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Registration number: 08813754

Adenstar Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Adenstar Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Adenstar Limited

Company Information

Director

SAC Dudman

Registered office

Maria House
35 Millers Road
Brighton
BN1 5NP

Accountants

Chisnall Comer Ismail & Co
Chartered Accountants
Maria House
35 Millers Road
Brighton
BN1 5NP

 

Adenstar Limited

(Registration number: 08813754)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,355,996

1,380,074

Investments

5

312,910

312,910

 

1,668,906

1,692,984

Current assets

 

Debtors

6

1,179,997

1,067,379

Cash at bank and in hand

 

300

670

 

1,180,297

1,068,049

Creditors: Amounts falling due within one year

7

(629,078)

(344,946)

Net current assets

 

551,219

723,103

Total assets less current liabilities

 

2,220,125

2,416,087

Creditors: Amounts falling due after more than one year

7

(458,814)

(561,891)

Provisions for liabilities

(978)

(978)

Net assets

 

1,760,333

1,853,218

Capital and reserves

 

Called up share capital

10

312,500

312,500

Retained earnings

1,447,833

1,540,718

Shareholders' funds

 

1,760,333

1,853,218

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Adenstar Limited

(Registration number: 08813754)
Balance Sheet as at 31 May 2023

Approved and authorised by the director on 29 July 2024



 

.........................................

SAC Dudman

Director

 

Adenstar Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales .

The address of its registered office is:
Maria House
35 Millers Road
Brighton
BN1 5NP

2

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 sales/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.

Tax

The tax expense for the period comprises 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.

 

Adenstar Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

4

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2022

1,355,996

150,250

1,506,246

At 31 May 2023

1,355,996

150,250

1,506,246

Depreciation

At 1 June 2022

-

126,172

126,172

Charge for the year

-

24,078

24,078

At 31 May 2023

-

150,250

150,250

Carrying amount

At 31 May 2023

1,355,996

-

1,355,996

At 31 May 2022

1,355,996

24,078

1,380,074

Included within the net book value of land and buildings above is £1,355,996.00 (2022 - £1,355,996.00) in respect of freehold land and buildings.
 

 

Adenstar Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

5

Investments

2023
£

2022
£

Investments in subsidiaries

312,910

312,910

Subsidiaries

£

Cost or valuation

At 1 June 2022

312,910

Provision

Carrying amount

At 31 May 2023

312,910

At 31 May 2022

312,910

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Adenstar Developments Limited

New Sussex House Fishersgate Terrace
Portslade
Brighton
BN41 1PH

England

Ordinary

100%

100%

Adenstar Aviation Limited

New Sussex House Fishersgate Terrace
Portslade
Brighton
BN41 1PH

England

Ordinary

100%

100%

Kerb-Lay (UK) Limited

New Sussex House Fishersgate Terrace
Portslade
Brighton
BN41 1PH

England

Ordinary

100%

100%

 

Adenstar Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

Adenstar Workforce Limited

New Sussex House Fishersgate Terrace
Portslade
Brighton
BN41 1PH

England

Ordinary

100%

100%

Adenstar Plant Limited

New Sussex House Fishersgate Terrace
Portslade
Brighton
BN41 1PH

England

Ordinary

100%

100%

Subsidiary undertakings

Adenstar Developments Limited

The principal activity of Adenstar Developments Limited is civil engineering, contracting and associated works. The profit for the financial period of Adenstar Developments Limited was £322,690 and the aggregate amount of capital and reserves at the end of the period was £-163,585.00.

Adenstar Aviation Limited

The principal activity of Adenstar Aviation Limited is building services. The profit for the financial period of Adenstar Aviation Limited was £135,833 and the aggregate amount of capital and reserves at the end of the period was £-90,061.00.

Kerb-Lay (UK) Limited

The principal activity of Kerb-Lay (UK) Limited is construction of kerbs. The loss for the financial period of Kerb-Lay (UK) Limited was £6,288 and the aggregate amount of capital and reserves at the end of the period was £-214,817.00.

Adenstar Workforce Limited

The principal activity of Adenstar Workforce Limited is the company was dormant in the year. The loss for the financial period of Adenstar Workforce Limited was £138 and the aggregate amount of capital and reserves at the end of the period was £-2,903.00.

Adenstar Plant Limited

The principal activity of Adenstar Plant Limited is the company was dormant in the year. The loss for the financial period of Adenstar Plant Limited was £5,456 and the aggregate amount of capital and reserves at the end of the period was £-164,856.00.

6

Debtors

 

Adenstar Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Current

Note

2023
£

2022
£

Amounts owed by related parties

1,102,876

1,000,876

Prepayments

 

10,620

-

Other debtors

 

66,501

66,503

   

1,179,997

1,067,379

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

117,315

107,125

Trade creditors

 

4,200

9,600

Amounts owed to group undertakings and undertakings in which the company has a participating interest

502,070

221,188

Taxation and social security

 

5,473

7,013

Other creditors

 

20

20

 

629,078

344,946

Creditors include a bank loan which is secured against the freehold property held by the company.

 

Adenstar Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

458,814

561,891

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

458,814

561,891

2023
£

2022
£

Current loans and borrowings

Bank borrowings

107,125

107,125

Bank overdrafts

10,190

-

117,315

107,125

9

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £0.621 (2022 - £1.622) per ordinary share

 

194,082

 

253,438

         

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

312,500

312,500

312,500

312,500