AdamsGale Limited 08805559 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is plumbing and heating services Digita Accounts Production Advanced 6.30.9574.0 true 08805559 2023-01-01 2023-12-31 08805559 2023-12-31 08805559 core:RetainedEarningsAccumulatedLosses 2023-12-31 08805559 core:ShareCapital 2023-12-31 08805559 core:CurrentFinancialInstruments 2023-12-31 08805559 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 08805559 core:FurnitureFittings 2023-12-31 08805559 core:MotorVehicles 2023-12-31 08805559 core:OfficeEquipment 2023-12-31 08805559 core:PlantMachinery 2023-12-31 08805559 bus:SmallEntities 2023-01-01 2023-12-31 08805559 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 08805559 bus:FullAccounts 2023-01-01 2023-12-31 08805559 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08805559 bus:RegisteredOffice 2023-01-01 2023-12-31 08805559 bus:Director1 2023-01-01 2023-12-31 08805559 bus:Director2 2023-01-01 2023-12-31 08805559 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08805559 core:FurnitureFittings 2023-01-01 2023-12-31 08805559 core:MotorVehicles 2023-01-01 2023-12-31 08805559 core:OfficeEquipment 2023-01-01 2023-12-31 08805559 core:PlantMachinery 2023-01-01 2023-12-31 08805559 countries:EnglandWales 2023-01-01 2023-12-31 08805559 2022-12-31 08805559 core:FurnitureFittings 2022-12-31 08805559 core:MotorVehicles 2022-12-31 08805559 core:OfficeEquipment 2022-12-31 08805559 core:PlantMachinery 2022-12-31 08805559 2022-01-01 2022-12-31 08805559 2022-12-31 08805559 core:RetainedEarningsAccumulatedLosses 2022-12-31 08805559 core:ShareCapital 2022-12-31 08805559 core:CurrentFinancialInstruments 2022-12-31 08805559 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 08805559 core:FurnitureFittings 2022-12-31 08805559 core:MotorVehicles 2022-12-31 08805559 core:OfficeEquipment 2022-12-31 08805559 core:PlantMachinery 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 08805559

AdamsGale Limited

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 December 2023

 

AdamsGale Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

AdamsGale Limited

(Registration number: 08805559)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1

11,025

Current assets

 

Stocks

5

-

900

Debtors

6

11,208

39,255

Cash at bank and in hand

 

843

17,723

 

12,051

57,878

Creditors: Amounts falling due within one year

7

(11,864)

(65,095)

Net current assets/(liabilities)

 

187

(7,217)

Total assets less current liabilities

 

188

3,808

Provisions for liabilities

-

(2,756)

Net assets

 

188

1,052

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

88

952

Shareholders' funds

 

188

1,052

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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 4 July 2024 and signed on its behalf by:
 

 

AdamsGale Limited

(Registration number: 08805559)
Statement of Financial Position as at 31 December 2023

.........................................
Mr M J Adams
Director

.........................................
Mr T Gale
Director

 

AdamsGale 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 and Wales.

The address of its registered office is: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY. United Kingdom.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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.

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure.

Tax

The tax expense for the period comprises current and deferred 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.

 

AdamsGale Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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 statement of financial position 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

25% reducing balance

Fixtures and fittings

5 years straight line

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price. Cost is determined using the first-in, first-out (FIFO) method. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price; the impairment loss is recognised immediately in profit or loss.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

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 income statement 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.

 

AdamsGale Limited

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

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

AdamsGale Limited

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

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 January 2023

3,415

2,112

3,124

54,491

Disposals

(3,415)

(2,112)

(3,123)

(54,491)

At 31 December 2023

-

-

1

-

Depreciation

At 1 January 2023

3,414

1,661

1,469

45,573

Eliminated on disposal

(3,414)

(1,661)

(1,469)

(45,573)

At 31 December 2023

-

-

-

-

Carrying amount

At 31 December 2023

-

-

1

-

At 31 December 2022

1

451

1,655

8,918

Total
£

Cost or valuation

At 1 January 2023

63,142

Disposals

(63,141)

At 31 December 2023

1

Depreciation

At 1 January 2023

52,117

Eliminated on disposal

(52,117)

At 31 December 2023

-

Carrying amount

At 31 December 2023

1

At 31 December 2022

11,025

5

Stocks

2023
£

2022
£

Other inventories

-

900

 

AdamsGale Limited

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

6

Debtors

2023
£

2022
£

Trade debtors

-

25,072

Other debtors

11,208

10,175

Prepayments

-

4,008

11,208

39,255

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Bank loans and overdrafts

8

-

2,172

Trade creditors

 

-

6,185

Taxation and social security

 

9,364

23,520

Accruals and deferred income

 

2,500

3,550

Other creditors

 

-

29,668

 

11,864

65,095

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

-

2,172