Company registration number 11899909 (England and Wales)
ARDMORE FITOUT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
PAGES FOR FILING WITH REGISTRAR
ARDMORE FITOUT LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
ARDMORE FITOUT LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2022
30 September 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Stocks
4
706,000
Debtors
5
3,703,951
Cash at bank and in hand
586,097
100
4,996,048
100
Creditors: amounts falling due within one year
6
(4,865,043)
Net current assets
131,005
100
Creditors: amounts falling due after more than one year
7
(93,456)
Net assets
37,549
100
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
37,449
Total equity
37,549
100
The notes on pages 2 to 6 form part of these financial statements.
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
These financial statements have been prepared and delivered 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 22 December 2022 and are signed on its behalf by:
P J Byrne
Director
Company Registration No. 11899909
ARDMORE FITOUT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 2 -
1
Accounting policies
Company information
Ardmore Fitout Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
6 Wharf Studios, 28 Wharf Road, London, England, N1 7GR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared
on a going concern basis
under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption available in FRS 102 and has not disclosed transactions and balances with entities that form part of the group headed by Ardmore Group Limited.
1.2
Turnover
Turnover represents revenue received from construction work carried out in the year and includes an appropriate proportion of revenue receivable from construction contracts which are recognised by reference to the stage of completion of the contract at the reporting date as measured by the Company's surveyors in liaison with third parties.
Turnover from contract variations and claims are included in the assessment of a contract position to the extent that it is probable that they will result in revenue and they are capable of being reliably measured.
Turnover is recognised at the consideration received or receivable
, and
is shown net of VAT and discounts.
1.3
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
ARDMORE FITOUT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
ARDMORE FITOUT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant
effect on amounts recognised in the financial statements.
-
Determine the expected future profitability in respect of long term contracts, on a contract by contract basis, to recognise the appropriate stage of completion and profits as the project progresses. The directors employ chartered surveyors who work closely on the projects, together with regular update meetings with the senior finance team, to critically assess the current and expected positions to enable them to make these judgements.
-
Determine the recoverability of trade and other debtors, retention balances and amounts recoverable on contracts. The directors and senior finance team monitor the recoverability, cash collection trends and creditworthiness of customers and make or reverse specific provisions where necessary.
-
Determine where accruals, provisions or contingent liabilities exist for remedial works required to completed contracts. The directors and senior management assess all construction contracts on a regular basis alongside the Company’s surveyors, customer communications and industry developments, and consider if any liability exists. Where a liability is identified, the directors and senior management consider if a probably outflow and reliable estimate exist and record an accrual, provision or contingent liability accordingly.
3
Employees
The Company has no employees other than the directors in the current or prior year, who did not receive any remuneration.
4
Stocks
2022
2021
£
£
Raw materials
706,000
-
ARDMORE FITOUT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 5 -
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
2,188,341
Other debtors
1,318,510
3,506,851
2022
2021
Amounts falling due after more than one year:
£
£
Trade debtors
197,100
Total debtors
3,703,951
6
Creditors: amounts falling due within one year
2022
2021
£
£
Payments received on account
1,976,300
Trade creditors
1,677,765
Amounts owed to group undertakings
1,173,671
Accruals and deferred income
37,307
4,865,043
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Trade creditors
93,456
8
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
ARDMORE FITOUT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
9
Audit report information
(Continued)
- 6 -
Senior Statutory Auditor:
Atul Kariya FCCA
Statutory Auditor:
MHA MacIntyre Hudson
10
Parent company
The Company's immediate parent company is Ardmore Construction Group Limited, incorporated in England and Wales. Ardmore Construction Group Limited is the smallest group in which the results of the Company are consolidated.
The largest group in which the results of the Company are consolidated is that headed by Ardmore Group Limited. The consolidated accounts of Ardmore Group Limited an Ardmore Construction Group Limited are available to the public and may be obtained from Companies House.
Ultimate control of the Company rests with C J Byrne and P J Byrne.