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REGISTERED NUMBER: 00659963 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

ADEPTUS LIMITED

ADEPTUS LIMITED (REGISTERED NUMBER: 00659963)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ADEPTUS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: Mrs P S Graham





SECRETARY: Mr M See





REGISTERED OFFICE: E3 The Premier Centre
Abbey Park
Romsey
Hampshire
SO51 9DG





REGISTERED NUMBER: 00659963 (England and Wales)





ACCOUNTANTS: TBW Accountancy Limited
E3 The Premier Centre
Abbey Park
Romsey
Hampshire
SO51 9DG

ADEPTUS LIMITED (REGISTERED NUMBER: 00659963)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 33,828,470 35,331,860
33,828,470 35,331,860

CURRENT ASSETS
Debtors 6 49,722 49,977

CREDITORS
Amounts falling due within one year 7 14,739,393 15,983,005
NET CURRENT LIABILITIES (14,689,671 ) (15,933,028 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,138,799

19,398,832

CAPITAL AND RESERVES
Called up share capital 2 2
Revaluation reserve 9 16,505,554 17,243,403
Retained earnings 9 2,633,243 2,155,427
SHAREHOLDERS' FUNDS 19,138,799 19,398,832

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

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 director and authorised for issue on 12 October 2023 and were signed by:





Mrs P S Graham - Director


ADEPTUS LIMITED (REGISTERED NUMBER: 00659963)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Adeptus Limited 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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Valuation of investment property
As described in the notes to the financial statements, investment property are stated at fair value based on valuation performed by an independent professional valuer Fussell Consultancy with recent experience in the location and category of property valued. The valuer used observable market prices adjusted as necessary for any difference in the future, location or condition of the specific asset.

Turnover
All the Company's turnover and pre-tax loss was derived from the activities referred to on the Directors' Report. Turnover represents rents receivable in respect of the year.

Tangible fixed assets
Depreciation is provided by the Company to write off the cost of fixed tangible assets over their estimated useful economic lives by equal instalments at the following rates:

Furniture and fittings - 100%
Long leasehold properties - Life of lease

ADEPTUS LIMITED (REGISTERED NUMBER: 00659963)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Investment property
Investment properties are properties held for long term rental yields and include those that are being constructed or developed for future use as investment properties.

Investment properties are initially recognised at cost and subsequently carried at fair value, determined by independent professional valuers. Changes in fair value are recognised in the profit and loss account and transferred to the investment property revaluation reserves.

Investment properties are subject to renovations or improvements at regular intervals. The cost of major renovations and improvements is capitalised and the carrying amounts of the replaced components are recognised in profit or loss. The cost of maintenance, repairs and minor improvements is recognised in profit or loss when incurred.

On disposal of an investment property, the difference between the disposal proceeds and the carrying amount is recognised in profit or loss.

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.

Taxation
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.

3. EMPLOYEES AND DIRECTORS

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

ADEPTUS LIMITED (REGISTERED NUMBER: 00659963)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 April 2022
and 31 March 2023 410,390
DEPRECIATION
At 1 April 2022
and 31 March 2023 410,390
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 35,331,860
Disposals (1,503,390 )
At 31 March 2023 33,828,470
NET BOOK VALUE
At 31 March 2023 33,828,470
At 31 March 2022 35,331,860

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2015 16,505,554
Cost 17,322,916
33,828,470

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 18,121,242 18,121,242
Aggregate depreciation 31,840 31,840

Investment property was valued on an open market basis on 31 March 2015 by Fussell Consultancy MRICS .

There has been no material changes to the valuation of the properties in the current year.

ADEPTUS LIMITED (REGISTERED NUMBER: 00659963)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,860 -
Other debtors 23,734 20,933
Prepayments 23,128 29,044
49,722 49,977

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 12,925,155 12,925,155
Trade creditors 20,117 29,239
Amounts owed to group undertakings 873,766 2,179,669
Tax 561 561
Other creditors 38,519 37,183
Accruals and deferred income 881,275 811,198
14,739,393 15,983,005

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 12,925,155 12,925,155

The loan is secured on a guarantee from Olivia Holding Corporation, the ultimate parent company.

The loan is provided on a three months rolling contract and on this basis, the loan is classified as due within 1 year. Interest at market rate is charged by the lender.

The company has not experienced any difficulties in renewing this facility since its inception.

9. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2022 2,155,427 17,243,403 19,398,830
Deficit for the year (260,033 ) - (260,033 )
Disposal of properties 737,849 (737,849 ) -
At 31 March 2023 2,633,243 16,505,554 19,138,797

ADEPTUS LIMITED (REGISTERED NUMBER: 00659963)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

10. ULTIMATE CONTROLLING PARTY

The director regards Strollmoor Limited, a company incorporated in the United Kingdom and registered in England and Wales, as the immediate parent company, and Olivia Holding Corporation, a company incorporated in Panama, as the ultimate parent company.

At the year end the parent undertaking of the smallest and largest group of undertakings for which group financial statements are drawn up and of which the company is a member is Strollmoor Limited, incorporated in the United Kingdom. The registered office address of Strollmoor Limited is E3 The Premier Centre, Abbey Park, Romsey, Hampshire, SO51 9DG.

Strollmoor Limited produce group accounts, copies of which can be obtained from the Registrar of Companies, Companies House, Crown Way, Cardiff CF4 3YA.

The ultimate controlling party is the director, Mrs Priscilla Graham.