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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: J Latimer
K J Marum
A Wood





REGISTERED OFFICE: 2 Manor Farm Court
Old Wolverton Road
Old Wolverton
Milton Keynes
Buckinghamshire
MK12 5NN





REGISTERED NUMBER: 10843338 (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 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.

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). 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:





J Latimer - Director


30 October 2024

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.




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 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 426 79,660

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 8 665,547 665,547
665,547 665,547

CURRENT ASSETS
Debtors 9 1,098,666 1,098,666
Cash in hand 40 40
1,098,706 1,098,706
CREDITORS
Amounts falling due within one year 10 1,423,075 1,267,295
NET CURRENT LIABILITIES (324,369 ) (168,589 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

341,178

496,958

CREDITORS
Amounts falling due after more than one
year

11

10,926

144,803
NET ASSETS 330,252 352,155

CAPITAL AND RESERVES
Called up share capital 13 100 100
Share premium 20,416 20,416
Retained earnings 309,736 331,639
SHAREHOLDERS' FUNDS 330,252 352,155

Company's (loss)/profit for the financial
year

(21,903

)

77,355

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)

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


1. STATUTORY INFORMATION

Adex Holdings Limited 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 General Information page.

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
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. The financial statements have been prepared under the historical cost convention.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of twenty years.

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
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 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 3 (2023 - 3 ) .

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 665,547
NET BOOK VALUE
At 31 January 2024 665,547
At 31 January 2023 665,547

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

SUBSIDIARIES

Howard Sandcliffe Investments 3 Limited
Registered office: 2 Manor Farm Court, Old Wolverton Road, Milton Keynes, Bucks, MK12 5NN
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00
2024 2023
£ £
Aggregate capital and reserves 602,628 605,395
(Loss)/profit for the year (2,767 ) 97,361

Adex Interiors for Industry Ltd
Registered office: Unit 5, Avebury Court, Mark Road, Hemel Hempstead, Herts, HP2 7TA
Nature of business: Office interior design and supply
%
Class of shares: holding
Ordinary 100.00
2024 2023
£ £
Aggregate capital and reserves 2,517,146 2,399,542
Profit for the year 117,604 197,541

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 - - 1,098,666 1,098,666
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 1,098,666 1,098,666

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 92,263 144,000
Hire purchase contracts 15,481 - - -
Payments on account 197,674 172,011 - -
Trade creditors 200,287 502,846 - -
Amounts owed to group undertakings - - 1,299,014 1,101,022
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 1,500 1,500
1,291,471 1,171,858 1,423,075 1,267,295

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 - 92,263
Hire purchase contracts 82,514 - - -
Directors' loan accounts 10,926 52,540 10,926 52,540
106,774 168,136 10,926 144,803

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: £ £
100 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.