Registered number
07442953
Adam Renovations Limited
Filleted Accounts
31 March 2024
Adam Renovations Limited
Registered number: 07442953
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 14,322 15,913
Current assets
Stocks (work in progress) 202,124 200,094
Debtors 4 567,446 453,614
Cash at bank and in hand 69,013 180,727
838,583 834,435
Creditors: amounts falling due within one year 5 (188,223) (173,527)
Net current assets 650,360 660,908
Total assets less current liabilities 664,682 676,821
Creditors: amounts falling due after more than one year 6 (271,671) (331,592)
Net assets 393,011 345,229
Capital and reserves
Called up share capital 1 1
Profit and loss account 393,010 345,228
Shareholder's funds 393,011 345,229
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Artjom Aleksandridis
Director
Approved by the board on 30 August 2024
Adam Renovations Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicle 10% reducing balance
Fixtures, fittings, tools and equipment 10% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 8
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 20,689 3,995 24,684
At 31 March 2024 20,689 3,995 24,684
Depreciation
At 1 April 2023 8,012 759 8,771
Charge for the year 1,267 324 1,591
At 31 March 2024 9,279 1,083 10,362
Net book value
At 31 March 2024 11,410 2,912 14,322
At 31 March 2023 12,677 3,236 15,913
4 Debtors 2024 2023
£ £
Trade debtors 567,446 453,614
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 81,473 40,382
Trade creditors 50,298 29,342
Taxation and social security costs 55,550 99,544
Other creditors 902 4,259
188,223 173,527
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 271,671 331,592
7 Controlling party
Artjom Aleksandridis is the ultimate controlling party.
8 Other information
Adam Renovations Limited is a private company limited by shares and incorporated in England. Its registered office is:
Suite 4a
Great West House
Great West Road
Brentford
TW8 9DF
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