Company registration number 09927807 (England and Wales)
ADAMO PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ADAMO PROPERTY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ADAMO PROPERTY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
540,864
540,864
Current assets
Debtors
4
15,000
15,000
Cash at bank and in hand
22,778
28,387
37,778
43,387
Creditors: amounts falling due within one year
5
(65,329)
(67,454)
Net current liabilities
(27,551)
(24,067)
Total assets less current liabilities
513,313
516,797
Creditors: amounts falling due after more than one year
6
(251,163)
(283,789)
Net assets
262,150
233,008
Capital and reserves
Called up share capital
7
168
168
Profit and loss reserves
261,982
232,840
Total equity
262,150
233,008
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 5 April 2024 and are signed on its behalf by:
R Shore
Director
Company registration number 09927807 (England and Wales)
ADAMO PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Adamo Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Mentor FLT Training Ltd, Burley Close, Chesterfield, Derbyshire, United Kingdom, S40 2UB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Investment properties
Investment property is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet 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.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
1.6
Share capital
Share capital issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
ADAMO PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
540,864
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The fair value of the investment property is equivalent to the historical cost.
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
15,000
15,000
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
36,216
26,636
Trade creditors
1,200
1,200
Corporation tax
6,833
8,538
Other creditors
21,080
31,080
65,329
67,454
The bank loans are secured on the assets to which they relate.
ADAMO PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
251,163
273,789
Other creditors
10,000
251,163
283,789
The bank loans are secured on the assets to which they relate.
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
168 Ordinary shares of £1 each
168
168