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REGISTERED NUMBER: 05570822 (England and Wales)














Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31st March 2024

for

Adams Cash & Carry Limited

Adams Cash & Carry Limited (Registered number: 05570822)






Contents of the Financial Statements
for the year ended 31st March 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Income Statement 11

Other Comprehensive Income 12

Balance Sheet 13

Statement of Changes in Equity 14

Cash Flow Statement 15

Notes to the Cash Flow Statement 16

Notes to the Financial Statements 18


Adams Cash & Carry Limited

Company Information
for the year ended 31st March 2024







DIRECTORS: A Aziz
J C G Bale
Miss K J Green
P J Broster



REGISTERED OFFICE: Adam's Cash & Carry
Ivatt Way
Peterborough
PE3 7PH



REGISTERED NUMBER: 05570822 (England and Wales)



AUDITORS: Sadofskys
Statutory Auditors
Princes House
Wright Street
Hull
East Yorkshire
HU2 8HX



BANKERS: Lloyds Bank PLC
1 Legg Street, Chelmsford
Essex
CM1 1JS

Adams Cash & Carry Limited (Registered number: 05570822)

Strategic Report
for the year ended 31st March 2024

The directors present their strategic report for the year ended 31st March 2024.

REVIEW OF BUSINESS
The key financial highlights are as follows:

31/03/2024 31/03/2023 31/03/2022
£ £ £
Revenue 20,019,146 17,001,820 13,713,475
Revenue - Growth/(decline) 17.75% 23.97% 18.14%
Profit/(loss) before tax 479,194 2,377,965 498,204
Profit before tax margin 2.4% 13.9% 3.6%

The company's principal activity consists of the wholesale distribution and cash and carry of foodstuffs and packaging to catering establishments i.e. takeaways, restaurants, cafés, retail outlets and private customers.

The company's main strategy is to provide a complete service to its core business customers, and to the private customers it has gained through the pandemic, i.e., when it launched a business-to-customer service as the general public sought alternatives to the big supermarkets during the peak of the pandemic.

The company's recent financial performance aligns with trends observed across the industry. A significant portion of the sector's revenue growth in FY23 was driven by food and utility cost inflation. While most of these increased costs have been passed on to retailers and consumers, competitive pressures within the distribution segment have led to a partial absorption of these costs, resulting in reduced profit margins.

Looking ahead to FY25, the sector is anticipated to experience a period of stabilisation in product costs, distribution expenses, and utility charges. In response, the company has developed strategies to restore operating profitability. These initiatives include diversifying its product offerings, expanding distribution routes, and implementing cost-saving measures. The company remains committed to advancing the business, with a focus on organic revenue growth and margin recovery.


Adams Cash & Carry Limited (Registered number: 05570822)

Strategic Report
for the year ended 31st March 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The company's key financial instruments consist of bank balances, trade receivables, and trade payables. These instruments primarily serve to finance operations and manage liquidity.

Price Risk
As a wholesale distributor of foodstuffs and catering supplies, the company is exposed to price fluctuations due to competitive pressures. This risk is mitigated by maintaining adequate stock levels and ongoing market monitoring.

Foreign Exchange Risk
The company does not engage in purchasing products in foreign currencies, thereby avoiding exposure to foreign exchange risk.

Credit Risk
Customer accounts are regularly reviewed concerning outstanding balances and credit limits. Although some bad debts are experienced, the company believes it has effective systems in place to minimize this risk.

Liquidity Risk
Liquidity risk is managed by ensuring sufficient funds are available to meet payment obligations as they fall due. The company considers liquidity risk to be minimal.

Interest Rate and Cash Flow Risk
The company maintained a favourable cash balance throughout the year and does not consider interest rate or cash flow fluctuations to pose significant risks.

The company primarily finances its operations through internally generated cash resources. Risk acceptance and management are governed by a structured framework of policies, procedures, and internal controls. Trade receivables are managed in accordance with the company's credit and cash flow risk management policies, which determine the level of credit extended to customers and involve regular monitoring of outstanding balances. Trade receivables are reviewed on an ongoing basis, and provisions are made for doubtful debts as deemed necessary. The management of trade payables is conducted by ensuring that adequate liquidity is maintained to meet payment obligations in accordance with agreed terms.

The principal risks facing the company remain the maintenance of sufficient gross margins to support cash flow generation. The company has secured lending facilities with Lloyds plc, available for capital projects subject to board approval. The company continues to meet its loan repayment obligations in accordance with the agreed terms while sustaining positive cash flows.


Adams Cash & Carry Limited (Registered number: 05570822)

Strategic Report
for the year ended 31st March 2024

FUTURE DEVELOPMENTS AND STRATEGY
The Company aims to increase turnover whilst maintaining profit margins. The Company understands the need to implement strategic initiatives that drive sales and control costs. The key future developments that the Company is looking at to help achieve this balance are as follows:

Market Expansion
Entering new markets can significantly boost revenue. The Company has identified and targeted new customer segments and geographic areas that will increase their sales volume without compromising margins.

Product Diversification
The Company plans to introduce new branded products under its own brand (Adams Pride). This should attract more customers and increase sales. The aim is to spread risk and tap into new revenue streams, contributing to increased turnover.

Pricing Strategies
The Company has reviewed its pricing strategies to reflect market demand and cost changes to help maintain margins. This includes implementing dynamic pricing, bundling products and offering premium pricing for high-value items.

Cost Efficiency
The Company has streamlined operations and reduced some costs through automation, better supply chain management, and renegotiating supplier contracts to preserve margins. The Company continues to invest in technology to optimise processes, enhance productivity and reduce expenses.

ON BEHALF OF THE BOARD:





A Aziz - Director


30th October 2024

Adams Cash & Carry Limited (Registered number: 05570822)

Report of the Directors
for the year ended 31st March 2024

The directors present their report with the financial statements of the company for the year ended 31st March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of

DIVIDENDS
An interim dividend of £250 per share was paid on 31st March 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31st March 2024 will be £ 500 .

FUTURE DEVELOPMENTS
These details have been provided in the company's strategic report.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st April 2023 to the date of this report.

A Aziz
J C G Bale

Other changes in directors holding office are as follows:

Miss K J Green - appointed 19th April 2023
P J Broster - appointed 7th September 2023

FINANCIAL INSTRUMENTS
The company's primary financial reporting comprises the monthly production of detailed management accounts. These accounts include a comprehensive profit and loss statement (P&L) and balance sheet, which provide the directors with an in-depth analysis of the company's financial performance and position. The information presented facilitates ongoing monitoring of the company's financial progress against both the current budget and the prior year's performance for the corresponding period.

The management accounts serve as a critical tool for the directors to assess the achievement of strategic objectives in relation to the company's long-term plans. The key performance indicators (KPIs) reported within the monthly management accounts include Revenue, Gross Profit, EBITDA, Stock Holdings, Debtors, Debtor Days, and Liquidity.

CHARITY DONATIONS AND EXPENDITURE
Donations of £7,373.

FINANCIAL RISK MANAGEMENT
These details are provided in the company's strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, 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 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.


Adams Cash & Carry Limited (Registered number: 05570822)

Report of the Directors
for the year ended 31st March 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Sadofskys, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A Aziz - Director


30th October 2024

Report of the Independent Auditors to the Members of
Adams Cash & Carry Limited

Opinion
We have audited the financial statements of Adams Cash & Carry Limited (the 'company') for the year ended 31st March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 31st March 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 Strategic Report and 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Adams Cash & Carry Limited


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 Strategic Report or 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities, 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
Adams Cash & Carry 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the food sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, UK taxation legislation, and data protection, anti-bribery, employment, environmental, and health and safety legislation, along with industry specific regulations and requirements;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Report of the Independent Auditors to the Members of
Adams Cash & Carry Limited


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.




Paul Drant (Senior Statutory Auditor)
for and on behalf of Sadofskys
Statutory Auditors
Princes House
Wright Street
Hull
East Yorkshire
HU2 8HX

30th October 2024

Adams Cash & Carry Limited (Registered number: 05570822)

Income Statement
for the year ended 31st March 2024

2024 2023
Notes £    £    £    £   

TURNOVER 20,019,146 17,001,820

Cost of sales 17,981,343 15,146,617
GROSS PROFIT 2,037,803 1,855,203

Distribution costs 345,163 310,979
Administrative expenses 1,278,785 1,052,400
1,623,948 1,363,379
413,855 491,824

Other operating income 126,292 110,462
OPERATING PROFIT 4 540,147 602,286

Interest receivable and similar income 469 17
540,616 602,303
Gain/loss on revaluation of assets - 1,905,210
540,616 2,507,513

Interest payable and similar expenses 5 61,422 129,548
PROFIT BEFORE TAXATION 479,194 2,377,965

Tax on profit 6 315,279 419,705
PROFIT FOR THE FINANCIAL YEAR 163,915 1,958,260

Adams Cash & Carry Limited (Registered number: 05570822)

Other Comprehensive Income
for the year ended 31st March 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 163,915 1,958,260


OTHER COMPREHENSIVE INCOME
Purchase of Own Shares - (199,999 )
Capital Redemption Reserve - 1
Income tax relating to components of other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

-

(199,998

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

163,915

1,758,262

Adams Cash & Carry Limited (Registered number: 05570822)

Balance Sheet
31st March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 3,785,004 3,891,745
3,785,004 3,891,745

CURRENT ASSETS
Stocks 10 1,361,644 1,113,345
Debtors 11 1,355,771 933,790
Cash at bank and in hand 169,330 165,771
2,886,745 2,212,906
CREDITORS
Amounts falling due within one year 12 2,100,821 1,617,689
NET CURRENT ASSETS 785,924 595,217
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,570,928

4,486,962

CREDITORS
Amounts falling due after more than one
year

13

(574,645

)

(828,702

)

PROVISIONS FOR LIABILITIES 17 (752,436 ) (577,828 )
NET ASSETS 3,243,847 3,080,432

CAPITAL AND RESERVES
Called up share capital 18 2 2
Capital redemption reserve 19 1 1
Fair value reserve 19 1,428,908 1,905,210
Retained earnings 19 1,814,936 1,175,219
SHAREHOLDERS' FUNDS 3,243,847 3,080,432

The financial statements were approved by the Board of Directors and authorised for issue on 30th October 2024 and were signed on its behalf by:





A Aziz - Director


Adams Cash & Carry Limited (Registered number: 05570822)

Statement of Changes in Equity
for the year ended 31st March 2024

Called up Capital Fair
share Retained redemption value Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1st April 2022 3 1,322,168 - - 1,322,171

Changes in equity
Issue of share capital (1 ) - - - (1 )
Total comprehensive income - 1,758,261 1 - 1,758,262
No description - (1,905,210 ) - 1,905,210 -
Balance at 31st March 2023 2 1,175,219 1 1,905,210 3,080,432

Changes in equity
Dividends - (500 ) - - (500 )
Total comprehensive income - 163,915 - - 163,915
Deferred tax - 476,302 - (476,302 ) -
Balance at 31st March 2024 2 1,814,936 1 1,428,908 3,243,847

Adams Cash & Carry Limited (Registered number: 05570822)

Cash Flow Statement
for the year ended 31st March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 574,457 1,576,523
Interest paid (57,108 ) (121,428 )
Interest element of hire purchase payments
paid

(4,314

)

(8,120

)
Tax paid (82,965 ) (22,241 )
Net cash from operating activities 430,070 1,424,734

Cash flows from investing activities
Purchase of tangible fixed assets (133,830 ) (176,203 )
Sale of tangible fixed assets - 5,449
Interest received 469 17
Net cash from investing activities (133,361 ) (170,737 )

Cash flows from financing activities
Loan repayments in year (150,282 ) (297,587 )
Capital repayments in year (124,327 ) (724,745 )
Amount withdrawn by directors (82,416 ) 30,277
Share issue - (1 )
Purchase of own shares - (200,000 )
Equity dividends paid (500 ) -
Net cash from financing activities (357,525 ) (1,192,056 )

(Decrease)/increase in cash and cash equivalents (60,816 ) 61,941
Cash and cash equivalents at beginning of
year

2

165,771

103,830

Cash and cash equivalents at end of year 2 104,955 165,771

Adams Cash & Carry Limited (Registered number: 05570822)

Notes to the Cash Flow Statement
for the year ended 31st March 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 479,194 2,377,965
Depreciation charges 234,268 191,834
Loss on disposal of fixed assets 6,304 14,700
Gain on revaluation of fixed assets - (1,905,210 )
Finance costs 61,422 129,548
Finance income (469 ) (17 )
780,719 808,820
(Increase)/decrease in stocks (248,299 ) 619,369
(Increase)/decrease in trade and other debtors (421,981 ) 295,499
Increase/(decrease) in trade and other creditors 464,018 (147,165 )
Cash generated from operations 574,457 1,576,523

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st March 2024
31/3/24 1/4/23
£    £   
Cash and cash equivalents 169,330 165,771
Bank overdrafts (64,375 ) -
104,955 165,771
Year ended 31st March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 165,771 103,830


Adams Cash & Carry Limited (Registered number: 05570822)

Notes to the Cash Flow Statement
for the year ended 31st March 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1/4/23 Cash flow At 31/3/24
£    £    £   
Net cash
Cash at bank and in hand 165,771 3,559 169,330
Bank overdrafts - (64,375 ) (64,375 )
165,771 (60,816 ) 104,955
Debt
Finance leases (182,028 ) 59,958 (122,070 )
Debts falling due within 1 year (111,916 ) 19,544 (92,372 )
Debts falling due after 1 year (706,798 ) 195,106 (511,692 )
(1,000,742 ) 274,608 (726,134 )
Total (834,971 ) 213,792 (621,179 )

Adams Cash & Carry Limited (Registered number: 05570822)

Notes to the Financial Statements
for the year ended 31st March 2024

1. STATUTORY INFORMATION

Adams Cash & Carry 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 2007, is being amortised evenly over its estimated useful life of thirteen 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.
Freehold property - 2% on reducing balance
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Stock is rotated on a FIFO basis and consists of perishable and non perishable goods.

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 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.


Adams Cash & Carry Limited (Registered number: 05570822)

Notes to the Financial Statements - continued
for the year ended 31st March 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets held under finance lease or hire purchase contracts i.e (those contracts where substantially all the risks and rewards of ownership have passed to the company), are included in the appropriate category of tangible fixed assets and are depreciated over the shorter of the lease term and their estimated expected useful lives.

Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.

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.

Supplier rebates
Supplier rebates are shown as other income within the accounts and are not material in value.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions on the instrument. Financial assets and liabilities are offset with the net amounts presented in the financial statements, where there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,445,253 1,146,546
Social security costs 97,319 73,541
Other pension costs 8,264 12,868
1,550,836 1,232,955

Adams Cash & Carry Limited (Registered number: 05570822)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Directors 2 1
Administration and Warehouse 15 12
Warehouse 26 26
Transport 15 13
58 52

In 2024 the company assisted with the sponsorship of foreign internationals and the cost to the company is £37,659 included within legal fees.

2024 2023
£    £   
Directors' remuneration 54,750 29,278

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Other operating leases 3,279 2,960
Depreciation - owned assets 234,267 191,834
Loss on disposal of fixed assets 6,304 14,700
Auditors' remuneration 16,200 -

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 1,282 1,698
Other interest payable 55,281 119,720
Interest payable 545 10
Hire purchase interest 4,314 8,120
61,422 129,548

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 140,671 66,770

Deferred taxation 174,608 352,935
Tax on profit 315,279 419,705

Adams Cash & Carry Limited (Registered number: 05570822)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 479,194 2,377,965
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

119,799

451,813

Effects of:
Depreciation on non qualifying assets 13,008 2,646
Capital allowances in excess of depreciation - (9,319 )
Under provision of tax - (25,435 )
Effect of change in tax rate 182,472 -
Total tax charge 315,279 419,705

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31st March 2024.

2023
Gross Tax Net
£    £    £   
Purchase of Own Shares (199,999 ) - (199,999 )
Capital Redemption Reserve 1 - 1
(199,998 ) - (199,998 )

7. DIVIDENDS
2024 2023
£    £   
Interim 500 -

8. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st April 2023
and 31st March 2024 68,000
AMORTISATION
At 1st April 2023
and 31st March 2024 68,000
NET BOOK VALUE
At 31st March 2024 -
At 31st March 2023 -

Adams Cash & Carry Limited (Registered number: 05570822)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

9. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1st April 2023 2,712,719 1,802,176 222,772
Additions - 114,716 1,992
Disposals - - -
At 31st March 2024 2,712,719 1,916,892 224,764
DEPRECIATION
At 1st April 2023 111,235 957,624 76,473
Charge for year 52,030 93,214 22,220
Eliminated on disposal - - -
At 31st March 2024 163,265 1,050,838 98,693
NET BOOK VALUE
At 31st March 2024 2,549,454 866,054 126,071
At 31st March 2023 2,601,484 844,552 146,299

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1st April 2023 437,058 97,184 5,271,909
Additions - 17,122 133,830
Disposals (43,930 ) - (43,930 )
At 31st March 2024 393,128 114,306 5,361,809
DEPRECIATION
At 1st April 2023 159,269 75,563 1,380,164
Charge for year 54,297 12,506 234,267
Eliminated on disposal (37,626 ) - (37,626 )
At 31st March 2024 175,940 88,069 1,576,805
NET BOOK VALUE
At 31st March 2024 217,188 26,237 3,785,004
At 31st March 2023 277,789 21,621 3,891,745

Adams Cash & Carry Limited (Registered number: 05570822)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

9. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31st March 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Valuation in 2023 1,905,210 - -
Cost 807,509 1,916,892 224,764
2,712,719 1,916,892 224,764

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2023 - - 1,905,210
Cost 393,128 114,306 3,456,599
393,128 114,306 5,361,809

10. STOCKS
2024 2023
£    £   
Stocks 1,361,644 1,113,345

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 352,636 327,057
Other debtors 953,054 576,839
VAT 9,137 -
Prepayments and accrued income 40,944 29,894
1,355,771 933,790

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 14) 156,747 111,916
Hire purchase contracts (see note 15) 59,117 60,124
Trade creditors 1,553,822 1,052,541
Taxation 140,872 83,166
Social security and other taxes 63,143 67,938
VAT - 10,206
Other creditors 79,390 127,162
Directors' current accounts 80 82,496
Accrued expenses 47,650 22,140
2,100,821 1,617,689

Adams Cash & Carry Limited (Registered number: 05570822)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 14) 511,692 706,798
Hire purchase contracts (see note 15) 62,953 121,904
574,645 828,702

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 64,375 -
Bank loans 92,372 111,916
156,747 111,916

Amounts falling due between one and two years:
Bank loans - 1-2 years 24,188 111,916

Amounts falling due between two and five years:
Bank loans - 2-5 years 96,752 96,752

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 390,752 498,130

15. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 59,117 60,124
Between one and five years 62,953 121,904
122,070 182,028

The net book value of Plant and Machinery and Vehicles includes £122,070 (2023: £162,185) in respect of assets leased under finance leases or hire purchase contracts.

Continual rental agreement commitments of £5,952 per annum.

Adams Cash & Carry Limited (Registered number: 05570822)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft 64,375 -
Bank loans 604,064 818,714
668,439 818,714

The bank loans total £604,064. Of this value £535,881 (2023: £683,509) are secured. The bank overdraft is also secured. Lloyds Bank hold a fixed and floating charge as well as a debenture holding on the Land and Buildings at Ivatt Way. In addition, the shareholder has also given a personal guarantee on the loans.

The loans are due to be repaid by December 2036.

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 390,446 215,838
Other timing differences 361,990 361,990
752,436 577,828

Deferred
tax
£   
Balance at 1st April 2023 577,828
Provided during year 174,608
Balance at 31st March 2024 752,436

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have a par value of £1 per share and the company does not have a limited amount of authorised capital.

Adams Cash & Carry Limited (Registered number: 05570822)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

19. RESERVES
Capital Fair
Retained redemption value
earnings reserve reserve Totals
£    £    £    £   

At 1st April 2023 1,175,219 1 1,905,210 3,080,430
Profit for the year 163,915 163,915
Dividends (500 ) (500 )
Deferred tax 476,302 - (476,302 ) -
At 31st March 2024 1,814,936 1 1,428,908 3,243,845

Capital redemption reserve
Within the year to 31st March 2023 the company purchased back 1 Ordinary share for the value of £200,000 and has been reflected as a reduction in shares owned and a reduction the reserve account. This has been reclassified in the restated comparatives to show the movement into the capital redemption reserve from retained earnings. There has been no effect to taxation.

Fair value reserve
The fair value reserve relates to a revaluation of Ivatt Way on 31st March 2023.

20. RELATED PARTY DISCLOSURES

At the balance sheet date the company was owed amounts from the following related parties;

2024 2023
£    £   
Red Lion Bicker Limited 493,132 275,000
Ivatt Self Storage and Property Services 8,000 -
Adam Aziz Properties Limited 198,427 138,426
Harrison Springfield Properties Limited 186,988 -
Red Lion Construction Limited 288 -

At the balance sheet date the company owed amounts to the following related parties;

2024 2023
£    £   
Issac Properties 7,000 7,000

During the year, the company received management charges to the following related parties;

2024 2023
£    £   
Ivatt Self Storage and Property Services 35,600 35,600

During the year, the company made sales to the following related parties;

2024 2023
£    £   
Red Lion Construction Limited 312 -

At the year end the company owed Non exec director £1,200 (2023: NIL). During the year the company paid Non exec directors directors remuneration totalling £7,710. (2023: £3,504) and consultancy fees of £14,621 (2023: £40,372).

Adams Cash & Carry Limited (Registered number: 05570822)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

21. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A Aziz.