REGISTERED NUMBER: NI644789 (Northern Ireland) |
ADMAN GROUP LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
REGISTERED NUMBER: NI644789 (Northern Ireland) |
ADMAN GROUP LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 7 |
Consolidated Statement of Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 19 |
ADMAN GROUP LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
Church House |
24 Dublin Road |
OMAGH |
Co. Tyrone |
BT78 1HE |
BANKERS: | Ulster Bank Limited |
14 High Street |
Omagh |
Co. Tyrone |
BT78 1BJ |
SOLICITORS: | Tughans |
Church House | Marlborough House |
24 Dublin Road | 30 Victoria Street |
OMAGH | BELFAST |
Co. Tyrone | Co. Antrim |
BT78 1HE | BT1 3GG |
ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MAY 2024 |
PRINCIPAL ACTIVITY |
The principal activity of the company in the period under review was that of building and civil engineering contracting. |
REVIEW OF BUSINESS |
The company acts as a holding company for fellow group companies. |
The directors are pleased to report that the group had another successful trading year. The results for the year are set out in the Statement of Comprehensive Income, showing an increase in profitability. The year end financial position is set out on the Balance Sheet. |
The directors view the outlook for the group with confidence. |
SECTION 172(1) STATEMENT |
The directors acknowledge their responsibilities under section 172 of the Companies Act 2006. |
This statement describes how the directors have taken into account the matters set out in section 172(1) (a) to (f) of the Companies Act 2006, when performing their duties to promote the success of the group. The specific steps taken to address the matters set out in sections (a) to (f) are outlined below:- |
(a) The likely consequences of any decision in the long-term |
The directors regularly review their corporate and ethical duties via a corporate governance framework and develop plans that implement strategies. In all strategic decision making, the directors consider the long term impact of and reputation of the group and effectively mitigate any risks. The directors have the necessary skills and experience to identify the impact of their decisions on the groups' stakeholders, and where relevant, the likely consequences of said decisions in the long term. |
(b) The interests of the Group's employees |
The directors understand that wellbeing is pivotal to effective personal performance in the workplace. The directors regularly communicate with employees and provide internal and external training to promote career development. The directors place the health, safety and wellbeing of employees at the forefront of their approach and encourage significant employee engagement in the process. The directors aim to ensure that all employees are in an environment which is safe and secure. |
(c) The need to foster the Group's business relationships with suppliers, customers and others |
The directors historically have strong relationships with suppliers, customers and other stakeholders, and are actively developing new business development links and driving best practice within the supply chain. The directors are committed to the continuous professional development of staff which in turn improves the customer experience and promotes the long term success of the group. |
(d) The impact of the Group's operations on the community and environment |
The directors aim to reduce the impact the operations of the group have on local communities and the environment. This includes minimizing disruption and promoting the use of local labour, equipment and materials. The Group also provides support to a number of local and national charitable operations. The directors are committed to minimizing any negative impact on the environment which confines of the effective operation of the groups activities. |
(e) The desirability of the company maintaining a reputation for high standards of business conduct |
The directors require all employees of the group to maintain the highest standards of conduct when dealing with customers, suppliers and other stakeholders. The directors do not tolerate behaivours or acts which are deemed active or passive corruption, collusion or that influence favoritism. |
(f) The need to act fairly between members of the company |
The directors regularly hold meetings with key members of senior management of the group to discuss the strategic direction, objectives, business performance and future plans. The directors develop strategic plans for the group with the full involvement of the senior management team. |
ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MAY 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
Performance in the sector is affected by general economic conditions and specific sectoral factors such as public spending on infrastructure projects and maintenance. The directors make regular assessments of competitor activity, market trends and forecasts. |
Materials availability and price fluctuations are other sectoral risks faced. The security of materials supply is monitored by the directors on an ongoing basis with supplier financial strength, product quality and service levels regularly reviewed. |
The group continues to invest in long term relationships with its clients, supply chain and other key stakeholders to ensure that it is sufficiently well placed to mitigate against any unforeseen circumstances. |
Environmental risk: |
The directors recognise the potential environmental risks arising from the group's operations and invest resources to ensure the group maintains all necessary environmental standards and manages the risk effectively. |
Health & safety: |
The group is committed to achieving the highest practicable standards in health and safety management and strives to make its sites and offices safe environments for employees and customers alike. |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES |
The group uses various financial instruments including cash and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the group's operations. |
The existence of these financial instruments exposes the group to a number of financial risks. The main risks arising from the group's financial instruments are below:- |
Commodity price risk: |
The group uses materials which are exposed to commodity price risk. The directors take measures to protect against short term fluctuations in price, including measures to pass any fluctuations on to customers. |
Credit risk: |
The group's principal credit risk is in respect of customer credit arrangements which are managed through strict credit control arrangements and procedures. |
Liquidity risk: |
The group finances its working capital and investments with its own cash reserves and retains adequate balances to mitigate short and medium term liquidity risk. |
Currency risk: |
The group actively trades in both sterling and euro. Where possible euro cash inflows and outflows are matched. The directors take an active role in managing that the currency exposure remains within acceptable levels. |
The directors review and agree policies for managing each of the above risks. |
ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MAY 2024 |
KEY PERFORMANCE INDICATORS (KPIS) |
Given the nature of the business, the group's directors view that the principal KPI's of the business that are the most effective measures to evaluate the performance of the business are growth in turnover and operating profit. |
The directors are satisfied with the results for the year ended 31 May 2024 after taking into account the market conditions in which they operate and expected performance. Turnover has decreased by 14% in the year which was expected after the large increase in the year ended 31 May 2023. The gross operating profit has increased by 60%. |
The group's main objective is to maintain their market position. |
The group has been trading successfully and the directors have the necessary experience and expertise to deal with any changes in the industry including price commodity increases. The group has not made any changes to it's operations in the year ended 31 May 2024. |
ON BEHALF OF THE BOARD: |
ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MAY 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 May 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 May 2024. |
FUTURE DEVELOPMENTS |
The group continues to be a dynamic, innovative group with a proven reputation for delivering high-quality, value-driven solutions across a diverse range of sectors. With this approach the group plans to continue with its controlled growth. |
The group continues to recognise the importance of its employees and will actively seek opportunities to secure the long term commitment of employees to the business in a sustainable business structure. |
POST BALANCE SHEET EVENTS |
There have been no significant events affecting the company since the year end other than those disclosed in note 22. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report. |
STREAMLINED ENERGY AND CARBON REPORTING |
In line with the 'Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018' and related accompanying government guidance 'Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting requirements: March 2019', the group presents details of its carbon and energy usage. |
In line with the associated regulations and guidance, the group has provided combined reporting for companies meeting the Companies Act definition of a 'large' company and where annual energy consumption is greater than 40,000 kWh. |
Accordingly the following report is based on the energy and carbon usage of Adman Group Ltd and Adman Civil Projects Ltd. The activities of these companies include building and civil engineering contracting. |
Energy and emissions report |
Energy Consumption (kWh) |
Carbon Emissions (tCO2e) |
Intensity Ratio Emission (tCO2e) per £million turnover |
2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
Electricity | 42,166 | 64,243 | 9 | 13 | 0.1564 | 0.2059 |
Fuel | 12,249,599 | 11,596,273 | 3,229 | 3,055 | 57.8399 | 47.2779 |
Total | 12,291,765 | 11,660,516 | 3,238 | 3,068 | 57.9963 | 47.4838 |
Methodology |
To determine emissions for the year ended 31 May 2024, the group used a methodology compliant with the Greenhouse Gas ('GHG') Protocol and incorporated the UK Government GHG conversion factors for green-house gas reporting. |
Electricity consumption was based on data obtained from supplier invoices and meter readings. Fuel consumption was obtained from purchase invoices. The collected consumption data was then converted into greenhouse gas emissions associated with each activity using the annually updated emission factors from the UK Government. |
ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MAY 2024 |
DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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 group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, McAleer Jackson Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ADMAN GROUP LIMITED |
Opinion |
We have audited the financial statements of Adman Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 May 2024 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 |
ADMAN GROUP LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 Directors' Responsibilities Statement set out on page six, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ADMAN GROUP 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. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We obtained an understanding of the legal and regulatory framework that the group operates in, focusing on provisions of those laws and regulations that had a direct effect on material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, pensions and tax legislation, environmental regulations and health and safety laws, together with provisions of other laws and regulations that do not have a direct effect on the financial statements, but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. |
We tailored our response to those identified risks to include enquiring of management and external legal advisors concerning actual and potential litigation and claims, performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud, and reviewing correspondence with tax authorities and other regulatory bodies. |
In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias, and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business. We apply professional scepticism throughout the audit to consider deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements. |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
- the nature of the industry and sector, control environment and business performance including the group's remuneration policies, and performance targets; |
- results of our enquiries of management and other key persons about the group's own policies for the identification and assessment of the risks of irregularities, including those that may occur either as a result of fraud or error, and matters we identified from our review of the group's policies, procedures and internal controls; and |
- the matters discussed among the audit engagement team regarding potential indicators of fraud and where it might occur in the financial statements; |
- design of audit procedures responsive to those risks that incorporate unpredictability around the nature, timing and extent of our testing. |
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 |
ADMAN GROUP 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. |
for and on behalf of |
Chartered Accountants & Statutory Auditors |
Church House |
24 Dublin Road |
OMAGH |
Co. Tyrone |
BT78 1HE |
ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789) |
CONSOLIDATED |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 31 MAY 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 55,820,462 | 64,611,058 |
Cost of sales | 43,048,534 | 56,380,940 |
GROSS PROFIT | 12,771,928 | 8,230,118 |
Administrative expenses | 3,176,889 | 2,222,652 |
OPERATING PROFIT | 5 | 9,595,039 | 6,007,466 |
Amounts written off investments |
Joint ventures | (50 | ) | - |
9,594,989 | 6,007,466 |
Interest payable and similar expenses | 6 | (12,472 | ) | (986 | ) |
PROFIT BEFORE TAXATION | 9,582,517 | 6,006,480 |
Tax on profit | 7 | 1,880,047 | 908,807 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
7,702,470 |
5,097,673 |
Profit attributable to: |
Owners of the parent | 7,702,470 | 5,097,673 |
Total comprehensive income attributable to: |
Owners of the parent | 7,702,470 | 5,097,673 |
ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789) |
CONSOLIDATED BALANCE SHEET |
31 MAY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 | 626,343 | 461,935 |
Investments | 10 | - | - |
626,343 | 461,935 |
CURRENT ASSETS |
Stocks | 11 | 52,086 | 59,510 |
Debtors | 12 | 11,923,577 | 18,197,454 |
Cash at bank and in hand | 17,047,545 | 11,584,405 |
29,023,208 | 29,841,369 |
CREDITORS |
Amounts falling due within one year | 13 | 9,814,162 | 18,368,135 |
NET CURRENT ASSETS | 19,209,046 | 11,473,234 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
19,835,389 |
11,935,169 |
CREDITORS |
Amounts falling due after more than one year | 14 | (138,801 | ) | (224,994 | ) |
PROVISIONS FOR LIABILITIES | 18 | (397,826 | ) | (113,883 | ) |
NET ASSETS | 19,298,762 | 11,596,292 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 300 | 300 |
Other reserves | 20 | 100 | 100 |
Retained earnings | 20 | 19,298,362 | 11,595,892 |
SHAREHOLDERS' FUNDS | 19,298,762 | 11,596,292 |
The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2024 and were signed on its behalf by: |
Adrian McCrory - Director |
Martin Grimes - Director |
ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789) |
COMPANY BALANCE SHEET |
31 MAY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Cash at bank |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 6,472,412 | - |
The financial statements were approved by the Board of Directors and authorised for issue on |
ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MAY 2024 |
Called up |
share | Retained | Other | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
Balance at 1 June 2022 | 300 | 6,498,219 | 100 | 6,498,619 |
Changes in equity |
Total comprehensive income | - | 5,097,673 | - | 5,097,673 |
Balance at 31 May 2023 | 300 | 11,595,892 | 100 | 11,596,292 |
Changes in equity |
Total comprehensive income | - | 7,702,470 | - | 7,702,470 |
Balance at 31 May 2024 | 300 | 19,298,362 | 100 | 19,298,762 |
ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MAY 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 June 2022 |
Changes in equity |
Balance at 31 May 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 May 2024 |
ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MAY 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 7,386,566 | 7,179,649 |
Interest paid | (12,472 | ) | (986 | ) |
Interest element of hire purchase payments paid |
(5,979 |
) |
(5,979 |
) |
Tax paid | (1,530,799 | ) | (347,527 | ) |
Net cash from operating activities | 5,837,316 | 6,825,157 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (382,860 | ) | (187,501 | ) |
Sale of tangible fixed assets | 94,877 | - |
Net cash from investing activities | (287,983 | ) | (187,501 | ) |
Cash flows from financing activities |
Loan repayments in year | (9,904 | ) | (9,662 | ) |
Capital repayments in year | (76,289 | ) | (76,288 | ) |
Net cash from financing activities | (86,193 | ) | (85,950 | ) |
Increase in cash and cash equivalents | 5,463,140 | 6,551,706 |
Cash and cash equivalents at beginning of year |
2 |
11,584,405 |
5,032,699 |
Cash and cash equivalents at end of year | 2 | 17,047,545 | 11,584,405 |
ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MAY 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 9,582,517 | 6,006,480 |
Depreciation charges | 123,575 | 115,484 |
Hire purchase interest | 5,979 | 5,979 |
Joint ventures investments written off | 50 | - |
Increase in other provisions | 277,142 | - |
Finance costs | 12,472 | 986 |
10,001,735 | 6,128,929 |
Decrease/(increase) in stocks | 7,424 | (59,510 | ) |
Decrease/(increase) in trade and other debtors | 6,290,947 | (9,876,476 | ) |
(Decrease)/increase in trade and other creditors | (8,913,540 | ) | 10,986,706 |
Cash generated from operations | 7,386,566 | 7,179,649 |
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 31 May 2024 |
31.5.24 | 1.6.23 |
£ | £ |
Cash and cash equivalents | 17,047,545 | 11,584,405 |
Year ended 31 May 2023 |
31.5.23 | 1.6.22 |
£ | £ |
Cash and cash equivalents | 11,584,405 | 5,032,699 |
ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MAY 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.6.23 | Cash flow | At 31.5.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 11,584,405 | 5,463,140 | 17,047,545 |
11,584,405 | 5,463,140 | 17,047,545 |
Debt |
Finance leases | (279,724 | ) | 76,289 | (203,435 | ) |
Debts falling due within 1 year | (10,648 | ) | - | (10,648 | ) |
Debts falling due after 1 year | (21,558 | ) | 9,904 | (11,654 | ) |
(311,930 | ) | 86,193 | (225,737 | ) |
Total | 11,272,475 | 5,549,333 | 16,821,808 |
ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
1. | STATUTORY INFORMATION |
Adman Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling which is the functional currency of the group. |
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. |
The group financial statements consolidate the financial statements of Adman Group Limited and all its subsidiary undertakings drawn up to 31 May each year. |
Basis of consolidation |
The consolidated financial statements include the Company and its subsidiary undertakings. Intra-group sales and profits are eliminated fully on consolidation. |
Significant judgements and estimates |
When preparing the financial statements, management undertakes a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses. The following are significant management judgements in applying the accounting policies of the group that have the most significant effect on the financial statements. |
Performance of long term contracts |
Recognised amounts of contract revenues and related receivables reflect the directors' best |
estimates of contracts outcome and stage of completion. This includes the assessment of the |
profitability of the contracts. The group draws on the expertise of qualified personnel to |
undertake such estimates and to apply appropriate levels of scrutiny to ensure the required |
level of accuracy and governance over this class of asset, in order to limit concern over the |
recoverability of these balances. Costs to complete and contract profitability are subject to |
significant estimation uncertainty. |
Turnover |
Turnover is the amount derived from the provision of goods and services falling within the group's ordinary activities after deduction of value added tax. In the case of long term contracts, turnover is calculated by reference to the value of work performed to date as a proportion of the total contract value together with attributable profit. Profit is recognised on long term contracts, if the final outcome can be assessed with reasonable certainty, by including in the Consolidated Statement of Comprehensive Income turnover and related costs as contract activity progresses. Turnover also represents the value of services performed in operating service contracts carried out during the year, exclusive of value added tax. |
ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Improvement Leasehold Property | - |
Plant & machinery | - |
Fixtures & fittings | - |
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provisions for impairment. |
Investment in subsidiaries |
Investments in subsidiary undertakings are measured at cost less impairment. |
Interests in joint ventures |
Interests in joint ventures are accounted for in accordance with the equity method and are initially recognised at cost and is subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the jointly controlled entity less impairment. Dividends and other distributions received from the jointly controlled entity reduce the carrying amount of the investment. If the group's share of losses of a jointly controlled entity equals or exceeds the carrying amount of its investment in the jointly controlled entity, the group discontinues recognising its share of further losses. After the group's interest is reduced to zero, the group recognises additional losses by a provision only to the extent that the group has incurred legal or constructive obligations or has made payments on behalf of the jointly controlled entity. If the jointly controlled entity subsequently reports profits, the group shall resume recognising its share of those profits only after its share of the profits equals the share of losses not recognised. |
Stocks |
Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
Amounts recoverable on contracts |
The amount by which turnover exceeds payments on account on contracts is shown under debtors as amounts recoverable on contracts. Where payments on account exceed turnover, the excess is classified as deferred income within creditors. When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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. |
ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 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. |
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 obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit and loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
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 benefit in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Company 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. |
ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Financial Instruments |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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. |
Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable. |
ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
Wages and salaries | 5,914,745 | 5,612,898 |
Other pension costs | - | 80,000 |
5,914,745 | 5,692,898 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Site | 98 | 98 |
Administration | 29 | 30 |
127 | 128 |
4. | DIRECTORS' EMOLUMENTS |
2024 | 2023 |
£ | £ |
Directors' remuneration | 19,920 | 19,920 |
Directors' pension contributions | - | 80,000 |
19,920 | 99,920 |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Other operating leases | 93,021 | 78,397 |
Depreciation - owned assets | 61,188 | 37,500 |
Depreciation - assets on hire purchase contracts | 62,387 | 77,984 |
Auditors remuneration - audit services | 23,500 | 14,500 |
Auditors remuneration - non audit services | 44,075 | 9,000 |
ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Loan interest | 745 | 986 |
Corporation tax interest | 11,727 | - |
12,472 | 986 |
7. | 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 | 1,364,362 | 425,434 |
Foreign corporation tax | 508,884 | 465,485 |
Total current tax | 1,873,246 | 890,919 |
Deferred tax | 6,801 | 17,888 |
Tax on profit | 1,880,047 | 908,807 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 9,582,517 | 6,006,480 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 20.003 %) |
2,395,629 |
1,201,476 |
Effects of: |
Expenses not deductible for tax purposes | 2,449 | - |
Deferred tax at future rate | - | 3,578 |
Enhanced capital allowances | - | (9,370 | ) |
Foreign tax paid at lower rate | (517,666 | ) | (286,727 | ) |
UK tax paid at 19% | - | (150 | ) |
Other differences | (365 | ) | - |
Total tax charge | 1,880,047 | 908,807 |
8. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
9. | TANGIBLE FIXED ASSETS |
Group |
Improvement |
Leasehold | Plant & | Fixtures |
Property | machinery | & fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 June 2023 | - | 611,325 | - | 611,325 |
Additions | 228,551 | 94,877 | 59,432 | 382,860 |
Disposals | - | (94,877 | ) | - | (94,877 | ) |
At 31 May 2024 | 228,551 | 611,325 | 59,432 | 899,308 |
DEPRECIATION |
At 1 June 2023 | - | 149,390 | - | 149,390 |
Charge for year | 22,855 | 92,387 | 8,333 | 123,575 |
At 31 May 2024 | 22,855 | 241,777 | 8,333 | 272,965 |
NET BOOK VALUE |
At 31 May 2024 | 205,696 | 369,548 | 51,099 | 626,343 |
At 31 May 2023 | - | 461,935 | - | 461,935 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant & |
machinery |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 | 423,824 |
DEPRECIATION |
At 1 June 2023 | 111,890 |
Charge for year | 62,387 |
At 31 May 2024 | 174,277 |
NET BOOK VALUE |
At 31 May 2024 | 249,547 |
At 31 May 2023 | 311,934 |
ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
10. | FIXED ASSET INVESTMENTS |
Group |
Interest |
in joint |
venture |
£ |
COST |
Additions | 50 |
Impairments | (50 | ) |
At 31 May 2024 | - |
NET BOOK VALUE |
At 31 May 2024 | - |
Interest in joint venture |
ADMANOTTJV Ltd |
Registered office: 4 Bankmore Way East, Omagh, Northern Ireland, BT79 0NZ |
Nature of business: Building and civil engineering |
% |
Class of shares: | holding |
Ordinary | 25.00 |
Company |
Shares in |
group |
undertaking |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 4 Bankmore Way East Omagh Co. Tyrone BT79 0NZ |
Nature of business: |
% |
Class of shares: | holding |
ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
10. | FIXED ASSET INVESTMENTS - continued |
Registered office: 4 Bankmore Way East Omagh Co. Tyrone BT79 0NZ |
Nature of business: |
% |
Class of shares: | holding |
11. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stock | 52,086 | 59,510 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Trade debtors | 6,573,293 | 11,094,967 |
Amounts recoverable on contracts | 4,815,462 | 6,348,588 |
Sundry debtors | 534,822 | 753,899 |
11,923,577 | 18,197,454 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 15) | 10,648 | 10,648 |
Hire purchase contracts (see note 16) | 76,288 | 76,288 |
Trade creditors | 3,309,976 | 8,028,464 |
Amounts owed to joint ventures | 50 | - |
Corporation tax | 1,100,283 | 740,766 |
Social security and other taxes | 1,090,552 | 1,160,815 |
Sundry creditors | 20,255 | 39,487 |
Accruals and deferred income | 4,206,110 | 8,311,667 |
9,814,162 | 18,368,135 |
ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Bank loans (see note 15) | 11,654 | 21,558 |
Hire purchase contracts (see note 16) | 127,147 | 203,436 |
138,801 | 224,994 |
15. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 10,648 | 10,648 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 10,648 | 10,648 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 1,006 | 10,910 |
Interest is charged on Bank loans at a fixed rate of 2.5%. Capital and interest is payable monthly at a fixed rate. |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 76,288 | 76,288 |
Between one and five years | 127,147 | 203,436 |
203,435 | 279,724 |
ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
17. | SECURED DEBTS |
Bank borrowings are secured by way of:- |
- A fixed and floating charge over the group's assets and; |
- A government guarantee |
18. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
Deferred tax | 120,684 | 113,883 |
Other provisions | 277,142 | - |
397,826 | 113,883 |
Group |
Deferred | Other |
Tax | Provisions |
£ | £ |
Balance at 1 June 2023 | 113,883 | - |
Movement during year | 6,801 | 277,142 |
Balance at 31 May 2024 | 120,684 | 277,142 |
Other provisions comprise post completion costs projected to arise on certain contracts that were in progress at the balance sheet date. |
19. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 300 | 300 |
ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
20. | RESERVES |
Group |
Retained | Other |
earnings | reserves | Totals |
£ | £ | £ |
At 1 June 2023 | 11,595,892 | 100 | 11,595,992 |
Profit for the year | 7,702,470 | 7,702,470 |
At 31 May 2024 | 19,298,362 | 100 | 19,298,462 |
Company |
Retained |
earnings |
£ |
Profit for the year |
At 31 May 2024 |
21. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
FRS 12 Section 33.6 requires the group to disclose remuneration of all key personnel. Total remuneration to key personnel during the year totalled £19,920 (2023: £99,920) |
Entities with control, joint control or significant influence over the entity |
2024 | 2023 |
£ | £ |
Amount due to related party | 701,049 | 678,539 |
ADMAN GROUP LIMITED (REGISTERED NUMBER: NI644789) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
21. | RELATED PARTY DISCLOSURES - continued |
Adman Plant Services Ltd |
Mr Adrian McCrory & Mr Martin Grimes are the sole directors & shareholders of Adman Plant Services Ltd. |
Adman Civil Projects Ltd (a subsidiary of Adman Group Limited) has provided a cross company guarantee for the benefit of Adman Plant Services Ltd in relation to hire purchase liabilities owed by Adman Plant Services Ltd. The directors of Adman Civil Projects Ltd do not expect any liability to arise on Adman Civil Projects Ltd in respect of this matter as: |
- The market value of the assets concerned is in excess of the hire purchase liabilities owing; |
- Adman Plant Services Ltd has other unencumbered assets which would meet any unexpected shortfall; |
- In addition, the assets in question are fully insured. |
During the year ended 31 May 2024, Adman Civil Projects Ltd purchased services to the value of £3,366,258 (year ended 31 May 2023: £2,535,938) from Adman Plant Services Ltd. |
As at 31 May 2024, Adman Civil Projects Ltd owed £701,049 (2023: £678,539) to the related party. This amount has been included within trade creditors. |
22. | POST BALANCE SHEET EVENTS |
There have been no significant post balance sheet events other than on 1 August 2024 the group entered into new secured bond facilities and received support by way of guarantees from fellow group companies. |
23. | ULTIMATE CONTROLLING PARTY |
The company directors and sole shareholders, Adrian McCrory and Martin Grimes, act in unison as the ultimate controlling party. |
24. | CONTINGENT LIABILITIES |
The directors confirm that the group has no contingent liabilities at the year end (2023 - £Nil). |
25. | CAPITAL COMMITMENTS |
At 31 May 2024 the group had no capital commitments (2023 - £Nil). |