ADAM HALL LTD - Accounts

Registered number

01388340

ADAM HALL LTD

Report and Accounts

30 June 2018

ADAM HALL LTD
Report and accounts
Contents
Page
Company information	1
Directors' report	2
Independent auditor's report	3-4
Profit and loss account	5
Balance sheet	6
Statement of changes in equity	7
Notes to the accounts	8-11

ADAM HALL LTD

Company Information

Directors

Sven Wagner, Finance Director

David John Kirby

Auditors

Ward & Co

Chartered Accountants

First Floor 15 Young Street

London

W8 5EH

Bankers

Bank of Scotland

75,George Street

Edinburgh

EH2 3EW

Registered office

The Seedbed Centre Vanguard Way

Shoeburyness

Southend-On-Sea

Essex

SS3 9QY

Registered number

01388340

ADAM HALL LTD
Registered number:			01388340
Directors' Report
The directors present their report and accounts for the year ended 30 June 2018.
Principal activities
The company's principal activity during the year was acting as selling agent of audio hardware and equipment for parent company.
Directors
The following persons served as directors during the year:
	Sven Wagner, Finance Director
	David John Kirby
Directors' responsibilities

The directors are responsible for preparing the report and accounts in accordance with applicable law and regulations.
Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts 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 accounts unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these accounts, the directors are required to:
●	select suitable accounting policies and then apply them consistently;
●	make judgements and estimates that are reasonable and prudent;
●	prepare the accounts 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each person who was a director at the time this report was approved confirms that:
●	so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
●	he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Small company provisions

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

This report was approved by the board on 28 September 2018 and signed on its behalf.

Sven Wagner

Director

ADAM HALL LTD

Independent auditor's report

to the members of ADAM HALL LTD

Opinion

We have audited the accounts of ADAM HALL LTD for the year ended 30 June 2018 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and notes to the accounts, 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 an auditor's report 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.
In our opinion the accounts:
●	give a true and fair view of the state of the company's affairs as at 30 June 2018 and of its profit for the year then ended;
●	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
●	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis of 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 Auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the accounts 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
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
●	the directors' use of the going concern basis of accounting in the preparation of the accounts is not appropriate; or
●	the directors have not disclosed in the accounts any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the accounts are authorised for issue.
Other information
The other information comprises the information included in the report and accounts, other than the accounts and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the accounts 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 accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts 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 there is a material misstatement in the accounts or a material misstatement of the other information. 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 directors’ report for the financial year for which the accounts are prepared is consistent with the accounts; and
●	the directors’ report has 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
●	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
●	the accounts 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; or
●	the directors were not entitled to prepare the accounts in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the accounts

Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report 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 accounts.

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

John Ward
(Senior Statutory Auditor)
for and on behalf of
Ward & Co		First Floor 15 Young Street
Accountants and Statutory Auditors		London
25 March 2019		W8 5EH

ADAM HALL LTD
Profit and Loss Account
for the year ended 30 June 2018
						2018		2017
£							£
Turnover						359,093		344,335
Gross profit						359,093		344,335
Administrative expenses						(320,498)		(307,221)
Other operating income						3,000		5,411
Operating profit						41,595		42,525
Profit on the disposal of tangible fixed assets						558		-
Interest receivable						16,150		14,211
Interest payable						(91)		(45)
Profit before taxation						58,212		56,691
Tax on profit						(11,620)		(11,342)
Profit for the financial year						46,592		45,349

ADAM HALL LTD
Registered number:			01388340
Balance Sheet
as at 30 June 2018
Notes				2018			2017
£					£
Fixed assets
Tangible assets	4			6			1,863
Current assets
Debtors	5		314,749			264,706
Cash at bank and in hand			5,933			10,561
			320,682			275,267
Creditors: amounts falling due within one year	6		(27,664)			(30,698)
Net current assets				293,018			244,569
Total assets less current liabilities				293,024			246,432
Net assets				293,024			246,432
Capital and reserves
Called up share capital				149,882			149,882
Capital redemption reserve	7			30,787			30,787
Profit and loss account				112,355			65,763
Shareholders' funds				293,024			246,432
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Sven Wagner
Director
Approved by the board on 28 September 2018

ADAM HALL LTD
Statement of Changes in Equity
for the year ended 30 June 2018
Share			Profit		Total
capital			and loss
account
£			£		£
At 1 July 2016		149,882		20,414		201,083
Profit for the financial year				45,349		45,349
Total comprehensive income for the financial year		-		45,349		45,349
Dividends				-		-
Shares issued		-				-
Shares redeemed		-				-
At 30 June 2017		149,882		65,763		246,432
At 1 July 2017		149,882		65,763		246,432
Profit for the financial year				46,592		46,592
Total comprehensive income for the financial year		-		46,592		46,592
Dividends				-		-
Shares issued		-				-
Shares redeemed		-				-
At 30 June 2018		149,882		112,355		293,024

ADAM HALL LTD
Notes to the Accounts
for the year ended 30 June 2018
1	Accounting policies
	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
	Turnover
	Turnover comprises revenue recognised by the company in respect of money received and/or receivable for Sales assistance provided to Adam Hall GmbH, for selling and other costs incurred in UK, during the year, exclusive of Value Added Tax and trade discounts. Turnover is recognised every month it is incurred.Turnover also includes Customer based Commissions based on sales value by UK Sales staff.
	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
	Equipment and Furniture			25% straight line
	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.
2	Audit information
	The audit report is unqualified.
	Senior statutory auditor:	John Ward
	Firm:	Ward & Co
	Date of audit report:	25 March 2019
3	Employees					2018		2017
Number							Number
	Average number of persons employed by the company					3		2
4	Tangible fixed assets
								Equipment and Furniture
	Cost							£
	At 1 July 2017							8,787
	Disposals							(2,233)
	At 30 June 2018							6,554
	Depreciation
	At 1 July 2017							6,924
	Charge for the year							182
	On disposals							(558)
	At 30 June 2018							6,548
	Net book value
	At 30 June 2018							6
	At 30 June 2017							1,863
5	Debtors					2018		2017
£							£
	Amounts owed by group undertakings and undertakings in which the company has a participating interest					294,579		252,703
	Other debtors					20,170		12,003
						314,749		264,706
6	Creditors: amounts falling due within one year					2018		2017
£							£
	Trade creditors					1,189		-
	Taxation and social security costs					17,855		16,485
	Other creditors					8,620		14,213
						27,664		30,698
7	Capital redemption reserve					2018		2017
£							£
	At 1 July 2017					30,787		30,787
	At 30 June 2018					30,787		30,787
8	Pension commitments
	The assets of the pension scheme are held separately from those of the company in an independently administered fund. There were no outstanding or prepaid contributions at the year end).
9	Related party transactions					2018		2017
£							£
	Adam Hall GmbH
	(Parent Company)
	Customer Based Commissions					65,883		55,800
	Sales Assistance Provided					293,210		288,535
	Interest Receivable					16,150		14,211
	Payment of Sales Assistance provided, Customer based Commissions, interest payable to the subsidiary company Adam Hall Ltd by the parent company, Adam Hall GmbH.
	Amount due to Adam Hall Ltd at the financial year ended					294,579		252,703
10	Untimate Controlling party
	The company's immediate and ultimate parent undertaking is Adam Hall GmbH, a company incorporated in Germany. The company's ultimate controlling parties are Mr D Kirby, AH JaMa GmbH and AH Pietschmann GmbH.
11	Other information
	ADAM HALL LTD is a private company limited by shares and incorporated in England. Its registered office is:
	The Seedbed Centre Vanguard Way
	Shoeburyness
	Southend-On-Sea
	Essex
	SS3 9QY