UK Companies House feature
ALBACO LIMITED
Cash
£5M
+26% vs 2023
Net assets
£6M
+47.7% vs 2023
Employees
25
+257.1% vs 2023
Profit before tax
-£9M
-456.4% vs 2023
Profile
- Company number
- SC586124
- Status
- Active
- Incorporation
- 2018-01-18
- Last accounts made up
- 2024-02-29
- Account category
- FULL
- Primary SIC
- 64191
- Hubs
- UK Fintech
Net assets
6-year trend · vs UK Fintech median
ALBACO LIMITED
ALBACO LIMITED
ALBACO LIMITED
ALBACO LIMITED
Accounts
6-year trend · latest 2024-02-29
| Metric | Trend | 2018-12-31 | 2019-12-31 | 2021-06-30 | 2022-06-30 | 2023-02-28 | 2024-02-29 |
|---|---|---|---|---|---|---|---|
| Turnover | — | — | — | — | — | — | |
| Operating profit | — | — | — | — | — | — | |
| Profit before tax | — | — | — | — | -£1,610,813 | -£8,963,198 | |
| Net profit | — | — | — | — | -£1,610,813 | -£8,963,198 | |
| Cash | — | — | — | £1,998,403 | £4,357,781 | £5,492,487 | |
| Total assets less current liabilities | £1,574,296 | £884,286 | £1,116,950 | — | £4,366,189 | £6,340,804 | |
| Net assets | £1,574,296 | £665,892 | £999,395 | — | £4,268,755 | £6,305,558 | |
| Equity | £1,574,296 | £665,892 | £999,395 | £2,379,568 | £4,268,755 | £6,305,558 | |
| Average employees | — | — | 6 | — | 7 | 25 | |
| Wages | — | — | — | — | £917,248 | £3,866,685 |
Values shown as filed in iXBRL accounts. — indicates the figure was not present in the extracted filing (either not filed under that concept or absent from the period). About these numbers
Audit & accounting basis
From AI-extracted PDF accounts
- Accounting basis
- FRS 102
- Reporting scope
- Standalone (parent only)
- Auditor
- Deloitte LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Material uncertainty disclosed
“The Directors have concluded that these factors represent a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern. This uncertainty could affect the Company's ability to realise its assets and discharge its liabilities in the normal course of business.”
Significant events
- “On 10 April 2024, the Company's name changed from Alba Bank Limited to Albaco Limited.”
- “During the year ended 29 February 2024, the Company issued 9,166,667 shares with a nominal value of £1 each, at a premium of £0.20 per share. The total consideration for the share issue amounted to £11,000,001.”
- “Albaco Limited resubmitted its application to the Regulators on 27 September 2024. If successful, this will enable the Company to achieve full authorisation as a bank, with plans to launch in 2025.”
- “The Directors have concluded that these factors represent a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern.”
- “On the 3rd September 2024, the purchase of 10,240,115 from Hera Holdings by existing and new shareholders was completed and Hera Holdings ceased to have significant control of the Company. IN9 Trading DMCC was deemed to have significant control of the Company on 3rd September 2024.”
- “In September 2024 to facilitate bridge capital fundraising the Company sought approval from Board and Shareholders to create a new class of £0.10 B shares and subsequent issue and allotment of 2,040,816 shares to Alba Cap Limited, 1,661,208 shares to IN9 Trading DMCC and 2000 shares to Jeremy Brettell at £0.49 each. The Company will have an additional £1.8m of capital as a result. On 12 November 2024 £0.5m of the £1.8m had been received.”
- “In October 2024 to facilitate the authorisation capital raise of £22.5m the Company sought Board and shareholder approval to issue and allot 18,750,000 £1.00 ordinary shares. The shares will be allotted equally to JTA Kinetic, Jim McColl and IN9 Trading DMCC for a £1.20 consideration each upon receipt of the banking licence.”
Auditor / going-concern / subsidiary information is extracted from the PDF version of the latest annual accounts and is not tagged in iXBRL. About these numbers
People
8 active · 24 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| MILLIGAN, Laura Naysmith | Secretary | 2026-01-20 | — | — |
| BRETTELL, Jeremy Macduff | Director | 2024-05-24 | Jul 1961 | British |
| HOLDEN, Neil Jonathan | Director | 2024-05-24 | Dec 1959 | British |
| KOZLIAR, Andrei | Director | 2024-05-24 | Jun 1976 | British |
| MCCOLL OBE, James Allan | Director | 2018-01-18 | Dec 1951 | British |
| SINCLAIR, Leonard Michael | Director | 2025-05-21 | Aug 1960 | British |
| THOMPSON, Jonathan Ewen | Director | 2024-07-08 | Apr 1971 | British |
| WEATHERSTON, Anne | Director | 2020-07-01 | Dec 1956 | British,Australian |
Show 24 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| MUSTARD, Michael William | Secretary | 2024-01-08 | 2024-10-24 |
| RATHORE, Afshan | Secretary | 2025-02-19 | 2025-11-21 |
| WAYMARK, Matthew | Secretary | 2025-11-21 | 2026-01-20 |
| WAYMARK, Matthew Edward James | Secretary | 2024-10-24 | 2025-02-19 |
| ASHLEY, Rod | Director | 2018-05-11 | 2024-01-26 |
| BRETTELL, Jeremy Macduff | Director | 2018-05-11 | 2022-05-31 |
| BROWN, Catherine Ann | Director | 2023-11-01 | 2024-03-20 |
| CAMERON, Alexander Charles | Director | 2024-03-20 | 2024-09-03 |
| CAMERON, Alexander Charles | Director | 2023-06-01 | 2024-01-26 |
| FISHER, John | Director | 2020-02-01 | 2023-05-18 |
| GEHLAUT, Sameer | Director | 2024-01-26 | 2024-05-14 |
| GRAY, William Michael | Director | 2024-05-24 | 2025-03-25 |
| HOLDEN, Neil Jonathan | Director | 2018-10-01 | 2022-05-17 |
| JAIN, Vipin | Director | 2024-04-09 | 2024-09-03 |
| JONES, Graeme Reid | Director | 2022-10-01 | 2023-04-28 |
| KUMAR, Yogesh | Director | 2024-04-09 | 2024-07-08 |
| MCNEILL, Fraser Malcolm, Mr. | Director | 2019-08-01 | 2023-05-16 |
| MORLEY, Michael | Director | 2023-05-01 | 2023-06-07 |
| MORRISON, Wendy | Director | 2018-05-11 | 2020-10-08 |
| PICTON, Jeffrey | Director | 2023-05-01 | 2024-03-20 |
| PRASANNA, Kasthurirangan Balaji | Director | 2023-05-01 | 2024-01-26 |
| SHARPE, Robert | Director | 2023-08-25 | 2024-03-20 |
| THOMPSON, Jonathan Ewen | Director | 2024-02-09 | 2024-03-20 |
| WADE, Dominic Simon Francis, M | Director | 2024-02-09 | 2024-03-20 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Mr Maksym Koretskiy | Individual | Shares 25–50% | 2024-09-03 | Active |
| Mr Sameer Gehlaut | Individual | Shares 25–50%, Voting 25–50% | 2023-02-27 | Ceased 2024-09-03 |
| Lorena Investments Limited | Corporate entity | Shares 25–50% | 2022-05-17 | Ceased 2023-02-27 |
| Mr James Allan Mccoll Obe | Individual | Shares 75–100%, Voting 75–100%, Appoints directors | 2018-01-18 | Ceased 2018-05-11 |
Filing timeline
Last 20 of 126 total filings
| Date | Type | Category | Description |
|---|---|---|---|
| 2026-01-26 | AP03 | officers | appoint person secretary company with name date |
| 2026-01-26 | TM02 | officers | termination secretary company with name termination date |
| 2025-11-21 | AP03 | officers | appoint person secretary company with name date |
| 2025-11-21 | TM02 | officers | termination secretary company with name termination date |
| 2025-07-24 | CS01 | confirmation-statement | confirmation statement with updates |
| 2025-05-30 | AP01 | officers | appoint person director company with name date |
| 2025-04-30 | RP04SH01 | capital | second filing capital allotment shares |
| 2025-04-30 | RP04SH01 | capital | second filing capital allotment shares |
| 2025-04-30 | RP04SH01 | capital | second filing capital allotment shares |
| 2025-04-28 | RESOLUTIONS | resolution | resolution |
| 2025-04-08 | TM01 | officers | termination director company with name termination date |
| 2025-03-07 | CS01 | confirmation-statement | confirmation statement with updates |
| 2025-03-07 | SH01 | capital | capital allotment shares |
| 2025-03-07 | SH01 | capital | capital allotment shares |
| 2025-02-20 | TM02 | officers | termination secretary company with name termination date |
| 2025-02-20 | AP03 | officers | appoint person secretary company with name date |
| 2025-02-05 | CS01 | confirmation-statement | confirmation statement with updates |
| 2024-12-05 | AAMD | accounts | accounts amended with accounts type full |
| 2024-11-29 | AA | accounts | accounts with accounts type full |
| 2024-11-28 | MA | incorporation | memorandum articles |
Credit score
Altman Z″ (private-firm) · reference 2024-02-29
2.98
SAFE
Altman Z″
- Working capital / Total assets 0.821 × 6.56 = +5.38
- Retained earnings / Total assets 0.000 × 3.26 = +0.00
- EBIT / Total assets -1.199 × 6.72 = -8.06
- Book equity / Total liabilities 5.384 × 1.05 = +5.65
Bands: > 2.6 safe · 1.1–2.6 grey · < 1.1 distress. Z″ is a public-formula baseline, not a substitute for adverse-data signals (CCJs, charges, gazette notices) — those land in a later pass.
Activity Score
Composite activity score · components 0–100 · reference 2026-05-09
87.2
HOT
/ 100
- Filings velocity 50
- Capital events 100
- Officer churn 100
- Headcount trajectory 100
- Accounts trajectory 98
- 6 filing(s) in last 12 months
- 5 capital event(s) in last 24 months
- 2 appointed, 2 resigned (12mo)
- Employees +257% YoY
- Net Assets +48% YoY