Company registration number SC099049 (Scotland)
ADC Energy Limited
Unaudited financial statements
for the year ended 30 April 2024
Pages for filing with registrar
ADC Energy Limited
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of ADC Energy Limited
1

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of ADC Energy Limited for the year ended 30 April 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.

This report is made solely to the board of directors of ADC Energy Limited, as a body, in accordance with the terms of our engagement letter dated 15 April 2010. Our work has been undertaken solely to prepare for your approval the financial statements of ADC Energy Limited and state those matters that we have agreed to state to the board of directors of ADC Energy Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ADC Energy Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that ADC Energy Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of ADC Energy Limited. You consider that ADC Energy Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of ADC Energy Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

James Milne
Chartered Accountants
5 Bon Accord Square
Aberdeen
AB11 6XZ
28 January 2025
ADC Energy Limited
Statement of financial position
As at 30 April 2024
2
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,221,993
2,245,912
Current assets
Debtors
4
2,811,375
2,816,014
Cash at bank and in hand
159,758
222,410
2,971,133
3,038,424
Creditors: amounts falling due within one year
5
(1,168,767)
(1,074,035)
Net current assets
1,802,366
1,964,389
Total assets less current liabilities
4,024,359
4,210,301
Creditors: amounts falling due after more than one year
6
(413,834)
(519,081)
Provisions for liabilities
(50,317)
(56,188)
Net assets
3,560,208
3,635,032
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
3,560,108
3,634,932
Total equity
3,560,208
3,635,032

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

ADC Energy Limited
Statement of financial position (continued)
As at 30 April 2024
3
The financial statements were approved by the board of directors and authorised for issue on 28 January 2025 and are signed on its behalf by:
Austin Hay
Director
Company Registration No. SC099049
ADC Energy Limited
Notes to the financial statements
for the year ended 30 April 2024
4
1
Accounting policies
Company information

ADC Energy Limited is a private company limited by shares incorporated in Scotland. The registered office is 32-34 Queen's Road, Aberdeen, AB15 4YF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents revenue recognised in the accounts. Revenue is recognised when the company fulfils its contractual obligations to customers by supplying goods and services and excludes value added tax. Where services are performed gradually over time revenue is recognised as activity progresses by reference to the value of work performed.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
No depreciation is provided on buildings
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance and 3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Financial instruments

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

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when 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.

ADC Energy Limited
Notes to the financial statements (continued)
for the year ended 30 April 2024
1
Accounting policies (continued)
5
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

ADC Energy Limited
Notes to the financial statements (continued)
for the year ended 30 April 2024
1
Accounting policies (continued)
6
1.7
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
132,905
261,010
Adjustments in respect of prior periods
(116,765)
(138,827)
Total current tax
16,140
122,183
Deferred tax
Origination and reversal of timing differences
(5,871)
12,138
Total tax charge
10,269
134,321
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost or valuation
At 1 May 2023
2,178,391
36,240
550,211
2,764,842
Additions
-
0
373
6,425
6,798
At 30 April 2024
2,178,391
36,613
556,636
2,771,640
Depreciation and impairment
At 1 May 2023
-
0
33,660
485,270
518,930
Depreciation charged in the year
-
0
695
30,022
30,717
At 30 April 2024
-
0
34,355
515,292
549,647
Carrying amount
At 30 April 2024
2,178,391
2,258
41,344
2,221,993
At 30 April 2023
2,178,391
2,580
64,941
2,245,912
ADC Energy Limited
Notes to the financial statements (continued)
for the year ended 30 April 2024
3
Tangible fixed assets (continued)
7

The property has been included in the financial statements based on the valuation at 30th April 2018.

If the revalued assets were stated on a historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

2024
2023
£
£
Cost
3,072,449
3,072,449
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,147,686
1,066,664
Other debtors
1,663,689
1,749,350
2,811,375
2,816,014
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
404,694
420,594
Trade creditors
603,800
415,590
Corporation tax
(5,153)
100,276
Other taxation and social security
48,529
44,538
Other creditors
116,897
93,037
1,168,767
1,074,035
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
413,834
519,081
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
(70,044)
116,213
ADC Energy Limited
Notes to the financial statements (continued)
for the year ended 30 April 2024
8
7
Related party transactions
Transactions with related parties

At 30th April 2024 £836,707 (2023 - £1,167,952) was loaned collectively to companies in which the directors have an interest. The loans are unsecured, interest free and repayable on demand.

8
Directors' transactions

During the year the directors entered into the following advances and credits with the company:

Description
Opening debit balance
Amounts advanced
Amounts repaid
Closing                  debit balance
£
£
£
£
Douglas Hay
9,981
544,118
(609,686)
(55,587)
Austin Hay
100,649
127,683
(39,000)
189,332
110,630
671,801
(648,686)
133,745
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