REGISTERED NUMBER: |
ADMAN SERVICES LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
REGISTERED NUMBER: |
ADMAN SERVICES LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
ADMAN SERVICES LIMITED (REGISTERED NUMBER: NI644836) |
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 |
ADMAN SERVICES 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: |
14 High Street |
Omagh |
Co. Tyrone |
BT78 1BJ |
ADMAN SERVICES LIMITED (REGISTERED NUMBER: NI644836) |
BALANCE SHEET |
31 MAY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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 |
ADMAN SERVICES LIMITED (REGISTERED NUMBER: NI644836) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
1. | STATUTORY INFORMATION |
Adman Services 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 company. |
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 Company 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 organisation 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 organisation'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 Income Statement turnover and related costs as contract activity progresses. In the case of service contracts turnover represents the value of services performed during the year, exclusive of value added tax. |
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 Income Statement, 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 SERVICES LIMITED (REGISTERED NUMBER: NI644836) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
2. | ACCOUNTING POLICIES - continued |
Interests in joint ventures |
Interests in joint ventures are accounted for in accordance with the cost model and are recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition. |
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. |
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. |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
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. |
ADMAN SERVICES LIMITED (REGISTERED NUMBER: NI644836) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company 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. |
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 the Statement of Comprehensive Income unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | FIXED ASSET INVESTMENTS |
Interests |
in joint |
ventures |
£ |
COST |
Additions |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Joint venture |
Registered office: 4 Bankmore Way East Omagh Co. Tyrone BT79 0NZ |
Nature of business: |
% |
Class of shares: | holding |
ADMAN SERVICES LIMITED (REGISTERED NUMBER: NI644836) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts recoverable on |
contracts |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to joint ventures | 25 | - |
Corporation tax |
Social security and other taxes |
Accruals |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
8. | RELATED PARTY DISCLOSURES |
The company has taken advantage of the exemptions contained in Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 33 Related Party Disclosures paragraph 33.11 and has not disclosed details of transactions with its parent or fellow subsidiary entities on the grounds that it is a 100% wholly owned subsidiary at the year end and the group financial statements of Adman Group Limited, within which Adman Services Limited is included are publicly available. |
9. | POST BALANCE SHEET EVENTS |
There have been no significant post balance sheet events other than on 1 August 2024 the company provided a secured guarantee to Adman Civil Projects Ltd (a fellow group company) in connection with new bond facilities. |
10. | ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY |
The company's ultimate parent undertaking is Adman Group Limited, a company incorporated in Northern Ireland. |
At the year end, the ultimate controlling parties are Martin Grimes and Adrian McCrory by virtue of their controlling interest in 100% of Adman Group Limited. |
11. | CONTINGENT LIABILITIES |
The directors confirm that the company has no contingent liabilities at the year end (2023 - £Nil). |
ADMAN SERVICES LIMITED (REGISTERED NUMBER: NI644836) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
12. | CAPITAL COMMITMENTS |
At 31 May 2024 the company had no capital commitments (2023 - £Nil). |