Douglas C. Adams & Company Limited 00830125 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is is that of agents involved in the sale of hydraulic equipment Digita Accounts Production Advanced 6.30.9574.0 true false false true 00830125 2023-01-01 2023-12-31 00830125 2023-12-31 00830125 bus:OrdinaryShareClass5 2023-12-31 00830125 core:CapitalRedemptionReserve 2023-12-31 00830125 core:RetainedEarningsAccumulatedLosses 2023-12-31 00830125 core:ShareCapital 2023-12-31 00830125 core:SharePremium 2023-12-31 00830125 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-31 00830125 core:CurrentFinancialInstruments 2023-12-31 00830125 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 00830125 core:CostValuation 2023-12-31 00830125 core:FurnitureFittingsToolsEquipment 2023-12-31 00830125 core:MotorVehicles 2023-12-31 00830125 bus:SmallEntities 2023-01-01 2023-12-31 00830125 bus:Audited 2023-01-01 2023-12-31 00830125 bus:FullAccounts 2023-01-01 2023-12-31 00830125 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 00830125 bus:RegisteredOffice 2023-01-01 2023-12-31 00830125 bus:Director1 2023-01-01 2023-12-31 00830125 bus:OrdinaryShareClass5 2023-01-01 2023-12-31 00830125 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00830125 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 00830125 core:MotorVehicles 2023-01-01 2023-12-31 00830125 1 2023-01-01 2023-12-31 00830125 countries:England 2023-01-01 2023-12-31 00830125 2022-12-31 00830125 core:CostValuation 2022-12-31 00830125 core:FurnitureFittingsToolsEquipment 2022-12-31 00830125 core:MotorVehicles 2022-12-31 00830125 2022-01-01 2022-12-31 00830125 2022-12-31 00830125 bus:OrdinaryShareClass5 2022-12-31 00830125 core:CapitalRedemptionReserve 2022-12-31 00830125 core:RetainedEarningsAccumulatedLosses 2022-12-31 00830125 core:ShareCapital 2022-12-31 00830125 core:SharePremium 2022-12-31 00830125 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-12-31 00830125 core:CurrentFinancialInstruments 2022-12-31 00830125 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 00830125 core:FurnitureFittingsToolsEquipment 2022-12-31 00830125 core:MotorVehicles 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 00830125

Douglas C. Adams & Company Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Douglas C. Adams & Company Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

Douglas C. Adams & Company Limited

(Registration number: 00830125)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

154,733

160,452

Investments

5

186,267

186,267

 

341,000

346,719

Current assets

 

Debtors

6

1,381,395

1,153,871

Cash at bank and in hand

 

82,946

46,367

 

1,464,341

1,200,238

Creditors: Amounts falling due within one year

7

(264,046)

(182,925)

Net current assets

 

1,200,295

1,017,313

Net assets

 

1,541,295

1,364,032

Capital and reserves

 

Called up share capital

8

442

442

Share premium reserve

94,496

94,496

Capital redemption reserve

301

301

Retained earnings

1,446,056

1,268,793

Shareholders' funds

 

1,541,295

1,364,032

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 September 2024 and signed on its behalf by:
 


Mrs J Hoddinott
Director

   
 

Douglas C. Adams & Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Hydrastore Ltd
Sandtoft Industrial Estate
Belton
DN9 1PN
 

Registration number: 00830125

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company is exempt from the obligation to prepare and deliver group accounts as it is included in the accounts of a larger group.

Going concern

The financial statements have been prepared on a going concern basis.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 2 September 2024 was Robert Smith BSc FCA, who signed for and on behalf of RNS Chartered Accountants.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
-the amount of revenue can be reliably measured;
-it is probable that future economic benefits will flow to the entity;
-and specific criteria have been met for each of the company's activities.

 

Douglas C. Adams & Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% per annum on cost

Fixtures, fittings and equipment

15% per annum on written down value or 50% per annum on cost

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised at the transaction price.

 

Douglas C. Adams & Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 12 (2022 - 12).

 

Douglas C. Adams & Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

50,897

310,963

361,860

Additions

6,192

82,745

88,937

Disposals

(8,830)

(92,304)

(101,134)

At 31 December 2023

48,259

301,404

349,663

Depreciation

At 1 January 2023

32,439

168,969

201,408

Charge for the year

10,541

78,506

89,047

Eliminated on disposal

(6,137)

(89,388)

(95,525)

At 31 December 2023

36,843

158,087

194,930

Carrying amount

At 31 December 2023

11,416

143,317

154,733

At 31 December 2022

18,458

141,994

160,452

5

Investments

2023
£

2022
£

Investments in subsidiaries

143,306

143,306

Investments in associates

42,961

42,961

186,267

186,267

Subsidiaries

£

Cost or valuation

At 1 January 2023

143,306

At 31 December 2023

143,306

Carrying amount

At 31 December 2023

143,306

At 31 December 2022

143,306

 

Douglas C. Adams & Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Associates

£

Cost

At 1 January 2023

42,961

At 31 December 2023

42,961

Carrying amount

At 31 December 2023

42,961

At 31 December 2022

42,961

6

Debtors

Current

2023
£

2022
£

Trade debtors

57,992

50,946

Amounts owed by related parties

1,298,366

1,082,866

Prepayments

25,037

20,059

 

1,381,395

1,153,871

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

-

2,087

Trade payables

 

10,689

13,834

Social security and other taxes

 

183,649

112,103

Other payables

 

69,708

54,901

 

264,046

182,925

 

Douglas C. Adams & Company Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

442

442

442

442

         

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

-

2,087

Other borrowings

The obligations under hire purchase contracts are secured upon the assets to which they relate.

10

Parent and ultimate parent undertaking

The company's immediate parent is OWLE Limited, incorporated in England.

 

The parent of the largest group in which these financial statements are consolidated is OWLE Limited, incorporated in England.

The address of OWLE Limited is:
C/O Hydrastore Ltd
Sandtoft Industrial Estate
Belton
DN9 1PN