Registration number: 01333821

Adstone Construction Limited

Contents

Company Information	1
Statement of Financial Position	2
Notes to the Financial Statements	3 to 11

Adstone Construction Limited

Company Information

Directors

J A Young I Young J L Tipping T J Smith

Registered office

Adstone House, Wassage Way Hampton Lovett Industrial Estate Droitwich Worcestershire WR9 0NX

Auditors

Bissell & Brown Midlands Ltd Statutory AuditorsCharter House 56 High Street Sutton Coldfield West Midlands B72 1UJ

Adstone Construction Limited

(Registration number: 01333821)
Statement of Financial Position as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	151,508	134,972
Current assets
Stocks	5	93,118	106,124
Debtors	6	2,495,615	2,177,872
Cash at bank and in hand		2,598,416	2,500,368
		5,187,149	4,784,364
Creditors: Amounts falling due within one year	7	(3,386,403)	(2,973,973)
Net current assets		1,800,746	1,810,391
Total assets less current liabilities		1,952,254	1,945,363
Creditors: Amounts falling due after more than one year	7	(41,572)	(77,000)
Provisions for liabilities		(8,815)	(10,688)
Net assets		1,901,867	1,857,675
Capital and reserves
Called up share capital	10	4,750	4,750
Capital redemption reserve		250	250
Retained earnings		1,896,867	1,852,675
Shareholders' funds		1,901,867	1,857,675

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

Approved and authorised by the Board on 22 September 2025 and signed on its behalf by:
 

......................................... J A Young Director

Adstone Construction Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1	General information

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

The address of its registered office is:
Adstone House, Wassage Way
Hampton Lovett Industrial Estate
Droitwich
Worcestershire
WR9 0NX
United Kingdom

These financial statements were authorised for issue by the Board on 22 September 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 1a
- 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

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

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Summary of disclosure exemptions

The company has taken advantage of the exemption in FRS102 1.12(c) from disclosing transactions with the other members of the group.

Going concern

The financial statements have been prepared on the going concern basis. In adopting the going concern basis for preparing the financial statements, the Directors have prepared cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that taking account of possible downsides, the company will have sufficient funds to meet its liabilities as they fall due for that period.

The Company holds significant cash reserves.

The consolidated Adstone group maintains a strong statement of financial position including a substantial bank balance and limited external finance.

Adstone Construction Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 23 September 2025 was Paul Matthews, who signed for and on behalf of Bissell & Brown Midlands Ltd.

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

Contract revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services under construction contracts

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the contract;
• the stage of completion of the contract at the end of the reporting period can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.
• judgements in applying this policy are outlined in note 3.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Adstone Construction Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Depreciation

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

Asset class	Depreciation method and rate
Fixture and Fittings	20-25% Straight line & 20%-25% Reducing balance
Motor Vehicles	15%-20% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

The cost of stock and work in progress comprises direct materials and, where direct labour costs and those overheads that have been incurred on a contract and charged to the profit at each stage of the contract completion.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

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

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

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

Adstone Construction Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Leases

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.

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.

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.

Defined contribution pension obligation

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

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

Adstone Construction Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 39 (2023 - 39).

Adstone Construction Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

4	Tangible assets

	Fixtures and fittings £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2024	106,227	182,446	288,673
Additions	14,133	46,548	60,681
Disposals	(24,288)	-	(24,288)
At 31 December 2024	96,072	228,994	325,066
Depreciation
At 1 January 2024	89,210	64,491	153,701
Charge for the year	10,976	33,037	44,013
Eliminated on disposal	(24,156)	-	(24,156)
At 31 December 2024	76,030	97,528	173,558
Carrying amount
At 31 December 2024	20,042	131,466	151,508
At 31 December 2023	17,017	117,955	134,972

5

Stocks

	2024 £	2023 £
Raw materials and consumables	93,118	106,124

6

Debtors

Current	2024 £	2023 £
Trade debtors	24,904	788,880
Gross amount due from customers for contract work	2,275,918	1,157,536
Prepayments	117,980	122,723
Other debtors	76,813	108,733
	2,495,615	2,177,872

Adstone Construction Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	8	68,004	20,661
Trade creditors		2,140,726	1,353,936
Amounts owed to group undertakings and undertakings in which the company has a participating interest	11	1,067,760	1,312,556
Taxation and social security		48,216	245,562
Accruals and deferred income		43,595	33,921
Other creditors		18,102	7,337
		3,386,403	2,973,973

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	8	41,572	77,000

On 28th May 2024 the company provided a fixed charge in favour of Lloyds Bank Plc to provide a deposit agreement to secure own liabilities of a company or a limited liability partnership.

8	Loans and borrowings

Current loans and borrowings

	2024 £	2023 £
Hire purchase contracts	68,004	20,661

Non-current loans and borrowings

	2024 £	2023 £
Hire purchase contracts	41,572	77,000

Adstone Construction Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

9	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2024 £	2023 £
Not later than one year	26,000	23,300
Later than one year and not later than five years	104,000	-
	130,000	23,300

The amount of non-cancellable operating lease payments recognised as an expense during the year was £23,404 (2023 - £23,300).

10	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary of £1 each	4,750	4,750	4,750	4,750

 

11	Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

	2024 £	2023 £
Remuneration	6,219	64,367
Contributions paid to money purchase schemes	200,000	609
	206,219	64,976

In respect of the highest paid director:

	2024 £	2023 £
Remuneration	1,573	33,487
Company contributions to money purchase pension schemes	100,000	305

Adstone Construction Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Summary of transactions with other related parties

During the year the company paid rent of £23,975 (2023: £23,300) to Adstone Group SSAS a pension scheme in which two directors of the company have a beneficial interest. A independent rent review was undertaken by GJS Dillon on 25th October 2024 and used as the market rate for a new 5 year lease.

12	Parent and ultimate parent undertaking

The company's immediate parent is Adstone Construction Group Limited, incorporated in England.

  These financial statements are available upon request from Adstone House, Wassage Way, Hampton Lovett Industrial Estate, Droitwich, Worcestershire, WR9 0NX.