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Registered number: 08008042
Adswad Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Footprints Accountancy
CIMA
24 Gander Lane
Barlborough
Chesterfield
S43 4PZ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08008042
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 134,679 102,877
134,679 102,877
CURRENT ASSETS
Debtors 5 147,174 60,596
Cash at bank and in hand 4,122 5,676
151,296 66,272
Creditors: Amounts Falling Due Within One Year 6 (95,932 ) (24,420 )
NET CURRENT ASSETS (LIABILITIES) 55,364 41,852
TOTAL ASSETS LESS CURRENT LIABILITIES 190,043 144,729
Creditors: Amounts Falling Due After More Than One Year 7 (66,096 ) (37,203 )
NET ASSETS 123,947 107,526
Income and Expenditure Account 123,947 107,526
MEMBERS' FUNDS 123,947 107,526
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income and Expenditure Account.
On behalf of the board
Mr Stephen Lockwood
Director
19 August 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Adswad Ltd is a private company, limited by guarantee, incorporated in England & Wales, registered number 08008042 . The registered office is 114 Colley Crescent, Sheffield, S5 9FS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery over 5 years
Motor Vehicles over 5 years
Fixtures & Fittings over 4 years
Computer Equipment over 4 years
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income and expenditure account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income and expenditure account as incurred.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable surplus for the year. Taxable surplus differs from surplus as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable surplus. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable surplus will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable surplus will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.5. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in surplus or deficit, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2023: 14)
13 14
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 April 2023 49,060 69,415 23,981 142,456
Additions - 74,499 - 74,499
As at 31 March 2024 49,060 143,914 23,981 216,955
Depreciation
As at 1 April 2023 14,350 13,883 11,346 39,579
Provided during the period 9,812 28,783 4,102 42,697
As at 31 March 2024 24,162 42,666 15,448 82,276
Net Book Value
As at 31 March 2024 24,898 101,248 8,533 134,679
As at 1 April 2023 34,710 55,532 12,635 102,877
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 29,562 27,679
Prepayments and accrued income 4,520 -
Other debtors 101,000 15,000
Director's loan account 12,092 17,917
147,174 60,596
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 22,728 10,714
Bank loans and overdrafts 10,824 10,824
Other taxes and social security 2,880 2,882
Other creditors 59,500 -
95,932 24,420
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Page 5
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 53,381 14,630
Bank loans 12,715 22,573
66,096 37,203
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 22,728 10,714
Later than one year and not later than five years 53,381 14,630
76,109 25,344
76,109 25,344
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors: 
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Stephen Lockwood 17,917 - 5,825 - 12,092
The above loan is unsecured, interest free and repayable on demand.
10. Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
Page 5