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REGISTERED NUMBER: 12456969 (England and Wales)




















Financial Statements

for the Year Ended 28 February 2023

for

ADAMS ASSET LTD

ADAMS ASSET LTD (REGISTERED NUMBER: 12456969)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ADAMS ASSET LTD

Company Information
for the Year Ended 28 February 2023







DIRECTORS: Mrs I B KUBICA ep. DJABRI
F DJABRI





REGISTERED OFFICE: 143 Station Road
Hampton
Middlesex
TW12 2AL





REGISTERED NUMBER: 12456969 (England and Wales)





ACCOUNTANTS: Alvis & Company (Accountants) Limited
143 Station Road
Hampton
Middlesex
TW12 2AL

ADAMS ASSET LTD (REGISTERED NUMBER: 12456969)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 7,947 11,921
Tangible assets 5 5,610 6,615
Investment property 6 484,614 242,887
498,171 261,423

CURRENT ASSETS
Stocks 57,979 46,165
Debtors 7 3,638 2,825
Cash at bank 1,578 225,241
63,195 274,231
CREDITORS
Amounts falling due within one year 8 (548,983 ) (549,590 )
NET CURRENT LIABILITIES (485,788 ) (275,359 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,383

(13,936

)

PROVISIONS FOR LIABILITIES (5,486 ) -
NET ASSETS/(LIABILITIES) 6,897 (13,936 )

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 10 6,797 (14,036 )
SHAREHOLDERS' FUNDS 6,897 (13,936 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ADAMS ASSET LTD (REGISTERED NUMBER: 12456969)

Balance Sheet - continued
28 February 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 4 October 2023 and were signed on its behalf by:




F DJABRI - Director



Mrs I B KUBICA ep. DJABRI - Director


ADAMS ASSET LTD (REGISTERED NUMBER: 12456969)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Adams Asset Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

ADAMS ASSET LTD (REGISTERED NUMBER: 12456969)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 March 2022
and 28 February 2023 19,869
AMORTISATION
At 1 March 2022 7,948
Charge for year 3,974
At 28 February 2023 11,922
NET BOOK VALUE
At 28 February 2023 7,947
At 28 February 2022 11,921

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 March 2022 8,820
Additions 1,600
At 28 February 2023 10,420
DEPRECIATION
At 1 March 2022 2,205
Charge for year 2,605
At 28 February 2023 4,810
NET BOOK VALUE
At 28 February 2023 5,610
At 28 February 2022 6,615

ADAMS ASSET LTD (REGISTERED NUMBER: 12456969)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022 242,887
Additions 212,852
Revaluations 28,875
At 28 February 2023 484,614
NET BOOK VALUE
At 28 February 2023 484,614
At 28 February 2022 242,887

Fair value at 28 February 2023 is represented by:
£   
Valuation in 2023 28,875
Cost 455,739
484,614

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Other debtors 3,638 2,825

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade creditors - 3,059
Taxation and social security 89 72
Other creditors 548,894 546,459
548,983 549,590

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28.2.23 28.2.22
value: £    £   
100 Ordinary 1 100 100

10. RESERVES

Reserves include an amount of £23,389 that relates to the, net of tax, revaluation of Investment Property. This amount is not distributable.