Company registration number 10717799 (England and Wales)
ADCOTE CONSULTING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
ADCOTE CONSULTING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ADCOTE CONSULTING LIMITED
BALANCE SHEET
AS AT 31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
457
1,202
Current assets
Stocks
4
10,453
45,576
Debtors
5
4,240
140
Cash at bank and in hand
91,055
98,236
105,748
143,952
Creditors: amounts falling due within one year
6
(19,292)
(26,428)
Net current assets
86,456
117,524
Total assets less current liabilities
86,913
118,726
Provisions for liabilities
(87)
(228)
Net assets
86,826
118,498
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
86,824
118,496
Total equity
86,826
118,498

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 21 February 2024 and are signed on its behalf by:
Mr R D Forrester
Director
Company registration number 10717799 (England and Wales)
ADCOTE CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information

Adcote Consulting Limited is a private company limited by shares incorporated in England and Wales. The registered office is Champion Allwoods Limited, 2nd Floor Refuge House, 33-37 Watergate Row, Chester, CH1 2LE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion of the contracts.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office and computer equipment
25% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Work in progress

Work in progress is included to reflect the recoverability of the professional services provided but not invoiced at the year end. The adjustment to work in progress is shown as an increase or decrease to turnover.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ADCOTE CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 3 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Office and computer equipment
£
Cost
At 1 June 2022 and 31 May 2023
3,740
Depreciation and impairment
At 1 June 2022
2,538
Depreciation charged in the year
745
At 31 May 2023
3,283
Carrying amount
At 31 May 2023
457
At 31 May 2022
1,202
ADCOTE CONSULTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
4
Stocks
2023
2022
£
£
Work in progress
10,453
45,576
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,361
-
0
Other debtors
879
140
4,240
140
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
629
2,875
Corporation tax
10,395
13,403
Other taxation and social security
6,443
8,287
Accruals and deferred income
1,825
1,863
19,292
26,428
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
1
1
1
1
Ordinary B of £1 each
1
1
1
1
2
2
2
2
8
Related Party Transactions

At 31 May 2023, an amount of £879 included in other debtors (2022 - £140), was due to the company from Mr RD Forrester and Mrs DJ Forrester in respect of the balance on their joint directors' current account with the company. This outstanding amount has been repaid since the year end by the offset of a dividend voted by the company.

 

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