Company registration number 04335586 (England and Wales)
ADG Engineering Limited
Unaudited
Financial Statements
for the year ended 31 March 2023
PAGES FOR FILING WITH REGISTRAR
ADG Engineering Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 4
ADG Engineering Limited
Statement Of Financial Position
as at 31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
22,516
14,503
Current assets
Stocks
15,425
18,000
Debtors
227,469
174,941
Cash at bank and in hand
40,765
33,232
283,659
226,173
Creditors: amounts falling due within one year
(220,579)
(176,451)
Net current assets
63,080
49,722
Total assets less current liabilities
85,596
64,225
Creditors: amounts falling due after more than one year
(21,667)
(31,667)
Provisions for liabilities
4
(4,435)
(2,930)
Net assets
59,494
29,628
Capital and reserves
Called up share capital
100
100
Capital redemption reserve
100
100
Profit and loss reserves
59,294
29,428
Total equity
59,494
29,628
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
ADG Engineering Limited
Statement Of Financial Position (continued)
as at 31 March 2023
- 2 -
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 26 June 2023
J Asquith
Director
Company Registration No. 04335586
ADG Engineering Limited
Notes to the financial statements
for the year ended 31 March 2023
- 3 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover represents the amount derived from the provision of services falling within the company's activities after deduction of trade discounts and value added tax. Turnover is recognised on the supply of services to the customer.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.
Depreciation is recognised so as to write off the cost less their residual values over their useful lives on the following bases:
Plant and machinery
15% reducing balance basis
Fixtures, fittings & equipment
15% reducing balance basis
Motor vehicles
20% reducing balance basis
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is recognised on all timing differences between the carrying amount of 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 in which the liability is then settled or the asset realised, based on the tax rates that have been enacted or substantively enacted by the end of the reporting period.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
ADG Engineering Limited
Notes to the financial statements (continued)
for the year ended 31 March 2023
1
Accounting policies
(continued)
- 4 -
Government grants
Government grants relate to Coronavirus Job Retention Scheme (CJRS) funding of staff who have been furloughed due to Covid-19. These revenue-based grants are recognised over the same period in which the related costs are incurred.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
7
7
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
30,684
3,231
39,770
73,685
Additions
1,069
12,000
13,069
At 31 March 2023
30,684
4,300
51,770
86,754
Depreciation and impairment
At 1 April 2022
25,402
2,678
31,102
59,182
Depreciation charged in the year
792
130
4,134
5,056
At 31 March 2023
26,194
2,808
35,236
64,238
Carrying amount
At 31 March 2023
4,490
1,492
16,534
22,516
At 31 March 2022
5,282
553
8,668
14,503
4
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
4,435
2,930
5
Company information
ADG Engineering Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 14 Perseverance Mills, Lockwood Scar, Lockwood, Huddersfield, West Yorkshire, HD4 6BW.