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REGISTERED NUMBER: 05922514 (England and Wales)












REPORT OF THE DIRECTOR AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

FOR

ADREM ENTERPRISES LIMITED

ADREM ENTERPRISES LIMITED (REGISTERED NUMBER: 05922514)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 October 2024










Page

Company Information 1

Report of the Director 2

Report of the Independent Auditors 3

Statement of Income and Retained Earnings 5

Balance Sheet 6

Notes to the Financial Statements 7


ADREM ENTERPRISES LIMITED

COMPANY INFORMATION
for the year ended 31 October 2024







DIRECTOR: C R F Shield





SECRETARY: C R F Shield





REGISTERED OFFICE: 365 Fosse Way
Syston
Leicester
Leicestershire
LE7 1NL





REGISTERED NUMBER: 05922514 (England and Wales)





AUDITORS: Magma Audit LLP (part of the Dains Group)
Chartered Accountants
Statutory Auditor
Unit 2, Charnwood Edge Business Park
Syston Road
Leicestershire
LE7 4UZ

ADREM ENTERPRISES LIMITED (REGISTERED NUMBER: 05922514)

REPORT OF THE DIRECTOR
for the year ended 31 October 2024


The director presents his report with the financial statements of the company for the year ended 31 October 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of leasing plant and equipment to its wholly owned subsidiary, Spaw Engineering Limited.

DIVIDENDS
Interim dividends were paid amounting to £325,000 (2023: £400,000). The directors recommend that no final dividends will be paid.

DIRECTOR
C R F Shield held office during the whole of the period from 1 November 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Report of the Director 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 he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company 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;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he 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 company's auditors are aware of that information.

AUDITORS
The auditors, Magma Audit LLP (part of the Dains Group), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C R F Shield - Director


23 May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ADREM ENTERPRISES LIMITED


Opinion
We have audited the financial statements of Adrem Enterprises Limited (the 'company') for the year ended 31 October 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and 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 company's affairs as at 31 October 2024 and of its 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 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 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.

Other information
The director is responsible for the other information. The other information comprises the information in the Report of the Director, 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 Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Director has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Director.

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, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ADREM ENTERPRISES LIMITED


Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page two, 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 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 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 company or to cease operations, or has no realistic alternative but to do so.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we identified the principal risks of non-compliance with laws and regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed included:

- enquire with management for consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
- challenging assumptions made by management in their significant accounting estimates, in particular in relation to the carrying amount of fixed assets valuations, and the judgements formed;
- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations, journal entries crediting cash and journal entries with specific defined descriptions.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

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.




Luke Turner FCA FCCA (Senior Statutory Auditor)
for and on behalf of Magma Audit LLP (part of the Dains Group)
Chartered Accountants
Statutory Auditor
Unit 2, Charnwood Edge Business Park
Syston Road
Leicestershire
LE7 4UZ

23 May 2025

ADREM ENTERPRISES LIMITED (REGISTERED NUMBER: 05922514)

STATEMENT OF INCOME AND
RETAINED EARNINGS
for the year ended 31 October 2024

2024 2023
Notes £    £   

TURNOVER 26,940 27,550

Cost of sales (23,291 ) (24,790 )
GROSS PROFIT 3,649 2,760

Administrative expenses (5,440 ) 380
OPERATING (LOSS)/PROFIT 5 (1,791 ) 3,140

Income from shares in group undertakings - 200,000
Interest receivable and similar income 20,655 -
PROFIT BEFORE TAXATION 18,864 203,140

Tax on profit (7,783 ) (5,054 )
PROFIT FOR THE FINANCIAL YEAR 11,081 198,086

Retained earnings at beginning of year 601,842 803,756

Dividends 6 (325,000 ) (400,000 )

RETAINED EARNINGS AT END OF YEAR 287,923 601,842

ADREM ENTERPRISES LIMITED (REGISTERED NUMBER: 05922514)

BALANCE SHEET
31 October 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 7 34,493 62,668
Investments 8 250 250
34,743 62,918

CURRENT ASSETS
Debtors 9 2,694 126,880
Cash at bank 272,410 434,780
275,104 561,660
CREDITORS
Amounts falling due within one year 10 (17,124 ) (15,136 )
NET CURRENT ASSETS 257,980 546,524
TOTAL ASSETS LESS CURRENT
LIABILITIES

292,723

609,442

PROVISIONS FOR LIABILITIES 11 (4,700 ) (7,500 )
NET ASSETS 288,023 601,942

CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings 13 287,923 601,842
SHAREHOLDERS' FUNDS 288,023 601,942

The 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 director and authorised for issue on 23 May 2025 and were signed by:





C R F Shield - Director


ADREM ENTERPRISES LIMITED (REGISTERED NUMBER: 05922514)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 October 2024


1. STATUTORY INFORMATION

Adrem Enterprises Limited is a limited company, registered in England and Wales. Its registered office address is 365 Fosse Way, Syston, Leicestershire LE7 1NL and the registered number is 05922514.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
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.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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:


Plant & machinery10% straight line basis
Fixtures & fittings10% - 25% straight line basis


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 credited or charged to profit or loss.

Investments in subsidiaries
Investment in the subsidiary company is held at cost less accumulated impairment losses.

ADREM ENTERPRISES LIMITED (REGISTERED NUMBER: 05922514)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024


2. ACCOUNTING POLICIES - continued

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.

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 profit or loss.

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.

Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in Profit and Loss, except where a change attributable to an item of income and expense is recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

ADREM ENTERPRISES LIMITED (REGISTERED NUMBER: 05922514)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024


3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.


Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.


Depreciation of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual lives of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 8 for the carrying amount of the assets and note 2 for the useful economic lives for each class of asset.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

The company has no employees, and one director who did not receive any remuneration in the year (2022: £nil).

5. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 23,291 24,790

6. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 325,000 400,000

ADREM ENTERPRISES LIMITED (REGISTERED NUMBER: 05922514)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024


7. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 November 2023 852,644 32,500 885,144
Disposals (9,730 ) (16,584 ) (26,314 )
At 31 October 2024 842,914 15,916 858,830
DEPRECIATION
At 1 November 2023 791,286 31,190 822,476
Charge for year 22,999 292 23,291
Eliminated on disposal (5,608 ) (15,822 ) (21,430 )
At 31 October 2024 808,677 15,660 824,337
NET BOOK VALUE
At 31 October 2024 34,237 256 34,493
At 31 October 2023 61,358 1,310 62,668

8. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 November 2023
and 31 October 2024 250
NET BOOK VALUE
At 31 October 2024 250
At 31 October 2023 250

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,694 2,700
Amounts owed by group undertakings - 124,180
2,694 126,880

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Tax 10,583 7,546
VAT 1,996 3,130
Accruals and deferred income 4,545 4,460
17,124 15,136

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 4,700 7,500

ADREM ENTERPRISES LIMITED (REGISTERED NUMBER: 05922514)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2024


11. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 November 2023 7,500
Credit to Statement of Income and Retained Earnings during year (2,800 )
Balance at 31 October 2024 4,700

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

13. RESERVES
Retained
earnings
£   

At 1 November 2023 601,842
Profit for the year 11,081
Dividends (325,000 )
At 31 October 2024 287,923

14. ULTIMATE CONTROLLING PARTY

The parent company is Twingear Limited and the ultimate parent company is Twingear Holdings Limited which is controlled by C R F Shield.