Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falseResidential property rental and consultancy21truetrue 07274673 2023-01-01 2023-12-31 07274673 2022-01-01 2022-12-31 07274673 2023-12-31 07274673 2022-12-31 07274673 2022-01-01 07274673 5 2023-01-01 2023-12-31 07274673 5 2022-01-01 2022-12-31 07274673 d:Director1 2023-01-01 2023-12-31 07274673 e:FurnitureFittings 2023-01-01 2023-12-31 07274673 e:FurnitureFittings 2023-12-31 07274673 e:FurnitureFittings 2022-12-31 07274673 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07274673 e:OfficeEquipment 2023-01-01 2023-12-31 07274673 e:OfficeEquipment 2023-12-31 07274673 e:OfficeEquipment 2022-12-31 07274673 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07274673 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07274673 e:FreeholdInvestmentProperty 2023-12-31 07274673 e:FreeholdInvestmentProperty 2022-12-31 07274673 e:FreeholdInvestmentProperty 2 2023-01-01 2023-12-31 07274673 e:CurrentFinancialInstruments 2023-12-31 07274673 e:CurrentFinancialInstruments 2022-12-31 07274673 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 07274673 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 07274673 e:ShareCapital 2023-01-01 2023-12-31 07274673 e:ShareCapital 2023-12-31 07274673 e:ShareCapital 2022-01-01 2022-12-31 07274673 e:ShareCapital 2022-12-31 07274673 e:ShareCapital 2022-01-01 07274673 e:RevaluationReserve 2023-01-01 2023-12-31 07274673 e:RevaluationReserve 2023-12-31 07274673 e:RevaluationReserve 5 2023-01-01 2023-12-31 07274673 e:RevaluationReserve 2022-01-01 2022-12-31 07274673 e:RevaluationReserve 2022-12-31 07274673 e:RevaluationReserve 2022-01-01 07274673 e:RevaluationReserve 5 2022-01-01 2022-12-31 07274673 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 07274673 e:RetainedEarningsAccumulatedLosses 2023-12-31 07274673 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 07274673 e:RetainedEarningsAccumulatedLosses 2022-12-31 07274673 e:RetainedEarningsAccumulatedLosses 2022-01-01 07274673 d:FRS102 2023-01-01 2023-12-31 07274673 d:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 07274673 d:FullAccounts 2023-01-01 2023-12-31 07274673 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07274673 2 2023-01-01 2023-12-31 07274673 5 2023-01-01 2023-12-31 07274673 6 2023-01-01 2023-12-31 07274673 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 07274673 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 07274673 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 07274673










AMADORA ASSET MANAGEMENT LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
AMADORA ASSET MANAGEMENT LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF AMADORA ASSET MANAGEMENT LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Amadora Asset Management Limited for the year ended 31 December 2023 which comprise  the Statement of financial position, the Statement of changes in equity and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Amadora Asset Management Limited in accordance with the terms of our engagement letter dated 1st December 2021Our work has been undertaken solely to prepare for your approval the financial statements of Amadora Asset Management Limited and state those matters that we have agreed to state to the director of Amadora Asset Management Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Amadora Asset Management Limited and its director for our work or for this report. 

It is your duty to ensure that Amadora Asset Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Amadora Asset Management Limited. You consider that Amadora Asset Management Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Amadora Asset Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



McColes & Co (Herts) Ltd
 
Chartered Accountants
  
First Floor
28 Whitehorse Street
Baldock
Hertfordshire
SG7 6QQ
6 March 2024
Page 1

 
AMADORA ASSET MANAGEMENT LIMITED
REGISTERED NUMBER: 07274673

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
£
£

Fixed assets
  

Tangible assets
 4 
963
2

Investments
 5 
8,921
7,212

Investment property
 6 
650,509
675,069

  
660,393
682,283

Current assets
  

Debtors: amounts falling due within one year
 7 
138,586
138,539

Cash at bank and in hand
  
24,661
37,350

  
163,247
175,889

Creditors: amounts falling due within one year
 8 
(403,245)
(421,545)

Net current liabilities
  
 
 
(239,998)
 
 
(245,656)

Total assets less current liabilities
  
420,395
436,627

Provisions for liabilities
  

Deferred tax
 9 
(42,477)
(46,961)

  
 
 
(42,477)
 
 
(46,961)

Net assets
  
377,918
389,666


Capital and reserves
  

Called up share capital 
  
50,000
50,000

Revaluation reserve
  
260,627
282,391

Profit and loss account
  
67,291
57,275

  
377,918
389,666


Page 2

 
AMADORA ASSET MANAGEMENT LIMITED
REGISTERED NUMBER: 07274673
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 March 2024.




W Spencer
Director

The notes on pages 6 to 16 form part of these financial statements.

Page 3

 
AMADORA ASSET MANAGEMENT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
50,000
282,391
57,275
389,666


Comprehensive income for the year

Loss for the year

-
-
(11,748)
(11,748)

Surplus on revaluation of freehold property
-
-
24,560
24,560

Deficit on revaluation of other fixed assets
-
-
(2,796)
(2,796)


Other comprehensive income for the year
-
-
21,764
21,764


Total comprehensive income for the year
-
-
10,016
10,016


Contributions by and distributions to owners

Transfer to/from profit and loss account
-
(21,764)
-
(21,764)


Total transactions with owners
-
(21,764)
-
(21,764)


At 31 December 2023
50,000
260,627
67,291
377,918


The notes on pages 6 to 16 form part of these financial statements.

Page 4

 
AMADORA ASSET MANAGEMENT LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
50,000
257,936
54,549
362,485


Comprehensive income for the year

Profit for the year

-
-
27,181
27,181

Deficit on revaluation of freehold property
-
-
(27,129)
(27,129)

Surplus on revaluation of other fixed assets
-
-
2,674
2,674


Other comprehensive income for the year
-
-
(24,455)
(24,455)


Total comprehensive income for the year
-
-
2,726
2,726


Contributions by and distributions to owners

Transfer to/from profit and loss account
-
24,455
-
24,455


Total transactions with owners
-
24,455
-
24,455


At 31 December 2022
50,000
282,391
57,275
389,666


The notes on pages 6 to 16 form part of these financial statements.

Page 5

 
AMADORA ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 presentational currency of the Company is GBP.

The following principal accounting policies have been applied:

 
1.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
1.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 6

 
AMADORA ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
1.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures & fittings
-
25%
straight line
Office equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 7

 
AMADORA ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.6

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Statement of financial position date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in the Profit and loss account unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
1.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
1.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
1.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
1.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
1.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 8

 
AMADORA ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 9

 
AMADORA ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual
Page 10

 
AMADORA ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)


1.13
Financial instruments (continued)

arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 11

 
AMADORA ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.


General information

The Company is a private company, limited by shares and registered in England.
Its registered number is: 07274673
Its Registered Office is: 
Copford House
40 Royal Oak Lane
Pirton
Hitchin
Hertfordshire
SG5 3QT


3.


Employees

2023
2022
£
£

Wages and salaries
4,000
4,000

4,000
4,000


The average monthly number of employees, including directors, during the year was 2 (2022 - 1).

Page 12

 
AMADORA ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Fixtures & fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
6,693
840
7,533


Additions
-
1,435
1,435



At 31 December 2023

6,693
2,275
8,968



Depreciation


At 1 January 2023
6,692
838
7,530


Charge for the year on owned assets
-
475
475



At 31 December 2023

6,692
1,313
8,005



Net book value



At 31 December 2023
1
962
963



At 31 December 2022
1
1
2


5.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 January 2023
7,212


Additions
9,622


Disposals
(7,212)


Revaluations
(701)



At 31 December 2023
8,921




Page 13

 
AMADORA ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
675,069


Surplus on revaluation
(24,560)



At 31 December 2023
650,509

The 2023 valuations were made by Nationwide House Price Calculator, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
370,062
370,062

370,062
370,062

Page 14

 
AMADORA ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
£
£


Amounts owed by joint ventures and associated undertakings
138,000
138,000

Prepayments and accrued income
586
539

138,586
138,539



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
2,258
2,042

Other taxation and social security
302
160

Other creditors
399,719
418,407

Accruals and deferred income
966
936

403,245
421,545



9.


Deferred taxation




2023


£






At beginning of year
(46,961)


Charged to profit or loss
4,484



At end of year
(42,477)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(42,477)
(46,961)

(42,477)
(46,961)

Page 15

 
AMADORA ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Related party transactions

The amount due to the director at the reporting date is £389,790 (2022: £417,478). The loan does not attract a rate of interest and is repayable on demand. 
Included in debtors is an amount owed by a connected company £138,000 (2022: £138,000).  The company is connected by virture of the Director and shareholder.

 
Page 16