Registered number
07353942
ADC Electrical Limited
Filleted Accounts
31 October 2024
ADC Electrical Limited
Registered number: 07353942
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 70,113 78,877
Tangible assets 4 563,364 597,526
633,477 676,403
Current assets
Stocks 33,268 25,248
Debtors 5 267,440 258,583
Cash at bank and in hand 60,066 154,794
360,774 438,625
Creditors: amounts falling due within one year 6 (244,152) (201,777)
Net current assets 116,622 236,848
Total assets less current liabilities 750,099 913,251
Creditors: amounts falling due after more than one year 7 (152,830) (203,026)
Provisions for liabilities (9,723) (13,509)
Net assets 587,546 696,716
Capital and reserves
Called up share capital 1 1
Profit and loss account 587,545 696,715
Shareholders' funds 587,546 696,716
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 Carrick
Director
Approved by the board on 10 April 2025
ADC Electrical Limited
Notes to the Accounts
for the year ended 31 October 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 24 24
3 Intangible fixed assets £
Development costs
Cost
At 1 November 2023 87,641
At 31 October 2024 87,641
Amortisation
At 1 November 2023 8,764
Provided during the year 8,764
At 31 October 2024 17,528
Net book value
At 31 October 2024 70,113
At 31 October 2023 78,877
Development costs are being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 November 2023 489,050 359,010 848,060
Additions - 7,491 7,491
At 31 October 2024 489,050 366,501 855,551
Depreciation
At 1 November 2023 75,802 174,732 250,534
Charge for the year 9,781 31,872 41,653
At 31 October 2024 85,583 206,604 292,187
Net book value
At 31 October 2024 403,467 159,897 563,364
At 31 October 2023 413,248 184,278 597,526
5 Debtors 2024 2023
£ £
Trade debtors 262,174 249,105
Other debtors 5,266 9,478
267,440 258,583
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 36,436 36,436
Trade creditors 92,092 70,646
Taxation and social security costs 85,814 49,189
Other creditors 29,810 45,506
244,152 201,777
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 152,830 203,026
8 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 182,031 183,935
Security - Fixed and floating charge over the assets of the company.
9 Other information
ADC Electrical Limited is a private company limited by shares and incorporated in England. Its registered office is:
Burtree Works
Brindley Road, Hertburn Industrial Estate
Washington
Tyne and Wear
NE37 2SF
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