REGISTERED NUMBER: 03113078 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

ALGAM ASHDOWN LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

D T Gooday

B Garnier

Registered office:

The Old Maltings

Hall Road

Heybridge

Maldon

Essex

CM9 4NJ

Registered number:

03113078 (England and Wales)

Auditors:

Baverstocks Limited

Statutory Auditor

Chartered Certified Accountants

Dickens House

Guithavon Street

Witham

Essex

CM8 1BJ

Fixed assets

Intangible assets

4

73,755

30,053

Tangible assets

5

123,445

78,179

197,200

108,232

Current assets

Stocks

448,934

325,261

Debtors

6

461,122

375,300

Cash at bank and in hand

58,918

87,588

968,974

788,149

Creditors

Amounts falling due within one year

7

749,616

321,009

Net current assets

219,358

467,140

Total assets less current liabilities

416,558

575,372

Creditors

Amounts falling due after more than one year

8

65,753

58,515

Net assets

350,805

516,857

Capital and reserves

Called up share capital

10,000

10,000

Retained earnings

340,805

506,857

Shareholders' funds

350,805

516,857

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2026 and were signed on its behalf by:

D T Gooday - Director

B Garnier - Director

1.	Statutory information

Algam Ashdown 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

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Patents and Licences are being amortised evenly over their estimated useful life of ten years.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and Machinery

-

25% on reducing balance

Fixtures and Fittings

-

10% on reducing balance

Motor Vehicles

-

15% on reducing balance

Office Equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 accounted for in accordance with Section 18 Intangible Assets other than Goodwill of FRS 102.

Research expenditure is written off to the profit and loss account in the period in which it is incurred.

Development expenditure is recognised as an intangible asset only if all of the following criteria are met:

the technical feasibility of completing the intangible asset so that it will be available for use or sale;

the intention to complete the intangible asset and use or sell it;

the ability to use or sell the intangible asset;

how the intangible asset will generate probable future economic benefits;

the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and

the ability to measure reliably the expenditure attributable to the intangible asset during its development.

Where these criteria are not met, development expenditure is recognised as an expense in the profit and loss account as incurred.

Capitalised development costs are amortised on a systematic basis over their useful economic life, which is reviewed at each reporting date. Amortisation commences when the asset is available for use.

Development assets are stated at cost less accumulated amortisation and accumulated impairment losses. They are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

Hire purchase and leasing commitments

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 estimated useful lives or the lease term, whichever is the shorter.

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

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.

3.	Employees and directors

The average number of employees during the year was 6 (2023 - 4 ) .

4.	Intangible fixed assets

Patents

and

Development

Licences

costs

Totals

£

£

£

Cost

At 1 January 2024

73,589

-

73,589

Additions

-

55,868

55,868

At 31 December 2024

73,589

55,868

129,457

Amortisation

At 1 January 2024

43,536

-

43,536

Amortisation for year

6,587

5,579

12,166

At 31 December 2024

50,123

5,579

55,702

Net book value

At 31 December 2024

23,466

50,289

73,755

At 31 December 2023

30,053

-

30,053

5.	Tangible fixed assets

Fixtures

Short

Plant and

and

Leasehold

Machinery

Fittings

£

£

£

Cost

At 1 January 2024

2,499

40,254

77,234

Additions

-

2,641

5,000

Disposals

-

-

-

At 31 December 2024

2,499

42,895

82,234

Depreciation

At 1 January 2024

-

34,598

66,771

Charge for year

-

1,930

1,339

Eliminated on disposal

-

-

-

At 31 December 2024

-

36,528

68,110

Net book value

At 31 December 2024

2,499

6,367

14,124

At 31 December 2023

2,499

5,656

10,463

Motor

Office

Vehicles

Equipment

Totals

£

£

£

Cost

At 1 January 2024

85,727

74,839

280,553

Additions

81,290

10,271

99,202

Disposals

(70,727

)

-

(70,727

)

At 31 December 2024

96,290

85,110

309,028

Depreciation

At 1 January 2024

31,301

69,704

202,374

Charge for year

7,967

3,012

14,248

Eliminated on disposal

(31,039

)

-

(31,039

)

At 31 December 2024

8,229

72,716

185,583

Net book value

At 31 December 2024

88,061

12,394

123,445

At 31 December 2023

54,426

5,135

78,179

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

Office

Vehicles

Equipment

Totals

£

£

£

Cost

At 1 January 2024

47,991

-

47,991

Additions

81,290

4,998

86,288

Disposals

(47,991

)

-

(47,991

)

At 31 December 2024

81,290

4,998

86,288

Depreciation

At 1 January 2024

13,318

-

13,318

Charge for year

6,341

937

7,278

Eliminated on disposal

(17,219

)

-

(17,219

)

At 31 December 2024

2,440

937

3,377

Net book value

At 31 December 2024

78,850

4,061

82,911

At 31 December 2023

34,673

-

34,673

6.

Debtors: amounts falling due within one year

2024

2023

£

£

Trade Debtors

365,367

222,432

Other Debtors

10,500

100,000

Directors Current Accounts

7,473

-

Corporation Tax Recoverable

34,058

37,555

Value Added Tax

17,401

2,153

Prepayments and Accrued Income

26,323

13,160

461,122

375,300

7.

Creditors: amounts falling due within one year

2024

2023

£

£

Bank loans and overdrafts

-

25,219

Hire purchase contracts

11,433

27,549

Trade Creditors

80,095

200,535

Amounts owed to group undertakings

562,831

-

Social Security and Other

Taxes

6,679

2,098

Other Creditors

67,023

22,554

Directors Current Accounts

-

33,766

Accruals and Deferred Income

21,555

9,288

749,616

321,009

8.

Creditors: amounts falling due after more than one year

2024

2023

£

£

Bank Loans

-

58,515

Hire purchase contracts

65,753

-

65,753

58,515

9.	Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion

Stock

We were not appointed as auditor of the company until after 31 December 2024 and therefore did not observe the counting of physical inventories at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 December 2024, which are included in the balance sheet at £448,934, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary.

Opening balances

As this is the first year in which we have audited the Company, we were unable to obtain sufficient appropriate audit evidence regarding the opening balances as at the beginning of the period. Opening balances affect the determination of the financial performance for the year and the comparability of the current period’s financial statements with those of the prior period.

Intercompany balances

We were unable to obtain sufficient appropriate audit evidence regarding the completeness and accuracy of the intercompany balance and transactions with Algam US due to the lack of confirmations from counterparties.

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 company 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

qualified opinion.

Matters required to report by exception

Arising solely from the limitation on the scope of our work relating to stock, opening balances and inter company balances, referred to above:

-

we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

-

we were unable to determine whether adequate accounting records have been kept.

Steven Collins FCCA (Senior Statutory Auditor)

for and on behalf of Baverstocks Limited

10.	Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

£

D T Gooday

Balance outstanding at start of year

-

-

Amounts advanced

7,473

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

7,473

-

The loan to the director is interest free and without terms of repayment.

11.	Related party disclosures

At the balance sheet date, the company owed £432,149 (2023 - Nil) to its immediate parent company.

12.	Ultimate parent company

The ultimate parent company is Algam SAS, a company registered in France.