Company registration number 14512896 (England and Wales)
Adamson Commercial Ltd
Annual report and consolidated
financial statements
for the year ended 30 September 2024
Adamson Commercial Ltd
Company Information
Director
S Davis
Company number
14512896
Registered office
West House
King Cross Road
Halifax
West Yorkshire
HX1 1EB
Auditor
B M Howarth Ltd
West House
King Cross Road
Halifax
West Yorkshire
HX1 1EB
Adamson Commercial Ltd
Contents
Page
Strategic report
1
Director's report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group statement of financial position
8
Company statement of financial position
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Company statement of cash flows
13
Notes to the financial statements
14 - 22
Adamson Commercial Ltd
Strategic Report
for the year ended 30 September 2024
- 1 -
The director presents the strategic report for the year ended 30 September 2024.
Review of the business
The directors are satisfied with the groups performance during the period with turnover of £16,216,886 generating a profit before tax of £1,997,407.
Principal risks and uncertainties
Competitive pressure in the UK is a continuing risk for the group. The group manages this risk by providing added value to customers and by maintaining strong relationships with them, reacting efficiently to their requirements and queries.
Key performance indicators
30 Sep
30 Sep
2024
2023
Turnover
16,216,886
11,128,719
Gross profit
9,436,235
5,500,915
Gross profit margin
58.19%
49.43%
EBITDA
2,639,188
1,063,501
Cash at bank
754,382
831,132
Other performance indicators
The directors are to concentrate on making improvements to the existing business activities. They anticipate continued growth and the strengthening of the group's position within the UK PAT Testing market.
S Davis
Director
4 March 2025
Adamson Commercial Ltd
Director's Report
for the year ended 30 September 2024
- 2 -
The director presents her annual report and financial statements for the year ended 30 September 2024.
Principal activities
The principal activity of the company and group continued to be that of management consultancy and the provision of PAT testing services throughout the UK.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £156,617. The director does not recommend payment of a further dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
M Adamson
(Resigned 1 February 2024)
S Davis
(Appointed 4 October 2023)
Statement of director's responsibilities
The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
Adamson Commercial Ltd
Director's Report (continued)
for the year ended 30 September 2024
- 3 -
On behalf of the board
S Davis
Director
4 March 2025
Adamson Commercial Ltd
Independent auditor's Report
to the members of Adamson Commercial Ltd
- 4 -
Opinion
We have audited the financial statements of Adamson Commercial Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 30 September 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.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company 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 director's 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 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 director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:
the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
Adamson Commercial Ltd
Independent auditor's Report (continued)
to the members of Adamson Commercial Ltd
- 5 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.
We have nothing to report in respect of the following matters in relation to which 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 director
As explained more fully in the director's responsibilities statement, the director is 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 director determines is 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 director is responsible for assessing 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.
Auditor's 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 an auditor's report 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the company and the sector in which it operates, our audit work considers the risk of material misstatement on the financial statements as a result of non-compliance with laws and regulations, this includes fraud. These laws and regulations include, but are not limited to, those that relate to the form and content of the financial statements, such as the company accounting policies, the financial reporting framework and the UK Companies Act 2006.
We evaluated management incentives and opportunities for manipulation of the financial statements and determined that the principal risks related to management bias in accounting estimates and understatement or overstatement of revenue. Our audit procedures included, but were not limited to:
Agreement of the financial statements disclosures to underlying supporting documentation;
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
Challenging assumptions, accounting estimates and judgements made by directors;
Identifying and testing journal entries to ensure they are appropriate;
Sample testing of income and expenditure to ensure correct cut-off has been applied.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error.
There are inherent limitations in audit procedures, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
Adamson Commercial Ltd
Independent auditor's Report (continued)
to the members of Adamson Commercial Ltd
- 6 -
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 an auditor's report 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.
James Bell
Senior Statutory Auditor
For and on behalf of
B M Howarth Ltd
Chartered Accountants
Statutory Auditor
West House
King Cross Road
Halifax
West Yorkshire
HX1 1EB
4 March 2025
Adamson Commercial Ltd
Group Statement of Comprehensive Income
for the year ended 30 September 2024
- 7 -
Year
Period
ended
ended
30 September
30 September
2024
2023
Notes
£
£
Turnover
2
16,216,886
11,128,719
Cost of sales
(6,780,651)
(5,627,804)
Gross profit
9,436,235
5,500,915
Administrative expenses
(7,440,612)
(5,023,324)
Operating profit
3
1,995,623
477,591
Interest receivable
6
1,933
Interest payable
7
(149)
Profit before taxation
1,997,407
477,591
Tax on profit
8
(689,509)
(304,478)
Profit for the financial year
1,307,898
173,113
Profit for the financial year is attributable to:
- Owners of the parent company
1,046,142
152,132
- Non-controlling interests
261,756
20,981
1,307,898
173,113
Total comprehensive income for the year is attributable to:
- Owners of the parent company
1,046,142
152,132
- Non-controlling interests
261,756
20,981
1,307,898
173,113
Adamson Commercial Ltd
Group Statement Of Financial Position
as at 30 September 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
3,226,460
3,870,025
Current assets
Stocks
14
81,380
82,454
Debtors
15
1,104,135
1,561,595
Cash at bank and in hand
754,382
831,132
1,939,897
2,475,181
Creditors: amounts falling due within one year
16
(3,563,507)
(5,893,637)
Net current liabilities
(1,623,610)
(3,418,456)
Net assets
1,602,850
451,569
Capital and reserves
Called up share capital
17
800
800
Profit and loss reserves
1,254,982
152,132
Equity attributable to owners of the parent company
1,255,782
152,932
Non-controlling interests
347,068
298,637
1,602,850
451,569
These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.
The financial statements were approved by the board of directors and authorised for issue on 4 March 2025 and are signed on its behalf by:
04 March 2025
S Davis
Director
Company registration number 14512896 (England and Wales)
Adamson Commercial Ltd
Company Statement Of Financial Position
as at 30 September 2024
30 September 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
4,880,690
4,880,690
Current assets
Debtors
15
142,000
Cash at bank and in hand
135,254
709,374
135,254
851,374
Creditors: amounts falling due within one year
16
(2,872,524)
(5,061,885)
Net current liabilities
(2,737,270)
(4,210,511)
Net assets
2,143,420
670,179
Capital and reserves
Called up share capital
17
800
800
Profit and loss reserves
2,142,620
669,379
Total equity
2,143,420
670,179
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,629,857 (2023 - £669,379 profit).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 4 March 2025 and are signed on its behalf by:
04 March 2025
S Davis
Director
Company registration number 14512896 (England and Wales)
Adamson Commercial Ltd
Group Statement Of Changes In Equity
for the year ended 30 September 2024
- 10 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
Balance at 29 November 2022
-
-
-
Period ended 30 September 2023:
Profit and total comprehensive income
-
152,132
152,132
20,981
173,113
Issue of share capital
17
800
-
800
-
800
Dividends
9
-
-
-
(119,303)
(119,303)
Acquisition of subsidiary
-
-
-
396,959
396,959
Balance at 30 September 2023
800
152,132
152,932
298,637
451,569
Year ended 30 September 2024:
Profit and total comprehensive income
-
1,046,142
1,046,142
261,756
1,307,898
Dividends
9
-
(156,617)
(156,617)
-
(156,617)
Other movements
-
213,325
213,325
(213,325)
-
Balance at 30 September 2024
800
1,254,982
1,255,782
347,068
1,602,850
Adamson Commercial Ltd
Company Statement of Changes in Equity
for the year ended 30 September 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 29 November 2022
-
Period ended 30 September 2023:
Profit and total comprehensive income for the period
-
669,379
669,379
Issue of share capital
17
800
-
800
Balance at 30 September 2023
800
669,379
670,179
Year ended 30 September 2024:
Profit and total comprehensive income
-
1,629,858
1,629,858
Dividends
9
-
(156,617)
(156,617)
Balance at 30 September 2024
800
2,142,620
2,143,420
Adamson Commercial Ltd
Group Statement of Cash Flows
for the year ended 30 September 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
19
350,963
5,298,526
Interest paid
(149)
Income taxes paid
(272,880)
(289,915)
Net cash inflow from operating activities
77,934
5,008,611
Investing activities
Purchase of intangible assets
-
(4,047,985)
Purchase of tangible fixed assets
-
(10,991)
Interest received
1,933
Net cash generated from/(used in) investing activities
1,933
(4,058,976)
Financing activities
Proceeds from issue of shares
-
800
Dividends paid to equity shareholders
(156,617)
Dividends paid to non-controlling interests
(119,303)
Net cash used in financing activities
(156,617)
(118,503)
Net (decrease)/increase in cash and cash equivalents
(76,750)
831,132
Cash and cash equivalents at beginning of year
831,132
Cash and cash equivalents at end of year
754,382
831,132
Adamson Commercial Ltd
Company Statement of Cash Flows
for the year ended 30 September 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
20
(1,271,019)
5,419,161
Interest paid
(772)
Income taxes paid
(145,712)
Net cash (outflow)/inflow from operating activities
(1,417,503)
5,419,161
Investing activities
Purchase of subsidiaries
(4,880,690)
Dividends received
1,000,000
170,103
Net cash generated from/(used in) investing activities
1,000,000
(4,710,587)
Financing activities
Proceeds from issue of shares
-
800
Dividends paid to equity shareholders
(156,617)
-
Net cash (used in)/generated from financing activities
(156,617)
800
Net (decrease)/increase in cash and cash equivalents
(574,120)
709,374
Cash and cash equivalents at beginning of year
709,374
Cash and cash equivalents at end of year
135,254
709,374
Adamson Commercial Ltd
Notes to the Group Financial Statements
for the year ended 30 September 2024
- 14 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
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. The principal accounting policies adopted are set out below.
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Adamson Commercial Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 30 September 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover represents the fair value of the consideration received for goods and services provided in the normal course of business, and is shown net of VAT. Turnover is recognised upon the provision of services.
Adamson Commercial Ltd
Notes to the Group Financial Statements (continued)
for the year ended 30 September 2024
1
Accounting policies
(continued)
- 15 -
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.
Fixed asset investments
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Adamson Commercial Ltd
Notes to the Group Financial Statements (continued)
for the year ended 30 September 2024
1
Accounting policies
(continued)
- 16 -
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.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.
2
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
PAT testing
10,426,697
9,575,554
Fire extinguishers
5,790,189
1,553,165
16,216,886
11,128,719
2024
2023
£
£
Other revenue
Interest income
1,933
-
3
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Fees payable to the group's auditor for the audit of the group's financial statements
4,250
4,250
Depreciation of owned tangible fixed assets
-
10,991
Amortisation of intangible assets
643,565
574,919
Operating lease charges
669,577
434,041
Adamson Commercial Ltd
Notes to the Group Financial Statements (continued)
for the year ended 30 September 2024
- 17 -
4
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
249
237
1
1
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
9,261,245
6,069,748
Pension costs
256,751
197,334
9,517,996
6,267,082
5
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
256,751
197,334
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
6
Interest receivable
2024
2023
£
£
Interest income
Interest on bank deposits
1,933
7
Interest payable
2024
2023
£
£
Other finance costs:
Other interest
149
-
Adamson Commercial Ltd
Notes to the Group Financial Statements (continued)
for the year ended 30 September 2024
- 18 -
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
685,892
241,149
Adjustments in respect of prior periods
3,617
Other taxes
63,329
Total current tax
689,509
304,478
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,997,407
477,591
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.00%)
499,352
105,070
Tax effect of expenses that are not deductible in determining taxable profit
26,194
6,901
Change in unrecognised deferred tax assets
2,696
Permanent capital allowances in excess of depreciation
(546)
Amortisation on assets not qualifying for tax allowances
160,892
126,482
Under/(over) provided in prior years
3,617
Other taxes
63,329
Taxation charge
689,509
304,478
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
156,617
-
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
4,444,944
Amortisation and impairment
At 1 October 2023
574,919
Amortisation charged for the year
643,565
At 30 September 2024
1,218,484
Adamson Commercial Ltd
Notes to the Group Financial Statements (continued)
for the year ended 30 September 2024
10
Intangible fixed assets
(continued)
- 19 -
Carrying amount
At 30 September 2024
3,226,460
At 30 September 2023
3,870,025
The company had no intangible fixed assets at 30 September 2024 or 30 September 2023.
11
Tangible fixed assets
Group
Fixtures and fittings
£
Cost
At 1 October 2023 and 30 September 2024
10,991
Depreciation and impairment
At 1 October 2023 and 30 September 2024
10,991
Carrying amount
At 30 September 2024
The company had no tangible fixed assets at 30 September 2024 or 30 September 2023.
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
4,880,690
4,880,690
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 30 September 2024
4,880,690
Carrying amount
At 30 September 2024
4,880,690
At 30 September 2023
4,880,690
13
Subsidiaries
Details of the company's subsidiaries at 30 September 2024 are as follows:
Adamson Commercial Ltd
Notes to the Group Financial Statements (continued)
for the year ended 30 September 2024
13
Subsidiaries
(continued)
- 20 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
UK Safety Management Ltd
Unit 5 Temple Point Finch Drive, Bullerthorpe Lane, Colton, Leeds, LS15 9JL
Ordinary shares
75.00
14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
81,380
82,454
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,033,196
1,104,877
Corporation tax recoverable
258,378
Prepayments and accrued income
70,939
198,340
142,000
1,104,135
1,561,595
-
142,000
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
128,440
301,910
170,400
Amounts owed to group undertakings
1,770,274
579,106
Corporation tax payable
431,192
272,941
210,014
145,773
Other taxation and social security
1,273,450
669,817
-
101,525
Other creditors
1,281,423
4,378,111
887,986
4,060,831
Accruals and deferred income
449,002
270,858
4,250
4,250
3,563,507
5,893,637
2,872,524
5,061,885
Adamson Commercial Ltd
Notes to the Group Financial Statements (continued)
for the year ended 30 September 2024
- 21 -
17
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary £1 shares of £1 each
800
800
800
800
18
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
277,175
341,225
-
-
Between two and five years
526,157
680,942
-
-
803,332
1,022,167
-
-
19
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,307,898
173,113
Adjustments for:
Taxation charged
689,509
304,478
Finance costs
149
Investment income
(1,933)
Amortisation and impairment of intangible assets
643,565
574,919
Depreciation and impairment of tangible fixed assets
-
10,991
Movements in working capital:
Decrease/(increase) in stocks
1,074
(82,454)
Decrease/(increase) in debtors
199,082
(1,303,217)
(Decrease)/increase in creditors
(2,488,381)
5,620,696
Cash generated from operations
350,963
5,298,526
Adamson Commercial Ltd
Notes to the Group Financial Statements (continued)
for the year ended 30 September 2024
- 22 -
20
Cash (absorbed by)/generated from operations - company
2024
2023
£
£
Profit for the year after tax
1,629,858
669,379
Adjustments for:
Taxation charged
209,953
145,773
Finance costs
772
Investment income
(1,000,000)
(170,103)
Movements in working capital:
Decrease/(increase) in debtors
142,000
(142,000)
(Decrease)/increase in creditors
(2,253,602)
4,916,112
Cash (absorbed by)/generated from operations
(1,271,019)
5,419,161
21
Analysis of changes in net funds - group
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
831,132
(76,750)
754,382
22
Analysis of changes in net funds - company
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
709,374
(574,120)
135,254
23
Company information
Adamson Commercial Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is West House, King Cross Road, Halifax, West Yorkshire, HX1 1EB.
The group consists of Adamson Commercial Ltd and all of its subsidiaries.
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