Registration number:
ADG Systems PLC
for the Year Ended 31 August 2023
ADG Systems PLC
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Income Statement |
|
Statement of Financial Position |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
|
Detailed Income Statement |
ADG Systems PLC
Company Information
Directors |
B Goodman A D Goodman |
Company secretary |
B Goodman |
Registered office |
|
Auditors |
|
ADG Systems PLC
Strategic Report for the Year Ended 31 August 2023
The directors present their strategic report for the year ended 31 August 2023.
Principal activity
The principal activity of the company is HVAC installation and design
Fair review of the business
The results of the period and financial position of the company are as shown in the financial statements. Overall the directors consider the results for the year to be satisfactory.
The main KPIs are turnover, gross profit and net profit. The company also monitors gross margin per contract, as well as debts outstanding on specific contracts.
Principal risks and uncertainties
The principal risks are collectability of retentions and agreement of final account valuations with the main contractors.
The company uses various financial instruments including cash and items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations.
The existence of the financial instruments exposes the company to a number of financial risks which are described in more detail below.
The main financial risk arising from the company's financial statements are liquidity risk and credit risk.
Approved and authorised by the
......................................... |
ADG Systems PLC
Directors' Report for the Year Ended 31 August 2023
The directors present their report and the financial statements for the year ended 31 August 2023.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Price risk, credit risk, liquidity risk and cash flow risk
The company seeks to manage liquidity risk by ensuring sufificent liquidity is available to meet forseeable needs and to invest cash assets safely and profitably.
The company's principal financial assets are cash and debtors.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
......................................... |
ADG Systems PLC
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
ADG Systems PLC
Independent Auditor's Report to the Members of ADG Systems PLC
Opinion
We have audited the financial statements of ADG Systems PLC (the 'company') for the year ended 31 August 2023, which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 August 2023 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
ADG Systems PLC
Independent Auditor's Report to the Members of ADG Systems PLC
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
ADG Systems PLC
Independent Auditor's Report to the Members of ADG Systems PLC
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud, we have obtained an understanding of the nature of the industry, the control environment and the legal and regulatory frameworks that the company operates in.
We determined that the most significant applicable legal and regulatory frameworks are those directly relevant to the reporting framework and preparation of the financial statements (FRS 102, Companies Act 2006 and UK tax legislation). We considered the extent to which non-compliance might have a material effect on the financial statements.
We determined the principal risks which could lead to material misstatement of the financial statements to be related to posting inappropriate journal entries and management bias in accounting estimates. We identified the most significant risks in respect of accounting estimates to be the determination of level of accrued and deferred contract revenue at the end of the reporting period.
Audit procedures performed by the engagement team included:
• |
Identifying those members of the Company who have the primary responsibility for ensuring compliance with laws and regulations; |
• |
Enquiries with management, to understand managements’ approach to ensuring compliance with laws and regulations, and to obtain knowledge of any non-compliance or potential non-compliance with laws and regulations that could affect the financial statements; |
• |
Evaluating managements’ incentives and opportunities for manipulation of the financial statements (including management override of controls); |
• |
Testing journal entries and performing analytical procedures to identify any unusual transactions, or those outside the normal course of business, which may indicate risks of material misstatement due to fraud; |
• |
Testing of balances and transactions that are subject to estimation uncertainty by review of evidence supporting the assumptions and judgements used, and determining whether those judgements used indicate potential bias; |
• |
Reading minutes of meetings of those charged with governance; |
• |
Review of legal expense accounts to identify spend which may be indicative of breaches of laws and regulations; |
• |
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with the provisions of laws and regulations described above. |
The engagement team also remained aware of the need for professional scepticism to identify any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
ADG Systems PLC
Independent Auditor's Report to the Members of ADG Systems PLC
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
Knoll House
Knoll Road
Surrey
GU15 3SY
ADG Systems PLC
Income Statement for the Year Ended 31 August 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
172,068 |
163,708 |
|
Other interest receivable and similar income |
|
- |
|
Interest payable and similar expenses |
( |
( |
|
(3,462) |
(2,171) |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
There was no other comprehensive income for 2022 (2021: £Nil).
The company has no recognised gains or losses for the year other than the results above.
ADG Systems PLC
(Registration number: 02530874)
Statement of Financial Position as at 31 August 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
- |
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
16,250 |
16,250 |
|
Profit and loss account |
205,021 |
212,613 |
|
Shareholders' funds |
221,271 |
228,863 |
Approved and authorised by the
......................................... |
ADG Systems PLC
Statement of Changes in Equity for the Year Ended 31 August 2023
Share capital |
Profit and loss account |
Total |
|
At 1 September 2022 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 31 August 2023 |
|
|
|
Share capital |
Profit and loss account |
Total |
|
At 1 September 2021 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 31 August 2022 |
|
|
|
ADG Systems PLC
Statement of Cash Flows for the Year Ended 31 August 2023
Note |
2023 |
2022 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
- |
|
Finance income |
( |
- |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Increase in stocks |
( |
- |
|
(Increase)/decrease in trade debtors |
( |
|
|
Increase/(decrease) in trade creditors |
|
( |
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
- |
|
Acquisitions of tangible assets |
( |
- |
|
Net cash flows from investing activities |
( |
- |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Proceeds from bank borrowing draw downs |
( |
( |
|
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at 1 September |
|
|
|
Cash and cash equivalents at 31 August |
396,964 |
282,414 |
ADG Systems PLC
Notes to the Financial Statements for the Year Ended 31 August 2023
General information |
The company is a public company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis as the shareholders have confirmed continued support to the company as and when it is required.
The customer order book remains strong, the exact timing of when these orders will result in revenue is uncertain, however it is expected that the revenue will be recognised within the 12 months following the date of signing these accounts. Based on the above, the directors are of the opinion that the going concern principle is applicable and that the Company have the necessary resources to continue as a going concern for the forseeable future.
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 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.
Where the Company undertakes projects that span the accounting year end, the directors consider the stage of completion of the individual projects and recognise income based on their stage of completion. Consideration is also given to the costs incurred at this date and appropriate adjustments are made to ensure profit is recognised appropriately.
ADG Systems PLC
Notes to the Financial Statements for the Year Ended 31 August 2023
Government grants
Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure.
Tax
The tax expense for the period comprises current 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 statement of financial position 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.
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 |
Computer equipment |
33% straight line |
Cash and cash equivalents
Cash is represented by cash in hand and bank deposits.
Trade debtors
Short term debtors are measured at transaction price, less any impairment.
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
Short term creditors are measured at the transaction price.
ADG Systems PLC
Notes to the Financial Statements for the Year Ended 31 August 2023
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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.
Financial instruments
Recognition and measurement
ADG Systems PLC
Notes to the Financial Statements for the Year Ended 31 August 2023
Turnover |
The analysis of the company's revenue for the year from continuing operations is as follows:
2023 |
2022 |
|
Sale of goods |
|
|
Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
- |
Operating lease expense - plant and machinery |
|
|
Other interest receivable and similar income |
2023 |
2022 |
|
Other finance income |
|
- |
Interest payable and similar expenses |
2023 |
2022 |
|
Interest on bank overdrafts and borrowings |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2023 |
2022 |
|
Administration and support |
|
|
Sales |
|
|
|
|
ADG Systems PLC
Notes to the Financial Statements for the Year Ended 31 August 2023
Directors' remuneration |
The directors' remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
28,000 |
36,340 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2023 |
2022 |
|
Accruing benefits under money purchase pension scheme |
- |
|
Auditors' remuneration |
2023 |
2022 |
|
Audit of the financial statements |
|
|
Other fees to auditors |
||
All other non-audit services |
|
|
Taxation |
Tax charged/(credited) in the income statement
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
- |
|
36,198 |
32,124 |
|
Deferred taxation |
||
Arising from changes in tax rates and laws |
- |
|
Tax expense in the income statement |
|
|
ADG Systems PLC
Notes to the Financial Statements for the Year Ended 31 August 2023
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2023 |
2022 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Tax decrease from effect of capital allowances and depreciation |
( |
- |
Other tax effects for reconciliation between accounting profit and tax expense (income) |
|
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
In the Spring Budget 2021, the UK Government announced that from 1 April 2023 the corporation tax rate would increase to 25% (rather than remaining at 19%, as previously enacted). This new law was substantively enacted on 24 May 2021. Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements.
ADG Systems PLC
Notes to the Financial Statements for the Year Ended 31 August 2023
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
At 1 September 2022 |
|
|
Additions |
|
|
At 31 August 2023 |
|
|
Depreciation |
||
At 1 September 2022 |
|
|
Charge for the year |
|
|
At 31 August 2023 |
|
|
Carrying amount |
||
At 31 August 2023 |
|
|
Stocks |
2023 |
2022 |
|
Work in progress |
|
|
Other inventories |
|
- |
|
|
Debtors |
Current |
2023 |
2022 |
Trade debtors |
|
|
Other debtors |
|
|
|
|
Cash and cash equivalents |
2023 |
2022 |
|
Cash at bank |
|
|
ADG Systems PLC
Notes to the Financial Statements for the Year Ended 31 August 2023
Creditors |
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Amounts due to related parties |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Other payables |
|
|
|
Accrued expenses |
|
|
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
5,000 |
|
5,000 |
Allotted, called up and not fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
11,250.00 |
|
11,250.00 |
900,000 £0.05 Ordinary shares are part paid as only 25% has been called up.
ADG Systems PLC
Notes to the Financial Statements for the Year Ended 31 August 2023
Rights, preferences and restrictions
Ordinary share have the following rights, preferences and restrictions: |
Reserves |
Profit and loss account
This reserve represents accumulated profits available for distribution.
Loans and borrowings |
2023 |
2022 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
2023 |
2022 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Bank borrowings
The security on the loan is an unlimited debenture from ADG Systems PLC. |
Dividends |
2023 |
2022 |
|||
£ |
£ |
|||
Interim dividend |
140,000 |
80,000 |
||
Related party transactions |
During the year the directors received dividends totalling £140,000 (2022: £80,000) from the company. At the period end £24,418 (2022: £1,722) was owed to a director.
ADG Systems PLC
Detailed Income Statement for the Year Ended 31 August 2023
2023 |
2022 |
Turnover |
||
Sales |
2,048,326 |
2,701,459 |
Cost of sales |
||
Purchases |
(575,299) |
(944,647) |
Direct costs |
- |
(14,960) |
Closing finished goods |
13,578 |
- |
Wages and salaries (excluding directors) |
(188,845) |
(248,714) |
Subcontract cost |
(598,016) |
(795,413) |
Staff training |
(75) |
- |
Hire of plant and machinery (Operating leases) |
(38,994) |
(53,893) |
(1,387,651) |
(2,057,627) |
General administrative expenses |
||
Wages and salaries (excluding directors) |
(203,918) |
(213,311) |
Directors remuneration |
(12,000) |
(12,000) |
Employers NIC |
(1,880) |
(3,127) |
Staff pensions |
(25,708) |
(14,050) |
Directors pensions |
(16,000) |
(16,000) |
Staff welfare |
(14,339) |
(16,423) |
Rent |
(14,614) |
(12,777) |
Insurance |
(13,912) |
(19,425) |
Repairs and maintenance |
(6,925) |
(7,133) |
Telephone and internet |
(12,847) |
(13,229) |
Computer software and maintenance costs |
(6,554) |
(6,236) |
Printing, postage and stationery |
(512) |
(901) |
Motor expenses |
(6,876) |
(26,204) |
Car hire and leasing expenses (Operating leases) |
- |
(4,422) |
Travel and subsistence |
(24,136) |
(29,515) |
Entertaining |
(3,426) |
(4,934) |
Auditor's remuneration - The audit of the company's annual accounts |
(8,425) |
(8,000) |
Auditors' remuneration - non audit work |
(1,545) |
(1,650) |
Legal and professional fees |
(417) |
(13,087) |
Bad debts written off |
(112,969) |
(56,665) |
Bank charges |
(1,025) |
(1,035) |
Depreciation of office equipment (owned) |
(579) |
- |
(488,607) |
(480,124) |
Other interest receivable and similar income |
||
Other interest receivable |
23 |
- |
Interest payable and similar expenses |
||
Bank loan interest payable |
(3,485) |
(2,171) |