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REGISTERED NUMBER: 05770094 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

ADELAIDE S.P.A. (UK) LTD

ADELAIDE S.P.A. (UK) LTD (REGISTERED NUMBER: 05770094)

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










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


ADELAIDE S.P.A. (UK) LTD

COMPANY INFORMATION
for the Year Ended 31st December 2023







DIRECTOR: Mr H Johnson





SECRETARY: Mr H Johnson





REGISTERED OFFICE: 100 Barbirolli Square
Manchester
M2 3BD





REGISTERED NUMBER: 05770094 (England and Wales)





ACCOUNTANTS: KJG
100 Barbirolli Square
Manchester
M2 3BD

ADELAIDE S.P.A. (UK) LTD (REGISTERED NUMBER: 05770094)

STATEMENT OF FINANCIAL POSITION
31st December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 9,273 870
Investment property 5 1,350,000 1,350,000
1,359,273 1,350,870

CURRENT ASSETS
Debtors 6 1,201,246 1,577,560
Cash at bank 90,887 98,588
1,292,133 1,676,148
CREDITORS
Amounts falling due within one year 7 (636,164 ) (647,032 )
NET CURRENT ASSETS 655,969 1,029,116
TOTAL ASSETS LESS CURRENT LIABILITIES 2,015,242 2,379,986

PROVISIONS FOR LIABILITIES (133,085 ) (133,085 )
NET ASSETS 1,882,157 2,246,901

CAPITAL AND RESERVES
Called up share capital 8 10,000 10,000
Fair value reserve 9 666,110 666,110
Retained earnings 1,206,047 1,570,791
SHAREHOLDERS' FUNDS 1,882,157 2,246,901

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

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

The director acknowledges his 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.

ADELAIDE S.P.A. (UK) LTD (REGISTERED NUMBER: 05770094)

STATEMENT OF FINANCIAL POSITION - continued
31st December 2023


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 S.P.A. (UK) LTD (REGISTERED NUMBER: 05770094)

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


1. STATUTORY INFORMATION

Adelaide S.P.A. (UK) Limited is a private company limited by share capital, incorporated in England and Wales, registration number 05770094. 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 as modified by the revaluation of certain assets.

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

Depreciation on 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:

Plant and machinery-10% straight line

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 of tangible fixed assets 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.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 statement of financial position date.


ADELAIDE S.P.A. (UK) LTD (REGISTERED NUMBER: 05770094)

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


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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 NIL (2022 - 2 ).

ADELAIDE S.P.A. (UK) LTD (REGISTERED NUMBER: 05770094)

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


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st January 2023 3,237
Additions 8,762
At 31st December 2023 11,999
DEPRECIATION
At 1st January 2023 2,367
Charge for year 359
At 31st December 2023 2,726
NET BOOK VALUE
At 31st December 2023 9,273
At 31st December 2022 870

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st January 2023
and 31st December 2023 1,350,000
NET BOOK VALUE
At 31st December 2023 1,350,000
At 31st December 2022 1,350,000

Fair value at 31st December 2023 is represented by:
£   
Valuation in 2022 1,350,000

On the basis of professional advice, the director and shareholders have estimated the market value at £1,350,000.

ADELAIDE S.P.A. (UK) LTD (REGISTERED NUMBER: 05770094)

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


6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 1,200 1,200
Amounts owed by participating interests 599,856 931,391
Other debtors 190,190 54,969
791,246 987,560

Amounts falling due after more than one year:
Other debtors 410,000 590,000

Aggregate amounts 1,201,246 1,577,560

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 51 50
Taxation and social security 260 64
Other creditors 635,853 646,918
636,164 647,032

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 Ordinary £1 10,000 10,000

9. RESERVES
Fair
value
reserve
£   
At 1st January 2023
and 31st December 2023 666,110