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Registration number: 01675150

Adenstar Developments Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 June 2022 to 30 May 2023

 

Adenstar Developments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Adenstar Developments Limited

Company Information

Directors

S P Welch

SAC Dudman

Registered office

New Sussex House Fishersgate Terrace
Portslade
Brighton
BN41 1PH

Accountants

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

 

Adenstar Developments Limited

(Registration number: 01675150)
Balance Sheet as at 30 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

565,118

320,947

Investments

6

1,908

1,908

 

567,026

322,855

Current assets

 

Debtors

7

2,155,001

2,273,340

Cash at bank and in hand

 

126,157

383,379

 

2,281,158

2,656,719

Creditors: Amounts falling due within one year

8

(2,637,074)

(3,373,176)

Net current liabilities

 

(355,916)

(716,457)

Total assets less current liabilities

 

211,110

(393,602)

Creditors: Amounts falling due after more than one year

8

(374,695)

(92,673)

Net liabilities

 

(163,585)

(486,275)

Capital and reserves

 

Called up share capital

12

312,510

312,510

Share premium reserve

137,500

137,500

Retained earnings

(613,595)

(936,285)

Shareholders' deficit

 

(163,585)

(486,275)

For the financial period ending 30 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their 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 Developments Limited

(Registration number: 01675150)
Balance Sheet as at 30 May 2023

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:



 

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

SAC Dudman

Director

 

Adenstar Developments Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2022 to 30 May 2023

1

General information

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

The address of its registered office is:
New Sussex House Fishersgate Terrace
Portslade
Brighton
BN41 1PH

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.

Group accounts not prepared

The company is exempt from the requirement to prepare group accounts by virtue of s401 of Companies Act 2006. The company and its subsidiary undertakings are included in the consolidated accounts of its parent company Adenstar Limited..

 

Adenstar Developments Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2022 to 30 May 2023

Going concern

Following another year reporting retained profits of £322,690 in this accounting period, the directors consider this to be a highly satisfactory achievement over another year severely impacted by the remnants of COVID 19 and Brexit, followed by World Events of War all outside of our control.

Since the period end the business, like most others, has been subjected to continued rising costs in all areas of the supply chain together with increased concrete, steel, fuel and wage costs. While a number of fixed price contracts had matured at the toward the end of the trading period, the business had been able to win new short-term contracts with prices reflecting these increased costs but with reduced margins.

Despite this, the outlook for the sector remains slightly improving though faced with continued uncertainty around possible interest rates, inflationary pressures and investment confidence.

Against this background, the directors expect the business to continue its recovery and remain confident it will continue to perform and will support the business, if necessary, whilst it navigates through the current economic trading conditions.

Therefore, the directors consider it appropriate to continue to adopt a going concern basis of accounting.

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.

Contract revenue recognition

Amounts recoverable on contracts represent the amount that turnover exceeds the invoiced value of turnover on contracts at the balance sheet date.

Amounts recoverable on contracts are valued at full selling price, after making due allowance for amounts not expected to be recovered.

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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Adenstar Developments Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2022 to 30 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% on cost

Motor vehicles

20% on cost

Fixtures and fittings

20% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% on cost

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Adenstar Developments Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2022 to 30 May 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 36 (2022 - 23).

 

Adenstar Developments Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2022 to 30 May 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2022

834,639

834,639

At 30 May 2023

834,639

834,639

Amortisation

At 1 June 2022

834,639

834,639

At 30 May 2023

834,639

834,639

Carrying amount

At 30 May 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2022

101,574

416,452

1,390,447

1,908,473

Additions

-

222,178

270,300

492,478

Disposals

-

(13,500)

-

(13,500)

At 30 May 2023

101,574

625,130

1,660,747

2,387,451

Depreciation

At 1 June 2022

89,779

332,082

1,165,665

1,587,526

Charge for the period

10,565

52,564

185,178

248,307

Eliminated on disposal

-

(13,500)

-

(13,500)

At 30 May 2023

100,344

371,146

1,350,843

1,822,333

Carrying amount

At 30 May 2023

1,230

253,984

309,904

565,118

At 31 May 2022

11,795

84,370

224,782

320,947

6

Investments

2023
£

2022
£

Investments in subsidiaries

1,908

1,908

 

Adenstar Developments Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2022 to 30 May 2023

Subsidiaries

£

Cost or valuation

At 1 June 2022

1,908

Provision

Carrying amount

At 30 May 2023

1,908

At 31 May 2022

1,908

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 (Reinforced Concrete) Limited

New Sussex House Fishersgate Terrace
Portslade
Brighton
BN41 1PH

England

Ordinary

100%

100%

Econopump (Brighton) Limited

New Sussex House Fishersgate Terrace
Portslade
Brighton
BN41 1PH

England

Ordinary

100%

100%

Subsidiary undertakings

Adenstar (Reinforced Concrete) Limited

The principal activity of Adenstar (Reinforced Concrete) Limited is construction however the company is dormant. The profit for the financial period of Adenstar (Reinforced Concrete) Limited was £- and the aggregate amount of capital and reserves at the end of the period was £(100).

Econopump (Brighton) Limited

The principal activity of Econopump (Brighton) Limited is construction however the company is dormant. The profit for the financial period of Econopump (Brighton) Limited was £- and the aggregate amount of capital and reserves at the end of the period was £(100).

 

Adenstar Developments Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2022 to 30 May 2023

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

994,227

1,847,255

Amounts owed by related parties

10

532,206

251,238

Other debtors

 

628,568

174,847

   

2,155,001

2,273,340

 

Adenstar Developments Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2022 to 30 May 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

164,725

172,624

Trade creditors

 

1,150,562

866,377

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

10

761,050

986,995

Taxation and social security

 

349,383

704,498

Accruals and deferred income

 

10,090

631,566

Other creditors

 

201,264

11,116

 

2,637,074

3,373,176

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

374,695

92,673

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

374,695

92,673

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

164,725

172,624

10

Related party transactions

 

Adenstar Developments Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2022 to 30 May 2023

Directors' remuneration

The directors' remuneration for the period was as follows:

2023
£

2022
£

Remuneration

96,567

79,006

Summary of transactions with other related parties

Companies in which Adenstar Development Ltd directors are also directors of.
 Below are a summary of transaction amounts carried out in the normal course of business.
 

Income and receivables from related parties

2023

Other related parties
£

Receipt of services

83,951

2022

Other related parties
£

Receipt of services

54,998

Expenditure with and payables to related parties

2023

Other related parties
£

Purchase of goods

250,249

Rendering of services

80,297

330,546

2022

Other related parties
£

Purchase of goods

1,047,693

Rendering of services

47,596

1,095,289

11

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

12

Share capital

Allotted, called up and fully paid shares

 

Adenstar Developments Limited

Notes to the Unaudited Financial Statements for the Period from 1 June 2022 to 30 May 2023

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

312,500

312,500

312,500

312,500

Ordinary B of £1 each

10

10

10

10

 

312,510

312,510

312,510

312,510

13

Parent and ultimate parent undertaking

The company's immediate parent is Adenstar Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is Adenstar Limited. These financial statements are available upon request from Companies House.

 The ultimate controlling party is S A C Dudman.