REGISTERED NUMBER: |
ADMAN SERVICES LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
REGISTERED NUMBER: |
ADMAN SERVICES LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
ADMAN SERVICES LIMITED (REGISTERED NUMBER: NI644836) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
ADMAN SERVICES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
Church House |
24 Dublin Road |
OMAGH |
Co. Tyrone |
BT78 1HE |
BANKERS: |
14 High Street |
Omagh |
Co. Tyrone |
BT78 1BJ |
ADMAN SERVICES LIMITED (REGISTERED NUMBER: NI644836) |
BALANCE SHEET |
31 MAY 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
ADMAN SERVICES LIMITED (REGISTERED NUMBER: NI644836) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2023 |
1. | STATUTORY INFORMATION |
Adman Services Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling which is the functional currency of the company. |
Significant judgements and estimates |
When preparing the financial statements, management undertakes a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses. The following are significant management judgements in applying the accounting policies of the Company that have the most significant effect on the financial statements. |
Performance of long term contracts |
Recognised amounts of contract revenues and related receivables reflect the directors' best |
estimates of contracts outcome and stage of completion. This includes the assessment of the |
profitability of the contracts. The organisation draws on the expertise of qualified personnel |
to undertake such estimates and to apply appropriate levels of scrutiny to ensure the required |
level of accuracy and governance over this class of asset, in order to limit concern over the |
recoverability of these balances. Costs to complete and contract profitability are subject to |
significant estimation uncertainty. |
Turnover |
Turnover is the amount derived from the provision of goods and services falling within the organisation's ordinary activities after deduction of value added tax. In the case of long term contracts, turnover is calculated by reference to the value of work performed to date as a proportion of the total contract value together with attributable profit. Profit is recognised on long term contracts, if the final outcome can be assessed with reasonable certainty, by including in the Income Statement turnover and related costs as contract activity progresses. In the case of service contracts turnover represents the value of services performed during the year, exclusive of value added tax. |
Amounts recoverable on contracts |
The amount by which turnover exceeds payments on account on contracts is shown under debtors as amounts recoverable on contracts. Where payments on account exceed turnover the excess is classified as deferred income within creditors. When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision. |
ADMAN SERVICES LIMITED (REGISTERED NUMBER: NI644836) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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. |
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 transactional price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts recoverable on |
contracts |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
Accruals |
ADMAN SERVICES LIMITED (REGISTERED NUMBER: NI644836) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2023 |
6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
7. | RELATED PARTY DISCLOSURES |
The company has taken advantage of the exemptions contained in Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 33 Related Party Disclosures paragraph 33.11 and has not disclosed details of transactions with its parent or fellow subsidiary entities on the grounds that it is a 100% wholly owned subsidiary at the year end and the group financial statements of Adman Group Limited, within which Adman Services Limited is included are publicly available. |
8. | ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY |
The company's ultimate parent undertaking is Adman Group Limited, a company incorporated in Northern Ireland. |
At the year end, the ultimate controlling parties are Martin Grimes and Adrian McCrory by virtue of their controlling interest in 100% of Adman Group Limited. |