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Company registration number: 03984937
HADRIAN ARCHITECTURAL GLAZING SYSTEMS LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
30 November 2023
HADRIAN ARCHITECTURAL GLAZING SYSTEMS LIMITED
Company number: 03984937
CONTENTS
Statement of financial position
Notes to the financial statements
HADRIAN ARCHITECTURAL GLAZING SYSTEMS LIMITED
Company number: 03984937
STATEMENT OF FINANCIAL POSITION
AS AT 30TH NOVEMBER 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 613,116 405,359
Investments 6 278,000 343,000
_______ _______
891,116 748,359
Current assets
Stocks 402,606 227,035
Debtors 7 4,300,084 2,933,107
Cash at bank and in hand 1,561,930 1,120,398
_______ _______
6,264,620 4,280,540
Creditors: amounts falling due
within one year 8 ( 1,937,222) ( 949,954)
_______ _______
Net current assets 4,327,398 3,330,586
_______ _______
Total assets less current liabilities 5,218,514 4,078,945
Provisions for liabilities ( 94,159) ( 34,466)
_______ _______
Net assets 5,124,355 4,044,479
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 9 5,124,353 4,044,477
_______ _______
Shareholders funds 5,124,355 4,044,479
_______ _______
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.
Directors responsibilities:
- 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;
- The directors acknowledge 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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 August 2024 , and are signed on behalf of the board by:
.................................
Mr D Nichol
Director
Company registration number: 03984937
HADRIAN ARCHITECTURAL GLAZING SYSTEMS LIMITED
Company number: 03984937
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH NOVEMBER 2023
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Unit 5, Haugh Lane, Addison Industrial Estate, Blaydon on Tyne, NE21 4TE.
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:
Land & Buildings - straight line over 50 years
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 59 (2022: 55 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1st December 2022 231,512 787,802 115,262 330,760 1,465,336
Additions - 153,555 13,563 151,807 318,925
Disposals - - - ( 43,950) ( 43,950)
_______ _______ _______ _______ _______
At 30th November 2023 231,512 941,357 128,825 438,617 1,740,311
_______ _______ _______ _______ _______
Depreciation
At 1st December 2022 35,450 691,822 97,876 234,829 1,059,977
Charge for the year 4,630 45,467 6,190 34,275 90,562
Disposals - - - ( 23,344) ( 23,344)
_______ _______ _______ _______ _______
At 30th November 2023 40,080 737,289 104,066 245,760 1,127,195
_______ _______ _______ _______ _______
Carrying amount
At 30th November 2023 191,432 204,068 24,759 192,857 613,116
_______ _______ _______ _______ _______
At 30th November 2022 196,062 95,980 17,386 95,931 405,359
_______ _______ _______ _______ _______
6. Investments
Other investments Total
£ £
Cost
At 1st December 2022 528,819 528,819
Disposals ( 78,819) ( 78,819)
_______ _______
At 30th November 2023 450,000 450,000
_______ _______
Impairment
At 1st December 2022 185,819 185,819
Disposals ( 13,819) ( 13,819)
_______ _______
At 30th November 2023 172,000 172,000
_______ _______
Carrying amount
At 30th November 2023 278,000 278,000
_______ _______
At 30th November 2022 343,000 343,000
_______ _______
7. Debtors
2023 2022
£ £
Trade debtors 60,626 86,479
Other debtors 4,239,458 2,846,628
_______ _______
4,300,084 2,933,107
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 1,587,678 718,885
Corporation tax 283,300 132,810
Social security and other taxes 52,607 53,175
Other creditors 13,637 45,084
_______ _______
1,937,222 949,954
_______ _______
9. Reserves
Profit and loss account:The balance on the profit and loss reserve is the company's cumulative profits and losses, less cumulative equity dividends paid.
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Opening Balance Amount Advanced Closing Balance
£ £ £
Mr D Nichol 331,913 7,415 339,328
Mrs F Nichol 331,913 7,415 339,328
_______ _______ _______
663,826 14,830 678,656
_______ _______ _______
2022
Opening Balance Amount Advanced Closing Balance
£ £ £
Mr D Nichol 223,678 108,235 331,913
Mrs F Nichol 223,678 108,235 331,913
_______ _______ _______
447,356 216,470 663,826
_______ _______ _______