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Registrar

Registration number: 02111808

Adbury Electronics Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Adbury Electronics Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Adbury Electronics Limited

Company Information

Directors

L Emptage

B J Farley

Registered office

The Lodge
Adbury
Newbury
Berkshire
RG20 4EY

Bankers

Natwest Bank PLC
Lee House
Baird Road
Enfield
Middlesex
EN1 1FD

Accountants

Lambert Chapman LLP
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Adbury Electronics Limited

(Registration number: 02111808)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

424,396

425,771

Investments

5

273,900

43,320

 

698,296

469,091

Current assets

 

Debtors

6

4,351

15,033

Cash at bank and in hand

 

164,802

156,325

 

169,153

171,358

Creditors: Amounts falling due within one year

7

(9,902)

(13,630)

Net current assets

 

159,251

157,728

Net assets

 

857,547

626,819

Capital and reserves

 

Called up share capital

8

925

925

Revaluation reserve

159,784

159,784

Profit and loss account

696,838

466,110

Shareholders' funds

 

857,547

626,819

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 12 September 2022 and signed on its behalf by:
 

B J Farley
Director

 

Adbury Electronics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: The Lodge, Adbury, Newbury, Berkshire, RG20 4EY.

The principal place of business is: 7 - 8 The Galloway Centre, Express Way, Hambridge Lane, Newbury, Berkshire, RG14 5TL.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Tax

Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Buildings

Not depreciated

Plant and machinery

10% Straight Line

Fixtures and fittings

10% Straight Line

Motor vehicles

25% Reducing balance

Office equipment

10% Straight Line

 

Adbury Electronics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2020 - 2).

 

Adbury Electronics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Tangible assets

Land and buildings
£

Office equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2021

420,000

20,906

28,831

2,169

471,906

At 31 December 2021

420,000

20,906

28,831

2,169

471,906

Depreciation

At 1 January 2021

-

20,454

23,512

2,169

46,135

Charge for the year

-

46

1,329

-

1,375

At 31 December 2021

-

20,500

24,841

2,169

47,510

Carrying amount

At 31 December 2021

420,000

406

3,990

-

424,396

At 31 December 2020

420,000

452

5,319

-

425,771

Included within the net book value of land and buildings above is £420,000 (2020 - £420,000) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Freehold Land and Buildings was revalued on 5 June 2020 by the Directors. An independent valuer was not involved.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £260,216 (2020 - £260,216).

5

Investments

2021
£

2020
£

Investments in subsidiaries

273,900

43,320

Subsidiaries

£

Cost or valuation

At 1 January 2021

43,320

Additions

349,400

Disposals

(118,820)

At 31 December 2021

273,900

Provision

Carrying amount

At 31 December 2021

273,900

At 31 December 2020

43,320

 

Adbury Electronics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2021

2020

Subsidiary undertakings

BWB Technologies Limited

7-8 Galloway Centre, Newbury, Berkshire, RG14 5TL

England

Ordinary

83%

0%

Aquanet International Limited

51 Western Promenade, Point Clear Bay St Osyth, Clacton On Sea, Essex, CO16 8NA

England

Ordinary

0%

25.4%

6

Debtors

2021
£

2020
£

Prepayments

4,351

4,327

Other debtors

-

10,706

4,351

15,033

7

Creditors

Creditors: amounts falling due within one year

Note

2021
 £

2020
 £

Due within one year

 

Trade creditors

 

1,558

3,204

Social security and other taxes

 

4,891

4,827

Corporation tax

 

1,355

3,706

Accruals and deferred income

 

2,098

1,893

 

9,902

13,630

8

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary Shares of £1 each

925

925

925

925