The directors present the strategic report for the year ended 31 December 2024.
The group turnover in the year ended 31 December 2024 was £11.9m (2023: £11.5m).
The group generated operating profit of £429k (2023: £592k) and profit before tax of £182k (2023: £370k).
The group had net assets of £1,619k at the year-end (2023: £1,482k).
All businesses face a range of risks and uncertainties from both its macro and microenvironment. The Board considers the likelihood and significance of risk factors when putting in place risk management procedures to ensure risk mitigation. The following are considered to be the key risks facing the group:
Foreign exchange rates
The group sells and buys in foreign currencies. The sterling value of these transactions alter when exchange rates move. The group did not use hedge accounting up until 2024 and did not have any forward contracts in place at year end.
Interest rate risk
At the reporting date, the Group had the following interest-bearing financial instruments: revolving credit facility, directors’ loans, finance leases and secured bank loans. Borrowings mainly bear interest at fixed rates above the Bank of England Base rate. Cash and cash equivalents and borrowings issued at variable rates expose the Group to cash flow interest rate risk.
Liquidity risk
Operations for the Group are funded by shareholders’ funds and bank borrowing. Forward looking cash flow projections are prepared and reviewed by the directors on a monthly basis to assess any funding requirements. The Group believes that its current and future projected profits and cash flows are sufficient to meet all payments as they fall due and to comply with all financial covenants on its borrowings.
Economic and political unrest
Management continually monitors the risk factors caused by economic uncertainty and political unrest. Raw material prices, transport cost and labour cost fluctuation are monitored closely and the risk of fluctuations is mitigated by pricing products in accordance with inflation and maintaining a network of suppliers to source appropriate products.
Changes in law, regulation and policy decisions by government bodies
There are a wide range of laws, regulations and policy decisions by government which could have an impact on the group.
The group has a dedicated product team, quality and compliance team, human resources consultancy and regular briefing updates to monitor changes and notifications. The product, quality and compliance teams responsibilities encompass product quality, testing of processes and procedures to ensure they are effective and acting as data protection officer.
The group sells into the medical sector and due to changes following Brexit, the Medical Device Regulations (MDR) in the UK & the EU have changed. The business is now required to register additional product ranges under these regulations.
The group has established a Health and Safety Strategic committee with a Board representative to ensure compliance with health and safety regulations. The committee reports to the board and the Health and Safety Action team, which representatives across the whole business, feeds into the committee.
Major failure of IT systems
There is always a risk of interruption and failure. The group has well developed systems and back up plans. The group also complies with Cyber Essentials which is a UK government backed scheme which demonstrates commitment to cyber security. The group has a business continuity plan in place which, includes IT risks. This ensures the business can continue to operate in a number of unexpected situations that may otherwise limit trading.
A 6 year strategic plan to grow the business is in place for 2024 onwards. The business continues to focus on growing the UK technical and online sales, alongside increasing international sales by increasing the network of distributors. In addition, the business has recently entered into new adjacent markets with existing product lines to increase the diversity of the business.
The business continues to invest in its Environmental, Social and Governance (ESG) strategic initiative, to ensure that the business is sustainable for the future and continues to support its employees and the communities that it operates in.
The company invested significantly in the infrastructure of its premises in 2024 and into 2025.
The key performance indicators monitored by senior management have been selected to ensure the business is profitable and able to grow in a sustained manner.
Group turnover for the year was £11.9m compared to £11.5m in 2023 with average daily sales of £46.0k (2023: £44.0k).
Gross margin for the financial year was 39.7% (2023: 35.6%). This is calculated by dividing the gross profit by the turnover.
The group’s current ratio at the end of the year was 1.20:1 (2023: 1.26:1). This demonstrates the group’s ability to meet creditor demands. It compares the group’s current assets to its current liabilities.
The financial statements have been prepared on a going concern basis, which assumes that the Group will be able to meet its liabilities as they fall due in the 12-month going concern period. This is based on the forecasts produced by the directors, which takes into account the impact of recent inflationary pressures.
Based on the above assessment, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2024.
The results for the year are set out on page 10.
Dividends were paid in the year amounting to £12k (2023: £14k).
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The group researches and develops innovative products on an ongoing basis.
There have been no significant events affecting the company since the year end date.
An indication of likely future developments in the business and particulars of significant events which have occurred since the end of the financial year have been included in the Strategic Report.
The auditor, DSG Audit, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal activities and financial instruments.
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
We have audited the financial statements of A.Algeo Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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).
Basis for 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 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
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the company.
The following laws and regulations were identified as being of significance to the company:
Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.
Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include compliance with the medical device directive, and ISO13485 medical device quality management system and WEEE Regulations.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the company complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the company’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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 an auditor's report 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.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £158k (2023: £373k).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
A.Algeo Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Sheridan House, Bridge Industrial Estate, Liverpool, L24 9HB.
The group consists of A.Algeo Limited and its subsidiary as disclosed in note 12.
The principal activities of the group and company are disclosed in the Strategic Report.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £'000.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated group financial statements consist of the financial statements of the parent company A.Algeo Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
The directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. In forming this expectation, the directors have considered the financial position of the group in addition to future budgets and cashflow forecasts which shows the group will be able to operate within the level of its existing bank and loan facilities for the foreseeable future. The group has prepared forecasts and projections for the next two years that consider the impact of all reasonable trading issues.
The group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Strategic Report on pages 1-3. The group's objectives, policies, and processes for managing its capital, and its financial risk management objectives and policies are also set out in the Strategic Report on pages 1-3. The group has received loans from shareholders which at 31 December 2024 amount to £252k. The lenders have confirmed that those loans which could be recalled within 12 months will not be. The group has also reported an operating profit for the year. Therefore, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the products have been transferred to the customer. The point at which the company fulfils its contractual obligations depends upon the shipping terms which have been agreed with the customer.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The 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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The company operates a defined contribution plan for its employees. The contributions are recognised as an expense in the Income Statement when they fall due. Amounts not paid are shown in other creditors on the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.
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 the Income Statement.
Finance costs
Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate over the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Interest income
Interest income is recognised in the Income Statement using the effective interest method.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Management review the recoverable amount of stock, trade debtors and amounts owed by fellow group undertakings at each financial year and provide against any assets which management believe are not recoverable in part or in full.
The company depreciates tangible assets over their estimated useful lives. In determining appropriate useful lives of assets, the directors have considered historic performance as well as future expectations for factors such as expected usage of the asset, physical wear and tear, technical and commercial obsolescence and legal limitations of the usage of the asset, such as lease terms. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.
Judgement is applied to determine the residual values for tangible assets. When determining the residual values, the directors have assessed the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. At each reporting date, the directors have also assessed whether there have been any indicators, such as a change in how the asset is used, significant unexpected wear and tear and changes in market prices, which suggest previous estimates may differ from current expectations. Where this is the case, the residual value and/or useful life is amended and accounted for on a prospective basis.
The directors have recognised the amount owed by a fellow group undertaking at the present value of the future receipts which have been discounted at a market rate of interest for a similar debt instrument. The directors have estimated the timing of the future receipts using cash flow forecast information for the group undertaking which could vary if the cash flow forecasts are not achieved as planned. In addition, the interest rate used, in the directors’ opinion, is an appropriate market rate of interest chargeable on an equivalent unsecured debt.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Details of the company's subsidiaries at 31 December 2024 are as follows:
An impairment loss of £426K (2023: £465K) has been recognised against stock.
An impairment loss of £129k (2023: £95k) was recognised against trade debtors.
Amounts owed by group undertakings include a balance of £535k (2023: £544k) which constitutes a financing loan, where the transaction is measured at the present value of future receipts discounted at a market rate of interest. The discount is recognised as a capital contribution within investments.
Included in bank loans is a balance of £nil (2023: £53k) which was secured by a first legal charge over the land and buildings owned by the company. Interest was charged on the loan at 2.75% over base rate. This loan has been repaid in full during the year to 31 December 2024.
Also included in bank loans is a balance of £565k (2023: £nil) which is secured by a first legal charge over the land and buildings owned by the company. Interest is charged on the loan at 2.55% over base rate. The loan is due to mature in May 2029.
Also included in bank loans is a balance of £99k (2023: £nil) which is secured by a first legal charge over the land and buildings owned by the company. Interest is charged on the loan at 2.55% over base rate. The loan is due to mature in July 2029.
Also included in bank loans is £110k (2023: £170k) in respect of a Coronavirus Business Interruption Loan Scheme loan. Interest is charged on the loan at 3.5% over base rate. The loan is due to mature in October 2027.
The Revolving Credit Facility of £1,300 (2023: £1,422) is secured by a fixed and floating charge on the company's non-vesting debts and debentures incorporating full fixed and floating charges over all UK assets.
Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
There is a single class of ordinary shares. There are no restrictions on dividends and the repayment of capital.
The the reporting date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
At 31 December 2024, the company owed £120k (2023: £114k) to J A Sheridan, a director. The loan is unsecured and fixed at one year or a maximum of 5 years at the discretion of the lender, however, A.Algeo Limited can chose to repay earlier. The interest rate is 1% above the Bank of England base rate and is accrued annually and shall be repayable in full at the end of the loan term. Interest payable during the year amounted to £6k (2023: £6k).
At 31 December 2024, the company owed £120k (2023: £114k) to D V Sheridan, a director. The loan is unsecured and fixed at one year or a maximum of 5 years at the discretion of the lender, however, A.Algeo Limited can chose to repay earlier. The interest rate is 1% above the Bank of England base rate and is accrued annually and shall be repayable in full at the end of the loan term. Interest payable during the year amounted to £6k (2023: £6k).
The company has taken advantage of the exemption under FRS 102 not to disclose transactions between group entities on the grounds that it is a wholly-owned subsidiary undertaking.
Dividends totalling £12k (2023: £14k) were paid in the year in respect of shares held by the company's directors.