Adcon (Contracting) Ltd
Adcon (Contracting) Ltd
Registered number: 08825400
Unaudited Financial Statements
For The Year Ended
31 December 2019
Manea Consulting
Squirrel Lodge
Swan Lane
Edenbridge
Kent
TN8 6AL
Adcon (Contracting) Ltd
Unaudited Financial Statements
For The Year Ended
31 December 2019
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—5 |
Adcon (Contracting) Ltd
Balance Sheet
As at
31 December 2019
Balance Sheet
Registered number:
08825400
For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
2019 | 2018 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Intangible Assets | 3 |
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Tangible Assets | 4 |
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CURRENT ASSETS | |||||
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 7 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 9 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 29,191 | 36,539 | |||
Page 1
Adcon (Contracting) Ltd
Balance Sheet (continued)
As at
31 December 2019
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
Adcon (Contracting) Ltd
Notes to the Financial Statements
For The Year Ended
31 December 2019
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
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.
1.3.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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 |
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Motor Vehicles |
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Fixtures & Fittings |
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Computer Equipment |
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1.5.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.6.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Page 3
Adcon (Contracting) Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2019
1.7.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3.
Intangible Assets
Goodwill | |||
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Cost | |||
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Net Book Value | |||
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4.
Tangible Assets
Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Computer Equipment | Total | |
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Cost | |||||
As at
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Additions |
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As at
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Depreciation | |||||
As at
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Provided during the period |
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As at
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Net Book Value | |||||
As at
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As at
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5.
Stocks
2019 | 2018 | ||
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£ | £ | ||
Stock - work in progress |
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Page 4
Adcon (Contracting) Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2019
6.
Debtors
2019 | 2018 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Director's loan account | - | 32,496 | |
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7.
Creditors: Amounts Falling Due Within One Year
2019 | 2018 | ||
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£ | £ | ||
Trade creditors |
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VAT |
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M. Rowan loan |
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Barclay Card |
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Accruals and deferred income |
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CIS Liability |
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Director's loan account |
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Adhectic Loan |
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Yarnton Leisure Buildings Loan |
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8.
Obligations Under Finance Leases and Hire Purchase
2019 | 2018 | ||
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£ | £ | ||
The maturity of these amounts is as follows: | |||
Amounts Payable: | |||
Between one and five years |
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10.
General Information
Adcon (Contracting) Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
08825400
. The registered office is 3 Court Close, Kidlington, OX5 1NU.
Page 5