Albany Group International Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05993707 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

ALBANY GROUP INTERNATIONAL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S J Griffiths

Mr A N Richards

REGISTERED OFFICE:

Fulford House

Newbold Terrace

Leamington Spa

Warwickshire

CV32 4EA

REGISTERED NUMBER:

05993707 (England and Wales)

ACCOUNTANTS:

TGFP

Chartered Accountants

Fulford House

Newbold Terrace

Leamington Spa

Warwickshire

CV32 4EA

FIXED ASSETS

Intangible assets

4

1,990,670

1,682,547

Tangible assets

5

2,125

3,567

1,992,795

1,686,114

CURRENT ASSETS

Debtors

6

309,630

209,787

Cash at bank

47

39,176

309,677

248,963

CREDITORS

Amounts falling due within one year

7

308,747

94,815

NET CURRENT ASSETS

930

154,148

TOTAL ASSETS LESS CURRENT LIABILITIES

1,993,725

1,840,262

CREDITORS

Amounts falling due after more than one year

8

96,524

139,167

NET ASSETS

1,897,201

1,701,095

CAPITAL AND RESERVES

Called up and paid share capital

1,040

1,040

Share premium

249,759

249,759

Retained earnings

1,646,402

1,450,296

1,897,201

1,701,095

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2023 and were signed on its behalf by:

Mr S J Griffiths - Director

Mr A N Richards - Director

1.	STATUTORY INFORMATION

Albany Group International 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

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

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost and 25% on reducing balance

Financial instruments

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2022

1,682,547

Additions

308,123

At 31 December 2022

1,990,670

NET BOOK VALUE

At 31 December 2022

1,990,670

At 31 December 2021

1,682,547

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2022

and 31 December 2022

50,457

DEPRECIATION

At 1 January 2022

46,890

Charge for year

1,442

At 31 December 2022

48,332

NET BOOK VALUE

At 31 December 2022

2,125

At 31 December 2021

3,567

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

138,300

115,159

Other debtors

171,330

94,628

309,630

209,787

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

76,327

45,000

Trade creditors

201,496

41,158

Other creditors

30,924

8,657

308,747

94,815

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

96,524

139,167

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the director operated a loan with the company with no fixed terms of repayment or interest. Amounts advanced during the year were £15,790 (2021 - £6,822) and repayments during the year were £6,822 (2021 - £nil). At the year end the amount owing to the company was £6,822 (2021 - £6,822).