 1,442,197
Page 7
ALBATRANS LONDON (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,349,942 | 1,903,328
|  | 1,349,942 | 1,903,328
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 573,454 | 953,275
| Amounts owed to group undertakings | 498,078 | 654,539
| Corporation tax | 254,765 | 238,513
| Other taxation and social security | 12,979 | 14,404
| Other creditors | 1,725 | 1,814
| Accruals and deferred income | 227,147 | 178,791
|  | 1,568,148 | 2,041,336
8. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 50,000 (2023 - 50,000) Ordinary shares of £1.00 each | 50,000 | 50,000
9. | Reserves
Profit and loss account The profit and loss account represents the net distributable reserves of the Company at the date of the statement of financial position.
10. | Pension commitments
The Company operates a defined contribution pension scheme for its staff and made contributions during the year of £9,137 (2023: £9,181). The assets of the scheme are held separately from those of the Company in an independently administered fund. At the balance sheet date, there were unpaid contributions amounting to £1,725 (2023: £1,814). Page 8
ALBATRANS LONDON (UK) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. | Related party transactions
| The Company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. All material transactions undertaken with non-wholly owned group companies are carried out under normal market conditions.
12. | Controlling party
The immediate parent company is Albatrans SpA, whose registered office is at Via del Botteghino, 19, 50018 Scandicci (Florence) Italy. The ultimate parent company is Savino Del Bene SpA, whose registered office is Via del Botteghino, 24/26/28A, 50018 Scandicci (Florence) Italy.
13. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified. The audit report was signed on 1 July 2025 by M S Caldicott ACA FCCA CTA (Senior Statutory Auditor) on behalf of White Hart Associates (London) Limited.
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