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Basis for 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 the provisions available for small entities, in the circumstances set out below, 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. |
In accordance with the exemption provided by FRC's Ethical Standard - Provisions Available for Audits of Small Entities, we have prepared and submitted the company’s returns to the tax authorities and assisted with the preparation of the accounts. |
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Conclusions relating to going concern |
In auditing the accounts, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the accounts is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the accounts are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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Other information |
The other information comprises the information included in the annual report other than the accounts and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the accounts themselves. 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. |
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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. |
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Matters on which we are required to report by exception |
Adam Hall Ltd |
Notes to the Accounts |
for the year ended 30 June 2022 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Going Concern |
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The accounts have been prepared on a going concern basis. The parent company, Adam Hall GmbH, a company incorporated in Germany, has indicated its willingness to provide on going financial support to Adam Hall Limited. The directors have reviewed the financial resources available to the company. The directors consider that with the ongoing financial support from the parent company, these resources are sufficient to enable the company to meet its liabilities as they fall due. Therefore, the directors consider it appropriate that the financial statements are prepared on a going concern basis. |
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Turnover |
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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. |
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Tangible fixed assets |
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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: |
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Equipment and furniture |
25% Straight line |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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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. |
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Provisions |
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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. |
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Foreign currency translation |
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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. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Audit information |
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The audit report is unqualified. |
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Senior statutory auditor: |
John Ward |
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Firm: |
Ward & Co |
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Date of audit report: |
15 September 2022 |
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3 |
Employees |
2022 |
|
2021 |
Number |
Number |
|
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Average number of persons employed by the company |
3 |
|
3 |
|
|
|
|
|
|
|
|
|
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4 |
Tangible fixed assets |
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|
|
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|
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Equipment & Furniture |
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Total |
£ |
£ |
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Cost |
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At 1 July 2021 |
8,814 |
|
8,814 |
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Additions |
255 |
|
255 |
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Disposals/Written Off |
(17) |
|
(17) |
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At 30 June 2022 |
9,052 |
|
9,052 |
|
|
|
|
|
|
|
|
|
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Depreciation |
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At 1 July 2021 |
6,104 |
|
6,104 |
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Charge for the year |
1,246 |
|
1,246 |
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On disposals/write Off |
(17) |
|
(17) |
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At 30 June 2022 |
7,333 |
|
7,333 |
|
|
|
|
|
|
|
|
|
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Net book value |
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At 30 June 2022 |
1,719 |
|
1,719 |
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At 30 June 2021 |
2,710 |
|
2,710 |
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|
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|
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5 |
Debtors |
2022 |
|
2021 |
£ |
£ |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
473,096 |
|
429,223 |
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Other debtors |
44,240 |
|
11,256 |
|
|
|
|
|
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517,336 |
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440,479 |
|
|
|
|
|
|
|
|
|
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6 |
Creditors: amounts falling due within one year |
2022 |
|
2021 |
£ |
£ |
|
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Bank overdrafts |
10,958 |
|
- |
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Trade creditors |
19,151 |
|
514 |
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Taxation and social security costs |
22,017 |
|
39,277 |
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Other creditors |
13,854 |
|
9,507 |
|
|
|
|
|
|
65,980 |
|
49,298 |
|
|
|
|
|
|
|
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7 |
Share capital |
Nominal |
|
2022 |
|
2022 |
|
2021 |
value |
Number |
£ |
£ |
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Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
102,871 |
|
102,871 |
|
102,871 |
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B Ordinary shares |
£1 each |
|
47,011 |
|
47,011 |
|
47,011 |
|
|
|
|
|
|
149,882 |
|
149,882 |
|
|
|
|
|
|
|
|
|
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8 |
Capital redemption reserve |
2022 |
|
2021 |
£ |
£ |
|
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At 1 July 2021 |
30,787 |
|
30,787 |
|
|
At 30 June 2022 |
30,787 |
|
30,787 |
|
|
|
|
|
|
|
|
|
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9 |
Pension commitments |
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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. |
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|
10 |
Related party transactions |
2022 |
|
2021 |
£ |
£ |
|
Adam Hall GmbH |
|
(Parent Company) |
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Customer Based Commissions |
|
|
|
|
76,938 |
|
50,639 |
|
Sales Assistance Provided |
|
|
|
|
239,033 |
|
127,321 |
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Interest Receivable |
|
|
|
|
25,160 |
|
26,072 |
|
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The payment for Customer based Commissions, Sales Assistance provided and interest receivable, were made to the subsidiary company, Adam Hall Ltd, by the parent company, Adam Hall GmbH, Adam-Hall-Straße 1, 61267 Neu-Anspach, Germany |
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|
Amount due to Adam Hall Ltd at the financial year end |
473,096 |
|
429,223 |
|
11 |
Controlling party |
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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. |
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12 |
Other information |
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Adam Hall Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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The Seedbed Centre Vanguard Way |
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Shoeburyness |
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Southend-On-Sea |
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Essex |
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SS3 9QY |