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REGISTERED NUMBER: 01312605 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

FOR

ADRECO LIMITED

ADRECO LIMITED (REGISTERED NUMBER: 01312605)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


ADRECO LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







Directors: Mr S T Hill
Mrs P J Hill
Mr R Hill
Mr L Wang
Mr F Gao
Mr P Dixon





Registered office: 17-19 Avant Business Centre
Third Avenue, Bletchley
Milton Keynes
Buckinghamshire
MK1 1DR





Registered number: 01312605 (England and Wales)





Accountants: Haines Watts
Chartered Accountants
10 Stadium Business Court
Millennium Way
Pride Park
Derby
DE24 8HP

ADRECO LIMITED (REGISTERED NUMBER: 01312605)

STATEMENT OF FINANCIAL POSITION
30 APRIL 2023

2023 2022
Notes £ £
Fixed assets
Tangible assets 4 765,629 828,918

Current assets
Stocks 133,384 121,498
Debtors 5 1,324,447 1,426,067
Cash at bank 3,291 53,889
1,461,122 1,601,454
Creditors
Amounts falling due within one year 6 (811,496 ) (881,790 )
Net current assets 649,626 719,664
Total assets less current liabilities 1,415,255 1,548,582

Creditors
Amounts falling due after more than one
year

7

(412,367

)

(437,728

)

Provisions for liabilities (191,408 ) (154,470 )
Net assets 811,480 956,384

Capital and reserves
Called up share capital 10 1,000 1,000
Retained earnings 810,480 955,384
Shareholders' funds 811,480 956,384

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 January 2024 and were signed on its behalf by:





Mr S T Hill - Director


ADRECO LIMITED (REGISTERED NUMBER: 01312605)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1. STATUTORY INFORMATION

Adreco 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.

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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Equipment - 10% on reducing balance

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

ADRECO LIMITED (REGISTERED NUMBER: 01312605)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

2. ACCOUNTING POLICIES - continued

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.

Grant income
Grants are recognised in the profit and loss account on recognition of certain milestones being achieved.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 23 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Equipment Totals
£ £ £ £
Cost
At 1 May 2022 1,949,884 215,115 258,271 2,423,270
Additions 76,159 - 3,179 79,338
Disposals (44,000 ) (48,050 ) - (92,050 )
At 30 April 2023 1,982,043 167,065 261,450 2,410,558
Depreciation
At 1 May 2022 1,385,048 48,093 161,211 1,594,352
Charge for year 57,131 32,934 10,024 100,089
Eliminated on disposal (36,749 ) (12,763 ) - (49,512 )
At 30 April 2023 1,405,430 68,264 171,235 1,644,929
Net book value
At 30 April 2023 576,613 98,801 90,215 765,629
At 30 April 2022 564,836 167,022 97,060 828,918

Included within the net book value of £765,629 is £247,121 (2022 - £259,868) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £41,296 (2022 - £41,555).


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 161,423 257,719
Amounts owed by group undertakings 1,127,574 978,137
Other debtors 3 1,857
Directors' loan accounts - 146,040
VAT 9,840 -
Prepayments and accrued income 25,607 42,314
1,324,447 1,426,067

ADRECO LIMITED (REGISTERED NUMBER: 01312605)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts 501,712 418,591
Other loans 16,185 12,746
Hire purchase contracts (see note 8) 72,843 60,381
Trade creditors 159,150 154,744
Social security and other taxes 29,221 23,898
VAT - 56,607
Other creditors 2,615 3,287
Accruals and deferred income 29,770 151,536
811,496 881,790

Creditors hold a fixed charge over book debts and floating charges over all other company assets.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£ £
Bank loans amounts due between
1-2 years 251,588 238,644
Other loans amounts due
between 2-5 years 11,915 29,715
Hire purchase contracts (see note 8) 148,864 169,369
412,367 437,728

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£ £
Net obligations repayable:
Within one year 72,843 60,381
Between one and five years 148,864 169,369
221,707 229,750

Non-cancellable
operating leases
2023 2022
£ £
Within one year 131,844 11,844
Between one and five years 607,896 19,740
In more than five years 290,000 -
1,029,740 31,584

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£ £
Hire purchase contracts 221,707 229,750
Bank loans 616,845 453,644
838,552 683,394

ADRECO LIMITED (REGISTERED NUMBER: 01312605)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
1,000 Ordinary £1 1,000 1,000

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2023 and 30 April 2022:

2023 2022
£ £
Mr S T Hill
Balance outstanding at start of year 146,040 20,482
Amounts advanced 4,769 178,000
Amounts repaid (150,809 ) (52,442 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 146,040

12. RELATED PARTY DISCLOSURES

The company was under the control of STH Plastics Limited throughout the current year. STH Plastics Limited is the majority shareholder. Mr S Hill, who is a director of this Company, was the ultimate controlling party of STH Plastics Limited.

The directors are the key management personnel.

At the year end, Adreco Ltd had the following balances outstanding with STH Plastics Ltd and with International Scientific Supplies Ltd, a company under common control:

20232022
Debtors
STH Plastics Ltd1,137,6711,053,657

Creditors
International Scientific Supplies Ltd10,09775,520

Sales
International Scientific Supplies Ltd-51,720



During the year management charges paid to STH Plastics Ltd were £nil (2022: nil).

13. ULTIMATE PARENT COMPANY

The Company is a wholly owned subsidiary of STH Plastics Limited.