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COMPANY REGISTRATION NUMBER: SC038547
Adams Brothers (Plumbers & Heating Engineers) Limited
Filleted Unaudited Financial Statements
31 May 2023
Adams Brothers (Plumbers & Heating Engineers) Limited
Financial Statements
Year ended 31 May 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Adams Brothers (Plumbers & Heating Engineers) Limited
Officers and Professional Advisers
The board of directors
G Adams
D Adams
Company secretary
G Adams
Registered office
33 Caledonian Crescent
Edinburgh
EH11 2AH
Accountants
Charles Burrows & Co
Chartered Accountants
7 Palmerston Place
Edinburgh
EH12 5AH
Adams Brothers (Plumbers & Heating Engineers) Limited
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
39,810
33,653
Current assets
Stocks
31,214
41,950
Debtors
6
27,132
32,115
Cash at bank and in hand
8,921
13,174
---------
---------
67,267
87,239
Creditors: amounts falling due within one year
7
59,966
54,253
---------
---------
Net current assets
7,301
32,986
---------
---------
Total assets less current liabilities
47,111
66,639
Creditors: amounts falling due after more than one year
8
42,500
36,359
---------
---------
Net assets
4,611
30,280
---------
---------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
9,686
10,016
Profit and loss account
( 5,175)
20,164
-------
---------
Shareholders funds
4,611
30,280
-------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Adams Brothers (Plumbers & Heating Engineers) Limited
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 13 February 2024 , and are signed on behalf of the board by:
G Adams
Director
Company registration number: SC038547
Adams Brothers (Plumbers & Heating Engineers) Limited
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 33 Caledonian Crescent, Edinburgh, EH11 2AH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. In respect of long term contracts and contracts for ongoing services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long term contracts and contracts for on-going services is recognised with reference to the stage of completion.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its 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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2022
45,000
1,864
3,505
33,682
84,051
Additions
474
12,495
12,969
Disposals
( 9,117)
( 9,117)
---------
-------
-------
---------
---------
At 31 May 2023
45,000
1,864
3,979
37,060
87,903
---------
-------
-------
---------
---------
Depreciation
At 1 June 2022
19,600
1,857
2,844
26,097
50,398
Charge for the year
900
7
171
5,612
6,690
Disposals
( 8,995)
( 8,995)
---------
-------
-------
---------
---------
At 31 May 2023
20,500
1,864
3,015
22,714
48,093
---------
-------
-------
---------
---------
Carrying amount
At 31 May 2023
24,500
964
14,346
39,810
---------
-------
-------
---------
---------
At 31 May 2022
25,400
7
661
7,585
33,653
---------
-------
-------
---------
---------
Tangible assets held at valuation
The property was revalued at 5 March 2012 by Graham and Sibbald, chartered surveyors.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 31 May 2023
Aggregate cost
28,491
Aggregate depreciation
(13,677)
---------
Carrying value
14,814
---------
At 31 May 2022
Aggregate cost
28,491
Aggregate depreciation
(13,107)
---------
Carrying value
15,384
---------
6. Debtors
2023
2022
£
£
Trade debtors
25,604
30,107
Other debtors
1,528
2,008
---------
---------
27,132
32,115
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
1,889
1,889
Trade creditors
24,364
27,075
Accruals and deferred income
2,100
2,100
Social security and other taxes
26,793
20,535
Obligations under finance leases and hire purchase contracts
4,033
1,906
Pension scheme contributions
787
748
---------
---------
59,966
54,253
---------
---------
Bank lending is secured by a bond and floating charge over all the company assets. Mr G Adams and Mr D Adams each own 25% of the property.
The bounce back loan of £1,889 (31 May 2022 - £1,889) is guaranteed by the government. The government make a business interruption payment to cover the first 12 months interest, and thereafter interest is charged at 2.5%.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
11,963
13,852
Directors' loan accounts
19,552
18,474
Other creditors
10,985
4,033
---------
---------
42,500
36,359
---------
---------
The bounce back loan of £11,963 (31 May 2022 - £13,852) is guaranteed by the government. The government make a business interruption payment to cover the first 12 months interest, and thereafter interest is charged at 2.5%.
Included within creditors: amounts falling due after more than one year is an amount of £5,667 (2022: £7,556) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The directors' loan accounts are interest free with no specific terms for repayment.
9. Related party transactions
The company was under the control of Mr G Adams throughout the current and previous year. Mr G Adams is the managing director. Mr G Adams was due £13,329 (2022 - £13,525) from the company by way of a director's loan. Mr D Adams was due £6,223 (2022 - £4,949) from the company by way of a director's loan. These loans are interest free with no specific terms for repayment.