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COMPANY REGISTRATION NUMBER: 00867945
Adnor Limited
Filleted Unaudited Financial Statements
31 December 2023
Adnor Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
124,776
133,748
Current assets
Stocks
4,150
4,250
Debtors
6
128,142
168,038
Cash at bank and in hand
154,359
111,247
----------
----------
286,651
283,535
Creditors: amounts falling due within one year
7
74,052
73,568
----------
----------
Net current assets
212,599
209,967
----------
----------
Total assets less current liabilities
337,375
343,715
Provisions
Taxation including deferred tax
9,005
8,444
----------
----------
Net assets
328,370
335,271
----------
----------
Capital and reserves
Called up share capital
150
150
Profit and loss account
328,220
335,121
----------
----------
Shareholders funds
328,370
335,271
----------
----------
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.
For the year ending 31 December 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 .
Adnor Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 10 September 2024 , and are signed on behalf of the board by:
J Doran
Director
Company registration number: 00867945
Adnor Limited
Notes to the Financial Statements
Year Ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 52 Mill Place, Kingston Upon Thames, Surrey, KT1 2RH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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.
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
-
10% of cost or 20% of cost on computer equipment
Fixtures and fittings
-
10% straight line
Motor vehicles
-
25% reducing balance
Freehold property is depreciated at 2% per annum on cost.The residual value of the property is higher than cost so no depreciation charge is made in these accounts.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 stock to its present location and condition.
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 as a finance cost in profit or loss in the period it arises.
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 as a finance cost 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 8 (2022: 8 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
86,253
349,835
7,680
61,639
505,407
Additions
458
458
--------
----------
-------
--------
----------
At 31 December 2023
86,253
350,293
7,680
61,639
505,865
--------
----------
-------
--------
----------
Depreciation
At 1 January 2023
335,486
7,680
28,493
371,659
Charge for the year
2,394
7,036
9,430
--------
----------
-------
--------
----------
At 31 December 2023
337,880
7,680
35,529
381,089
--------
----------
-------
--------
----------
Carrying amount
At 31 December 2023
86,253
12,413
26,110
124,776
--------
----------
-------
--------
----------
At 31 December 2022
86,253
14,349
33,146
133,748
--------
----------
-------
--------
----------
6. Debtors
2023
2022
£
£
Trade debtors
96,586
130,000
Other debtors
31,556
38,038
----------
----------
128,142
168,038
----------
----------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
15,424
21,804
Corporation tax
16,310
13,379
Social security and other taxes
26,915
32,415
Other creditors
15,403
5,970
--------
--------
74,052
73,568
--------
--------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
26,250
26,250
Later than 1 year and not later than 5 years
39,375
65,625
--------
--------
65,625
91,875
--------
--------
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
N P Doran
769
769
J Doran
6,946
( 1,178)
5,768
-------
-------
-------
7,715
( 1,178)
6,537
-------
-------
-------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
N P Doran
769
769
J Doran
8,933
( 1,987)
6,946
-------
-------
-------
9,702
( 1,987)
7,715
-------
-------
-------
10. Related party transactions
At 1st January 2023 Mrs S Doran, the wife of the director J Doran , had a loan from the company of £6,479. There were repayments in the year of £1,178. When deducted from the loan balance of £6,479, it results in a balance carried forward of £5,301 which is interest free and repayable in one year.