Registered number
05374580
Adderstone Projects Limited
Filleted Accounts
31 March 2024
Adderstone Projects Limited
Registered number: 05374580
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 123,035 73,624
Current assets
Stocks 2,482,141 2,085,597
Debtors 4 3,251,665 2,326,553
Cash at bank and in hand 32,645 108,515
5,766,451 4,520,665
Creditors: amounts falling due within one year 5 (5,557,159) (4,246,081)
Net current assets 209,292 274,584
Total assets less current liabilities 332,327 348,208
Creditors: amounts falling due after more than one year 6 (166,019) (179,903)
Provisions for liabilities - (18,406)
Net assets 166,308 149,899
Capital and reserves
Called up share capital 100 100
Profit and loss account 166,208 149,799
Shareholder's funds 166,308 149,899
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R B Robinson
Director
Approved by the board on 27 November 2024
Adderstone Projects Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 33% straight line
Fixtures and fittings 33% straight line
Motor vehicles 25% straight line
Office equipment 33% straight line
Stocks and work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal levels of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 38 61
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 119,789 32,039 151,828
Additions 6,452 92,217 98,669
Disposals - (9,999) (9,999)
At 31 March 2024 126,241 114,257 240,498
Depreciation
At 1 April 2023 55,122 23,082 78,204
Charge for the year 37,113 5,687 42,800
On disposals - (3,541) (3,541)
At 31 March 2024 92,235 25,228 117,463
Net book value
At 31 March 2024 34,006 89,029 123,035
At 31 March 2023 64,667 8,957 73,624
4 Debtors 2024 2023
£ £
Trade debtors 601,867 182,931
Amounts owed by related parties 2,614,860 614,323
Other debtors 34,938 1,529,299
3,251,665 2,326,553
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 64,000 64,000
Obligations under finance lease and hire purchase contracts 32,405 14,200
Trade creditors 182,448 257,239
Amounts owed to related parties 2,657,874 2,000,515
Taxation and social security costs 455,250 114,684
Other creditors 2,165,182 1,795,443
5,557,159 4,246,081
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 90,703 154,703
Obligations under finance lease and hire purchase contracts 75,316 25,200
166,019 179,903
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 154,703 218,703
Bank loans are secured by a fixed and floating charge over the assets of the company.
8 Other information
Adderstone Projects Limited is a private company limited by shares and incorporated in England. Its registered office is:
Collingwood House, The Fleming
Burdon Terrace
Jesmond
Newcastle upon Tyne
NE2 3AE
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