Registered number:
05256920
ALBANY ASSOCIATES INTERNATIONAL LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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ALBANY ASSOCIATES INTERNATIONAL LIMITED
REGISTERED NUMBER:
05256920
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
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 income and retained earnings 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 by
:
................................................
D Loraine
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The notes on pages 2 to 10 form part of these financial statements.
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ALBANY ASSOCIATES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
The principal activity of Albany Associates International Limited ("the Company") is the provision of management consultancy activities.
Albany uses insight and communications to solve complex problems in challenging environments. Based on detailed research and subject to rigorous monitoring and evaluation, Albany delivers projects across Africa, Eastern Europe, Central Asia, the Western Balkans, and the Middle East. Drawing from this broad range of projects, Albany has developed extensive networks locally, regionally and internationally.
Albany provides communications, public diplomacy, community engagement, counter state sponsored propaganda, disinformation, capacity building, preventing and countering violent extremism strategies, and regulatory advice in support of political and security objectives. Albany has an extensive track record in research and analysis, public outreach, stakeholder engagement, media relations, digital campaigns, and crisis management. Albany has worked extensively with defectors and disengaged fighters and has supported peace processes, political transition and stabilisation efforts in many of the world’s most difficult regions.
The Company is a private company limited by shares and is incorporated in England and Wales.
The Registered Office address and principal place of business is Tintagel House, Albert Embankment, London, United Kingdom, SE1 7TY.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland ("FRS 102") and the Companies Act 2006.
The principal accounting policies applied in the preparation of the financial statements are set out below. These policies have been consistently applied to all the years presented unless stated otherwise.
The following principal accounting policies have been applied:
The financial statements have been prepared on the going concern basis, which assumes that the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.
As at 30 September 2021, the Company had net current liabilities of £581,870. In light of the continuing global Coronavirus pandemic, the Company has received confirmation from sovereign entities such as the Foreign Commonwealth Office, European Commission and the United States Department of State, that the Company’s services will be required until at least 31 March 2024. In addition to this, the Company is continuing to tender and win contracts in new business areas.
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ALBANY ASSOCIATES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
2.
Accounting policies (continued)
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Going concern (continued)
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Based on all of the above, the directors believe that the Company has adequate resources to continue in operational existence for the foreseeable future and that it is appropriate to continue to use the going concern basis for the preparation of these financial statements.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is Pound Sterling.
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.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙
the amount of revenue can be measured reliably;
∙
it is probable that the Company will receive the consideration due under the contract;
∙
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙
the costs incurred and the costs to complete the contract can be measured reliably.
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ALBANY ASSOCIATES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
2.
Accounting policies (continued)
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Coronavirus Job Retention Scheme income and expenditure
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Furlough income is receivable as compensation for salary expenses already incurred and to give immediate financial support to the Company with no future related costs. This income is recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
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.
These contributions are recognised as an expense in the Statement of Income and Retained Earnings 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.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings 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.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
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Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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.
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ALBANY ASSOCIATES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
2.
Accounting policies (continued)
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Tangible fixed assets (continued)
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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:
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.
Investments in subsidiaries are measured at cost less accumulated impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions that result in the recognition of financial assets and liabilities.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities.
(i) Financial assets
Basic financial assets, including trade and other debtors and accrued income, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Income and Retained Earnings.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and accruals 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 receipts discounted at a market rate of interest.
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ALBANY ASSOCIATES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
2.
Accounting policies (continued)
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Financial instruments (continued)
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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. Trade creditors 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.
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. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.
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The average monthly number of employees, including directors, during the year was 23
(2020 -
23
)
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Charge for the year on owned assets
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ALBANY ASSOCIATES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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The fixed asset investment relates to two wholly owned subsidiary companies, Albany Telecoms Consulting Limited and Albany Insight Limited. The subsidiaries are dormant and therefore the investment has been fully impaired.
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ALBANY ASSOCIATES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Bank loans and overdrafts are secured by way of debenture comprising fixed and floating charges over all assets of the Company and a guarantee from the owner limited to £678,400.
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Charged to profit or loss
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The deferred tax asset is made up as follows:
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Accelerated capital allowances
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Short term timing differences
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ALBANY ASSOCIATES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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Allotted, called up and fully paid
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200
(2020 -
200
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Ordinary
shares of £
1
each
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The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £33,177 (2020: £42,116) were payable to the fund at the Statement of Financial Position date and are included in creditors.
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Commitments under operating leases
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At 30 September 2021 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Related party transactions
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The Company has chosen to take the exemption under FRS 102 1A, section 33.1 to not disclose transactions with wholly owned subsidiaries.
During the year, within the Statement of Income and Retained Earnings there was an amount of £48,125 (13 months ended 2020: £62,972) paid to a director. At the year end, there was a balance owed to a director of £Nil (2020: £55,317).
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ALBANY ASSOCIATES INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
• give a true and fair view of the state of the Company's affairs as at 31 August 2019 and of its profit for
he year then ended;
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• have been prepared in accordance with the requirements of the Companies Act 2006.
The auditors' report on the financial statements for the year ended 30 September 2021 was qualified.
The qualification in the audit report was as follows:
As the financial statements were not audited in the prior year, we were unable to satisfy ourselves concerning the opening position of the balances contained within the Statement of Financial Position of the company at 1 September 2018, and our audit opinion is qualified in respect of these opening balances alone.
The audit report was signed on
21 October 2022
by
Myfanwy Neville FCA
(Senior Statutory Auditor) on behalf of
BKL Audit LLP
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