Adex Holdings Limited - Limited company accounts 25.1

REGISTERED NUMBER: 10843338 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025

FOR

ADEX HOLDINGS LIMITED

Page

Company Information

1

Report of the Directors

2

Consolidated Income Statement

3

Consolidated Balance Sheet

4

Company Balance Sheet

6

Notes to the Consolidated Financial Statements

8

DIRECTORS:

J Latimer

K J Marum

A Wood

REGISTERED OFFICE:

2 Manor Farm Court

Old Wolverton Road

Old Wolverton

Milton Keynes

Buckinghamshire

MK12 5NN

REGISTERED NUMBER:

10843338 (England and Wales)

ACCOUNTANTS:

Ad Valorem Accountancy Services Limited

Chartered Certified Accountants

2 Manor Farm Court

Old Wolverton Road

Old Wolverton

Buckinghamshire

MK12 5NN

The directors present their report with the financial statements of the company and the group for the year ended 31 January 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 February 2024 to the date of this report.

J Latimer

K J Marum

A Wood

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

J Latimer - Director

30 September 2025

TURNOVER

3,994,192

4,432,860

Cost of sales

2,825,842

3,292,793

GROSS PROFIT

1,168,350

1,140,067

Administrative expenses

1,107,812

1,073,699

OPERATING PROFIT

4

60,538

66,368

Interest payable and similar expenses

53,257

21,598

PROFIT BEFORE TAXATION

7,281

44,770

Tax on profit

33,748

44,344

(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(26,467

)

426

(Loss)/profit attributable to:

Owners of the parent

(26,467

)

426

FIXED ASSETS

Intangible assets

6

1,176,573

1,269,081

Tangible assets

7

183,622

135,614

Investments

8

-

1,360,195

1,404,695

CURRENT ASSETS

Debtors

9

610,158

394,159

Cash in hand

43

41

610,201

394,200

CREDITORS

Amounts falling due within one year

10

1,467,812

1,291,471

NET CURRENT LIABILITIES

(857,611

)

(897,271

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

502,584

507,424

CREDITORS

Amounts falling due after more than one
year

11

(134,892

)

(106,774

)

PROVISIONS FOR LIABILITIES

(4,810

)

(11,301

)

NET ASSETS

362,882

389,349

CAPITAL AND RESERVES

Called up share capital

13

100

Share premium

20,416

Retained earnings

342,366

368,833

SHAREHOLDERS' FUNDS

362,882

389,349

The company and the group are 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 and the group 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 group 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 and the group as at the end of each financial year and of the group's 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 and the group.

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 30 September 2025 and were signed on its behalf by:

J Latimer - Director

FIXED ASSETS

Intangible assets

6

-

Tangible assets

7

-

Investments

8

665,547

CURRENT ASSETS

Debtors

9

1,098,666

Cash in hand

40

1,098,706

CREDITORS

Amounts falling due within one year

10

1,475,291

1,423,075

NET CURRENT LIABILITIES

(376,585

)

(324,369

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

288,962

341,178

CREDITORS

Amounts falling due after more than one
year

11

-

10,926

NET ASSETS

288,962

330,252

CAPITAL AND RESERVES

Called up share capital

13

100

Share premium

20,416

Retained earnings

268,446

309,736

SHAREHOLDERS' FUNDS

288,962

330,252

Company's loss for the financial year

(41,290

)

(21,903

)

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 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 30 September 2025 and were signed on its behalf by:

J Latimer - Director

1.	STATUTORY INFORMATION

Adex Holdings 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.

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

The company's principal place of business is Unit 5 Avebury Court, Mark Road, Hemel Hempstead, Hertfordshire, HP2 7TA.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

BASIS OF CONSOLIDATION

These financial statements consolidate the financial statements of Adex Holdings Limited and its subsidiaries, Howard Sandcliffe Investments 3 Limited and Adex Interiors for Industry Ltd.

TURNOVER

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

GOODWILL

Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of twenty years.

INTANGIBLE ASSETS

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 Consolidated Income Statement, 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.

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 group operates a defined contribution pension scheme. Contributions payable to the group'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 recoding 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2024 - 3 ) .

The average number of employees by undertakings that were proportionately consolidated during the year was 10 (2024 - 9 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

Depreciation - owned assets

8,882

11,146

Goodwill amortisation

92,508

5.	INDIVIDUAL INCOME STATEMENT

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.

6.	INTANGIBLE FIXED ASSETS

Group

Goodwill

£

COST

At 1 February 2024

and 31 January 2025

1,850,243

AMORTISATION

At 1 February 2024

581,162

Amortisation for year

92,508

At 31 January 2025

673,670

NET BOOK VALUE

At 31 January 2025

1,176,573

At 31 January 2024

1,269,081

7.	TANGIBLE FIXED ASSETS

Group

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

COST

At 1 February 2024

3,712

2,480

203,386

209,578

Additions

-

110,055

At 31 January 2025

3,712

2,480

313,441

319,633

DEPRECIATION

At 1 February 2024

2,606

(1,959

)

73,317

73,964

Charge for year

369

1,648

60,030

62,047

At 31 January 2025

2,975

(311

)

133,347

136,011

NET BOOK VALUE

At 31 January 2025

737

2,791

180,094

183,622

At 31 January 2024

1,106

4,439

130,069

135,614

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

8.	FIXED ASSET INVESTMENTS

Company

Shares in

group

undertakings

£

COST

At 1 February 2024

and 31 January 2025

665,547

NET BOOK VALUE

At 31 January 2025

665,547

At 31 January 2024

665,547

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

SUBSIDIARIES

Howard Sandcliffe Investments 3 Limited

Registered office: 2 Manor Farm Court, Old Wolverton Road, Milton Keynes, Bucks, MK12 5NN

Nature of business: Holding company

%

Class of shares:

holding

Ordinary

100.00

2025

2024

£

Aggregate capital and reserves

600,497

602,628

Loss for the year

(2,131

)

(2,767

)

Adex Interiors for Industry Ltd

Registered office: Unit 5, Avebury Court, Mark Road, Hemel Hempstead, Herts, HP2 7TA

Nature of business: Office interior design and supply

%

Class of shares:

holding

Ordinary

100.00

2025

2024

£

Aggregate capital and reserves

2,626,607

2,517,146

Profit for the year

109,461

117,604

The shares in Adex Interiors for Industry Ltd are held by Howard Sandcliffe Investments 3 Limited.

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2025

2024

2025

2024

£

Trade debtors

441,455

340,822

-

Amounts owed by group undertakings

-

1,098,666

Amounts recoverable on contract

132,397

26,944

-

Other debtors

-

24

-

Directors' current accounts

-

1,640

-

Tax

410

-

Prepayments

35,896

24,319

-

610,158

394,159

1,098,666

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2025

2024

2025

2024

£

Bank loans and overdrafts

220,423

152,057

-

Other loans

48,636

139,694

-

92,263

Hire purchase contracts

36,598

15,481

-

Payments on account

362,151

197,674

-

Trade creditors

346,547

200,287

-

Amounts owed to group undertakings

-

1,462,251

1,299,014

Tax

40,239

40,746

-

Income tax

1,357

614

1,357

614

Social security and other taxes

65,098

54,480

-

VAT

117,756

212,022

-

Other creditors

84,684

91,701

-

Directors' current accounts

53,060

-

Directors' loan accounts

10,905

29,684

10,905

29,684

Accruals and deferred income

80,358

157,031

778

1,500

1,467,812

1,291,471

1,475,291

1,423,075

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group

Company

2025

2024

2025

2024

£

Bank loans - 1-2 years

3,334

10,000

-

Bank loans - 2-5 years

-

3,334

-

Hire purchase contracts

131,558

82,514

-

Directors' loan accounts

-

10,926

-

10,926

134,892

106,774

-

10,926

12.	SECURED DEBTS

The following secured debts are included within creditors:

Group

2025

2024

£

Bank loans

13,334

23,334

The bank loan and overdraft facilities are secured by way of a fixed and floating charge over the assets of Adex Interiors for Industry Ltd and Howard Sandcliffe Investments 3 Limited.

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

100

Ordinary

£1

100

14.	OTHER FINANCIAL COMMITMENTS

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

15.	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

Amounts repaid

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

1,640

The director's loan is in the subsidiary, Adex Interiors for Industry Ltd, and is interest free and repayable on demand.

16.	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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

During the year, the group paid rent of £16,504 (2023: £17,000) to a limited liability partnership in which a director is a partner.