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Registrar

Registration number: 02111808

Adbury Electronics Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Adbury Electronics Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Adbury Electronics Limited

Company Information

Directors

L Emptage

B J Farley

Registered office

The Lodge
Adbury
Newbury
Berkshire
RG20 4EY

Bankers

Natwest Bank PLC
Lee House
Baird Road
Enfield
Middlesex
EN1 1FD

Accountants

Lambert Chapman LLP
Chartered accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Adbury Electronics Limited

(Registration number: 02111808)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,557

423,351

Investment property

5

420,000

-

Investments

6

273,900

273,900

 

696,457

697,251

Current assets

 

Debtors

7

8,241

14,540

Cash at bank and in hand

 

95,979

192,390

 

104,220

206,930

Creditors: Amounts falling due within one year

8

(4,962)

(11,947)

Net current assets

 

99,258

194,983

Net assets

 

795,715

892,234

Capital and reserves

 

Called up share capital

9

925

925

Revaluation reserve

159,784

159,784

Retained earnings

635,006

731,525

Shareholders' funds

 

795,715

892,234

For the financial year ending 31 December 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 year 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.

Approved and authorised by the Board on 30 July 2024 and signed on its behalf by:
 

B J Farley
Director

 

Adbury Electronics Limited

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

1

General information

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

The address of its registered office is: The Lodge, Adbury, Newbury, Berkshire, RG20 4EY.

The principal place of business is: 7 - 8 The Galloway Centre, Express Way, Hambridge Lane, Newbury, Berkshire, RG14 5TL.

These financial statements were authorised for issue by the Board on 30 July 2024.

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.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Tax

Current Tax is recognised in the profit and loss account, 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

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

Asset class

Depreciation method and rate

Land and Buildings

Not depreciated

Plant and machinery

10% Straight Line

Fixtures and fittings

10% Straight Line

Motor vehicles

25% Reducing balance

 

Adbury Electronics Limited

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

Office equipment

10% Straight Line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Adbury Electronics Limited

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

3

Staff numbers

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

4

Tangible assets

Land and buildings
£

Office equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

420,000

20,906

28,831

2,169

471,906

Transfers to/from investment property

(420,000)

-

-

-

(420,000)

At 31 December 2023

-

20,906

28,831

2,169

51,906

Depreciation

At 1 January 2023

-

20,547

25,839

2,169

48,555

Charge for the year

-

46

748

-

794

At 31 December 2023

-

20,593

26,587

2,169

49,349

Carrying amount

At 31 December 2023

-

313

2,244

-

2,557

At 31 December 2022

420,000

359

2,992

-

423,351

Included within the net book value of land and buildings above is £Nil (2022 - £420,000) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Freehold Land and Buildings was revalued on 5 June 2020 by the Directors. An independent valuer was not involved.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £260,216 (2022 - £260,216).

5

Investment properties

2023
£

Additions

420,000

At 31 December

420,000

There has been no valuation of investment property by an independent valuer.

 

Adbury Electronics Limited

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

6

Investments

2023
£

2022
£

Investments in subsidiaries

273,900

273,900

Subsidiaries

£

Cost or valuation

At 1 January 2023

273,900

Provision

Carrying amount

At 31 December 2023

273,900

At 31 December 2022

273,900

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

BWB Technologies Limited

7-8 Galloway Centre, Newbury, Berkshire, RG14 5TL

England

Ordinary

83%

83%

7

Debtors

2023
£

2022
£

Trade debtors

-

10,000

Prepayments

3,996

4,539

Other debtors

4,245

1

8,241

14,540

 

Adbury Electronics Limited

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

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

2,536

5,509

Taxation and social security

-

4,245

Accruals and deferred income

2,426

2,193

4,962

11,947

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

925

925

925

925