REGISTERED NUMBER: 10843338 (England and Wales) |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
ADEX HOLDINGS LIMITED |
REGISTERED NUMBER: 10843338 (England and Wales) |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
ADEX HOLDINGS LIMITED |
ADEX HOLDINGS LIMITED (REGISTERED NUMBER: 10843338) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Report of the Independent Auditors | 3 |
Consolidated Income Statement | 7 |
Consolidated Balance Sheet | 8 |
Company Balance Sheet | 9 |
Notes to the Consolidated Financial Statements | 10 |
ADEX HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
& Statutory Auditors |
2 Manor Farm Court |
Old Wolverton Road |
Old Wolverton |
Milton Keynes |
Buckinghamshire |
MK12 5NN |
ADEX HOLDINGS LIMITED (REGISTERED NUMBER: 10843338) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 January 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 February 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ADEX HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of Adex Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the Consolidated Income Statement, Consolidated Balance Sheet, Company Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 January 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ADEX HOLDINGS LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Directors. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ADEX HOLDINGS LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
In our process of identifying fraud risks we assessed events or conditions that indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud ("fraud risk factors") to determine how fraud risks are relevant to our audit. Based on the auditing standards we addressed two fraud risks that were relevant to our audit, in relation to revenue recognition and management override of controls. Based upon our analysis of fraud risk factors, we have not identified any additional fraud risks. |
Our audit procedures included an evaluation of the design, implementation as well as the operating effectiveness of internal controls relevant to mitigate these risks. We also performed substantive audit procedures, including detailed testing of high risk journal entries and procedures to satisfy ourselves that revenue has been properly recognised in the financial statements in accordance with financial reporting standards and the Company's accounting policies. Through these procedures, we did not identify any material actual or suspected incidences of fraud. |
We have evaluated facts and circumstances in order to assess laws and regulations relevant to the Company. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general and sector experience, through discussion with the Directors and other management (as required by auditing standards) and discussed with the Directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. |
The potential effect of these laws and regulations on the financial statements varies considerably. |
Firstly, the Company is subject to laws and regulations that directly affect the financial statements including taxation and financial reporting (including related company legislation) and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. |
Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: |
- Employment legislation, reflecting the Company's workforce |
- Health and safety regulation, reflecting the Company's production, distribution and operating processes |
- Data privacy, reflecting the Company's management of personal and corporate data |
- Environmental regulation, reflecting environmental impact restrictions, waste and contamination related to the Company's distribution and operating processes. |
Auditing standards limit the required audit procedures to identify non-compliance with these regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. Through these procedures we did not identify any material actual or suspected non-compliance in any of the above areas. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ADEX HOLDINGS LIMITED |
We note that our audit is not primarily designed to detect non-compliance with laws and regulations and the Directors and other management are responsible for such internal control as the Directors and other management of the Company determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to errors or fraud, including compliance with laws and regulations. Additionally, owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Certified Accountants |
& Statutory Auditors |
2 Manor Farm Court |
Old Wolverton Road |
Old Wolverton |
Milton Keynes |
Buckinghamshire |
MK12 5NN |
ADEX HOLDINGS LIMITED (REGISTERED NUMBER: 10843338) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 4,432,860 | 4,539,772 |
Cost of sales | 3,292,793 | 3,445,955 |
GROSS PROFIT | 1,140,067 | 1,093,817 |
Administrative expenses | 1,073,699 | 956,106 |
OPERATING PROFIT | 4 | 66,368 | 137,711 |
Interest receivable and similar income | - | 986 |
66,368 | 138,697 |
Interest payable and similar expenses | 21,598 | 12,315 |
PROFIT BEFORE TAXATION | 44,770 | 126,382 |
Tax on profit | 44,344 | 46,722 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 426 | 79,660 |
ADEX HOLDINGS LIMITED (REGISTERED NUMBER: 10843338) |
CONSOLIDATED BALANCE SHEET |
31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 6 | 1,269,081 | 1,361,589 |
Tangible assets | 7 | 135,614 | 40,537 |
Investments | 8 | - | - |
1,404,695 | 1,402,126 |
CURRENT ASSETS |
Debtors | 9 | 394,159 | 328,810 |
Cash at bank and in hand | 41 | 5,683 |
394,200 | 334,493 |
CREDITORS |
Amounts falling due within one year | 10 | 1,291,471 | 1,171,858 |
NET CURRENT LIABILITIES | (897,271 | ) | (837,365 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
507,424 |
564,761 |
CREDITORS |
Amounts falling due after more than one year |
11 |
(106,774 |
) |
(168,136 |
) |
PROVISIONS FOR LIABILITIES | (11,301 | ) | (7,702 | ) |
NET ASSETS | 389,349 | 388,923 |
CAPITAL AND RESERVES |
Called up share capital | 13 | 100 | 100 |
Share premium | 20,416 | 20,416 |
Retained earnings | 368,833 | 368,407 |
SHAREHOLDERS' FUNDS | 389,349 | 388,923 |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2024 and were signed on its behalf by: |
J Latimer - Director |
ADEX HOLDINGS LIMITED (REGISTERED NUMBER: 10843338) |
COMPANY BALANCE SHEET |
31 JANUARY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 6 |
Tangible assets | 7 |
Investments | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
11 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's (loss)/profit for the financial year |
(21,903 |
) |
77,355 |
The financial statements were approved by the Board of Directors and authorised for issue on |
ADEX HOLDINGS LIMITED (REGISTERED NUMBER: 10843338) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | STATUTORY INFORMATION |
Adex Holdings Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The company's principal place of business is Unit 5 Avebury Court, Mark Road, Hemel Hempstead, Hertfordshire, HP2 7TA. |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
BASIS OF CONSOLIDATION |
These financial statements consolidate the financial statements of Adex Holdings Limited and its subsidiaries, Howard Sandcliffe Investments 3 Limited and Adex Interiors for Industry Ltd. |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
GOODWILL |
INTANGIBLE ASSETS |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
TANGIBLE FIXED ASSETS |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
ADEX HOLDINGS LIMITED (REGISTERED NUMBER: 10843338) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
LONG-TERM CONTRACTS |
Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recoding turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total costs expected for the contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen. |
DEBTORS AND CREDITORS RECEIVABLE/PAYABLE WITHIN ONE YEAR |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in administrative expenses. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
The average number of employees by undertakings that were proportionately consolidated during the year was 9 (2023 - 9 ) . |
ADEX HOLDINGS LIMITED (REGISTERED NUMBER: 10843338) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Depreciation - owned assets | 11,146 | 5,833 |
Goodwill amortisation | 92,508 | 92,508 |
5. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
6. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 | 1,850,243 |
AMORTISATION |
At 1 February 2023 | 488,654 |
Amortisation for year | 92,508 |
At 31 January 2024 | 581,162 |
NET BOOK VALUE |
At 31 January 2024 | 1,269,081 |
At 31 January 2023 | 1,361,589 |
ADEX HOLDINGS LIMITED (REGISTERED NUMBER: 10843338) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
7. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 February 2023 | 3,548 | 9,724 | 93,126 | 106,398 |
Additions | 1,265 | 3,384 | 110,260 | 114,909 |
Disposals | (1,101 | ) | (10,628 | ) | - | (11,729 | ) |
At 31 January 2024 | 3,712 | 2,480 | 203,386 | 209,578 |
DEPRECIATION |
At 1 February 2023 | 3,377 | 5,973 | 56,511 | 65,861 |
Charge for year | 330 | 1,662 | 16,806 | 18,798 |
Eliminated on disposal | (1,101 | ) | (9,594 | ) | - | (10,695 | ) |
At 31 January 2024 | 2,606 | (1,959 | ) | 73,317 | 73,964 |
NET BOOK VALUE |
At 31 January 2024 | 1,106 | 4,439 | 130,069 | 135,614 |
At 31 January 2023 | 171 | 3,751 | 36,615 | 40,537 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
Additions | 110,260 |
At 31 January 2024 | 110,260 |
DEPRECIATION |
Charge for year | 7,652 |
At 31 January 2024 | 7,652 |
NET BOOK VALUE |
At 31 January 2024 | 102,608 |
ADEX HOLDINGS LIMITED (REGISTERED NUMBER: 10843338) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
8. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 February 2023 |
and 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
SUBSIDIARIES |
Registered office: 2 Manor Farm Court, Old Wolverton Road, Milton Keynes, Bucks, MK12 5NN |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( |
) |
Registered office: Unit 5, Avebury Court, Mark Road, Hemel Hempstead, Herts, HP2 7TA |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
The shares in Adex Interiors for Industry Ltd are held by Howard Sandcliffe Investments 3 Limited. |
ADEX HOLDINGS LIMITED (REGISTERED NUMBER: 10843338) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 340,822 | 45,275 |
Amounts owed by group undertakings | - | - |
Amounts recoverable on contract | 26,944 | 258,839 |
Other debtors | 24 | 24 |
Directors' current accounts | 1,640 | 1,640 | - | - |
Tax | 410 | 410 |
VAT | - | 4,019 |
Prepayments | 24,319 | 18,603 |
394,159 | 328,810 |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts | 152,057 | 10,000 |
Other loans | 139,694 | 190,267 |
Hire purchase contracts | 15,481 | - |
Payments on account | 197,674 | 172,011 |
Trade creditors | 200,287 | 502,846 |
Amounts owed to group undertakings | - | - |
Tax | 40,746 | 39,806 |
Income tax | 614 | - | 614 | - |
Social security and other taxes | 54,480 | 36,139 |
VAT | 212,022 | - | - | - |
Other creditors | 91,701 | 68,741 |
Directors' loan accounts | 29,684 | 20,773 | 29,684 | 20,773 |
Accruals and deferred income | 157,031 | 131,275 |
1,291,471 | 1,171,858 |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans - 1-2 years | 10,000 | 10,000 |
Bank loans - 2-5 years | 3,334 | 13,333 |
Other loans - 1-2 years | - | 92,263 |
Hire purchase contracts | 82,514 | - |
Directors' loan accounts | 10,926 | 52,540 | 10,926 | 52,540 |
106,774 | 168,136 |
ADEX HOLDINGS LIMITED (REGISTERED NUMBER: 10843338) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
12. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
£ | £ |
Bank loans | 23,334 | 33,333 |
The bank loan and overdraft facilities are secured by way of a fixed and floating charge over the assets of Adex Interiors for Industry Ltd and Howard Sandcliffe Investments 3 Limited. |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
14. | OTHER FINANCIAL COMMITMENTS |
Total amounts contracted for but not provided in the financial statements amounted to £55,166 (2023: 26,036). These amounts relate to operating leases. |
15. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 January 2024 and 31 January 2023: |
2024 | 2023 |
£ | £ |
J Latimer |
Balance outstanding at start of year | 1,640 | 1,640 |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 1,640 | 1,640 |
The director's loan is in the subsidiary, Adex Interiors for Industry Ltd, and is interest free and repayable on demand. |
16. | RELATED PARTY DISCLOSURES |
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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
During the year, the group paid rent of £17,000 (2023: £17,000) to a limited liability partnership in which a director is a partner. |