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Registration number: 01819638

Adamson Construction Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Adamson Construction Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Adamson Construction Limited

Company Information

Directors

Mr Colin Benjamin Moors

Mrs Rachel Moors

Company secretary

Mrs Sara O'Brien

Registered office

Adamson House
Outram Road
Dukinfield
Cheshire
SK16 4XE

Accountants

D C Accounting Solutions Limited
Chartered Accountants and Business Advisers
Central House
2 Central Drive
Romiley
Stockport
Cheshire
SK6 4PE

 

Adamson Construction Limited

(Registration number: 01819638)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

60,837

43,973

Current assets

 

Stocks

5

419,173

483,236

Debtors

6

164,635

117,124

Cash at bank and in hand

 

698,840

799,217

 

1,282,648

1,399,577

Creditors: Amounts falling due within one year

7

(984,381)

(1,118,274)

Net current assets

 

298,267

281,303

Total assets less current liabilities

 

359,104

325,276

Creditors: Amounts falling due after more than one year

7

(264,413)

(276,984)

Net assets

 

94,691

48,292

Capital and reserves

 

Called up share capital

8

1,294

1,294

Retained earnings

93,397

46,998

Shareholders' funds

 

94,691

48,292

For the financial year ending 28 February 2023 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 24 April 2023 and signed on its behalf by:
 

.........................................
Mr Colin Benjamin Moors
Director

 

Adamson Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

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

The address of its registered office is:
Adamson House
Outram Road
Dukinfield
Cheshire
SK16 4XE

These financial statements were authorised for issue by the Board on 24 April 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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

Asset class

Depreciation method and rate

Plant & machinery

15% reducing balance

Motor vehicles

25% reducing balance

 

Adamson Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Fixtures & fittings

20% reducing balance

Kitchen showroom

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Adamson Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2022 - 17).

 

Adamson Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

240,244

9,744

57,180

307,168

Additions

20,220

8,950

-

29,170

Disposals

-

-

(14,435)

(14,435)

At 28 February 2023

260,464

18,694

42,745

321,903

Depreciation

At 1 March 2022

210,070

9,592

43,533

263,195

Charge for the year

7,082

246

3,173

10,501

Eliminated on disposal

-

-

(12,630)

(12,630)

At 28 February 2023

217,152

9,838

34,076

261,066

Carrying amount

At 28 February 2023

43,312

8,856

8,669

60,837

At 28 February 2022

30,174

152

13,647

43,973

5

Stocks

2023
£

2022
£

Raw materials and consumables

39,125

39,020

Work in progress

380,048

444,216

419,173

483,236

6

Debtors

Current

2023
£

2022
£

Trade debtors

133,850

88,510

Prepayments

19,078

23,406

Other debtors

11,707

5,208

 

164,635

117,124

 

Adamson Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

10,861

12,556

Trade creditors

 

135,041

116,789

Taxation and social security

 

109,705

108,790

Accruals and deferred income

 

39,513

31,620

Other creditors

 

689,261

848,519

 

984,381

1,118,274

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

32,628

42,500

Other non-current financial liabilities

 

231,785

234,484

 

264,413

276,984

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,294

1,294

1,294

1,294

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

32,628

42,500

 

Adamson Construction Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

10,861

12,556