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REGISTERED NUMBER: SC038547 (Scotland)















Adams Brothers (Plumbers & Heating
Engineers) Limited

Unaudited Financial Statements for the Year Ended 31 May 2024






Adams Brothers (Plumbers & Heating
Engineers) Limited (Registered number: SC038547)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Adams Brothers (Plumbers & Heating
Engineers) Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: G Adams
D Adams





SECRETARY: G Adams





REGISTERED OFFICE: 33 Caledonian Crescent
Edinburgh
EH11 2AH





REGISTERED NUMBER: SC038547 (Scotland)





ACCOUNTANTS: Gibson McKerrell Burrows Limited
28 Rutland Square
Edinburgh
EH1 2BW

Adams Brothers (Plumbers & Heating
Engineers) Limited (Registered number: SC038547)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 34,989 39,810

CURRENT ASSETS
Stocks 30,025 31,214
Debtors 5 57,792 27,132
Cash at bank and in hand 7,635 8,921
95,452 67,267
CREDITORS
Amounts falling due within one year 6 77,772 59,966
NET CURRENT ASSETS 17,680 7,301
TOTAL ASSETS LESS CURRENT
LIABILITIES

52,669

47,111

CREDITORS
Amounts falling due after more than one
year

7

35,017

42,500
NET ASSETS 17,652 4,611

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 8 9,356 9,686
Retained earnings 8 8,196 (5,175 )
17,652 4,611

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 January 2025 and were signed on its behalf by:





G Adams - Director


Adams Brothers (Plumbers & Heating
Engineers) Limited (Registered number: SC038547)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Adams Brothers (Plumbers & Heating Engineers) Limited is a private company, limited by shares , registered in Scotland. 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

In respect of long term contracts and contracts for ongoing services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long term contracts and contracts for on-going services is recognised with reference to the stage of completion.

Tangible fixed assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Freehold property - 2% straight line
Plant and machinery - 15% reducing balance
Fixtures and fittings - 15% reducing balance
Motor vehicles - 25% reducing balance

Impairment of fixed assets
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.

For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets.

Adams Brothers (Plumbers & Heating
Engineers) Limited (Registered number: SC038547)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

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 stock to its present location and condition.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 June 2023 45,000 1,864 3,979 37,060 87,903
Disposals - - - (11,970 ) (11,970 )
At 31 May 2024 45,000 1,864 3,979 25,090 75,933
DEPRECIATION
At 1 June 2023 20,500 1,864 3,015 22,714 48,093
Charge for year 900 - 145 3,523 4,568
Eliminated on disposal - - - (11,717 ) (11,717 )
At 31 May 2024 21,400 1,864 3,160 14,520 40,944
NET BOOK VALUE
At 31 May 2024 23,600 - 819 10,570 34,989
At 31 May 2023 24,500 - 964 14,346 39,810

Adams Brothers (Plumbers & Heating
Engineers) Limited (Registered number: SC038547)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 May 2024 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2012 16,509 - - - 16,509
Cost 28,491 1,864 3,979 25,090 59,424
45,000 1,864 3,979 25,090 75,933

If the freehold property had not been revalued it would have been included at the following historical cost:

31.5.24 31.5.23
£    £   
Cost 28,914 28,914
Aggregate depreciation 14,247 13,677

The freehold property was valued on an open market basis on 5 March 2012 by Graham and Sibbald, chartered surveyors .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 55,904 25,604
Other debtors 1,888 1,528
57,792 27,132

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Hire purchase contracts 3,965 4,033
Trade creditors 37,302 24,364
Taxation and social security 26,877 26,793
Other creditors 9,628 4,776
77,772 59,966

Bank lending is secured by a bond and floating charge over all the company assets. Mr G Adams and Mr D Adams each own 25% of the property.

The bounce back loan of £1,889 (31 May 2023 - £1,889) is guaranteed by the government. The government make a business interruption payment to cover the first 12 months interest, and thereafter interest is charged at 2.5%.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.5.24 31.5.23
£    £   
Hire purchase contracts 7,361 10,985
Other creditors 27,656 31,515
35,017 42,500

Amounts falling due in more than five years:

Repayable by instalments
Bounce Back loan 2,518 4,403

Adams Brothers (Plumbers & Heating
Engineers) Limited (Registered number: SC038547)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

The bounce back loan of £10,074 (31 May 2023 - £11,963) is guaranteed by the government. The government make a business interruption payment to cover the first 12 months interest, and thereafter interest is charged at 2.5%.

The directors' loan accounts are interest free with no specific terms for repayment.

8. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 June 2023 (5,175 ) 9,686 4,511
Profit for the year 13,041 13,041
Reclassification from
revaluation reserve to
profit and loss account 330 (330 ) -
At 31 May 2024 8,196 9,356 17,552

9. RELATED PARTY TRANSACTIONS

The company was under the control of Mr G Adams throughout the current and previous year. Mr G Adams is the managing director.

Mr G Adams was due £12,344 (2023 - £13,329) from the company by way of a director's loan. Mr D Adams was due £5,238 (2023 - £6,223) from the company by way of a director's loan. These loans are interest free with no specific terms for repayment.