REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
ADAM (SCOTLAND) LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
ADAM (SCOTLAND) LIMITED |
ADAM (SCOTLAND) LIMITED (REGISTERED NUMBER: SC405821) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
ADAM (SCOTLAND) LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 December 2021 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
9 Glasgow Road |
PAISLEY |
Renfrewshire |
PA1 3QS |
ADAM (SCOTLAND) LIMITED (REGISTERED NUMBER: SC405821) |
BALANCE SHEET |
31 December 2021 |
31.12.20 | 31.12.21 |
£ | Notes | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
( |
) | Amounts falling due within one year | 8 | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
ADAM (SCOTLAND) LIMITED (REGISTERED NUMBER: SC405821) |
BALANCE SHEET - continued |
31 December 2021 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
ADAM (SCOTLAND) LIMITED (REGISTERED NUMBER: SC405821) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2021 |
1. | STATUTORY INFORMATION |
Adam (Scotland) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared under the historical cost convention. |
The significant accounting policies applied in the preparation of these financial statements are set out below. |
These policies have been consistently applied to all years presented unless otherwise stated. |
Going concern |
In light of the ongoing global health crisis caused by COVID-19, the directors have assessed the impact that this could have on the business. The company is continuing to trade as normal and accordingly the directors continue to adopt the going concern basis of accounting in preparing these financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover represents the total invoice value, less credit notes, excluding value added tax of sales made during the period. |
In respect of contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of contracts for on-going services is recognised by reference to the cost at the balance sheet date plus a contribution to profit dependent on the status of services completed. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. |
Assets held under finance leases are depreciated in the same way as owned assets. |
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. |
ADAM (SCOTLAND) LIMITED (REGISTERED NUMBER: SC405821) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2021 |
3. | ACCOUNTING POLICIES - continued |
Stocks |
Work in progress is valued at the lower of cost and estimated selling price less costs to sell, and represents the building costs of houses incomplete at the balance sheet date. |
Stock is the remaining development land at purchase cost. |
Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. |
Taxation |
Taxation represents the sum of tax currently payable and deferred tax on a non discounted basis. |
The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. |
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period which the liability is settled or the asset is realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. |
Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised as a liability in the financial statements in the period in which the dividends are approved by the shareholders. These amounts are recognised in the statement of changes in equity. |
Financial instruments |
Basic financial instruments are recognised at amortised cost. Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality. |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Cash & cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown withing borrowings in current liabilities. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
ADAM (SCOTLAND) LIMITED (REGISTERED NUMBER: SC405821) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2021 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Computer |
Totals | fittings | vehicles | equipment |
£ | £ | £ | £ |
COST |
At 1 January 2021 |
Additions |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
6. | STOCKS |
31.12.21 | 31.12.20 |
£ | £ |
Land & Work-in-progress |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Amounts owed by group undertakings |
Amounts recoverable on contract |
Deferred tax |
Corporation tax | - | 11,950 |
VAT |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Other loans |
Trade creditors |
Corporation Tax |
Social security and other taxes |
Accruals and deferred income |
ADAM (SCOTLAND) LIMITED (REGISTERED NUMBER: SC405821) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2021 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Other loans - 1-2 years |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.21 | 31.12.20 |
£ | £ |
Other Loans | 1,000,000 | 1,650,000 |
There is a Bond and Floating Charge over the company's property and Standard Security granted over specific property in favour of the Lender. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.21 | 31.12.20 |
value: | £ | £ |
Ordinary | £1 | 20,000 | 20,000 |
12. | ULTIMATE CONTROLLING PARTY |
The ultimate parent is Adam Holdings (Scotland) Ltd, a company registered in Scotland and whose registered office is 9 Glasgow Road, Paisley, PA1 3QS. |
Clark Nelson is the ultimate controlling party, as a result of holding 100% of the issued share capital in the parent company. |