Company registration number 01296331 (England and Wales)
ADARON LIMITED T/A DREAM MACHINE
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
ADARON LIMITED T/A DREAM MACHINE
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ADARON LIMITED T/A DREAM MACHINE
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
76,229
78,769
Current assets
Stocks
8,284
6,263
Debtors
4
454,561
436,277
Cash at bank and in hand
303,228
305,286
766,073
747,826
Creditors: amounts falling due within one year
5
(52,311)
(51,768)
Net current assets
713,762
696,058
Net assets
789,991
774,827
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss reserves
779,991
764,827
Total equity
789,991
774,827
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 24 July 2024
S Finch
Director
Company registration number 01296331 (England and Wales)
ADARON LIMITED T/A DREAM MACHINE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information
Adaron Limited T/A Dream Machine is a private company limited by shares incorporated in England and Wales. The company's registered number, the address of the registered office and place of business is given in the company information page of these financial statements.
1.1
Accounting basis
These financial statements have been prepared in accordance with applicable accounting standards including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax and trade discounts.
Turnover from sale of goods is recognised when the company has transferred the significant risks and rewards of ownership to the buyer and it is probable that the agreed upon payment will be received.
Turnover from sale of services is recognised in the period in the which the services are provided.
1.3
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of each asset over its expected useful life, as follows:
Land & buildings Freehold
2% per annum straight line
Plant, machinery & fixtures
15% reducing balance (fixtures 15% straight line)
Computer equipment
33.3% per annum straight line
Motor vehicles
25% & 33.3% reducing balance
1.4
Stocks
Stock is valued at the lower of cost and net realisable value. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
ADARON LIMITED T/A DREAM MACHINE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.6
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
1.7
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 16 (2023 - 16).
ADARON LIMITED T/A DREAM MACHINE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 4 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2023
144,920
164,567
309,487
Additions
2,149
2,149
At 28 February 2024
144,920
166,716
311,636
Depreciation and impairment
At 1 March 2023
75,353
155,365
230,718
Depreciation charged in the year
2,898
1,791
4,689
At 28 February 2024
78,251
157,156
235,407
Carrying amount
At 28 February 2024
66,669
9,560
76,229
At 28 February 2023
69,567
9,202
78,769
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
169,236
149,212
Other debtors
285,325
287,065
454,561
436,277
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
13,100
13,405
Taxation and social security
29,760
29,223
Other creditors
9,451
9,140
52,311
51,768
6
Directors' transactions
Included within Other Debtors is an amount of £284,781 (2023 - £284,093) advanced to the Directors.