Company Registration No. 12218976 (England and Wales)
Adams Paving Ltd
Unaudited accounts
for the year ended 30 September 2023
Adams Paving Ltd
Unaudited accounts
Contents
Adams Paving Ltd
Company Information
for the year ended 30 September 2023
Company Number
12218976 (England and Wales)
Registered Office
112-113 High Street
LINCOLN
LN5 7PY
ENGLAND
Accountants
M D Darby FCPA, CPAA, FIAB, ACCA/Cert:IFR, IFRS, IPSAS, IA
Templar Accounting & Business Support
Services Limited (Incorp: Blake and Co )
112 - 113 High Street,
Lincoln, Lincolnshire
LN5 7PY
Adams Paving Ltd
Statement of financial position
as at 30 September 2023
Tangible assets
6,154
8,205
Cash at bank and in hand
3,913
2,066
Creditors: amounts falling due within one year
(15,998)
(30,845)
Net current liabilities
(2,455)
(2,591)
Total assets less current liabilities
3,699
5,614
Creditors: amounts falling due after more than one year
(1,333)
(3,421)
Provisions for liabilities
Deferred tax
(1,956)
(1,956)
Called up share capital
100
100
Profit and loss account
310
137
Shareholders' funds
410
237
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 13 March 2024 and were signed on its behalf by
Kieran Adams
Director
Company Registration No. 12218976
Adams Paving Ltd
Notes to the Accounts
for the year ended 30 September 2023
Adams Paving Ltd is a private company, limited by shares, registered in England and Wales, registration number 12218976. The registered office is 112-113 High Street, LINCOLN, LN5 7PY, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% Reducing balance
Fixtures & fittings
25% Reducing balance
Computer equipment
25% Reducing balance
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Leased & Hire Purchase Assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Adams Paving Ltd
Notes to the Accounts
for the year ended 30 September 2023
4
Tangible fixed assets
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 October 2022
18,195
700
550
19,445
At 30 September 2023
18,195
700
550
19,445
At 1 October 2022
10,518
404
318
11,240
Charge for the year
1,919
74
58
2,051
At 30 September 2023
12,437
478
376
13,291
At 30 September 2023
5,758
222
174
6,154
At 30 September 2022
7,677
296
232
8,205
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
2,400
6,959
Amounts falling due within one year
Other debtors
5,639
14,317
Amounts falling due after more than one year
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
800
800
Obligations under finance leases and hire purchase contracts
2,400
4,211
Taxes and social security
9,435
10,754
Loans from directors
(4,702)
-
Deferred income
5,639
14,318
Adams Paving Ltd
Notes to the Accounts
for the year ended 30 September 2023
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
-
1,288
BBL loan years 2 to 3
Year 2. £800
Year 3. £533
Interest 2.5% support provided by the UK Government
8
Deferred taxation
2023
2022
Accelerated capital allowances
1,956
1,956
Provision at start of year
1,956
2,476
Credited to the profit and loss account
-
(520)
Provision at end of year
1,956
1,956
There is no change to the deferred taxation reserve in the current period.
This reserve will reverse in future periods to create a tax liability at the prevailing rate on the day
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Unsecured Loan
11,342
-
6,640
4,702
11
Average number of employees
During the year the average number of employees was 2 (2022: 2).