REGISTERED NUMBER: 01425629 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

FOR

ADEX INTERIORS FOR INDUSTRY LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

J Latimer

K J Marum

A Wood

REGISTERED OFFICE:

Unit 5

Avebury Court

Mark Road

Hemel Hempstead

Hertfordshire

HP2 7TA

REGISTERED NUMBER:

01425629 (England and Wales)

ACCOUNTANTS:

Ad Valorem Accountancy Services Limited

Chartered Certified Accountants

2 Manor Farm Court

Old Wolverton Road

Old Wolverton

Buckinghamshire

MK12 5NN

FIXED ASSETS

Tangible assets

5

183,623

135,615

CURRENT ASSETS

Debtors

6

3,987,970

3,607,155

Cash in hand

3

1

3,987,973

3,607,156

CREDITORS

Amounts falling due within one year

7

1,405,287

1,118,476

NET CURRENT ASSETS

2,582,686

2,488,680

TOTAL ASSETS LESS CURRENT LIABILITIES

2,766,309

2,624,295

CREDITORS

Amounts falling due after more than one year

8

(134,892

)

(95,848

)

PROVISIONS FOR LIABILITIES

(4,810

)

(11,301

)

NET ASSETS

2,626,607

2,517,146

CAPITAL AND RESERVES

Called up share capital

10

110

110

Other reserves

90

90

Retained earnings

2,626,407

2,516,946

SHAREHOLDERS' FUNDS

2,626,607

2,517,146

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

J Latimer - Director

1.	STATUTORY INFORMATION

Adex Interiors For Industry Ltd 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention.

At 31 January 2025, the company had a current intercompany debtor of £1,915,561 with its immediate parent company, Howard Sandcliffe Investments 3 Limited, which the immediate parent company is currently unable to redeem. The directors have therefore assessed the company and its immediate parent company Howard Sandcliffe Investments 3 Limited as a group in their assessment of going concern.

The directors have prepared forecasts and projections, which have looked at a period greater than twelve months from the date of signing these financial statements. These forecasts and projections take account of reasonably probable changes in trading performance and show that the group should be able to operate within its agreed overdraft limit, without further need for external funding.

The group's intercreditor deed states that the holders of the group's deferred consideration liabilities, which are liabilities of the company's immediate parent company, cannot take enforcement action to seek repayments during the bank's security period, which does not expire until all bank indebtedness is cleared. The directors are forecasting that the group will still be in a position of bank overdraft at least twelve months from the date of signing these financial statements and they therefore expect the bank's security period to last at least twelve months from the date of signing these financial statements. As such, the directors have concluded that the group's deferred consideration liabilities cannot be enforced by their holders for a period of at least twelve months from the date of signing these financial statements. The directors are additionally confident that the holders of the deferred consideration liabilities will not take enforcement action to seek repayments detrimental to the group after the bank security period.

After making enquires, the directors are confident that the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements continue to be prepared on a going concern basis. The financial statements do not include any adjustments that would result if the group was unable to continue as a going concern.

TURNOVER

Turnover represents the value, excluding value added tax, of goods and services supplied to customers during the year. A sale is recognised when goods and services have been delivered and future economic benefits are probable. Revenue is measured at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, net of discounts and VAT.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on reducing balance

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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 statement of financial position date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

HIRE PURCHASE AND LEASING COMMITMENTS

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 the 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.

LONG-TERM CONTRACTS

Profit on long-term contracts is taken as the work is carried out if the final 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 costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total costs expected for the contract. Revenues 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.

DEBTORS AND CREDITORS RECEIVABLE/PAYABLE WITHIN ONE YEAR

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in administrative expenses.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2024 - 9 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 February 2024

4,476

55,643

165,600

225,719

Additions

-

-

110,055

110,055

At 31 January 2025

4,476

55,643

275,655

335,774

DEPRECIATION

At 1 February 2024

3,369

51,204

35,531

90,104

Charge for year

369

1,648

60,030

62,047

At 31 January 2025

3,738

52,852

95,561

152,151

NET BOOK VALUE

At 31 January 2025

738

2,791

180,094

183,623

At 31 January 2024

1,107

4,439

130,069

135,615

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 February 2024

110,260

Additions

110,055

At 31 January 2025

220,315

DEPRECIATION

At 1 February 2024

7,652

Charge for year

53,165

At 31 January 2025

60,817

NET BOOK VALUE

At 31 January 2025

159,498

At 31 January 2024

102,608

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

441,455

340,822

Amounts owed by group undertakings

3,377,812

3,212,996

Amounts recoverable on long

term contracts

132,397

26,944

Other debtors

36,306

26,393

3,987,970

3,607,155

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

220,507

152,057

Hire purchase contracts

36,598

15,481

Payments received on account

362,151

197,674

Trade creditors

346,550

200,284

Taxation and social security

223,093

307,248

Other creditors

216,388

245,732

1,405,287

1,118,476

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

3,334

13,334

Hire purchase contracts

131,558

82,514

134,892

95,848

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank overdrafts

210,507

142,057

Bank loans

13,334

23,334

Hire purchase contracts

168,156

97,995

391,997

263,386

The company has provided a cross guarantee in respect of its parent company, Howard Sandcliffe Investments 3 Limited. The parent company had no bank borrowings subject to this guarantee as at 31 January 2025 (2024 - £Nil). The loan and overdraft facilities are secured by way of a fixed and floating charge over the assets of Adex Interiors for Industry Ltd.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

440

Ordinary

£0.25

110

110

11.	OTHER FINANCIAL COMMITMENTS

Total amounts contracted for but not provided in the financial statements amounted to £26,521 (2024 - £55,166). These relate to operating leases.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2025 and 31 January 2024:

2025

2024

£

£

J Latimer

Balance outstanding at start of year

1,640

1,640

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

1,640

1,640

The loan is interest free and repayable on demand.

13.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year the company paid rent of £16,504 (2024 - £17,000) to a limited liability partnership of which a director is a member.

14.	PARENT COMPANIES

The company's immediate parent company is Howard Sandcliffe Investments 3 Limited, a company incorporated in England & Wales. The registered office of Howard Sandcliffe Investments 3 Limited is 2 Manor Farm Court, Old Wolverton Road, Old Wolverton, Milton Keynes, Bucks, MK12 5NN.

The company's ultimate parent company is Adex Holdings Limited, a company incorporated in England & Wales. The registered office of Adex Holdings Limited is 2 Manor Farm Court, Old Wolverton Road, Old Wolverton, Milton Keynes, Bucks, MK12 5NN.