Company registration number 12189873 (England and Wales)
ADT WORKPLACE (HOLDINGS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
ADT WORKPLACE (HOLDINGS) LIMITED
COMPANY INFORMATION
Directors
Mr D J Clemetson
Mr Richard Mansell
Mr C P Sanderson
Company number
12189873
Registered office
The Workplace
Zebra Court
Greenside Way
Manchester
M24 1UN
Auditor
Lopian Gross Barnett & Co
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Business address
The Workplace
Zebra Court
Greenside Way
Manchester
M24 1UN
ADT WORKPLACE (HOLDINGS) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 27
ADT WORKPLACE (HOLDINGS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The principal activities of the company in the period were those of workplace design and consultancy, fitting out offices and retailing office furniture.
Fair review of the business
Throughout the year the group have mainly delivered projects within the Northwest and the Midlands, a number of projects have also been completed for existing clients further afield in London, Hereford, Brighton & Newcastle. With a focus on providing a bespoke service to our clients delivered by our inhouse expertise, with an emphasis on providing support to our clients throughout the whole real estate cycle. As a group we have the ability and resource to undertake projects of all sizes and in a range of market sectors, our flexibility and in house expertise has helped to grow the business in a profitable manner.
During the year, we have continued to invest in our business systems that integrates the projects team and finance team to deliver efficiencies and productivity, improving client service and project delivery.
2024 has seen a year-on-year EBITDA increase of 10% to £2m (2023: £1.8m). We enter 2025 with a strong order book from which to build upon the success of 2024.
Principal risks and uncertainties
The group is in constant contact with its market and customers and ensures all new opportunities are explored. Diversifying our client portfolio has ensured a steady income which is not solely reliant on how the commercial property market performs.
Financial risk
The group takes a robust approach to the management of debtors and creditors with deposit payments required from clients before work commences. Creditors are paid when due with terms agreed in line with specific projects.
All clients are credit checked prior to engagement in works to determine the value of deposit or guarantee required or if they are to be engaged with.
The cash position is monitored daily against creditor and debtor reports over a 3-month period to ensure that cashflow is always robust. All suppliers are vetted to reduce the risk of non-performance and outstanding debts.
Liquidity risk comes from non-payment by clients which is mitigated through robust project management and strict payment terms.
Future developments
Although we still expect healthy competition in 2025, we are optimistic about our position within the industry. As a result of a clear strategic plan and ensuring that we continue to build a highly motivated team with a wealth of experience, we believe the business is well placed to grow and achieve its financial targets in the forthcoming year.
Mr C P Sanderson
Director
1 August 2025
ADT WORKPLACE (HOLDINGS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company and group is that of Commercial Interior Design and Refurbishment and Holding Company.
Results and dividends
The results for the year are set out on page 8.
EOT Distributions were paid amounting to £1,046,192. The directors do not recommend payment of a further EOT distribution.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr D J Clemetson
Mr Richard Mansell
Mr C P Sanderson
Auditor
Lopian Gross Barnett & Co were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
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.
On behalf of the board
Mr C P Sanderson
Director
1 August 2025
ADT WORKPLACE (HOLDINGS) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are 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 financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are 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. They are 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.
ADT WORKPLACE (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ADT WORKPLACE (HOLDINGS) LIMITED
- 4 -
Opinion
We have audited the financial statements of ADT Workplace (Holdings) Limited (the 'parent company') and its subsidiary (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, 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 FRS 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 31 December 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 directors' 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 directors 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 directors are 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
ADT WORKPLACE (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ADT WORKPLACE (HOLDINGS) LIMITED
- 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 directors' 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 directors
As explained more fully in the directors' responsibilities statement, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the parent company or to cease operations, or have 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.
ADT WORKPLACE (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ADT WORKPLACE (HOLDINGS) LIMITED
- 6 -
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.
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.
Nathaniel Davidson BA(Hons) ACA (Senior Statutory Auditor)
For and on behalf of Lopian Gross Barnett & Co, Statutory Auditor
Chartered Accountants
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
1 August 2025
ADT WORKPLACE (HOLDINGS) LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
36,975,997
44,510,358
Cost of sales
(28,335,759)
(36,875,623)
Gross profit
8,640,238
7,634,735
Administrative expenses
(6,358,199)
(5,846,325)
Other operating income
119,136
68,942
Exceptional item
4
(380,690)
Operating profit
5
2,020,485
1,857,352
Interest receivable and similar income
9
73,401
37,372
Interest payable and similar expenses
10
(5,650)
Profit before taxation
2,088,236
1,894,724
Tax on profit
11
(523,438)
(449,801)
Profit for the financial year
1,564,798
1,444,923
Profit for the financial year is all attributable to the owners of the parent company.
ADT WORKPLACE (HOLDINGS) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
£
£
Profit for the year
1,564,798
1,444,923
Other comprehensive income
-
-
Total comprehensive income for the year
1,564,798
1,444,923
Total comprehensive income for the year is all attributable to the owners of the parent company.
ADT WORKPLACE (HOLDINGS) LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
13
9,349
Tangible assets
14
154,800
15,198
154,800
24,547
Current assets
Debtors
18
5,295,872
4,122,242
Cash at bank and in hand
3,954,030
2,868,678
9,249,902
6,990,920
Creditors: amounts falling due within one year
19
(7,193,279)
(5,355,213)
Net current assets
2,056,623
1,635,707
Total assets less current liabilities
2,211,423
1,660,254
Provisions for liabilities
Deferred tax liability
20
38,700
6,137
(38,700)
(6,137)
Net assets
2,172,723
1,654,117
Capital and reserves
Called up share capital
22
600
600
Other reserves
2,848,146
2,848,146
Profit and loss reserves
(676,023)
(1,194,629)
Total equity
2,172,723
1,654,117
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 1 August 2025 and are signed on its behalf by:
01 August 2025
Mr C P Sanderson
Director
Company registration number 12189873 (England and Wales)
ADT WORKPLACE (HOLDINGS) LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
15
300
300
Current assets
Debtors
18
1,800
1,800
Cash at bank and in hand
2
2
1,802
1,802
Creditors: amounts falling due within one year
19
(1,200)
(1,200)
Net current assets
602
602
Net assets
902
902
Capital and reserves
Called up share capital
22
600
600
Profit and loss reserves
302
302
Total equity
902
902
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 £1,046,192 (2023 - £300,000 loss).
The financial statements were approved by the board of directors and authorised for issue on 1 August 2025 and are signed on its behalf by:
01 August 2025
Mr C P Sanderson
Director
Company registration number 12189873 (England and Wales)
ADT WORKPLACE (HOLDINGS) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Merger relief reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
600
2,848,146
(2,339,552)
509,194
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,444,923
1,444,923
EOT Distributions
12
-
-
(300,000)
(300,000)
Balance at 31 December 2023
600
2,848,146
(1,194,629)
1,654,117
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
1,564,798
1,564,798
EOT Distributions
12
-
-
(1,046,192)
(1,046,192)
Balance at 31 December 2024
600
2,848,146
(676,023)
2,172,723
ADT WORKPLACE (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
600
302
902
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
300,000
300,000
EOT Distributions
12
-
(300,000)
(300,000)
Balance at 31 December 2023
600
302
902
Year ended 31 December 2024:
Profit and total comprehensive income
-
1,046,192
1,046,192
EOT Distributions
12
-
(1,046,192)
(1,046,192)
Balance at 31 December 2024
600
302
902
ADT WORKPLACE (HOLDINGS) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
2,916,334
1,026,445
Interest refunded
(5,650)
Income taxes paid
(675,345)
Net cash inflow from operating activities
2,235,339
1,026,445
Investing activities
Purchase of intangible assets
(10,062)
(9,349)
Proceeds from disposal of intangibles
19,411
-
Purchase of tangible fixed assets
(187,144)
(12,296)
Proceeds from disposal of tangible fixed assets
599
3,298
Interest received
73,401
37,372
Net cash (used in)/generated from investing activities
(103,795)
19,025
Financing activities
EOT Distributions
(1,046,192)
(300,000)
Net cash used in financing activities
(1,046,192)
(300,000)
Net increase in cash and cash equivalents
1,085,352
745,470
Cash and cash equivalents at beginning of year
2,868,678
2,123,208
Cash and cash equivalents at end of year
3,954,030
2,868,678
ADT WORKPLACE (HOLDINGS) LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Investing activities
Dividends received
1,046,192
300,000
Net cash generated from investing activities
1,046,192
300,000
Financing activities
EOT Distributions
(1,046,192)
(300,000)
Net cash used in financing activities
(1,046,192)
(300,000)
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
2
2
Cash and cash equivalents at end of year
2
2
ADT WORKPLACE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
1
Accounting policies
Company information
ADT Workplace (Holdings) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Workplace, Zebra Court, Greenside Way, Manchester, M24 1UN.
The group consists of ADT Workplace (Holdings) Limited and its subsidiary.
1.1
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.
1.2
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company ADT Workplace (Holdings) Limited together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 31 December 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 have been included in the group financial statements using the purchase method of accounting. Accordingly, the group profit and loss account and statement of cash flows include the results and cash flows of subsidiaries.
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is accounted for as revenue when, and to the extent that, the company obtains a right to consideration in exchange for its performance of its obligations under the sales contract with the customer. The amount reported as revenue is the fair value of the right to consideration - usually the price specified in the contractual arrangement net of discounts and net of VAT, and after any allowance for credit risk and other certainties.
Turnover on long term contracts (those material contracts falling into more than one accounting period) is recorded in the profit and loss account as contract activity progresses. Turnover is ascertained in a manner appropriate to the stage of completion of the contract.
The amount by which recorded turnover is in excess of payments on account is reported as 'amounts recoverable on contracts' and separately disclosed within debtors in the balance sheet
The balance of payments on account (in excess of amounts (i) matched with turnover; and (ii) offset against long-term contract balances) is reported as payments on account and separately disclosed within creditors.
ADT WORKPLACE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Software
5 years straight line
1.6
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.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures and fittings
20% straight line
Computer Equipment
33% straight line
Motor vehicles
25% straight line
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.
1.7
Fixed asset investments
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.
Investment in subsidiaries is recognised at cost less accumulated impairments.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.
ADT WORKPLACE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.11
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 profit and loss account 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.
ADT WORKPLACE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and calculated at the tax rates that are expected to apply in the period when the liability is settled. Deferred tax is charged to the profit and loss account.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
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 except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the group’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.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Commercial interior design and fit out
36,975,996
44,510,358
ADT WORKPLACE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 19 -
2024
2023
£
£
Turnover analysed by geographical market
UK
36,975,996
44,510,358
1
4
Exceptional item
2024
2023
£
£
Expenditure
Exceptional items
380,690
-
5
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
17
(534)
Depreciation of owned tangible fixed assets
47,160
14,140
Profit on disposal of tangible fixed assets
(217)
(1,900)
Operating lease charges
102,474
97,435
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
20,000
20,000
7
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
58
64
ADT WORKPLACE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Employees
(Continued)
- 20 -
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,676,579
4,295,709
Social security costs
576,369
502,563
-
-
Pension costs
83,973
66,374
5,336,921
4,864,646
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
494,835
484,499
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
171,896
173,750
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
72,584
37,371
Other interest income
817
1
Total income
73,401
37,372
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
72,584
37,371
10
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
5,650
-
ADT WORKPLACE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
490,875
448,274
Deferred tax
Origination and reversal of timing differences
32,563
1,527
Total tax charge
523,438
449,801
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
2,088,236
1,894,724
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
522,059
445,260
Tax effect of expenses that are not deductible in determining taxable profit
3,662
1,808
Permanent capital allowances in excess of depreciation
(34,846)
1,206
R&D tax credit
32,563
1,527
Taxation charge
523,438
449,801
12
Distributions
2024
2023
£
£
EOT Distributions
Interim paid
1,046,192
300,000
13
Intangible fixed assets
Group
Software
£
Cost
At 1 January 2024
9,349
Additions
10,062
Disposals
(19,411)
At 31 December 2024
Amortisation and impairment
At 1 January 2024 and 31 December 2024
ADT WORKPLACE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Intangible fixed assets
(Continued)
- 22 -
Carrying amount
At 31 December 2024
At 31 December 2023
9,349
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
14
Tangible fixed assets
Group
Fixtures and fittings
Computer Equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
1,667
60,277
61,944
Additions
44,861
108,293
33,990
187,144
Disposals
(510)
(510)
At 31 December 2024
46,528
168,060
33,990
248,578
Depreciation and impairment
At 1 January 2024
528
46,218
46,746
Depreciation charged in the year
5,331
33,950
7,879
47,160
Eliminated in respect of disposals
(128)
(128)
At 31 December 2024
5,859
80,040
7,879
93,778
Carrying amount
At 31 December 2024
40,669
88,020
26,111
154,800
At 31 December 2023
1,139
14,059
15,198
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
300
300
ADT WORKPLACE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Fixed asset investments
(Continued)
- 23 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
300
Carrying amount
At 31 December 2024
300
At 31 December 2023
300
16
Subsidiaries
Details of the company's subsidiaries at 31 December 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
ADT Workplace Limited
UK
Ordinary
100.00
The registered office of the subsidiary is The Workplace Zebra Court, Greenside Way, Manchester, England, M24 1UN.
17
Financial instruments
There were no financial instruments held at fair value.
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,335,802
3,195,102
Gross amounts owed by contract customers
803,896
633,565
Unpaid share capital
300
300
300
300
Corporation tax recoverable
159,423
Amounts owed by group undertakings
-
-
1,500
1,500
Other debtors
28,445
13,869
Prepayments and accrued income
127,429
119,983
5,295,872
4,122,242
1,800
1,800
ADT WORKPLACE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
3,716,039
2,027,995
Corporation tax payable
104,381
448,274
Other taxation and social security
1,077,346
874,486
-
-
Other creditors
69,099
39,236
Accruals and deferred income
2,226,414
1,965,222
1,200
1,200
7,193,279
5,355,213
1,200
1,200
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
38,700
6,137
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
6,137
-
Charge to profit or loss
32,563
-
Liability at 31 December 2024
38,700
-
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
83,973
66,374
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.
ADT WORKPLACE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary Shares of £1 each
200
200
200
200
Ordinary A Shares of £1 each
200
200
200
200
Ordinary B Shares of £1 each
200
200
200
200
600
600
600
600
At the reporting date there was £300 of unpaid share capital.
23
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
-
45,000
-
-
-
45,000
-
-
Operating leases relate to rental agreements for the subsidiaries office premises.
24
Events after the reporting date
There were no events after the reporting period end which require disclosure at the balance sheet date.
25
Related party transactions
There were no related party transactions which require disclosure during the course of the year.
26
Reserves
Reserves are described as follows:
Share capital reflects the nominal value of shares issued by the company;
Merger relief reserve reflects the premium on shares arising from share-for-share exchanges; and
Retained earnings reflects the historical profits earned by the group / company.
27
Charges and restrictions
An outstanding charge with National Westminster Bank Plc exists in ADT Workplace Limited, which contains a floating charge over the assets of the company.
ADT WORKPLACE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
28
Cash generated from group operations
2024
2023
£
£
Profit after taxation
1,564,798
1,444,923
Adjustments for:
Taxation charged
523,438
449,801
Finance costs
5,650
Investment income
(73,401)
(37,372)
Gain on disposal of tangible fixed assets
(217)
(1,900)
Depreciation and impairment of tangible fixed assets
47,160
14,140
Movements in working capital:
(Increase)/decrease in debtors
(1,333,053)
1,335,169
Increase/(decrease) in creditors
2,181,959
(2,178,316)
Cash generated from operations
2,916,334
1,026,445
29
Cash generated from operations - company
2024
2023
£
£
Profit after taxation
1,046,192
300,000
Adjustments for:
Investment income
(1,046,192)
(300,000)
Cash generated from operations
-
-
30
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
2,868,678
1,085,352
3,954,030
31
Analysis of changes in net funds - company
1 January 2024
31 December 2024
£
£
Cash at bank and in hand
2
2
ADT WORKPLACE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
32
Ultimate controlling party
The group is wholly owned by an employee ownership trust which was established during the course of the 2021 financial period
The ultimate controlling parties are the Trustees of the employee ownership trust.
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