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Registration number: 01675150

Adenstar Developments Limited

Annual Report and Unaudited Financial Statements

for the Period from 31 May 2023 to 30 November 2024

 

Adenstar Developments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Adenstar Developments Limited

Company Information

Directors

S P Welch

SAC Dudman

Registered office

New Sussex House Fishersgate Terrace
Portslade
Brighton
BN41 1PH

Accountants

Chisnall Comer Ismail & Co
Chartered Accountants
Maria House
35 Millers Road
Brighton
BN1 5NP

 

Adenstar Developments Limited

(Registration number: 01675150)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

172,732

565,118

Investments

6

1,908

1,908

 

174,640

567,026

Current assets

 

Debtors

7

2,524,395

2,155,001

Cash at bank and in hand

 

733,284

126,157

 

3,257,679

2,281,158

Creditors: Amounts falling due within one year

8

(3,242,705)

(2,637,074)

Net current assets/(liabilities)

 

14,974

(355,916)

Total assets less current liabilities

 

189,614

211,110

Creditors: Amounts falling due after more than one year

8

(174,774)

(374,695)

Net assets/(liabilities)

 

14,840

(163,585)

Capital and reserves

 

Called up share capital

11

312,510

312,510

Share premium reserve

137,500

137,500

Retained earnings

(435,170)

(613,595)

Shareholders' funds/(deficit)

 

14,840

(163,585)

For the financial period ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Adenstar Developments Limited

(Registration number: 01675150)
Balance Sheet as at 30 November 2024

Approved and authorised by the Board on 11 July 2025 and signed on its behalf by:



 

.........................................

SAC Dudman

Director

 

Adenstar Developments Limited

Notes to the Unaudited Financial Statements for the Period from 31 May 2023 to 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
New Sussex House Fishersgate Terrace
Portslade
Brighton
BN41 1PH

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company is exempt from the requirement to prepare group accounts by virtue of s401 of Companies Act 2006. The company and its subsidiary undertakings are included in the consolidated accounts of its parent company Adenstar Limited..

 

Adenstar Developments Limited

Notes to the Unaudited Financial Statements for the Period from 31 May 2023 to 30 November 2024

Going concern

Following another year reporting retained profits of £178,425 in this accounting period, the directors consider this to be a highly satisfactory achievement over another year severely impacted by the remnants of COVID 19 and Brexit, followed by World Events of War all outside of our control.

Since the period end the business, like most others, has been subjected to continued rising costs in all areas of the supply chain together with increased concrete, steel, fuel and wage costs. While a number of fixed price contracts had matured at the toward the end of the trading period, the business had been able to win new short-term contracts with prices reflecting these increased costs but with reduced margins.

Despite this, the outlook for the sector remains slightly improving though faced with continued uncertainty around possible interest rates, inflationary pressures and investment confidence.

Against this background, the directors expect the business to continue its recovery and remain confident it will continue to perform and will support the business, if necessary, whilst it navigates through the current economic trading conditions.

Therefore, the directors consider it appropriate to continue to adopt a going concern basis of accounting.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Contract revenue recognition

Amounts recoverable on contracts represent the amount that turnover exceeds the invoiced value of turnover on contracts at the balance sheet date.

Amounts recoverable on contracts are valued at full selling price, after making due allowance for amounts not expected to be recovered.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Adenstar Developments Limited

Notes to the Unaudited Financial Statements for the Period from 31 May 2023 to 30 November 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% on cost

Motor vehicles

20% on cost

Fixtures and fittings

20% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% on cost

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Adenstar Developments Limited

Notes to the Unaudited Financial Statements for the Period from 31 May 2023 to 30 November 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 22 (2023 - 36).

 

Adenstar Developments Limited

Notes to the Unaudited Financial Statements for the Period from 31 May 2023 to 30 November 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 31 May 2023

834,639

834,639

At 30 November 2024

834,639

834,639

Amortisation

At 31 May 2023

834,639

834,639

At 30 November 2024

834,639

834,639

Carrying amount

At 30 November 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 31 May 2023

101,574

625,130

1,660,747

2,387,451

Additions

-

-

10,023

10,023

Disposals

-

(23,000)

(40,789)

(63,789)

At 30 November 2024

101,574

602,130

1,629,981

2,333,685

Depreciation

At 31 May 2023

100,344

371,146

1,350,843

1,822,333

Charge for the period

1,218

96,012

303,076

400,306

Eliminated on disposal

-

(23,000)

(38,686)

(61,686)

At 30 November 2024

101,562

444,158

1,615,233

2,160,953

Carrying amount

At 30 November 2024

12

157,972

14,748

172,732

At 30 May 2023

1,230

253,984

309,904

565,118

6

Investments

2024
£

2023
£

Investments in subsidiaries

1,908

1,908

 

Adenstar Developments Limited

Notes to the Unaudited Financial Statements for the Period from 31 May 2023 to 30 November 2024

Subsidiaries

£

Cost or valuation

At 31 May 2023

1,908

Provision

Carrying amount

At 30 November 2024

1,908

At 30 May 2023

1,908

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Adenstar (Reinforced Concrete) Limited

New Sussex House Fishersgate Terrace
Portslade
Brighton
BN41 1PH

England

Ordinary

100%

100%

Econopump (Brighton) Limited

New Sussex House Fishersgate Terrace
Portslade
Brighton
BN41 1PH

England

Ordinary

100%

100%

Subsidiary undertakings

Adenstar (Reinforced Concrete) Limited

The principal activity of Adenstar (Reinforced Concrete) Limited is construction however the company is dormant.

Econopump (Brighton) Limited

The principal activity of Econopump (Brighton) Limited is construction however the company is dormant.

 

Adenstar Developments Limited

Notes to the Unaudited Financial Statements for the Period from 31 May 2023 to 30 November 2024

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

1,488,527

994,227

Amounts owed by related parties

10

775,361

532,206

Other debtors

 

260,507

628,568

   

2,524,395

2,155,001

 

Adenstar Developments Limited

Notes to the Unaudited Financial Statements for the Period from 31 May 2023 to 30 November 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

101,779

164,725

Trade creditors

 

141,107

1,150,562

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

1,492,284

761,050

Taxation and social security

 

1,331,777

349,383

Accruals and deferred income

 

-

10,090

Other creditors

 

175,758

201,264

 

3,242,705

2,637,074

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

174,774

374,695

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

174,774

374,695

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

101,779

164,725

10

Related party transactions

 

Adenstar Developments Limited

Notes to the Unaudited Financial Statements for the Period from 31 May 2023 to 30 November 2024

Directors' remuneration

The directors' remuneration for the period was as follows:

2024
£

2023
£

Remuneration

245,000

96,567

Summary of transactions with other related parties

Companies in which the directors of Adenstar Development Ltd are also directors of.
 Below are a summary of transaction amounts carried out in the normal course of business.
 

Income and receivables from related parties

2024

2023

Other related parties
£

Receipt of services

83,951

Expenditure with and payables to related parties

2024

2023

Other related parties
£

Purchase of goods

250,249

Rendering of services

80,297

330,546

Loans to related parties

2024

Other related parties
£

Total
£

Advanced

67,000

67,000

At end of period

67,000

67,000

11

Share capital

Allotted, called up and fully paid shares

 

Adenstar Developments Limited

Notes to the Unaudited Financial Statements for the Period from 31 May 2023 to 30 November 2024

2024

2023

No.

£

No.

£

Ordinary of £1 each

312,500

312,500

312,500

312,500

Ordinary B of £1 each

10

10

10

10

312,510

312,510

312,510

312,510

12

Parent and ultimate parent undertaking

The company's immediate parent is Adenstar Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is Adenstar Limited. These financial statements are available upon request from Companies House.

 The ultimate controlling party is S A C Dudman.