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Company No: 05691909 (England and Wales)

ADP PROPERTY SERVICES LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

ADP PROPERTY SERVICES LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

ADP PROPERTY SERVICES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 September 2023
ADP PROPERTY SERVICES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 September 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 251,575 268,521
Investment property 4 800,000 800,000
1,051,575 1,068,521
Current assets
Debtors 5 392 668
Cash at bank and in hand 94,907 24,119
95,299 24,787
Creditors: amounts falling due within one year 6 ( 137,652) ( 170,315)
Net current liabilities (42,353) (145,528)
Total assets less current liabilities 1,009,222 922,993
Creditors: amounts falling due after more than one year 7 ( 105,050) ( 195,483)
Provision for liabilities 8 ( 4,615) ( 8,798)
Net assets 899,557 718,712
Capital and reserves
Called-up share capital 9 99 99
Profit and loss account 10 899,458 718,613
Total shareholders' funds 899,557 718,712

For the financial year ending 30 September 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of ADP Property Services Limited (registered number: 05691909) were approved and authorised for issue by the Board of Directors on 20 March 2024. They were signed on its behalf by:

Paul Leslie Bull
Director
Antony David West
Director
ADP PROPERTY SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
ADP PROPERTY SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

ADP Property Services Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 1 Carminow Industrial Estate, Carminow Road, Bodmin, PL31 1EP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Office equipment 3 years straight line
Other property, plant and equipment 20 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

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 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 creditors: amounts falling due within one year.

Trade and other creditors

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

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Office equipment Other property, plant
and equipment
Total
£ £ £
Cost
At 01 October 2022 175 338,936 339,111
At 30 September 2023 175 338,936 339,111
Accumulated depreciation
At 01 October 2022 175 70,415 70,590
Charge for the financial year 0 16,946 16,946
At 30 September 2023 175 87,361 87,536
Net book value
At 30 September 2023 0 251,575 251,575
At 30 September 2022 0 268,521 268,521

4. Investment property

Investment property
£
Valuation
As at 01 October 2022 800,000
As at 30 September 2023 800,000

Valuation

A full market valuation of investment property was completed by the directors at the statement of financial position date.

5. Debtors

2023 2022
£ £
Trade debtors 0 276
Prepayments 392 392
392 668

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 57,832 20,982
Accruals and deferred income 11,459 11,140
Taxation and social security 65,911 51,783
Payments received on account 2,450 2,535
Other creditors 0 83,875
137,652 170,315

Bank loans of £57,832 (2022: £20,982) are secured on the company's freehold investment property.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 105,050 195,483

Bank loans of £105,050 (2022: £195,483) are secured on the company's freehold investment property.

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 8,798) ( 3,733)
Credited/(charged) to the Statement of Income and Retained Earnings 4,183 ( 5,065)
At the end of financial year ( 4,615) ( 8,798)

The deferred taxation balance is made up as follows:

2023 2022
£ £
Accelerated capital allowances ( 4,615) ( 8,798)

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
99 Ordinary shares of £ 1.00 each 99 99

10. Reserves

Profit and loss account

2023 2022
£ £
Profit and loss account - distributable reserves 890,013 709,196
Profit and loss account - non-distributable reserves 9,417 9,417
899,430 718,613