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REGISTERED NUMBER: 01425629 (England and Wales)















REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

FOR

ADEX INTERIORS FOR INDUSTRY LTD

ADEX INTERIORS FOR INDUSTRY LTD (REGISTERED NUMBER: 01425629)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024










Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Statement of Comprehensive Income 7

Statement of Financial Position 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


ADEX INTERIORS FOR INDUSTRY LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: J Latimer
K J Marum
A Wood





REGISTERED OFFICE: Unit 5
Avebury Court
Mark Road
Hemel Hempstead
Hertfordshire
HP2 7TA





REGISTERED NUMBER: 01425629 (England and Wales)





AUDITORS: Ad Valorem Audit Services Limited
Chartered Certified Accountants
& Statutory Auditors
2 Manor Farm Court
Old Wolverton Road
Old Wolverton
Milton Keynes
Buckinghamshire
MK12 5NN

ADEX INTERIORS FOR INDUSTRY LTD (REGISTERED NUMBER: 01425629)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JANUARY 2024


The directors present their report with the financial statements of the company 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.

J Latimer
K J Marum
A Wood

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company'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:





J Latimer - Director


30 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ADEX INTERIORS FOR INDUSTRY LTD


Opinion
We have audited the financial statements of Adex Interiors For Industry Ltd (the 'company') for the year ended 31 January 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity 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 company's affairs as at 31 January 2024 and of its 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 company 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 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 INTERIORS FOR INDUSTRY LTD


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ADEX INTERIORS FOR INDUSTRY LTD


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 INTERIORS FOR INDUSTRY LTD

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.




Darren Kerins FCCA (Senior Statutory Auditor)
for and on behalf of Ad Valorem Audit Services Limited
Chartered Certified Accountants
& Statutory Auditors
2 Manor Farm Court
Old Wolverton Road
Old Wolverton
Milton Keynes
Buckinghamshire
MK12 5NN

30 October 2024

ADEX INTERIORS FOR INDUSTRY LTD (REGISTERED NUMBER: 01425629)

STATEMENT OF COMPREHENSIVE INCOME
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 977,392 860,098
OPERATING PROFIT 5 162,675 233,719

Interest receivable and similar income 15,684 14,626
178,359 248,345

Interest payable and similar expenses 16,411 4,172
PROFIT BEFORE TAXATION 161,948 244,173

Tax on profit 44,344 46,722
PROFIT FOR THE FINANCIAL YEAR 117,604 197,451

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

117,604

197,451

ADEX INTERIORS FOR INDUSTRY LTD (REGISTERED NUMBER: 01425629)

STATEMENT OF FINANCIAL POSITION
31 JANUARY 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 6 135,615 40,538

CURRENT ASSETS
Debtors 7 3,607,155 3,342,214
Cash at bank and in hand 1 5,643
3,607,156 3,347,857
CREDITORS
Amounts falling due within one year 8 1,118,476 957,818
NET CURRENT ASSETS 2,488,680 2,390,039
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,624,295

2,430,577

CREDITORS
Amounts falling due after more than one
year

9

(95,848

)

(23,333

)

PROVISIONS FOR LIABILITIES (11,301 ) (7,702 )
NET ASSETS 2,517,146 2,399,542

CAPITAL AND RESERVES
Called up share capital 11 110 110
Other reserves 90 90
Retained earnings 2,516,946 2,399,342
SHAREHOLDERS' FUNDS 2,517,146 2,399,542

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 INTERIORS FOR INDUSTRY LTD (REGISTERED NUMBER: 01425629)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024

Called up
share Retained Other Total
capital earnings reserves equity
£ £ £ £
Balance at 1 February 2022 110 2,301,891 90 2,302,091

Changes in equity
Dividends - (100,000 ) - (100,000 )
Total comprehensive income - 197,451 - 197,451
Balance at 31 January 2023 110 2,399,342 90 2,399,542

Changes in equity
Total comprehensive income - 117,604 - 117,604
Balance at 31 January 2024 110 2,516,946 90 2,517,146

ADEX INTERIORS FOR INDUSTRY LTD (REGISTERED NUMBER: 01425629)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


1. STATUTORY INFORMATION

Adex Interiors For Industry Ltd 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.

At 31 January 2024, the company had a current intercompany debtor of £1,913,982 with its immediate parent company, Howard Sandcliffe Investments 3 Limited, which the immediate parent company is currently unable to redeem. The directors have therefore assessed the company and its immediate parent company Howard Sandcliffe Investments 3 Limited as a group in their assessment of going concern.

The directors have prepared forecasts and projections, which have looked at a period greater than twelve months from the date of signing these financial statements. These forecasts and projections take account of reasonably probable changes in trading performance and show that the group should be able to operate within its agreed overdraft limit, without further need for external funding.

The group's intercreditor deed states that the holders of the group's deferred consideration liabilities, which are liabilities of the company's immediate parent company, cannot take enforcement action to seek repayments during the bank's security period, which does not expire until all bank indebtedness is cleared. The directors are forecasting that the group will still be in a position of bank overdraft at least twelve months from the date of signing these financial statements and they therefore expect the bank's security period to last at least twelve months from the date of signing these financial statements. As such, the directors have concluded that the group's deferred consideration liabilities cannot be enforced by their holders for a period of at least twelve months from the date of signing these financial statements. The directors are additionally confident that the holders of the deferred consideration liabilities will not take enforcement action to seek repayments detrimental to the group after the bank security period.

After making enquires, the directors are confident that the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements continue to be prepared on a going concern basis. The financial statements do not include any adjustments that would result if the group was unable to continue as a going concern.

TURNOVER
Turnover represents the value, excluding value added tax, of goods and services supplied to customers during the year. A sale is recognised when goods and services have been delivered and future economic benefits are probable. Revenue is measured at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, net of discounts and VAT.

ADEX INTERIORS FOR INDUSTRY LTD (REGISTERED NUMBER: 01425629)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


3. ACCOUNTING POLICIES - continued

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 - 25% on cost
Fixtures and fittings - at varying rates on cost
Motor vehicles - 25% on reducing balance

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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 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.

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 recording 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.

ADEX INTERIORS FOR INDUSTRY LTD (REGISTERED NUMBER: 01425629)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 9 ) .

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£ £
Depreciation - owned assets 11,146 5,833
Auditors' remuneration 2,500 2,500
Auditors' remuneration for non audit work 7,800 7,800

6. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£ £ £ £
COST
At 1 February 2023 4,312 62,887 55,340 122,539
Additions 1,265 3,384 110,260 114,909
Disposals (1,101 ) (10,628 ) - (11,729 )
At 31 January 2024 4,476 55,643 165,600 225,719
DEPRECIATION
At 1 February 2023 4,140 59,136 18,725 82,001
Charge for year 330 1,662 16,806 18,798
Eliminated on disposal (1,101 ) (9,594 ) - (10,695 )
At 31 January 2024 3,369 51,204 35,531 90,104
NET BOOK VALUE
At 31 January 2024 1,107 4,439 130,069 135,615
At 31 January 2023 172 3,751 36,615 40,538

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 INTERIORS FOR INDUSTRY LTD (REGISTERED NUMBER: 01425629)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 340,822 45,275
Amounts owed by group undertakings 3,212,996 3,013,404
Amounts recoverable on long
term contracts 26,944 258,839
Other debtors 26,393 24,696
3,607,155 3,342,214

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 152,057 10,000
Hire purchase contracts 15,481 -
Payments received on account 197,674 172,011
Trade creditors 200,284 502,846
Tax 40,746 39,806
Social security and other taxes 54,480 36,139
VAT 212,022 -
Other creditors 91,701 68,741
Accruals and deferred income 154,031 128,275
1,118,476 957,818

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Bank loan - 1-2 years 10,000 10,000
Bank loan - 2-5 years 3,334 13,333
Hire purchase contracts 82,514 -
95,848 23,333

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank overdraft 142,057 -
Bank loans 23,334 33,333
Hire purchase contracts 97,995 -
263,386 33,333

The company has provided a cross guarantee in respect of its parent company, Howard Sandcliffe Investments 3 Limited. The parent company had no bank borrowings subject to this guarantee as at 31 January 2024 (2023 - £Nil). The loan and overdraft facilities are secured by way of a fixed and floating charge over the assets of Adex Interiors for Industry Ltd.

ADEX INTERIORS FOR INDUSTRY LTD (REGISTERED NUMBER: 01425629)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
440 Ordinary £0.25 110 110

12. OTHER FINANCIAL COMMITMENTS

Total amounts contracted for but not provided in the financial statements amounted to £55,166 (2023 - £26,036). These relate to operating leases.

13. 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 loan is interest free and repayable on demand.

14. 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.

During the year the company paid rent of £17,000 (2023 - £17,000) to a limited liability partnership of which a director is a member.

15. PARENT COMPANIES

The company's immediate parent company is Howard Sandcliffe Investments 3 Limited, a company incorporated in England & Wales. The registered office of Howard Sandcliffe Investments 3 Limited is 2 Manor Farm Court, Old Wolverton Road, Old Wolverton, Milton Keynes, Bucks, MK12 5NN.

The company's ultimate parent company is Adex Holdings Limited, a company incorporated in England & Wales. The registered office of Adex Holdings Limited is 2 Manor Farm Court, Old Wolverton Road, Old Wolverton, Milton Keynes, Bucks, MK12 5NN.