Registration number:
Adenstar Developments Limited
for the Period from 1 June 2022 to 30 May 2023
Adenstar Developments Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Adenstar Developments Limited
Company Information
Directors |
S P Welch SAC Dudman |
Registered office |
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Accountants |
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Adenstar Developments Limited
(Registration number: 01675150)
Balance Sheet as at 30 May 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
312,510 |
312,510 |
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Share premium reserve |
137,500 |
137,500 |
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Retained earnings |
(613,595) |
(936,285) |
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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:
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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
.........................................
SAC Dudman
Director
Adenstar Developments Limited
Notes to the Unaudited Financial Statements for the Period from 1 June 2022 to 30 May 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Adenstar Developments Limited
Notes to the Unaudited Financial Statements for the Period from 1 June 2022 to 30 May 2023
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 June 2022 |
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At 30 May 2023 |
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Amortisation |
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At 1 June 2022 |
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At 30 May 2023 |
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Carrying amount |
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At 30 May 2023 |
- |
- |
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 June 2022 |
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Additions |
- |
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Disposals |
- |
( |
- |
( |
At 30 May 2023 |
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Depreciation |
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At 1 June 2022 |
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Charge for the period |
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Eliminated on disposal |
- |
( |
- |
( |
At 30 May 2023 |
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Carrying amount |
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At 30 May 2023 |
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At 31 May 2022 |
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Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Adenstar Developments Limited
Notes to the Unaudited Financial Statements for the Period from 1 June 2022 to 30 May 2023
Subsidiaries |
£ |
Cost or valuation |
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At 1 June 2022 |
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Provision |
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Carrying amount |
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At 30 May 2023 |
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At 31 May 2022 |
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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 |
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2023 |
2022 |
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Subsidiary undertakings |
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New Sussex House Fishersgate Terrace
England |
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New Sussex House Fishersgate Terrace
England |
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Subsidiary undertakings |
Adenstar (Reinforced Concrete) Limited The principal activity of Adenstar (Reinforced Concrete) Limited is |
Econopump (Brighton) Limited The principal activity of Econopump (Brighton) Limited is |
Adenstar Developments Limited
Notes to the Unaudited Financial Statements for the Period from 1 June 2022 to 30 May 2023
Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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Adenstar Developments Limited
Notes to the Unaudited Financial Statements for the Period from 1 June 2022 to 30 May 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Hire purchase contracts |
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2023 |
2022 |
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Current loans and borrowings |
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Hire purchase contracts |
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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 |
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Remuneration |
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Summary of transactions with other related parties
Income and receivables from related parties
2023 |
Other related parties |
Receipt of services |
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2022 |
Other related parties |
Receipt of services |
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Expenditure with and payables to related parties
2023 |
Other related parties |
Purchase of goods |
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Rendering of services |
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2022 |
Other related parties |
Purchase of goods |
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Rendering of services |
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Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
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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 |
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No. |
£ |
No. |
£ |
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312,500 |
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312,500 |
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10 |
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10 |
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Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is