Registered number
SC483389
Alex Adam & Son Limited
Filleted Accounts
31 December 2023
Alex Adam & Son Limited
Registered number: SC483389
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 15,174 5,634
Current assets
Stocks 4,000 2,000
Debtors 4 43,354 2,146
Cash at bank and in hand 81,550 127,870
128,904 132,016
Creditors: amounts falling due within one year 5 (49,475) (59,677)
Net current assets 79,429 72,339
Total assets less current liabilities 94,603 77,973
Creditors: amounts falling due after more than one year 6 (2,083) -
Net assets 92,520 77,973
Capital and reserves
Called up share capital 2 2
Profit and loss account 92,518 77,971
Shareholders' funds 92,520 77,973
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S Adam
Director
Approved by the board on 8 May 2024
Alex Adam & Son Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% Reducing Balance
Motor Vehicle 25% Reducing Balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 6
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 3,550 16,410 19,960
Additions - 19,790 19,790
Disposals - (16,410) (16,410)
At 31 December 2023 3,550 19,790 23,340
Depreciation
At 1 January 2023 3,108 11,218 14,326
Charge for the year 110 4,948 5,058
On disposals - (11,218) (11,218)
At 31 December 2023 3,218 4,948 8,166
Net book value
At 31 December 2023 332 14,842 15,174
At 31 December 2022 442 5,192 5,634
4 Debtors 2023 2022
£ £
Trade debtors 4,673 -
Other debtors 38,681 2,146
43,354 2,146
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 2,500 245
Trade creditors 21,813 17,786
Taxation and social security costs 19,382 28,187
Other creditors 5,780 13,459
49,475 59,677
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 2,083 -
7 Other information
Alex Adam & Son Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
32a Hamilton Street
Saltcoats
North Ayrshire
KA21 5DS
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