Company registration number 02569551 (England and Wales)
ADEPT DESIGN & CONSTRUCTION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
92 Station Road
Clacton on Sea
Essex
CO15 1SG
ADEPT DESIGN & CONSTRUCTION LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
ADEPT DESIGN & CONSTRUCTION LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr M Suen
Secretary
B Suen
Company number
02569551
Registered office
Unit C
Newhouse Farm
Horsley Cross
Manningtree
Essex
CO11 2NZ
Accountants
TC Group
92 Station Road
Clacton on Sea
Essex
CO15 1SG
ADEPT DESIGN & CONSTRUCTION LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
22,874
30,297
Current assets
Stocks
6,500
8,500
Debtors
5
10,659
1,946
Cash at bank and in hand
15,701
27,700
32,860
38,146
Creditors: amounts falling due within one year
6
(22,555)
(22,058)
Net current assets
10,305
16,088
Total assets less current liabilities
33,179
46,385
Creditors: amounts falling due after more than one year
7
(10,286)
(22,347)
Provisions for liabilities
(4,346)
(5,757)
Net assets
18,547
18,281
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
18,546
18,280
Total equity
18,547
18,281
ADEPT DESIGN & CONSTRUCTION LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 13 August 2024
Mr M Suen
Director
Company Registration No. 02569551
The notes on pages 4 to 7 form part of these financial statements
ADEPT DESIGN & CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Adept Design & Construction Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit C, Newhouse Farm, Horsley Cross, Manningtree, Essex, CO11 2NZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Pllant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Office equipment
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

ADEPT DESIGN & CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.

 

ADEPT DESIGN & CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
5
5
4
Tangible fixed assets
Pllant and equipment
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
12,167
3,232
10,875
45,199
71,473
Additions
-
0
-
0
153
-
0
153
At 31 December 2023
12,167
3,232
11,028
45,199
71,626
Depreciation and impairment
At 1 January 2023
10,911
3,213
10,107
16,943
41,174
Depreciation charged in the year
314
5
195
7,064
7,578
At 31 December 2023
11,225
3,218
10,302
24,007
48,752
Carrying amount
At 31 December 2023
942
14
726
21,192
22,874
At 31 December 2022
1,255
19
767
28,256
30,297
Last year c/fwd cost
12,166
3,232
10,874
45,199
Differs from this year b/fwd by
1
-
1
-
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
8,568
641
Other debtors
2,091
1,305
10,659
1,946
ADEPT DESIGN & CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
6,667
6,667
Trade creditors
3,577
3,451
Taxation and social security
4,816
4,610
Other creditors
7,495
7,330
22,555
22,058
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,222
8,889
Other creditors
8,064
13,458
10,286
22,347
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