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Company registration number: 03870905
Adworks Design Ltd
Unaudited filleted financial statements
30 November 2023
Adworks Design Ltd
Contents
Director's report
Statement of financial position
Notes to the financial statements
Adworks Design Ltd
Director's report
Year ended 30th November 2023
The director presents his report and the unaudited financial statements of the company for the year ended 30th November 2023.
Director
The director who served the company during the year was as follows:
Mr A E French
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 12 April 2024 and signed on behalf of the board by:
Mr A E French
Director
Adworks Design Ltd
Statement of financial position
30th November 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 1,364 4,605
_______ _______
1,364 4,605
Current assets
Debtors 6 14,790 11,662
Cash at bank and in hand 1,021 13,381
_______ _______
15,811 25,043
Creditors: amounts falling due
within one year 7 ( 9,797) ( 18,128)
_______ _______
Net current assets 6,014 6,915
_______ _______
Total assets less current liabilities 7,378 11,520
Creditors: amounts falling due
after more than one year 8 ( 6,979) ( 10,984)
Provisions for liabilities ( 259) ( 433)
_______ _______
Net assets 140 103
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 40 3
_______ _______
Shareholder funds 140 103
_______ _______
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 12 April 2024 , and are signed on behalf of the board by:
Mr A E French
Director
Company registration number: 03870905
Adworks Design Ltd
Notes to the financial statements
Year ended 30th November 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 3 West Street, Leighton Buzzard, Beds, LU7 1DA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the performance model. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1st December 2022 14,729 4,502 19,231
Disposals ( 7,355) ( 283) ( 7,638)
_______ _______ _______
At 30th November 2023 7,374 4,219 11,593
_______ _______ _______
Depreciation
At 1st December 2022 11,319 3,307 14,626
Charge for the year 237 366 603
Disposals ( 4,717) ( 283) ( 5,000)
_______ _______ _______
At 30th November 2023 6,839 3,390 10,229
_______ _______ _______
Carrying amount
At 30th November 2023 535 829 1,364
_______ _______ _______
At 30th November 2022 3,410 1,195 4,605
_______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 2,193 8,014
Other debtors 12,597 3,648
_______ _______
14,790 11,662
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 4,000 4,000
Trade creditors - 406
Social security and other taxes 4,847 11,077
Other creditors 950 2,645
_______ _______
9,797 18,128
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 6,979 10,984
_______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr A E French 1,980 7,438 - 9,418
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr A E French ( 18) 4,458 ( 2,460) 1,980
_______ _______ _______ _______