Company Registration No. 01069153 (England and Wales)
Adelco Screen Process Limited
Unaudited accounts
for the year ended 31 August 2023
Adelco Screen Process Limited
Unaudited accounts
Contents
Adelco Screen Process Limited
Company Information
for the year ended 31 August 2023
Directors
Luke Smith
Daniel Smith
Company Number
01069153 (England and Wales)
Registered Office
Highview
High Street
Bordon
GU35 0AX
United Kingdom
Accountants
Leap Accounts & Outsourcing Limited
Office 7
35-37 Ludgate Hill
London
EC4M 7JN
Adelco Screen Process Limited
Statement of financial position
as at 31 August 2023
Tangible assets
55,478
67,623
Inventories
256,582
191,303
Cash at bank and in hand
1,219,058
1,056,853
Creditors: amounts falling due within one year
(731,534)
(830,438)
Net current assets
956,226
1,018,291
Net assets
1,011,704
1,085,914
Called up share capital
725
725
Capital redemption reserve
(1,783,332)
(1,783,332)
Profit and loss account
2,794,311
2,868,521
Shareholders' funds
1,011,704
1,085,914
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 19 October 2023 and were signed on its behalf by
Luke Smith
Director
Company Registration No. 01069153
Adelco Screen Process Limited
Notes to the Accounts
for the year ended 31 August 2023
Adelco Screen Process Limited is a private company, limited by shares, registered in England and Wales, registration number 01069153. The registered office is Highview, High Street, Bordon, GU35 0AX, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Over the life of the lease (0 years remaining)
Plant & machinery
15% on a reducing balance basis
Motor vehicles
25% on a reducing balance basis
Fixtures & fittings
15% on a reducing balance basis
Computer equipment
25% on a reducing balance basis
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Transactions in foreign currencies are initially recorded at the functional currency rate
prevailing at the date of the transaction. Monetary assets and liabilities denominated in
foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.
Non-monetary items measured in terms of historical cost in a foreign currency are not
retranslated.
Adelco Screen Process Limited
Notes to the Accounts
for the year ended 31 August 2023
The tax expense for the period comprises current and deferred tax. Tax is recognised in
profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have
been enacted or substantively enacted by the reporting date in the countries where the
company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a
valuation allowance is set up against deferred tax assets so that the net carrying amount
equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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.
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.
Restatement of Prior Year Balance
A fixed asset with a written down value of £254,380.00 had been reported in the prior year statutory accounts that had previously been disposed of by the entity. As a result, prior year figures have been restated to reflect this disposal.
Adelco Screen Process Limited
Notes to the Accounts
for the year ended 31 August 2023
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 September 2022
41,840
131,190
38,656
20,645
43,202
275,533
At 31 August 2023
41,840
131,190
38,656
20,645
43,202
275,533
At 1 September 2022
41,840
89,143
24,888
20,645
31,394
207,910
Charge for the year
-
7,103
3,001
-
2,041
12,145
At 31 August 2023
41,840
96,246
27,889
20,645
33,435
220,055
At 31 August 2023
-
34,944
10,767
-
9,767
55,478
At 31 August 2022
-
42,047
13,768
-
11,808
67,623
Amounts falling due within one year
Trade debtors
207,833
596,358
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Creditors: amounts falling due within one year
2023
2022
Trade creditors
691,814
887,943
Taxes and social security
9,963
(123,710)
Other creditors
24,133
28,268
7
Average number of employees
During the year the average number of employees was 12 (2022: 15).