ADNC Projects Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

ADNC Projects Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10356563 . The registered office is Wellington House, Otley Street, Skipton, BD23 1EL.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	25% reducing balance
Motor Vehicles	25% reducing balance/ straight line
Office Equipment	33% reducing balance

2.4. Leasing and Hire Purchase Contracts

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as

operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over

the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and

rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the

present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the

shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in

the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease

obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

2.5. Stocks and Work in Progress

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is

determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour

costs and those overheads that have been incurred in bringing the inventories to their present location and

condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying

amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised

immediately in profit or loss.

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ADNC Projects Limited

Notes to the Financial Statements (continued)

For The Year Ended 29 September 2024

2.6. Financial Instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless

the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the

future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at

amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective

evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying

amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate.

The impairment loss and any subsequent reversal is recognised in the profit and loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are

settled. or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party

or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the

asset to an unrelated party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables and bank loans, 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 receipts discounted at a market rate of interest for a similar debt

instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is

discharged, cancelled or expires.

2.7. Taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that

a change attributable to an item of income or expense recognised as other comprehensive income is also

recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively

enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the

financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered

against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the

reporting date and that are expected to apply to the reversal of the timing difference.

2.8. Pensions

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and

the company has no legal or constructive obligation to pay further contributions even if the fund does not hold

sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contributions plans are recognised as employee benefit expense when they are due. If

contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

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ADNC Projects Limited

Notes to the Financial Statements (continued)

For The Year Ended 29 September 2024

2.9. Government Grant

Grants are measured at the fair value of the asset received or receivable.

Grants relating to revenue shall be recognised as income on a systematic basis over the periods in which the

entity recognises the related costs for which the grant is intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of

giving immediate financial support to the entity with no future related costs shall be recognised as income in the

period in which it becomes receivable,

Grants relating to assets shall be recognised as income on a systematic basis over the expected useful life of the

asset. Where part of the grant relating to an asset is deferred it shall be recognised as deferred income and not

deducted from the carrying amount of the asset.

2.10. Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other

resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred

and the time value of money is material, the initial measurement is on a present value basis.

2.11. Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the

reporting period in which the dividends are declared.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 10 (2023: 10)

4. Tangible Assets

	Plant & Machinery	Motor Vehicles	Office Equipment	Total
	£	£	£	£
Cost
As at 1 October 2023	43,657	119,210	19,672	182,539
Additions	6,675	368,899	798	376,372
Disposals	-	-	(2,874 )	(2,874 )
Transfers	3,031	(3,031 )	-	-

As at 29 September 2024	53,363	485,078	17,596	556,037

Depreciation
As at 1 October 2023	28,165	37,255	9,394	74,814
Provided during the period	5,672	55,815	3,101	64,588
Disposals	-	-	(2,010 )	(2,010 )

As at 29 September 2024	33,837	93,070	10,485	137,392

Net Book Value
As at 29 September 2024	19,526	392,008	7,111	418,645

As at 1 October 2023	15,492	81,955	10,278	107,725

5. Stocks

	2024	2023
	£	£
Other inventories	5,000	5,000

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ADNC Projects Limited

Notes to the Financial Statements (continued)

For The Year Ended 29 September 2024

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	521,155	331,829
Prepayments and accrued income	18,220	12,562
Other debtors	95,765	74,100
Directors' loan accounts	95,865	-

	731,005	418,491

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	51,506	13,167
Trade creditors	215,957	53,912
Bank loans and overdrafts	9,000	9,000
Other creditors	138,597	112,612
Taxation and social security	200,154	120,400

	615,214	309,091

Creditors include net obligations under finance lease and hire purchase contracts which are secured on the assets

to which they relate of £51,506 (2023 - 13,167).

8. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	277,261	28,591
Bank loans	6,000	15,000

	283,261	43,591

Creditors include net obligations under finance lease and hire purchase contracts which are secured on the assets

to which they relate of £277,261 (2023 - £28,591).

9. Obligations Under Finance Leases and Hire Purchase

	2024	2023
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	51,506	13,167
Later than one year and not later than five years	277,261	28,591

	328,767	41,758

	328,767	41,758

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ADNC Projects Limited

Notes to the Financial Statements (continued)

For The Year Ended 29 September 2024

10. Share Capital

	2024	2023
Allotted, called up but not fully paid	£	£
30 Ordinary A shares of £ 1.00 each	30	30
30 Ordinary B shares of £ 1.00 each	30	30
30 Ordinary C shares of £ 1.00 each	30	30
10 Ordinary D shares of £ 1.00 each	10	10

	100	100

11. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2024	2023
	£	£
Not later than one year	10,857	29,000

	10,857	29,000

12. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 October 2023	Amounts advanced	Amounts repaid	Amounts written off	As at 29 September 2024
	£	£	£	£	£
Mr Christopher Emery	-	44,137	-	-	44,137
Mr Adam Freibach	-	51,727	-	-	51,727

The above loan is unsecured, interest free and repayable on demand.

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		418,645		107,725

			418,645		107,725
CURRENT ASSETS
Stocks	5	5,000		5,000
Debtors	6	731,005		418,491
Cash at bank and in hand		121,667		305,221

		857,672		728,712
Creditors: Amounts Falling Due Within One Year	7	(615,214 )		(309,091 )

NET CURRENT ASSETS (LIABILITIES)			242,458		419,621

TOTAL ASSETS LESS CURRENT LIABILITIES			661,103		527,346

Creditors: Amounts Falling Due After More Than One Year	8		(283,261 )		(43,591 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(30,000 )		(27,000 )

NET ASSETS			347,842		456,755

CAPITAL AND RESERVES
Called up share capital	10		100		100
Profit and Loss Account			347,742		456,655

SHAREHOLDERS' FUNDS			347,842		456,755

Mr Christopher Emery Director	Mr Adam Freibach Director	Mrs Ruth Hudson Freibach Director
18/09/2025