ALBACO LIMITED

• ⚠

  Annual accounts overdue

  Due 2026-02-28.

• ⚠

  Material uncertainty over going concern

  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.

• ◆

  1 PSC ceased in last 24 months

  Significant control changed hands — see the Ownership section.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

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 and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

6

last 12 months

Capital events

5

last 24 months

Officers appointed

2

last 12 months

Officers resigned

2

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  —

  Not reported

• Cash

  +26%

  £4,357,781 → £5,492,487

  highest in 3 filed years

• Net assets

  +47.7%

  £4,268,755 → £6,305,558

  highest in 5 filed years

• Employees

  +257.1%

  7 → 25

  highest in 3 filed years

• Profit before tax

  -456.4%

  -£1,610,813 → -£8,963,198

• Wages

  +321.6%

  £917,248 → £3,866,685

Each % is (latest − prior) ÷ |prior| for the line item as filed. Periods don't have to be exactly 12 months apart — a long or short period (typical around incorporation or year-end changes) will distort the comparison. Lines a company doesn't report are omitted. About these numbers