Albany Engineering Company Limited(The) - Accounts to registrar (filleted)

REGISTERED NUMBER: 00313089 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

ALBANY ENGINEERING COMPANY LIMITED(THE)

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C Allen

L Hale

S George

R A Allen

Z M Williams

REGISTERED OFFICE:

Church Road

Lydney

Gloucestershire

GL15 5EQ

REGISTERED NUMBER:

00313089 (England and Wales)

ACCOUNTANTS:

Gravita

Chartered Accountants

Bath House

6 - 8 Bath Street

Bristol

BS1 6HL

FIXED ASSETS

Intangible assets

4

-

Tangible assets

5

563,337

561,689

563,337

561,689

CURRENT ASSETS

Stocks

1,151,069

1,068,637

Debtors

6

814,702

646,115

Cash at bank and in hand

255,085

449,760

2,220,856

2,164,512

CREDITORS

Amounts falling due within one year

7

(1,074,248

)

(1,191,669

)

NET CURRENT ASSETS

1,146,608

972,843

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,709,945

1,534,532

CREDITORS

Amounts falling due after more than one
year

8

(8,334

)

(58,334

)

PROVISIONS FOR LIABILITIES

(123,232

)

(133,735

)

NET ASSETS

1,578,379

1,342,463

CAPITAL AND RESERVES

Called up share capital

10

19,500

Retained earnings

1,558,879

1,322,963

SHAREHOLDERS' FUNDS

1,578,379

1,342,463

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 November 2025 and were signed on its behalf by:

C Allen - Director

1.	COMPANY INFORMATION

Albany Engineering Company Limited(The) 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.

The principal activity of the company in the year under review was that of the manufacture and sale of pumping equipment and this activity continued throughout the year.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 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 £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods provided in the normal course of business, net of discounts, VAT and other sales related taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2017.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

Straight line over the life of the lease

Plant and machinery

-

20% on cost

Fixtures, fittings and equipment

-

33% on cost, 25% on cost and 10% on cost

Motor vehicles

-

25% on cost

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost comprises direct materials and where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The company 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 when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with 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

Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company 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.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Hire purchase and leasing commitments

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 59 (2024 - 59 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2024

and 31 March 2025

21,572

AMORTISATION

At 1 April 2024

and 31 March 2025

21,572

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

-

5.	TANGIBLE FIXED ASSETS

Fixtures,

Improvements

fittings

to

Plant and

and

Motor

property

machinery

equipment

vehicles

Totals

£

COST

At 1 April 2024

9,680

3,333,047

480,195

226,050

4,048,972

Additions

986

132,421

8,450

110,614

252,471

Disposals

-

(111,901

)

(111,901

)

At 31 March 2025

10,666

3,465,468

488,645

224,763

4,189,542

DEPRECIATION

At 1 April 2024

3,120

3,020,579

368,829

94,755

3,487,283

Charge for year

692

114,273

41,804

45,133

201,902

Eliminated on disposal

-

(62,980

)

(62,980

)

At 31 March 2025

3,812

3,134,852

410,633

76,908

3,626,205

NET BOOK VALUE

At 31 March 2025

6,854

330,616

78,012

147,855

563,337

At 31 March 2024

6,560

312,468

111,366

131,295

561,689

Included within the net book value of tangible assets is £162,933 (2024 - £204,533) relating to assets held under hire purchase agreements.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

649,333

427,826

Other debtors

829

VAT

3,117

42,896

Prepayments

161,423

174,564

814,702

646,115

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Bank loans and overdrafts

50,000

Hire purchase contracts (see note 9)

19,458

192,500

Trade creditors

425,346

311,444

Social security and other taxes

46,076

46,229

Other creditors

280,095

401,118

Accrued expenses

253,273

190,378

1,074,248

1,191,669

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2025

2024

£

Bank loans - 1-2 years

8,334

50,000

Bank loans - 2-5 years

-

8,334

58,334

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2025

2024

£

Net obligations repayable:

Within one year

19,458

192,500

Non-cancellable

operating leases

2025

2024

£

Within one year

73,737

42,237

Between one and five years

290,000

165,237

In more than five years

-

451,000

363,737

658,474

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

19,500

Ordinary

£1

19,500

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Albany Engineering Group Limited.

The ultimate controlling party is Albany Pumps Trustees Limited.