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REGISTERED NUMBER: 14002216 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

ADELAIDE FINCO (UK) LTD

ADELAIDE FINCO (UK) LTD (REGISTERED NUMBER: 14002216)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31st December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ADELAIDE FINCO (UK) LTD

COMPANY INFORMATION
for the Year Ended 31st December 2023







DIRECTOR: Mr H Johnson





REGISTERED OFFICE: 100 Barbirolli Square
Manchester
M2 3BD





REGISTERED NUMBER: 14002216 (England and Wales)





AUDITORS: Xeinadin Audit Limited
100 Barbirolli Square
Manchester
M2 3BD

ADELAIDE FINCO (UK) LTD (REGISTERED NUMBER: 14002216)

BALANCE SHEET
31st December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 49,877 57,772

CURRENT ASSETS
Stocks 580,844 738,720
Debtors 5 364,481 679,121
Cash at bank 427,935 389,845
1,373,260 1,807,686
CREDITORS
Amounts falling due within one year 6 (1,371,734 ) (1,857,329 )
NET CURRENT ASSETS/(LIABILITIES) 1,526 (49,643 )
TOTAL ASSETS LESS CURRENT LIABILITIES 51,403 8,129

CAPITAL AND RESERVES
Called up share capital 7 1 1
Retained earnings 51,402 8,128
SHAREHOLDERS' FUNDS 51,403 8,129

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 14th March 2024 and were signed by:





Mr H Johnson - Director


ADELAIDE FINCO (UK) LTD (REGISTERED NUMBER: 14002216)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31st December 2023


1. STATUTORY INFORMATION

Adelaide Finco (UK) Ltd is a private company limited by share capital, incorporated in England and Wales, registration number 14002216. The address of the registered office is 100 Barbirolli Square, Manchester, M2 3BD and principal place of business is Brun Barn, Diggle Edge, Oldham. OL3 5LS.

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.

The periods in review are not entirely comparable due to the company being incorporated on 25/03/2022 and starting trade on 01/07/2023. Therefore the comparative period only represents 6 months of trade compared to a full year in YE 31/12/2023.

Turnover
Turnover represents amounts recognised by the Company in respect of goods supplied, exclusive of Value
Added Tax and trade discounts. Turnover principally consists of the provision of hides and skins acquired as a by-product of the food processing industry, of which it is recognised at the point of which the goods are delivered and legal title is passed.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on tangible fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods:

Computer equipment- 25% straight line
Motor vehicles- 25% reducing balance

At each balance sheet date, the Company reviews the carrying amounts of its fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Stocks
Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Costs are based on the method most appropriate to the type of inventory class, usually on a first-in-first-out basis.


ADELAIDE FINCO (UK) LTD (REGISTERED NUMBER: 14002216)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the
effective interest method, less impairment losses for bad and doubtful debts except where the effect of
discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for
bad and doubtful debts.

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

ADELAIDE FINCO (UK) LTD (REGISTERED NUMBER: 14002216)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2023


4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st January 2023 792 62,925 63,717
Additions - 53,780 53,780
Disposals - (62,925 ) (62,925 )
At 31st December 2023 792 53,780 54,572
DEPRECIATION
At 1st January 2023 16 5,929 5,945
Charge for year 197 9,929 10,126
Eliminated on disposal - (11,376 ) (11,376 )
At 31st December 2023 213 4,482 4,695
NET BOOK VALUE
At 31st December 2023 579 49,298 49,877
At 31st December 2022 776 56,996 57,772

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 319,895
Other debtors 364,481 359,226
364,481 679,121

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 699,627 834,923
Amounts owed to participating interests 599,856 931,491
Taxation and social security 15,503 8,421
Other creditors 56,748 82,494
1,371,734 1,857,329

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary £1.00 1 1

ADELAIDE FINCO (UK) LTD (REGISTERED NUMBER: 14002216)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2023


8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael Garrett (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited