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REGISTERED NUMBER: 01449935 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

ADAMS JOINERY LIMITED

ADAMS JOINERY LIMITED (REGISTERED NUMBER: 01449935)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 November 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


ADAMS JOINERY LIMITED

COMPANY INFORMATION
for the year ended 30 November 2023







DIRECTORS: Mr T R L Randall
Mr R De Silva
Mr G L Hawks
Mr K D Mackie
Mrs A D Cooney





SECRETARY: Mrs A D Cooney





REGISTERED OFFICE: Unit 2
30 Progress Road
Leigh On Sea
Essex
SS9 5LE





REGISTERED NUMBER: 01449935 (England and Wales)





ACCOUNTANTS: Raffingers LLP
Chartered Certified Accountants
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD

ADAMS JOINERY LIMITED (REGISTERED NUMBER: 01449935)

ABRIDGED BALANCE SHEET
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 618,122 313,803

CURRENT ASSETS
Stocks 462,497 311,962
Debtors 920,526 1,097,010
Cash at bank 569,162 474,746
1,952,185 1,883,718
CREDITORS
Amounts falling due within one year 2,004,578 1,456,561
NET CURRENT (LIABILITIES)/ASSETS (52,393 ) 427,157
TOTAL ASSETS LESS CURRENT
LIABILITIES

565,729

740,960

CREDITORS
Amounts falling due after more than one year (175,272 ) (168,222 )

PROVISIONS FOR LIABILITIES (156,402 ) (72,107 )
NET ASSETS 234,055 500,631

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 233,955 500,531
SHAREHOLDERS' FUNDS 234,055 500,631

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ADAMS JOINERY LIMITED (REGISTERED NUMBER: 01449935)

ABRIDGED BALANCE SHEET - continued
30 November 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 November 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by:





Mr R De Silva - Director


ADAMS JOINERY LIMITED (REGISTERED NUMBER: 01449935)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 November 2023

1. STATUTORY INFORMATION

Adams Joinery 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 10% on reducing balance

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

Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow Group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.


ADAMS JOINERY LIMITED (REGISTERED NUMBER: 01449935)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2023

3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments
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 the 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.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2022 - 42 ) .

ADAMS JOINERY LIMITED (REGISTERED NUMBER: 01449935)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2023

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 December 2022 1,099,498
Additions 411,336
Disposals (125,639 )
At 30 November 2023 1,385,195
DEPRECIATION
At 1 December 2022 785,695
Charge for year 69,738
Eliminated on disposal (88,360 )
At 30 November 2023 767,073
NET BOOK VALUE
At 30 November 2023 618,122
At 30 November 2022 313,803

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 December 2022 35,000
Additions 94,000
At 30 November 2023 129,000
DEPRECIATION
At 1 December 2022 3,500
Charge for year 12,550
At 30 November 2023 16,050
NET BOOK VALUE
At 30 November 2023 112,950
At 30 November 2022 31,500

ADAMS JOINERY LIMITED (REGISTERED NUMBER: 01449935)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2023

6. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 142,701 192,701
Hire purchase contracts 110,121 34,271
252,822 226,972

HP contracts are secured over the assets to which they relate.

7. RELATED PARTY DISCLOSURES

At the balance sheet date, the company was owed £22,831 (2022 - £17,918) by Admet Management Ltd, a company controlled by mutual directors.