Registered number
04625346
ADEPT HEATING & MECHANICAL SERVICES LIMITED
Unaudited Filleted Accounts
31 January 2023
ADEPT HEATING & MECHANICAL SERVICES LIMITED
Registered number: 04625346
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 - 750
Tangible assets 4 52,961 47,161
52,961 47,911
Current assets
Stocks 2,000 2,000
Debtors 5 206,125 141,414
Cash at bank and in hand 5,004 5,004
213,129 148,418
Creditors: amounts falling due within one year 6 (234,661) (172,712)
Net current liabilities (21,532) (24,294)
Total assets less current liabilities 31,429 23,617
Creditors: amounts falling due after more than one year 7 (25,497) (19,574)
Provisions for liabilities (8,400) (8,700)
Net liabilities (2,468) (4,657)
Capital and reserves
Called up share capital 100 100
Profit and loss account (2,568) (4,757)
Shareholder's funds (2,468) (4,657)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D B Blaber
Director
Approved by the board on 16 October 2023
ADEPT HEATING & MECHANICAL SERVICES LIMITED
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 11 12
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2022 15,000
At 31 January 2023 15,000
Amortisation
At 1 February 2022 14,250
Provided during the year 750
At 31 January 2023 15,000
Net book value
At 31 January 2023 -
At 31 January 2022 750
Goodwill is being written off in equal annual instalments over its estimated economic life of 20
years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2022 6,595 110,896 117,491
Additions - 23,454 23,454
At 31 January 2023 6,595 134,350 140,945
Depreciation
At 1 February 2022 5,319 65,011 70,330
Charge for the year 319 17,335 17,654
At 31 January 2023 5,638 82,346 87,984
Net book value
At 31 January 2023 957 52,004 52,961
At 31 January 2022 1,276 45,885 47,161
5 Debtors 2023 2022
£ £
Trade debtors 90,761 71,012
Other debtors 115,364 70,402
206,125 141,414
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 33,267 6,346
Obligations under finance lease and hire purchase contracts 16,777 11,012
Trade creditors 168,318 124,038
Taxation and social security costs 7,263 26,201
Other creditors 9,036 5,115
234,661 172,712
7 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 25,497 19,574
8 Loans 2023 2022
£ £
Creditors include:
Hire purchase contracts 42,274 30,586
The hire purchase creditor is secured over the assets to which they relate.
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
D B Blaber
Interest is charged at 2% with no repayment terms 54,141 37,377 91,518
54,141 37,377 - 91,518
10 Controlling party
The company is controlled by D B Blaber who owns 80% of the issued share capital.
11 Other information
ADEPT HEATING & MECHANICAL SERVICES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Raidons
Nutbourne Lane
Nutbourne
Pulborough
RH20 2HS
The company's place of business is Raidons, Nutbourne Lane, Pulborough, West Sussex, RH20 2HS
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