Registered number
SC295058
C.W. Adamson Limited
Filleted Unaudited Accounts
31 December 2024
J T Rennie & Co
Accountants
5 Buccleuch Street
Dumfries
C.W. Adamson Limited
Registered number: SC295058
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 1,500 3,000
Tangible assets 4 13,677 47,157
15,177 50,157
Current assets
Stocks 740 740
Debtors 5 8,211 15,022
Cash at bank and in hand 13,980 48,000
22,931 63,762
Creditors: amounts falling due within one year 6 (5,084) (54,233)
Net current assets 17,847 9,529
Total assets less current liabilities 33,024 59,686
Provisions for liabilities (2,599) (8,959)
Net assets 30,425 50,727
Capital and reserves
Called up share capital 100 100
Profit and loss account 30,325 50,627
Shareholders' funds 30,425 50,727
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C W Adamson
Director
Approved by the board on 27 February 2025
C.W. Adamson Limited
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2024 30,000
At 31 December 2024 30,000
Amortisation
At 1 January 2024 27,000
Provided during the year 1,500
At 31 December 2024 28,500
Net book value
At 31 December 2024 1,500
At 31 December 2023 3,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2024 113,601 35,450 149,051
Additions 1,336 - 1,336
Disposals (110,895) - (110,895)
At 31 December 2024 4,042 35,450 39,492
Depreciation
At 1 January 2024 81,549 20,345 101,894
Charge for the year 414 3,776 4,190
On disposals (80,269) - (80,269)
At 31 December 2024 1,694 24,121 25,815
Net book value
At 31 December 2024 2,348 11,329 13,677
At 31 December 2023 32,052 15,105 47,157
5 Debtors 2024 2023
£ £
Trade debtors 8,211 15,022
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 49 40
Taxation and social security costs 2,449 6,456
Other creditors 2,586 47,737
5,084 54,233
7 Other information
C.W. Adamson Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
Glenelg
Old Glasgow Road
Newbridge
Dumfries
DG2 0QX
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