IRIS Accounts Production v25.2.0.378 13113517 Board of Directors 30.11.24 1.12.23 30.11.24 30.11.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. welding and fabrication engineers. true true false true true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh131135172023-11-30131135172024-11-30131135172023-12-012024-11-30131135172022-11-30131135172022-12-012023-11-30131135172023-11-3013113517ns15:EnglandWales2023-12-012024-11-3013113517ns14:PoundSterling2023-12-012024-11-3013113517ns10:Director12023-12-012024-11-3013113517ns10:Consolidated2024-11-3013113517ns10:ConsolidatedGroupCompanyAccounts2023-12-012024-11-3013113517ns10:PrivateLimitedCompanyLtd2023-12-012024-11-3013113517ns10:Consolidatedns10:MediumEntities2023-12-012024-11-3013113517ns10:Consolidatedns10:Audited2023-12-012024-11-3013113517ns10:SmallCompaniesRegimeForDirectorsReport2023-12-012024-11-3013113517ns10:SmallCompaniesRegimeForAccounts2023-12-012024-11-3013113517ns10:Consolidated2023-12-012024-11-3013113517ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-12-012024-11-3013113517ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2023-12-012024-11-3013113517ns10:FullAccounts2023-12-012024-11-3013113517ns10:Director22023-12-012024-11-3013113517ns10:Director32023-12-012024-11-3013113517ns10:CompanySecretary12023-12-012024-11-3013113517ns10:RegisteredOffice2023-12-012024-11-3013113517ns10:Consolidated2022-12-012023-11-3013113517ns5:CurrentFinancialInstruments2024-11-3013113517ns5:CurrentFinancialInstruments2023-11-3013113517ns5:ShareCapital2024-11-3013113517ns5:ShareCapital2023-11-3013113517ns5:FurtherSpecificReserve1ComponentTotalEquity2024-11-3013113517ns5:FurtherSpecificReserve1ComponentTotalEquity2023-11-3013113517ns5:RetainedEarningsAccumulatedLosses2024-11-3013113517ns5:RetainedEarningsAccumulatedLosses2023-11-3013113517ns5:ShareCapital2022-11-3013113517ns5:RetainedEarningsAccumulatedLosses2022-11-3013113517ns5:FurtherSpecificReserve1ComponentTotalEquity2022-11-3013113517ns5:RetainedEarningsAccumulatedLosses2022-12-012023-11-3013113517ns5:FurtherSpecificReserve1ComponentTotalEquity2022-12-012023-11-3013113517ns5:RetainedEarningsAccumulatedLosses2023-12-012024-11-3013113517ns5:FurtherSpecificReserve1ComponentTotalEquity2023-12-012024-11-3013113517ns5:PlantMachinery2023-12-012024-11-3013113517ns5:FurnitureFittings2023-12-012024-11-3013113517ns5:MotorVehicles2023-12-012024-11-3013113517ns5:PlantMachinery2023-11-3013113517ns5:FurnitureFittings2023-11-3013113517ns5:MotorVehicles2023-11-3013113517ns5:PlantMachinery2024-11-3013113517ns5:FurnitureFittings2024-11-3013113517ns5:MotorVehicles2024-11-3013113517ns5:PlantMachinery2023-11-3013113517ns5:FurnitureFittings2023-11-3013113517ns5:MotorVehicles2023-11-3013113517ns5:CostValuation2023-11-3013113517ns5:WithinOneYearns5:CurrentFinancialInstruments2024-11-3013113517ns5:WithinOneYearns5:CurrentFinancialInstruments2023-11-3013113517ns5:DeferredTaxation2023-11-3013113517ns5:DeferredTaxation2023-12-012024-11-3013113517ns5:DeferredTaxation2024-11-30
REGISTERED NUMBER: 13113517 (England and Wales)










Adams Holdings (N. Wales) Limited

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 30 November 2024






Adams Holdings (N. Wales) Limited (Registered number: 13113517)






Contents of the Consolidated Financial Statements
for the year ended 30 November 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 7

Consolidated Statement of Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


Adams Holdings (N. Wales) Limited

Company Information
for the year ended 30 November 2024







DIRECTORS: Mr R T Adams
Mr S G Adams
Mrs B L Griffin





SECRETARY: Mrs B Adams





REGISTERED OFFICE: Unit 9, Tir Llwyd Enterprise Park
St Asaph Avenue
Kinmel Bay
Rhyl
LL18 5JZ





REGISTERED NUMBER: 13113517 (England and Wales)





AUDITORS: Salisbury & Company Business Solutions Limited
Statutory Auditors
Chartered Accountants
Irish Square
Upper Denbigh Road
St Asaph
Denbighshire
LL17 0RN

Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Group Strategic Report
for the year ended 30 November 2024

The directors present their strategic report of the company and the group for the year ended 30 November 2024.

REVIEW OF BUSINESS
The Group's consolidated trading is primarily that of the subsidiary operating EvadX Ltd, with its principal activities being that of the design, manufacturing, and installation of steel structures.

The group has seen an improvement in turnover in the year and turnover has increased from £10.792 million in 2023 to £12.941 million this year.

Our construction services have a resilient and long standing relationship with the supply chain and the strength of these relationships assisted in managing the customers' expectations, especially around steel prices, from what might otherwise have been a more significant effect. The same can be said for the relationships with customers where the workload volume has increased due to the Group agility and ability to adapt being prepared to flex stock to suit customers' requirements.

EvadX limited:
The year ending 30 November 2024 saw an increase in turnover from £10.792 million in 2023 to £12.941 million.

Net profit decreased from £1.773m in 2023 to £0.723m however, this was mainly due to changes in project specification, which required us to subcontract specialised work. Repairs and maintenance costs were also higher this year, which reflect our investment in refurbishment efforts designed to improve long-term performance and operational efficiency.

We are committed to maintaining a strong balance sheet and at the end of the year the net assets totalled £2.864 million (2023: £2.642 million).

Despite ongoing challenges in the construction industry and the continued pressure on margins from escalating costs, we remain focused on working through these challenges with flexibility and making confident, cost-conscious decisions.

The company continues to deliver quality steelwork contracts and recognises that its success could not be achieved without the resilience, determination and dedication of our team.

PRINCIPAL RISKS AND UNCERTAINTIES
The group regularly reviews the risks and uncertainties within the business, and the principal risks identified follow that of the subsidiary which are as follows:

Competition/maintaining an order book
The majority of the company's turnover is through the traditional procurement process whereby the company submits a tender for the work to be carried out. Competition from other contractors and a downturn in economic conditions would adversely affect the company's ability to secure work. When tendering, careful consideration is also needed due fluctuation in prices and profitability. The company manages the risk by building a strong order book and ensuring contracts are delivered on time, within budget and to the required standard/quality to maintain a good reputation.

Delays in commencement of projects
Whilst our order book remains strong, delay's in construction start dates, which is out of our control remains an ongoing risk and can have a significant impact on business planning, project turnover however, these are closely managed

Credit risk/insolvency of customers
The company recognises the importance of debtor management and the need to reduce the risk of financial loss due to a counterparty's failure to honour its obligation. To manage the credit risk, customers are subject to credit risk assessments and overdue debtors together with retentions are regularly monitored to keep to a minimum.

Health and safety
The company's activities are inherently complex and potentially hazardous and failure to meet safety standards or ineffective management could result in the injury or death of employees, members of the public or third parties. The risk is managed by continuously monitoring and management of health, safety and environmental risks.

Supply Chain
One of the important aspects of the business, is its supply chain management. The company has long standing relationships with its key suppliers to ensure that we achieve the best quality and price whilst also ensuring that we are not over reliant on any one supplier or subcontractor.

Human Resource
The availability of skilled labour continues to be a concern, and the company recognises that a key component to is continued success and to enable it to meet the challenges that it faces is the ability to attract, retain and develop the best people it can.


Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Group Strategic Report
for the year ended 30 November 2024

DEVELOPMENT AND PERFORMANCE
The directors continue to look ahead and despite downturn in construction sector, the order book remains strong and the directors are hopeful that the construction sector will gradually improve and the company is well place to achieve sustained profitable growth going forward.

Cash at bank and in hand stood at £1.987 million (2023: £2.433 million) The strong liquidity supported by good financial control enables us to pay our supply chain promptly.

Liquidity challenges continue to be a widespread concern across the supply chain however, we manage this risk by ensuring we are not over reliant on one supplier.

Operational performance has improved within the year and there has been a significant reduction in processing time which has yielded several key outcomes including a 90% reduction in overtime, reduction is overall power consumption and associated carbon footprint.

KEY PERFORMANCE INDICATORS
We provide high satisfaction level with a real focus on customer through listening, understanding and responding which in turn results in customer loyalty which is critical to a long term relationship and many years of repeated business due to our performance. This work is combined with close management of profitable work with positive cashflow lead by sustainability, innovation and lean operations. We ensure competitiveness by efficiency, cost management and reliable suppliers. There is no doubt that the construction industry is a complex and increasingly challenging sector in which to operate successfully. The Group aspirations for the company remains strong.

The trading group's financial and key performance indicators during the period were as follows:

2024 2023 2022
£'000 £'000 £'000
Turnover 12,941 10,792 15,060
Gross Profit 1,945 2,815 1,777
Profit Before Taxation 673 1,743 866

ON BEHALF OF THE BOARD:





Mrs B L Griffin - Director


20 August 2025

Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Report of the Directors
for the year ended 30 November 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 November 2024.

DIVIDENDS
Interim dividends per share were paid during the year as follows:
Ordinary B £1 - £14400
Ordinary C £1 - £16200
Ordinary D £1 - £17600

The total distribution of dividends for the year ended 30 November 2024 will be £ 482,000 .

RESEARCH AND DEVELOPMENT
The group undertakes research and development activities when providing services to clients. The direct expenditure invested is typically included in the relevant project.

FUTURE DEVELOPMENTS
The group continues to promote its reputation for delivering high quality work and by engaging across multiple market streams, our order book remains strong.

Cost increases have remained relatively manageable, and we are optimistic about our ability to mitigate the impact in the rise in employers National Insurance.

The group also continues to look ahead and recognises the importance in the need to actively recruit additional skilled personnel and to retaining our current skilled workforce. Our focus in the forthcoming year is to position ourselves more competitively in the market and to boost the organisation's visibility by engaging more with the community, local schools and colleagues to help attract a new generation of workers.

We are continually working to reduce our carbon footprint and remain committed to reduce our carbon footprint. Our plan to install solar panels has been on hold however, we remain fully committed to implementing them, which will hopefully cut costs, bring in extra revenue, reduce reliance on rising energy prices and minimise its carbon footprint. Energy prices have been increasing gradually for years and this is expected to continue to rise as fossil fuels (which are traditionally used to generate electricity) become harder to source. By generating their own electricity from solar panels they will reduce their reliance on the National Grid and the fluctuating prices. This should make budgeting and forecasting much more straightforward.

As the company does not currently operate during the night, the aim is to still put their solar energy to use. They will be installing a solar storage battery alongside the solar panels which will enable them to store any unused electricity.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2023 to the date of this report.

Mr R T Adams
Mr S G Adams
Mrs B L Griffin


Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Report of the Directors
for the year ended 30 November 2024

FINANCIAL INSTRUMENTS
The group use various financial instruments including bank loans, cash reserves, hire purchase, finance leases, trade debtors, trade supplier accounts to allow the company to operate effectively.

The existence of these financial instruments could expose the group to a number of risks which are described in more detail below.

The main risks arising from the company's financial instruments are liquidity risk, interest rate risk and credit risk.

Liquidity risk
The group manages financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. The group's liquidity position is reviewed regularly by the directors and the cashflow is forecast regularly to provide up-to-date and accurate information on the group's current cash position. Cash holdings has been further improved during the year.

Interest rate risk
The group finances its operations through a mixture of retained profits, bank loan and asset finance borrowings. The company's exposure to interest rate fluctuation is manged using both fixed and floating facilities.

Credit risk
The group's principal financial assets are trade debtors and other receivables. The group manages credit risk regularly reviews credit rating information regarding organisations in conjunction with debt ageing and collection history.

STRATEGIC REPORT
The review of the business, future developments, key performance indicators and principal risks and uncertainties are included within the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group 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;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 company and the group 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 directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Report of the Directors
for the year ended 30 November 2024


AUDITORS
The auditors, Salisbury & Company Business Solutions Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




Mrs B L Griffin - Director


20 August 2025

Report of the Independent Auditors to the Members of
Adams Holdings (N. Wales) Limited

Opinion
We have audited the financial statements of Adams Holdings (N. Wales) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 30 November 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.

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 group 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 the 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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 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.

Report of the Independent Auditors to the Members of
Adams Holdings (N. Wales) Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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 group's and 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 group or the parent company or to cease operations, or have 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.

Irregularities including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that the material misstatement in the financial statements may not be detected, even through the audit is properly planned in accordance with ISA (UK).

We obtained an understanding of the legal and regulatory frameworks applicable to the company and the industry in which it operates through our general commercial and sector experience and discussions with management. We determined that the following laws and regulations were most significant: The Companies Act 2006, FRS 102 the 'The Financial Reporting Standards applicable in the UK and Republic of Ireland' and relevant UK tax legislation. In addition, we concluded that there are certain laws and regulations that may have an effect on the determination of the amounts and disclosure within the financial statements such as Health and Safety laws and regulations.

We accessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedure performed by the engagement team included:
-Discussions with management, including consideration of known or suspect instances of non-compliance with laws and regulations or fraud;
-Obtain an understanding of the internal controls that management have in place to prevent and detect fraud;
-Challenging assumptions and judgements made by management in its significant accounting estimates;
-Reviewing the financial statement disclosures and assessing the appropriateness of the accounting policies used;
-Identifying and testing journal entries, in particular manual and unusual entries;
-Obtaining third party confirmations of all the companies banking arrangements;
-Performing analytical procedure to identify any unusual or unexpected relationships;
-Conclude on the appropriateness of the directors' use of the going concern basis of accounting.
The assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagements team's knowledge of the industry in which the client operates in and understanding of, and practical experience with, audit engagements of a similar nature and complexity through appropriate training and participation.

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.

Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

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.

Report of the Independent Auditors to the Members of
Adams Holdings (N. Wales) Limited


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.




Aled Roberts (Senior Statutory Auditor)
for and on behalf of Salisbury & Company Business Solutions Limited
Statutory Auditors
Chartered Accountants
Irish Square
Upper Denbigh Road
St Asaph
Denbighshire
LL17 0RN

20 August 2025

Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Consolidated
Statement of Comprehensive
Income
for the year ended 30 November 2024

2024 2023
Notes £    £   

TURNOVER 3 12,941,379 10,791,681

Cost of sales (10,996,074 ) (7,976,590 )
GROSS PROFIT 1,945,305 2,815,091

Administrative expenses (1,292,645 ) (1,063,725 )
OPERATING PROFIT 5 652,660 1,751,366

Interest receivable and similar income 25,990 2,015
678,650 1,753,381

Interest payable and similar expenses 6 (5,666 ) (10,695 )
PROFIT BEFORE TAXATION 672,984 1,742,686

Tax on profit 7 (168,511 ) (5,049 )
PROFIT FOR THE FINANCIAL YEAR 504,473 1,737,637

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

504,473

1,737,637

Profit attributable to:
Owners of the parent 504,473 1,737,637

Total comprehensive income attributable to:
Owners of the parent 504,473 1,737,637

Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Consolidated Balance Sheet
30 November 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 260,590 288,600
Investments 11 - -
260,590 288,600

CURRENT ASSETS
Stocks 12 119,785 44,877
Debtors 13 2,996,614 2,438,118
Cash at bank and in hand 1,987,209 2,433,022
5,103,608 4,916,017
CREDITORS
Amounts falling due within one year 14 2,390,344 2,223,261
NET CURRENT ASSETS 2,713,264 2,692,756
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,973,854

2,981,356

CREDITORS
Amounts falling due after more than one
year

15

(39,518

)

(62,735

)

PROVISIONS FOR LIABILITIES 18 (53,315 ) (60,073 )
NET ASSETS 2,881,021 2,858,548

CAPITAL AND RESERVES
Called up share capital 19 10,030 10,030
Merger relief reserve 20 2,989,970 2,989,970
Merger reserve 20 (2,989,970 ) (2,989,970 )
Retained earnings 20 2,870,991 2,848,518
SHAREHOLDERS' FUNDS 24 2,881,021 2,858,548

The financial statements were approved by the Board of Directors and authorised for issue on 20 August 2025 and were signed on its behalf by:





Mrs B L Griffin - Director


Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Company Balance Sheet
30 November 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 197,202 207,925
Investments 11 3,000,000 3,000,000
3,197,202 3,207,925

CURRENT ASSETS
Debtors 13 - 33,658
Cash at bank 64,829 16,375
64,829 50,033
CREDITORS
Amounts falling due within one year 14 1,928 1,400
NET CURRENT ASSETS 62,901 48,633
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,260,103

3,256,558

PROVISIONS FOR LIABILITIES 18 37,468 39,904
NET ASSETS 3,222,635 3,216,654

CAPITAL AND RESERVES
Called up share capital 19 10,030 10,030
Merger relief reserve 2,989,970 2,989,970
Retained earnings 222,635 216,654
SHAREHOLDERS' FUNDS 24 3,222,635 3,216,654

Company's profit for the financial year 487,981 611,739

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 Board of Directors and authorised for issue on 20 August 2025 and were signed on its behalf by:





Mrs B L Griffin - Director


Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Consolidated Statement of Changes in Equity
for the year ended 30 November 2024

Called up Merger
share Retained relief Merger Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 December 2022 10,030 1,443,881 2,989,970 (2,989,970 ) 1,453,911

Changes in equity
Dividends - (333,000 ) - - (333,000 )
Total comprehensive income - 1,737,637 - - 1,737,637
Balance at 30 November 2023 10,030 2,848,518 2,989,970 (2,989,970 ) 2,858,548

Changes in equity
Dividends - (482,000 ) - - (482,000 )
Total comprehensive income - 504,473 - - 504,473
Balance at 30 November 2024 10,030 2,870,991 2,989,970 (2,989,970 ) 2,881,021

Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Company Statement of Changes in Equity
for the year ended 30 November 2024

Called up Merger
share Retained relief Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 December 2022 10,030 (62,085 ) 2,989,970 2,937,915

Changes in equity
Dividends - (333,000 ) - (333,000 )
Total comprehensive income - 611,739 - 611,739
Balance at 30 November 2023 10,030 216,654 2,989,970 3,216,654

Changes in equity
Dividends - (482,000 ) - (482,000 )
Total comprehensive income - 487,981 - 487,981
Balance at 30 November 2024 10,030 222,635 2,989,970 3,222,635

Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Consolidated Cash Flow Statement
for the year ended 30 November 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 172,798 1,996,366
Interest paid (5,666 ) (10,695 )
Tax paid (86,114 ) (130,734 )
Net cash from operating activities 81,018 1,854,937

Cash flows from investing activities
Purchase of tangible fixed assets (55,309 ) (178,289 )
Sale of tangible fixed assets 5,257 3,350
Interest received 25,990 2,015
Net cash from investing activities (24,062 ) (172,924 )

Cash flows from financing activities
Loan repayments in year - (187,501 )
Capital repayments in year (21,141 ) (20,130 )
Amount introduced by directors 482,001 333,001
Amount withdrawn by directors (481,629 ) (343,279 )
Equity dividends paid (482,000 ) (333,000 )
Net cash from financing activities (502,769 ) (550,909 )

(Decrease)/increase in cash and cash equivalents (445,813 ) 1,131,104
Cash and cash equivalents at beginning
of year

2

2,433,022

1,301,918

Cash and cash equivalents at end of year 2 1,987,209 2,433,022

Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Notes to the Consolidated Cash Flow Statement
for the year ended 30 November 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 672,984 1,742,686
Depreciation charges 66,991 57,642
Loss on disposal of fixed assets 11,072 397
Finance costs 5,666 10,695
Finance income (25,990 ) (2,015 )
730,723 1,809,405
Increase in stocks (74,908 ) (41,877 )
(Increase)/decrease in trade and other debtors (780,292 ) 237,076
Increase/(decrease) in trade and other creditors 297,275 (8,238 )
Cash generated from operations 172,798 1,996,366

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 November 2024
30/11/24 1/12/23
£    £   
Cash and cash equivalents 1,987,209 2,433,022
Year ended 30 November 2023
30/11/23 1/12/22
£    £   
Cash and cash equivalents 2,433,022 1,301,918


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/12/23 Cash flow At 30/11/24
£    £    £   
Net cash
Cash at bank and in hand 2,433,022 (445,813 ) 1,987,209
2,433,022 (445,813 ) 1,987,209
Debt
Finance leases (82,864 ) 21,141 (61,723 )
(82,864 ) 21,141 (61,723 )
Total 2,350,158 (424,672 ) 1,925,486

Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Notes to the Consolidated Financial Statements
for the year ended 30 November 2024

1. STATUTORY INFORMATION

Adams Holdings (N. Wales) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentational and function currency of these financial statements is pound sterling. Monetary amounts in these financial statements are rounded to the nearest £.

Significant judgements and estimates
Estimates and judgments are continually evaluated and are based on historical experience and other factors,
including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will by definition, seldom equal the related actual results. In the opinion of the directors there are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

The estimates and judgements which have significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Work in Progress
Determining the valuation of construction and development contracts requires judgment regarding the stage of completion of contracts at the year end. The judgements are based on the work that has been completed and work that has already been agreed and billed.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing sales raised to date against costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliable, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.


Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 November 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Long-term contracts
Profit on long-term contracts is recognised as the work is carried out if the financial outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related contract costs as contract activity progress.

Contract costs are recognised as the higher of actual cost to date or costs as a proportion of final costs, using the reference of turnover to date as a proportion of final turnover.

Revenue derived from variations on contracts are recognised only when they have been accepted by the customer.

Full provision is made for losses on all contracts in the year in which they are first foreseen.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost.

Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 November 2024

2. ACCOUNTING POLICIES - continued

Provisions for liabilities
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

Retentions
Retention recognition policy follows that of BIM51520 - include retentions within turnover, provide for the
estimated cost of remedial work, and make provision for any debt impairment.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

All turnover arose within the United Kingdom.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,294,295 1,272,378
Social security costs 125,527 121,843
Other pension costs 103,379 113,351
1,523,201 1,507,572

The average number of employees during the year was as follows:
2024 2023

Directors 3 3
Management and admin 11 11
Workshop and site crew 29 29
43 43

2024 2023
£    £   
Directors' remuneration 26,364 26,364

2024 2023
£ £
Director pension contributions 66,000 88,000

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 690,005 490,432
Other operating leases 35,553 40,193
Depreciation - owned assets 66,990 57,641
Loss on disposal of fixed assets 11,072 397
Auditors' remuneration 13,850 12,563
Auditors' remuneration for non audit work 4,522 7,013

Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 November 2024

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 3,602 10,628
Other interest 2,064 67
5,666 10,695

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 175,269 205,273
R&D tax credit - (221,796 )
Total current tax 175,269 (16,523 )

Deferred tax (6,758 ) 21,572
Tax on profit 168,511 5,049

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 672,984 1,742,686
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 23 %)

168,246

400,818

Effects of:
Capital allowances in excess of depreciation - (27,856 )
Depreciation in excess of capital allowances 4,255 -
Utilisation of tax losses - (19,617 )
R&D tax credit - (369,960 )
Loss on disposal 2,768 91

consolidation
Movement on deferred tax (6,758 ) 21,573
Total tax charge 168,511 5,049

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2024 2023
£    £   
Ordinary B shares of £1 each
Interim 144,000 90,000
Ordinary C shares of £1 each
Interim 162,000 113,500
Ordinary D shares of £1 each
Interim 176,000 129,500
482,000 333,000

Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 November 2024

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 December 2023 367,901 39,135 5,458 412,494
Additions 359 - 54,950 55,309
Disposals (21,751 ) - (2,610 ) (24,361 )
At 30 November 2024 346,509 39,135 57,798 443,442
DEPRECIATION
At 1 December 2023 107,496 13,243 3,155 123,894
Charge for year 47,465 5,488 14,037 66,990
Eliminated on disposal (6,524 ) - (1,508 ) (8,032 )
At 30 November 2024 148,437 18,731 15,684 182,852
NET BOOK VALUE
At 30 November 2024 198,072 20,404 42,114 260,590
At 30 November 2023 260,405 25,892 2,303 288,600

Company
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 December 2023 252,651 39,135 5,458 297,244
Additions 359 - 54,950 55,309
Disposals (21,751 ) - (2,610 ) (24,361 )
At 30 November 2024 231,259 39,135 57,798 328,192
DEPRECIATION
At 1 December 2023 72,921 13,243 3,155 89,319
Charge for year 30,178 5,488 14,037 49,703
Eliminated on disposal (6,524 ) - (1,508 ) (8,032 )
At 30 November 2024 96,575 18,731 15,684 130,990
NET BOOK VALUE
At 30 November 2024 134,684 20,404 42,114 197,202
At 30 November 2023 179,730 25,892 2,303 207,925

Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 November 2024

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 December 2023
and 30 November 2024 3,000,000
NET BOOK VALUE
At 30 November 2024 3,000,000
At 30 November 2023 3,000,000


Investment in Subsidiary:
EvadX Limited
Registered office: Unit 9 Tir Llwyd Enterprise Park, Kinmel Bay, Clwyd, LL18 5JZ
Nature of business: Manufacture of metal structures and parts of structures

%
Class of shares holding
Ordinary A Shares 100%
Ordinary B Shares 100%
Ordinary C Shares 100%
Ordinary D Shares 100%

12. STOCKS

Group
2024 2023
£    £   
Stocks 3,000 3,000
Work-in-progress 116,785 41,877
119,785 44,877

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 707,112 388,646 - -
Applications/retentions 1,785,525 1,305,244 - -
Bad debt provision (5,637 ) (7,769 ) - -
Amounts owed by participating interests 262,913 262,913 - -
Other debtors 1,605 2,800 - -
R&D tax refund - 221,796 - -
VAT 109,054 119,877 - 33,658
Prepayments and accrued income 136,042 144,611 - -
2,996,614 2,438,118 - 33,658

Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 November 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Hire purchase contracts (see note 16) 22,205 20,129 - -
Trade creditors 2,139,975 1,521,499 - -
Tax 72,632 205,273 - -
Social security and other taxes 52,517 37,696 - -
VAT - - 528 -
Other creditors 849 315,006 - -
Directors' loan accounts 1,141 769 - -
Accruals and deferred income 99,625 121,489 - -
Accrued expenses 1,400 1,400 1,400 1,400
2,390,344 2,223,261 1,928 1,400

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2024 2023
£    £   
Hire purchase contracts (see note 16) 39,518 62,735

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase
contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 22,205 20,129
Between one and five years 39,518 62,735
61,723 82,864

17. SECURED DEBTS

An unlimited debenture dated 10/12/2012 incorporating a fixed and floating charge on EvadX Limited.

Other facilities covered by the debenture

Commercial Charge Card
Electronic funds transfer (P C Pay)
Electronic funds transfer (Telepay)

18. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 53,315 60,073 37,468 39,904

Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 November 2024

18. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 December 2023 60,073
Provided during year (6,758 )
Balance at 30 November 2024 53,315

Company
Deferred
tax
£   
Balance at 1 December 2023 39,904
Provided during year (2,436 )
Balance at 30 November 2024 37,468

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid
Number: Class: Nominalvalue: £   
10,000 Ordinary A £1 10,000
10 Ordinary B £1 10
10 Ordinary C £1 10
10 Ordinary D £1 10
10,030

20. RESERVES

Group
Merger
Retained relief Merger
earnings reserve reserve Totals
£    £    £    £   

At 1 December 2023 2,848,518 2,989,970 (2,989,970 ) 2,848,518
Profit for the year 504,473 504,473
Dividends (482,000 ) (482,000 )
At 30 November 2024 2,870,991 2,989,970 (2,989,970 ) 2,870,991


21. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund.

Adams Holdings (N. Wales) Limited (Registered number: 13113517)

Notes to the Consolidated Financial Statements - continued
for the year ended 30 November 2024

22. RELATED PARTY DISCLOSURES

The property at Tir Llwyd Enterprise Park is owned by the pension company, which is controlled by the directors. During the year, rent of £113,400 (2023: £86,250) was invoiced from the pension company. As at 30th November 2024 £NIL (2023:£NIL) rent was outstanding and included within trade creditors.

Mr R T Adams, Mr S G Adams and Mrs B L Griffin are also directors of Adams Properties (N.Wales) Limited.During the year Adams Properties (N.Wales) Limited rented machinery to Evadx Ltd, the total amount of rent paid during the year was £5,424 (2023: £7,728). As at 30th November 2024 the total amount outstanding was £262,913 (2023: £262,913).

During the year Evadx Ltd employed a close family member of a director, in addition to a salary given on normal commercial terms, the company made personal pension contributions of £12,000 on behalf of the employee.

23. ULTIMATE CONTROLLING PARTY

Ultimate control of the company lies with the directors and their families who, between them, own the issued share capital.

24. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

Group
2024 2023
£    £   
Profit for the financial year 504,473 1,737,637
Dividends (482,000 ) (333,000 )
Purchase of subsidiary shares
Merger relief reserve
Net addition to shareholders' funds 22,473 1,404,637
Opening shareholders' funds 2,858,548 1,453,911
Closing shareholders' funds 2,881,021 2,858,548


Company
2024 2023
£    £   
Profit for the financial year 487,981 611,739
Dividends (482,000 ) (333,000 )
Purchase of subsidiary shares
Merger relief reserve
Net addition to shareholders' funds 5,981 278,739
Opening shareholders' funds 3,216,654 2,937,915
Closing shareholders' funds 3,222,635 3,216,654