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Registration number: 07531410

ADC Property Solutions Ltd

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

ADC Property Solutions Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

ADC Property Solutions Ltd

Company Information

Director

Mrs JL Adams

Registered office

Unit B Grove Mills Industrial Estate
High Street
Heckmondwike
West Yorkshire
WF16 0AD

Accountants

Cameron Alexander Accountants Ltd
Chartered Certified Accountants
2 Western Street
Barnsley
South Yorkshire
S70 2BP

 

ADC Property Solutions Ltd

(Registration number: 07531410)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

3

18,000

20,250

Tangible assets

4

48,044

27,686

 

66,044

47,936

Current assets

 

Stocks

3,000

3,000

Debtors

5

143,195

143,960

Cash at bank and in hand

 

50,472

145

 

196,667

147,105

Creditors: Amounts falling due within one year

6

(100,352)

(116,013)

Net current assets

 

96,315

31,092

Total assets less current liabilities

 

162,359

79,028

Creditors: Amounts falling due after more than one year

6

(51,327)

(40,603)

Provisions for liabilities

(9,129)

(5,261)

Net assets

 

101,903

33,164

Capital and reserves

 

Called up share capital

2

2

Retained earnings

101,901

33,162

Shareholders' funds

 

101,903

33,164

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.

Director's 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 director acknowledges her 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 November 2023
 

 

ADC Property Solutions Ltd

(Registration number: 07531410)
Balance Sheet as at 28 February 2023

.........................................
Mrs JL Adams
Director

 

ADC Property Solutions Ltd

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

1

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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.

 

ADC Property Solutions Ltd

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

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

Fixtures, fittings and equipment

20% and 25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years

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.

 

ADC Property Solutions Ltd

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

Leasing and hire purchase contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight line 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.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2022 - 10).

3

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2022

45,000

45,000

At 28 February 2023

45,000

45,000

Amortisation

At 1 March 2022

24,750

24,750

Amortisation charge

2,250

2,250

At 28 February 2023

27,000

27,000

Carrying amount

At 28 February 2023

18,000

18,000

At 28 February 2022

20,250

20,250

 

ADC Property Solutions Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2022

3,750

62,348

7,399

73,497

Additions

1,512

24,995

3,643

30,150

Disposals

-

-

(383)

(383)

At 28 February 2023

5,262

87,343

10,659

103,264

Depreciation

At 1 March 2022

2,607

40,189

3,015

45,811

Charge for the year

416

7,764

1,353

9,533

Eliminated on disposal

-

-

(124)

(124)

At 28 February 2023

3,023

47,953

4,244

55,220

Carrying amount

At 28 February 2023

2,239

39,390

6,415

48,044

At 28 February 2022

1,143

22,159

4,384

27,686

5

Debtors

Current

2023
£

2022
£

Trade debtors

68,233

87,343

Prepayments

1,344

1,943

Other debtors

73,618

54,674

 

143,195

143,960

 

ADC Property Solutions Ltd

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

7

6,720

7,524

Trade creditors

 

40,010

33,462

Taxation and social security

 

25,447

43,504

Accruals and deferred income

 

1,200

1,200

Other creditors

 

20,427

25,883

Hire purchase liabilities

 

6,548

4,440

 

100,352

116,013

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

51,327

40,603

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

33,589

39,123

Hire purchase liabilities

17,738

1,480

51,327

40,603

2023
£

2022
£

Current loans and borrowings

Bank borrowings

6,720

6,720

Bank overdrafts

-

804

Hire purchase accounts

6,548

4,440

13,268

11,964

 

ADC Property Solutions Ltd

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

8

Related party transactions

Transactions with the director

2023

At 1 March 2022
£

Advances to director
£

At 28 February 2023
£

Mrs JL Adams

Interest is charged on the loan and there is no fixed date of repayment.

(39,743)

(13,379)

(53,121)

       
     

 

2022

At 1 March 2021
£

Advances to director
£

At 28 February 2022
£

Mrs JL Adams

Interest is charged on the loan and there is no fixed date of repayment.

(25,994)

(13,748)

(39,743)