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REGISTERED NUMBER: SC593128 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

THE ADAM LOUNGE LIMITED

THE ADAM LOUNGE LIMITED (REGISTERED NUMBER: SC593128)

Contents of the Financial Statements
for the Year Ended 31 March 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


THE ADAM LOUNGE LIMITED

Company Information
for the Year Ended 31 March 2023







DIRECTOR: P C Adams





REGISTERED OFFICE: 5 Carden Place
Aberdeen
AB10 1UT





REGISTERED NUMBER: SC593128 (Scotland)






THE ADAM LOUNGE LIMITED (REGISTERED NUMBER: SC593128)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 27,324 28,102

CURRENT ASSETS
Stocks 8,650 6,500
Debtors 5 31,871 35,470
Cash at bank and in hand 101,377 91,103
141,898 133,073
CREDITORS
Amounts falling due within one year 6 146,324 97,534
NET CURRENT (LIABILITIES)/ASSETS (4,426 ) 35,539
TOTAL ASSETS LESS CURRENT
LIABILITIES

22,898

63,641

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 22,897 63,640
SHAREHOLDERS' FUNDS 22,898 63,641

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 ADAM LOUNGE LIMITED (REGISTERED NUMBER: SC593128)

Balance Sheet - continued
31 March 2023


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 March 2024 and were signed by:





P C Adams - Director


THE ADAM LOUNGE LIMITED (REGISTERED NUMBER: SC593128)

Notes to the Financial Statements
for the Year Ended 31 March 2023


1. STATUTORY INFORMATION

The Adam Lounge Limited is a private company, limited by shares , registered in Scotland. 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.
Improvements to property - 10% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 25% on cost
Computer equipment - 33% on cost

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

THE ADAM LOUNGE LIMITED (REGISTERED NUMBER: SC593128)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 16 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 29,657 - 2,091 1,317 33,065
Additions - 512 2,658 - 3,170
At 31 March 2023 29,657 512 4,749 1,317 36,235
DEPRECIATION
At 1 April 2022 3,794 - 624 545 4,963
Charge for year 2,966 24 523 435 3,948
At 31 March 2023 6,760 24 1,147 980 8,911
NET BOOK VALUE
At 31 March 2023 22,897 488 3,602 337 27,324
At 31 March 2022 25,863 - 1,467 772 28,102

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 836 -
Amounts owed by participating interests 4,965 26,452
Other debtors 26,070 9,018
31,871 35,470

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 48,045 63,669
Amounts owed to group undertakings 77,419 13,801
Amounts owed to participating interests 1,188 -
Taxation and social security 16,058 8,017
Other creditors 3,614 12,047
146,324 97,534

7. ULTIMATE CONTROLLING PARTY

The controlling party is P C Adams.