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REGISTERED NUMBER: 03222168 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2023

FOR

ADAMS HOME CENTRE LIMITED

ADAMS HOME CENTRE LIMITED (REGISTERED NUMBER: 03222168)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ADAMS HOME CENTRE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2023







DIRECTOR: S D Adams





SECRETARY: Mrs. A J Adams





REGISTERED OFFICE: Westgate House
87 St Dunstans Street
Canterbury
Kent
CT2 8AE





REGISTERED NUMBER: 03222168 (England and Wales)





ACCOUNTANTS: Spain Brothers & Co
Chartered Accountants
Westgate House
87 St Dunstans Street
Canterbury
Kent
CT2 8AE

ADAMS HOME CENTRE LIMITED (REGISTERED NUMBER: 03222168)

BALANCE SHEET
31ST MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,006,815 4,057,380
Investments 5 1,058,709 1,022,237
Investment property 6 500,000 500,000
6,565,524 5,579,617

CURRENT ASSETS
Stocks 7 116,647 359,199
Debtors 8 652,252 1,338,755
Cash at bank and in hand 2,798,891 2,834,271
3,567,790 4,532,225
CREDITORS
Amounts falling due within one year 9 2,016,141 1,790,092
NET CURRENT ASSETS 1,551,649 2,742,133
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,117,173

8,321,750

CREDITORS
Amounts falling due after more than one
year

10

(4,364,225

)

(3,889,086

)

PROVISIONS FOR LIABILITIES (1,169,120 ) (541,834 )
NET ASSETS 2,583,828 3,890,830

CAPITAL AND RESERVES
Called up share capital 11 100 100
Revaluation reserve 12 236,350 224,598
Retained earnings 2,347,378 3,666,132
SHAREHOLDERS' FUNDS 2,583,828 3,890,830

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

ADAMS HOME CENTRE LIMITED (REGISTERED NUMBER: 03222168)

BALANCE SHEET - continued
31ST MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25th October 2023 and were signed by:





S D Adams - Director


ADAMS HOME CENTRE LIMITED (REGISTERED NUMBER: 03222168)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023


1. STATUTORY INFORMATION

Adams Home Centre Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The company's functional currency is the Pound Sterling (£).

The principal activity of the Company is that of a retailer of bottled gas and hardware.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The policies adopted for the recognition of turnover are as follows:

Sale of goods:
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Straight line over 10 years
Plant and machinery - 20% on reducing balance and Straight line over 20 years
Motor vehicles - 25% on reducing balance
Computer equipment - 33 1/3% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


ADAMS HOME CENTRE LIMITED (REGISTERED NUMBER: 03222168)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Change in estimation technique
Following a review in their accounting treatment, refillable cylinders are now capitalised as plant and machinery as opposed to being included in stock.

Returnable deposits
Included in amounts falling due within one year are deposits received on cylinders. These are repayable on demand but are usually refunded after more than twelve months.

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.

Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 13 ) .

ADAMS HOME CENTRE LIMITED (REGISTERED NUMBER: 03222168)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1st April 2022 526,768 163,713 4,930,153
Additions - - 1,308,131
Disposals - - (17,841 )
At 31st March 2023 526,768 163,713 6,220,443
DEPRECIATION
At 1st April 2022 - 102,930 1,496,180
Charge for year - 15,778 332,106
Eliminated on disposal - - (11,761 )
At 31st March 2023 - 118,708 1,816,525
NET BOOK VALUE
At 31st March 2023 526,768 45,005 4,403,918
At 31st March 2022 526,768 60,783 3,433,973

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st April 2022 74,170 4,754 5,699,558
Additions 26,999 2,120 1,337,250
Disposals (40,425 ) - (58,266 )
At 31st March 2023 60,744 6,874 6,978,542
DEPRECIATION
At 1st April 2022 38,721 4,347 1,642,178
Charge for year 16,660 951 365,495
Eliminated on disposal (24,185 ) - (35,946 )
At 31st March 2023 31,196 5,298 1,971,727
NET BOOK VALUE
At 31st March 2023 29,548 1,576 5,006,815
At 31st March 2022 35,449 407 4,057,380

ADAMS HOME CENTRE LIMITED (REGISTERED NUMBER: 03222168)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


5. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST OR VALUATION
At 1st April 2022 100 1,022,137 1,022,237
Additions - 29,072 29,072
Disposals (100 ) (8,169 ) (8,269 )
Revaluations - 15,669 15,669
At 31st March 2023 - 1,058,709 1,058,709
NET BOOK VALUE
At 31st March 2023 - 1,058,709 1,058,709
At 31st March 2022 100 1,022,137 1,022,237

Cost or valuation at 31st March 2023 is represented by:

Other
investments
£   
Valuation in 2023 15,669
Cost 1,043,040
1,058,709

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2022
and 31st March 2023 500,000
NET BOOK VALUE
At 31st March 2023 500,000
At 31st March 2022 500,000

Fair value at 31st March 2023 is represented by:
£   
Valuation in 2018 224,598
Cost 275,402
500,000

ADAMS HOME CENTRE LIMITED (REGISTERED NUMBER: 03222168)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


6. INVESTMENT PROPERTY - continued

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 275,402 275,402

Investment property was valued on an open market value basis on 31st March 2018 by Steve Adams, Director .

7. STOCKS
2023 2022
£    £   
Stocks 116,647 359,199

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 589,393 587,817
Other debtors - 676,250
Adams & Son (Holdings) Ltd 393 393
AHC Property Limited - 16,250
Prepayments 62,466 58,045
652,252 1,338,755

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 481 8,804
Trade creditors 174,447 348,834
Amounts owed to group undertakings 30,442 -
Corporation tax 16,660 49,737
Social security and other taxes 3,346 5,911
VAT 317,080 70,973
Other creditors 7,007 796
Deposits Received 1,454,742 1,296,362
Directors' current accounts 1,595 2,770
Accruals 10,341 5,905
2,016,141 1,790,092

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Deposits received 4,364,225 3,889,086

Amounts falling due after more than one year are refundable deposits.

ADAMS HOME CENTRE LIMITED (REGISTERED NUMBER: 03222168)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

12. RESERVES
Revaluation
reserve
£   
At 1st April 2022 224,598
Transfer between reserves 11,752

At 31st March 2023 236,350

13. RELATED PARTY DISCLOSURES

The Company occupies leased premises which are owned by a Small Self Administered Scheme (SSAS) . The Director has benefits accruing in this pension scheme. Rental payments are paid on an arms length basis at full market rates.