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Company registration number: 06661626
Adept Flooring Installations limited
Unaudited filleted financial statements
31 May 2024
Adept Flooring Installations limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Adept Flooring Installations limited
Directors and other information
Directors Mrs Susan J M Howarth
Mr Michael W Faulkner
Company number 06661626
Registered office Unit 34, Mereview Industrial Estate
Yaxley
Peterborough
Cambs
PE7 3HS
Business address Unit 34, Mereview Industrial Estate
Yaxley
Peterborough
Cambs
PE7 3HS
Accountants Rawnsley & Co
35 Colworth House
Colworth Park, Sharnbrook
Bedford
MK44 1LQ
Bankers Barclays Bank Plc
Adept Flooring Installations limited
Statement of financial position
31 May 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 30,754 39,737
_______ _______
30,754 39,737
Current assets
Stocks 35,641 39,917
Debtors 6 36,070 46,769
Cash at bank and in hand 41,353 50,027
_______ _______
113,064 136,713
Creditors: amounts falling due
within one year 7 ( 127,440) ( 139,578)
_______ _______
Net current liabilities ( 14,376) ( 2,865)
_______ _______
Total assets less current liabilities 16,378 36,872
Creditors: amounts falling due
after more than one year 8 ( 6,108) ( 11,124)
Provisions for liabilities ( 6,825) ( 6,825)
_______ _______
Net assets 3,445 18,923
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 3,443 18,921
_______ _______
Shareholders funds 3,445 18,923
_______ _______
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 04 February 2025 , and are signed on behalf of the board by:
Mrs Susan J M Howarth
Director
Company registration number: 06661626
Adept Flooring Installations limited
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 34, Mereview Industrial Estate, Yaxley, Peterborough, Cambs, PE7 3HS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 2 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 June 2023 13,885 12,986 52,238 79,109
Additions 500 590 - 1,090
_______ _______ _______ _______
At 31 May 2024 14,385 13,576 52,238 80,199
_______ _______ _______ _______
Depreciation
At 1 June 2023 10,427 10,917 18,028 39,372
Charge for the year 989 532 8,552 10,073
_______ _______ _______ _______
At 31 May 2024 11,416 11,449 26,580 49,445
_______ _______ _______ _______
Carrying amount
At 31 May 2024 2,969 2,127 25,658 30,754
_______ _______ _______ _______
At 31 May 2023 3,458 2,069 34,210 39,737
_______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 33,031 43,730
Other debtors 3,039 3,039
_______ _______
36,070 46,769
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 37,368 46,433
Social security and other taxes 22,283 21,098
Other creditors 67,789 72,047
_______ _______
127,440 139,578
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 6,108 11,124
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mrs Susan J M Howarth ( 22,345) - ( 22,345)
Mr Michael W Faulkner ( 4,791) - ( 4,791)
_______ _______ _______
( 27,136) - ( 27,136)
_______ _______ _______
2023
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mrs Susan J M Howarth ( 24,344) 1,499 (22,845)
Mr Michael W Faulkner ( 5,000) 209 ( 4,791)
_______ _______ _______
( 29,344) 1,708 (27,636)
_______ _______ _______
There are no terms for repayment, of the directors' interest free loans.
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Susan Howarth Associates Limited - - 25,049 25,049
_______ _______ _______ _______
Susan Howarth Associates Limited is under the common control of one of the directors. The business property is owned by the director and is subject to an informal commercial annual rental agreement £12,000 (2023: £12,000) which was paid up to date at the balance sheet date.
11. Controlling party
The ultimate controlling parties are Mrs Susan J M Howarth and Mr Michael W Faulkner by virtue of their equal shareholding.