IRIS Accounts Production v24.2.0.383 13113517 Board of Directors 30.11.23 1.12.22 30.11.23 30.11.23 welding and fabrication engineers. true true false true true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh131135172022-11-30131135172023-11-30131135172022-12-012023-11-30131135172021-11-30131135172021-12-012022-11-30131135172022-11-3013113517ns15:EnglandWales2022-12-012023-11-3013113517ns14:PoundSterling2022-12-012023-11-3013113517ns10:Director12022-12-012023-11-3013113517ns10:Consolidated2023-11-3013113517ns10:ConsolidatedGroupCompanyAccounts2022-12-012023-11-3013113517ns10:PrivateLimitedCompanyLtd2022-12-012023-11-3013113517ns10:Consolidatedns10:FRS1022022-12-012023-11-3013113517ns10:Consolidatedns10:Audited2022-12-012023-11-3013113517ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-12-012023-11-3013113517ns10:LargeMedium-sizedCompaniesRegimeForAccounts2022-12-012023-11-3013113517ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-12-012023-11-3013113517ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2022-12-012023-11-3013113517ns10:FullAccounts2022-12-012023-11-3013113517ns10:Consolidated2022-12-012023-11-3013113517ns10:Director22022-12-012023-11-3013113517ns10:Director32022-12-012023-11-3013113517ns10:CompanySecretary12022-12-012023-11-3013113517ns10:RegisteredOffice2022-12-012023-11-3013113517ns10:Consolidated2021-12-012022-11-3013113517ns5:CurrentFinancialInstruments2023-11-3013113517ns5:CurrentFinancialInstruments2022-11-3013113517ns5:ShareCapital2023-11-3013113517ns5:ShareCapital2022-11-3013113517ns5:FurtherSpecificReserve1ComponentTotalEquity2023-11-3013113517ns5:FurtherSpecificReserve1ComponentTotalEquity2022-11-3013113517ns5:RetainedEarningsAccumulatedLosses2023-11-3013113517ns5:RetainedEarningsAccumulatedLosses2022-11-3013113517ns5:ShareCapital2021-11-3013113517ns5:RetainedEarningsAccumulatedLosses2021-11-3013113517ns5:FurtherSpecificReserve1ComponentTotalEquity2021-11-3013113517ns5:RetainedEarningsAccumulatedLosses2021-12-012022-11-3013113517ns5:FurtherSpecificReserve1ComponentTotalEquity2021-12-012022-11-3013113517ns5:RetainedEarningsAccumulatedLosses2022-12-012023-11-3013113517ns5:FurtherSpecificReserve1ComponentTotalEquity2022-12-012023-11-3013113517ns5:PlantMachinery2022-12-012023-11-3013113517ns5:FurnitureFittings2022-12-012023-11-3013113517ns5:MotorVehicles2022-12-012023-11-3013113517ns5:PlantMachinery2022-11-3013113517ns5:FurnitureFittings2022-11-3013113517ns5:MotorVehicles2022-11-3013113517ns5:PlantMachinery2023-11-3013113517ns5:FurnitureFittings2023-11-3013113517ns5:MotorVehicles2023-11-3013113517ns5:PlantMachinery2022-11-3013113517ns5:FurnitureFittings2022-11-3013113517ns5:MotorVehicles2022-11-3013113517ns5:CostValuation2022-11-3013113517ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-11-3013113517ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-11-3013113517ns5:DeferredTaxation2022-11-3013113517ns5:DeferredTaxation2022-12-012023-11-3013113517ns5:DeferredTaxation2023-11-3013113517ns5:RetainedEarningsAccumulatedLosses2022-11-3013113517ns5:FurtherSpecificReserve1ComponentTotalEquity2022-11-30
REGISTERED NUMBER: 13113517 (England and Wales)










Adams Holdings (N. Wales) Limited

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 30 November 2023






Adams Holdings (N. Wales) Limited (Registered number: 13113517)






Contents of the Consolidated Financial Statements
for the year ended 30 November 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 7

Consolidated Statement of Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


Adams Holdings (N. Wales) Limited

Company Information
for the year ended 30 November 2023







DIRECTORS: Mr R T Adams
Mr S G Adams
Mrs B L Griffin





SECRETARY: Mrs B Adams





REGISTERED OFFICE: Unit 9, Tir Llwyd Enterprise Park
St Asaph Avenue
Kinmel Bay
Rhyl
LL18 5JZ





REGISTERED NUMBER: 13113517 (England and Wales)





AUDITORS: Salisbury & Company Business Solutions Limited
Statutory Auditors
Chartered Accountants
Irish Square
Upper Denbigh Road
St Asaph
Denbighshire
LL17 0RN

Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Group Strategic Report
for the year ended 30 November 2023

The directors present their strategic report of the company and the group for the year ended 30 November 2023.

REVIEW OF BUSINESS
The Group's consolidated trading is primarily that of the subsidiary operating EvadX Ltd, with its principal activities being that of the design, manufacturing, and installation of steel structures.

The group has seen a decrease in turnover in the year which is primarily due to the commencement of previously deferred orders from the initial Covid period in 2022.

Our construction services have a resilient and long standing relationship with the supply chain and the strength of these relationships assisted in managing the customers' expectations, especially around steel prices, from what might otherwise have been a more significant effect. The same can be said for the relationships with customers where the workload volume has increased due to the Group agility and ability to adapt being prepared to flex stock to suit customers' requirements.

Consistent with our strategy to grow activity, and managing the extra challenge of the running of the business the group are pleased to announce a turnover of £10.7 million and Profit before tax of £1.7m.

EvadX limited:
The year ending 30 November 2023 saw a decrease in turnover from £15.060 million in 2022 to £10.792 million. However, the turnover in 2022 was higher than we would normally expect, which was primarily due to the commencement of deferred orders from the Covid period. Therefore, 2023 sees a return to levels we would normally expect.

High inflation and rising interest rates have proved challenging for may UK businesses however, despite these challenges the net profit increased to £1,773m (2022: £0.872m).

Our order book remains strong into the new financial year, and we have successfully secured a number of large projects with many more in the pipeline too.

The company continues to deliver quality steelwork contracts and recognises that it's success could not be achieved without the resilience, determination and dedication of our team.

PRINCIPAL RISKS AND UNCERTAINTIES
The group regularly reviews the risks and uncertainties within the business and the principal material risks identified by the company are as follows:

Competition/maintaining an order book: The majority of the group's turnover is through the traditional procurement process whereby the group submits a tender for the work to be carried out. Competition from other contractors and a downturn in economic conditions would adversely affect the company's ability to secure work. When tendering, careful consideration is also needed due fluctuation in prices and profitability. The group manages the risk by building a strong order book and ensuring contracts are delivered on time, within budget and to the required standard/quality to maintain a good reputation.

Delays in commencement of projects: Whilst our order book remains strong, delay's in existing projects remains an ongoing risk however, these are closely managed

Credit risk/insolvency of customers: The group recognises the importance of debtor management and the need to reduce the risk of financial loss due to a counterparty's failure to honour its obligation. To manage the credit risk, customers are subject to credit risk assessments and overdue debtors together with retentions are regularly monitored to keep to a minimum.

Health and safety: The group's activities are inherently complex and potentially hazardous and failure to meet safety standards or ineffective management could result in the injury or death of employees, members of the public or third parties. The risk is managed by continuously monitoring and management of health, safety and environmental risks.

Supply Chain: One of the important aspects of the business, is its supply chain management. The group has long standing relationships with its key suppliers to ensure that we achieve the best quality and price whilst also ensuring that we are not over reliant on any one supplier or subcontractor.

Human Resource: The availability of skilled labour continues to be a risk and the group recognises that a key component to is continued success and to enable it to meet the challenges that it faces is the ability to attract, retain and develop the best people it can.


Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Group Strategic Report
for the year ended 30 November 2023

DEVELOPMENT AND PERFORMANCE
Cash at bank and in hand stood at £2.4 million (2022: £1.3 million) The strong liquidity supported by good financial control enables us to pay our supply chain promptly.

The directors continue to look ahead and despite the potential of future economic disruptions, the order book is strong and the directors believe the company is well place to achieve sustained profitable growth going forward.

Increasing raw material prices and the availability of raw materials will have an impact on margins and productivity for many companies however, due to the long standing relationship with our suppliers we are confident this will not cause any issues.

KEY PERFORMANCE INDICATORS
We provide high satisfaction level with a real focus on customer through listening, understanding and responding which in turn results in customer loyalty which is critical to a long term relationship and many years of repeated business due to our performance. This work is combined with close management of profitable work with positive cashflow lead by sustainability, innovation and lean operations. We ensure competitiveness by efficiency, cost management and reliable suppliers. There is no doubt that the construction industry is a complex and increasingly challenging sector in which to operate successfully. The Group aspirations for the company remains strong.

The trading group's financial and key performance indicators during the period were as follows:

2023 2022 2021
£'000 £'000 £'000
Turnover 10,792 15,059 10,244
Gross Profit 2,815 1,777 1,586
Profit Before Taxation 1,743 865 161

ON BEHALF OF THE BOARD:





Mrs B L Griffin - Director


28 August 2024

Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Report of the Directors
for the year ended 30 November 2023

The directors present their report with the financial statements of the company and the group for the year ended 30 November 2023.

DIVIDENDS
Interim dividends per share were paid during the year as follows:
Ordinary B £1 - £10600 - 1 December 2022
Ordinary C £1 - £3400 - 1 December 2022
Ordinary D £1 - £3200 - 1 December 2022

The directors recommend a final dividend per share as follows:
Ordinary B £1 - £9000
Ordinary C £1 - £11350
Ordinary D £1 - £12950

The total distribution of dividends for the year ended 30 November 2023 will be £ 333,000 .

RESEARCH AND DEVELOPMENT
The group undertakes research and development activities when providing services to clients. The direct expenditure invested is typically included in the relevant project.

FUTURE DEVELOPMENTS
The group continues to promote its reputation for delivering high quality work and our order book remains strong.

The group continues to look ahead and have move forward in our plans to extend the factory and its operations and hope to begin work within the next 12 months. This will support our growth strategy and hopefully create new jobs for the local area.

Our plan to install solar panels have been on hold however are hopefully to implement in the next 12 months. This will hopefully cut costs, bring in extra revenue, reduce reliance on rising energy prices and minimise its carbon footprint. Energy prices have been increasing gradually for years and this is expected to continue to rise as fossil fuels (which are traditionally used to generate electricity) become harder to source. By generating their own electricity from solar panels they will reduce their reliance on the National Grid and the fluctuating prices. This should make budgeting and forecasting much more straightforward.

As the group does not currently operate during the night, the aim is to still put their solar energy to use. They will be installing a solar storage battery alongside the solar panels which will enable them to store any unused electricity.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report.

Mr R T Adams
Mr S G Adams
Mrs B L Griffin


Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Report of the Directors
for the year ended 30 November 2023

FINANCIAL INSTRUMENTS
The group use various financial instruments including bank loans, cash reserves, hire purchase, finance leases, trade debtors, trade supplier accounts to allow the company to operate effectively.

The existence of these financial instruments could expose the group to a number of risks which are described in more detail below.

The main risks arising from the group's financial instruments are liquidity risk, interest rate risk and credit risk.

Liquidity risk

The group manages financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. The group's liquidity position is reviewed regularly by the directors and the cashflow is forecast regularly to provide up-to-date and accurate information on the group's current cash position. Cash holdings has been further improved during the year.

Interest rate risk

The group finances its operations through a mixture of retained profits, bank loan and asset finance borrowings. The group's exposure to interest rate fluctuation is managed using both fixed and floating facilities.

Credit risk

The group's principal financial assets are trade debtors and other receivables. The group manages credit risk regularly reviews credit rating information regarding organisations in conjunction with debt ageing and collection history.

STRATEGIC REPORT
The review of the business, future developments, key performance indicators and principal risks and uncertainties are included within the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Report of the Directors
for the year ended 30 November 2023


AUDITORS
The auditors, Salisbury & Company Business Solutions Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mrs B L Griffin - Director


28 August 2024

Report of the Independent Auditors to the Members of
Adams Holdings (N. Wales) Limited

Opinion
We have audited the financial statements of Adams Holdings (N. Wales) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 November 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Adams Holdings (N. Wales) Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned in accordance with ISA (UK).

We obtained an understanding of the legal and regulatory frameworks applicable to the company and the industry in which it operates through our general commercial and sector experience and discussions with management. We determined that the following laws and regulations were most significant: The Companies Act 2006, FRS 102 the 'Financial Reporting Standards applicable in the UK and Republic of Ireland' and relevant UK tax legislation. In addition, we concluded that there are certain laws and regulations that may have an effect on the determination of the amounts and disclosures within the financial statements such as Health and Safety laws and regulations.

We accessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations or fraud;
- Obtain an understanding of the internal controls that management have in place to prevent and detect fraud;
- Challenging assumptions and judgements made by management in its significant accounting estimates;
- Reviewing the financial statement disclosures and assessing the appropriateness of the accounting policies used;
- Identifying and testing journal entries, in particular manual or unusual entries;
- Obtaining third party confirmations of all the companies banking arrangements;
- Performing analytical procedures to identify any unusual or unexpected relationships;
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting.
The assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagements team's knowledge of the industry in which the client operates in and understanding of, and practical experience with, audit engagements of a similar nature and complexity through appropriate training and participation.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Adams Holdings (N. Wales) Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Aled Roberts (Senior Statutory Auditor)
for and on behalf of Salisbury & Company Business Solutions Limited
Statutory Auditors
Chartered Accountants
Irish Square
Upper Denbigh Road
St Asaph
Denbighshire
LL17 0RN

28 August 2024

Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Consolidated
Statement of Comprehensive
Income
for the year ended 30 November 2023

2023 2022
Notes £    £   

TURNOVER 3 10,791,681 15,059,527

Cost of sales (7,976,590 ) (13,282,513 )
GROSS PROFIT 2,815,091 1,777,014

Administrative expenses (1,063,725 ) (989,401 )
1,751,366 787,613

Other operating income - 104,615
OPERATING PROFIT 5 1,751,366 892,228

Interest receivable and similar income 2,015 -
1,753,381 892,228

Interest payable and similar expenses 6 (10,695 ) (26,378 )
PROFIT BEFORE TAXATION 1,742,686 865,850

Tax on profit 7 (5,049 ) (161,487 )
PROFIT FOR THE FINANCIAL YEAR 1,737,637 704,363

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,737,637
Prior year adjustment 97,830
TOTAL COMPREHENSIVE INCOME SINCE
LAST ANNUAL REPORT

802,193

Profit attributable to:
Owners of the parent 1,737,637 704,363

Total comprehensive income attributable to:
Owners of the parent 1,737,637 802,193

Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Consolidated Balance Sheet
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 288,600 171,699
Investments 11 - -
288,600 171,699

CURRENT ASSETS
Stocks 12 44,877 3,000
Debtors 13 2,438,118 2,453,398
Cash at bank and in hand 2,433,022 1,301,918
4,916,017 3,758,316
CREDITORS
Amounts falling due within one year 14 2,223,261 2,217,238
NET CURRENT ASSETS 2,692,756 1,541,078
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,981,356

1,712,777

CREDITORS
Amounts falling due after more than one
year

15

(62,735

)

(220,365

)

PROVISIONS FOR LIABILITIES 19 (60,073 ) (38,501 )
NET ASSETS 2,858,548 1,453,911

CAPITAL AND RESERVES
Called up share capital 20 10,030 10,030
Merger relief reserve 21 2,989,970 2,989,970
Merger reserve 21 (2,989,970 ) (2,989,970 )
Retained earnings 21 2,848,518 1,443,881
SHAREHOLDERS' FUNDS 25 2,858,548 1,453,911

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by:





Mrs B L Griffin - Director


Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Company Balance Sheet
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 207,925 73,736
Investments 11 3,000,000 3,000,000
3,207,925 3,073,736

CURRENT ASSETS
Debtors 13 33,658 -
Cash at bank 16,375 11,018
50,033 11,018
CREDITORS
Amounts falling due within one year 14 1,400 132,829
NET CURRENT ASSETS/(LIABILITIES) 48,633 (121,811 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,256,558

2,951,925

PROVISIONS FOR LIABILITIES 19 39,904 14,010
NET ASSETS 3,216,654 2,937,915

CAPITAL AND RESERVES
Called up share capital 20 10,030 10,030
Merger relief reserve 21 2,989,970 2,989,970
Retained earnings 21 216,654 (62,085 )
SHAREHOLDERS' FUNDS 25 3,216,654 2,937,915

Company's profit for the financial year 611,739 296,962

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by:





Mrs B L Griffin - Director


Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Consolidated Statement of Changes in Equity
for the year ended 30 November 2023

Called up Merger
share Retained relief Merger Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 December 2021 10,030 950,688 2,989,970 (2,989,970 ) 960,718
Prior year adjustment - 97,830 - - 97,830
As restated 10,030 1,048,518 2,989,970 (2,989,970 ) 1,058,548

Changes in equity
Dividends - (309,000 ) - - (309,000 )
Total comprehensive income - 704,363 - - 704,363
Balance at 30 November 2022 10,030 1,443,881 2,989,970 (2,989,970 ) 1,453,911

Changes in equity
Dividends - (333,000 ) - - (333,000 )
Total comprehensive income - 1,737,637 - - 1,737,637
Balance at 30 November 2023 10,030 2,848,518 2,989,970 (2,989,970 ) 2,858,548

Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Company Statement of Changes in Equity
for the year ended 30 November 2023

Called up Merger
share Retained relief Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 December 2021 10,030 (50,047 ) 2,989,970 2,949,953

Changes in equity
Dividends - (309,000 ) - (309,000 )
Total comprehensive income - 296,962 - 296,962
Balance at 30 November 2022 10,030 (62,085 ) 2,989,970 2,937,915

Changes in equity
Dividends - (333,000 ) - (333,000 )
Total comprehensive income - 611,739 - 611,739
Balance at 30 November 2023 10,030 216,654 2,989,970 3,216,654

Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Consolidated Cash Flow Statement
for the year ended 30 November 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,996,366 1,133,470
Interest paid (10,695 ) (26,378 )
Tax paid (130,734 ) (39,155 )
Net cash from operating activities 1,854,937 1,067,937

Cash flows from investing activities
Purchase of tangible fixed assets (178,289 ) (163,125 )
Sale of tangible fixed assets 3,350 4,750
Interest received 2,015 -
Net cash from investing activities (172,924 ) (158,375 )

Cash flows from financing activities
New loans in year - 109,487
Loan repayments in year (187,501 ) (306,496 )
Capital repayments in year (20,130 ) -
Amount introduced by directors 333,001 309,000
Amount withdrawn by directors (343,279 ) (310,519 )
Equity dividends paid (333,000 ) (309,000 )
Net cash from financing activities (550,909 ) (507,528 )

Increase in cash and cash equivalents 1,131,104 402,034
Cash and cash equivalents at beginning
of year

2

1,301,918

899,884

Cash and cash equivalents at end of year 2 2,433,022 1,301,918

Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Notes to the Consolidated Cash Flow Statement
for the year ended 30 November 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 1,742,686 865,850
Depreciation charges 57,642 32,206
Loss/(profit) on disposal of fixed assets 397 (4,750 )
Amounts owed to participating interest - 149,843
Finance costs 10,695 26,378
Finance income (2,015 ) -
1,809,405 1,069,527
(Increase)/decrease in stocks (41,877 ) 471,156
Decrease/(increase) in trade and other debtors 237,076 (49,575 )
Decrease in trade and other creditors (8,238 ) (357,638 )
Cash generated from operations 1,996,366 1,133,470

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 November 2023
30/11/23 1/12/22
£    £   
Cash and cash equivalents 2,433,022 1,301,918
Year ended 30 November 2022
30/11/22 1/12/21
£    £   
Cash and cash equivalents 1,301,918 899,884


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/12/22 Cash flow At 30/11/23
£    £    £   
Net cash
Cash at bank and in hand 1,301,918 1,131,104 2,433,022
1,301,918 1,131,104 2,433,022
Debt
Finance leases (102,994 ) 20,130 (82,864 )
Debts falling due within 1 year (50,000 ) 50,000 -
Debts falling due after 1 year (137,500 ) 137,500 -
(290,494 ) 207,630 (82,864 )
Total 1,011,424 1,338,734 2,350,158

Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Notes to the Consolidated Financial Statements
for the year ended 30 November 2023

1. STATUTORY INFORMATION

Adams Holdings (N. Wales) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentational and function currency of these financial statements is pound sterling. Monetary amounts in these financial statements are rounded to the nearest £.

Significant judgements and estimates
Estimates and judgments are continually evaluated and are based on historical experience and other factors,
including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will by definition, seldom equal the related actual results. In the opinion of the directors there are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

The estimates and judgements which have significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

- Work in Progress
Determining the valuation of construction and development contracts requires judgment regarding the stage of completion of contracts at the year end. The judgements are based on the work that has been completed and work that has already been agreed and billed.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing sales raised to date against costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliable, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.


Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 November 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Long-term contracts
Profit on long-term contracts is recognised as the work is carried out if the financial outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related contract costs as contract activity progress.

Contract costs are recognised as the higher of actual cost to date or costs as a proportion of final costs, using the reference of turnover to date as a proportion of final turnover.

Revenue derived from variations on contracts are recognised only when they have been accepted by the customer.

Full provision is made for losses on all contracts in the year in which they are first foreseen.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost.

Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Provisions for liabilities
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

Retentions
Retention recognition policy follows that of BIM51520 - include retentions within turnover, provide for the
estimated cost of remedial work, and make provision for any debt impairment.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

All turnover arose within the United Kingdom.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,272,378 1,289,734
Social security costs 121,843 132,247
Other pension costs 113,351 72,940
1,507,572 1,494,921

The average number of employees during the year was as follows:
2023 2022

Directors 3 3
Management and admin 11 10
Workshop and site crew 29 40
43 53

2023 2022
£    £   
Directors' remuneration 26,364 26,416

2023 2022
£ £
Director pension contributions 88,000 48,000

5. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Hire of plant and machinery 490,432 701,060
Other operating leases 40,193 44,185
Depreciation - owned assets 57,641 27,456
Loss on disposal of fixed assets 397 -
Auditors' remuneration 12,563 11,350
Auditors' remuneration for non audit work 7,013 5,542

Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 November 2023

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 10,628 26,378
Other interest 67 -
10,695 26,378

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 205,273 130,734
R&D tax credit (221,796 ) -
Total current tax (16,523 ) 130,734

Deferred tax 21,572 30,753
Tax on profit 5,049 161,487

UK corporation tax was charged at 19 %) in 2022.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 1,742,686 865,850
Profit multiplied by the standard rate of corporation tax in the UK of 23 %
(2022 - 19 %)

400,818

164,512

Effects of:
Capital allowances in excess of depreciation (27,856 ) (34,173 )
Utilisation of tax losses (19,617 ) (507 )
R&D tax credit (369,960 ) -
Loss on disposal 91 902

consolidation
Movement on deferred tax 21,573 30,753
Total tax charge 5,049 161,487

The planned increased in corporation tax rates will see the company's profits taxed at the 25%.

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 November 2023

9. DIVIDENDS
2023 2022
£    £   
Ordinary B shares of £1 each
Interim 90,000 95,000
Ordinary C shares of £1 each
Interim 113,500 102,000
Ordinary D shares of £1 each
Interim 129,500 112,000
333,000 309,000

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 December 2022 204,191 27,296 9,803 241,290
Additions 166,450 11,839 - 178,289
Disposals (2,740 ) - (4,345 ) (7,085 )
At 30 November 2023 367,901 39,135 5,458 412,494
DEPRECIATION
At 1 December 2022 57,546 7,756 4,289 69,591
Charge for year 51,387 5,487 767 57,641
Eliminated on disposal (1,437 ) - (1,901 ) (3,338 )
At 30 November 2023 107,496 13,243 3,155 123,894
NET BOOK VALUE
At 30 November 2023 260,405 25,892 2,303 288,600
At 30 November 2022 146,645 19,540 5,514 171,699

Company
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 December 2022 88,941 27,296 9,803 126,040
Additions 166,450 11,839 - 178,289
Disposals (2,740 ) - (4,345 ) (7,085 )
At 30 November 2023 252,651 39,135 5,458 297,244
DEPRECIATION
At 1 December 2022 40,259 7,756 4,289 52,304
Charge for year 34,099 5,487 767 40,353
Eliminated on disposal (1,437 ) - (1,901 ) (3,338 )
At 30 November 2023 72,921 13,243 3,155 89,319
NET BOOK VALUE
At 30 November 2023 179,730 25,892 2,303 207,925
At 30 November 2022 48,682 19,540 5,514 73,736

Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 November 2023

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 December 2022
and 30 November 2023 3,000,000
NET BOOK VALUE
At 30 November 2023 3,000,000
At 30 November 2022 3,000,000


Investment in Subsidiary:
EvadX Limited
Registered office: Unit 9 Tir Llwyd Enterprise Park, Kinmel Bay, Clwyd, LL18 5JZ
Nature of business: Manufacture of metal structures and parts of structures

%
Class of shares holding
Ordinary A Shares 100%
Ordinary B Shares 100%
Ordinary C Shares 100%
Ordinary D Shares 100%

12. STOCKS

Group
2023 2022
£    £   
Stocks 3,000 3,000
Work-in-progress 41,877 -
44,877 3,000

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 388,646 565,405 - -
Applications/retentions 1,305,244 1,480,722 - -
Bad debt provision (7,769 ) (27,851 ) - -
Amounts owed by participating interests 262,913 262,913 - -
Other debtors 2,800 - - -
R&D tax refund 221,796 - - -
VAT 119,877 30,993 33,658 -
Prepayments and accrued income 144,611 141,216 - -
2,438,118 2,453,398 33,658 -

Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 November 2023

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 16) - 50,000 - -
Hire purchase contracts (see note 17) 20,129 20,129 - -
Trade creditors 1,521,499 1,907,892 - -
Amounts owed to group undertakings - - - 130,935
Tax 205,273 130,734 - -
Social security and other taxes 37,696 28,954 - -
VAT - - - 594
Other creditors 315,006 578 - -
Directors' loan accounts 769 11,047 - -
Accruals and deferred income 121,489 46,604 - -
Accrued expenses 1,400 21,300 1,400 1,300
2,223,261 2,217,238 1,400 132,829

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2023 2022
£    £   
Bank loans (see note 16) - 137,500
Hire purchase contracts (see note 17) 62,735 82,865
62,735 220,365

16. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans - 50,000
Amounts falling due between one and two years:
Bank loans - 1-2 years - 50,000
Amounts falling due between two and five years:
Bank loans - 2-5 years - 87,500

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 20,129 20,129
Between one and five years 62,735 82,865
82,864 102,994

Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 November 2023

17. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year - 36,878
Between one and five years - 64,790
- 101,668

18. SECURED DEBTS

An unlimited debenture dated 10/12/2012 incorporating a fixed and floating charge on EvadX Limited.

Other facilities covered by the debenture

Commercial Charge Card
Electronic funds transfer (P C Pay)
Electronic funds transfer (Telepay)

19. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 60,073 38,501 39,904 14,010

Group
Deferred
tax
£   
Balance at 1 December 2022 38,501
Provided during year 21,572
Balance at 30 November 2023 60,073

Company
Deferred
tax
£   
Balance at 1 December 2022 14,010
Provided during year 25,894
Balance at 30 November 2023 39,904

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid
Number: Class: Nominalvalue: £   
10,000 Ordinary A £1 10,000
10 Ordinary B £1 10
10 Ordinary C £1 10
10 Ordinary D £1 10
10,030

Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 November 2023

21. RESERVES

Group
Merger
Retained relief Merger
earnings reserve reserve Totals
£    £    £    £   

At 1 December 2022 1,443,881 2,989,970 (2,989,970 ) 1,443,881
Profit for the year 1,737,637 1,737,637
Dividends (333,000 ) (333,000 )
At 30 November 2023 2,848,518 2,989,970 (2,989,970 ) 2,848,518

Company
Merger
Retained relief
earnings reserve Totals
£    £    £   

At 1 December 2022 (62,085 ) 2,989,970 2,927,885
Profit for the year 611,739 611,739
Dividends (333,000 ) (333,000 )
At 30 November 2023 216,654 2,989,970 3,206,624


22. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund.

23. RELATED PARTY DISCLOSURES

The property at Tir Llwyd Enterprise Park is owned by the pension company, which is controlled by the directors.

During the year, rent of £86,250 (2022: £62,500) was invoiced from the pension company.

As at 30th November 2023 £NIL (2022:£NIL) rent was outstanding and included within trade creditors.

Mr R T Adams, Mr S G Adams and Mrs B L Griffin are also directors of Adams Properties (N.Wales) Limited.

During the year Adams Properties (N.Wales) Limited rented machinery to Evadx Ltd, the total amount of rent paid during the year was £6,440 (2022: £12,000).

During the year Evadx Ltd paid expenses of £644 (2022: £NIL) on behalf of Adams Properties (N.Wales) Limited.

During the year Evadx Ltd received £644 (2022: £NIL) from Adams Properties (N.Wales) Limited.

During the year Evadx Ltd loaned £NIL (2022: £NIL) to Adams Properties (N.Wales) Limited.

As at 30th November 2023 the total amount outstanding was £262,913 (2022: £262,913).

24. ULTIMATE CONTROLLING PARTY

Ultimate control of the company lies with the directors and their families who, between them, own the issued share capital.

Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 November 2023

25. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

Group
2023 2022
£    £   
Profit for the financial year 1,737,637 704,363
Dividends (333,000 ) (309,000 )
Purchase of subsidiary shares
Merger relief reserve
Net addition to shareholders' funds 1,404,637 395,363
Opening shareholders' funds 1,453,911 1,058,548
Closing shareholders' funds 2,858,548 1,453,911


Company
2023 2022
£    £   
Profit for the financial year 611,739 296,962
Dividends (333,000 ) (309,000 )
Purchase of subsidiary shares
Merger relief reserve
Net addition/(reduction) to shareholders' funds 278,739 (12,038 )
Opening shareholders' funds 2,937,915 2,949,953
Closing shareholders' funds 3,216,654 2,937,915