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COMPANY REGISTRATION NUMBER: 03514176
ADF Properties Ltd
Filleted Unaudited Financial Statements
For the year ended
29 February 2024
ADF Properties Ltd
Financial Statements
Year ended 29 February 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
ADF Properties Ltd
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
6
676,000
673,000
Current assets
Debtors
7
300
Cash at bank and in hand
32,839
22,083
--------
--------
33,139
22,083
Creditors: amounts falling due within one year
8
10,805
13,473
--------
--------
Net current assets
22,334
8,610
----------
----------
Total assets less current liabilities
698,334
681,610
Creditors: amounts falling due after more than one year
9
2,550
7,966
Provisions
28,027
27,457
----------
----------
Net assets
667,757
646,187
----------
----------
Capital and reserves
Called up share capital
90,815
90,815
Share premium account
33,284
33,284
Revaluation reserve (Non-distributable)
255,797
253,367
Profit and loss account
287,861
268,721
----------
----------
Shareholders funds
667,757
646,187
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
ADF Properties Ltd
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 12 April 2024 , and are signed on behalf of the board by:
H M Webb
Director
Company registration number: 03514176
ADF Properties Ltd
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 33 Dower Park, Escrick, York, YO19 6JN, England.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
Following the challenges arising as a consequence of the Covid-19 pandemic in 2020/21, more latterly the UK economy has been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it, and do not believe that it it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c) Revenue recognition
Turnover comprises revenue recognised by the company in respect of rental income receivable. Revenue from rents receivable is recognised in accordance with the terms of the relevant lease agreement.
(d) Current & deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date.Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantially enacted by the reporting date that are expected to apply to the reversal of the timing differences.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
(f) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% straight line
(g) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
(h) Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
(i) Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
4,490
3,913
Deferred tax:
Origination and reversal of timing differences
570
2,660
-------
-------
Tax on profit
5,060
6,573
-------
-------
6. Tangible assets
Freehold property
Fixtures and fittings
Total
£
£
£
Cost or valuation
At 1 March 2023
673,000
4,052
677,052
Revaluations
3,000
3,000
----------
-------
----------
At 29 February 2024
676,000
4,052
680,052
----------
-------
----------
Depreciation
At 1 March 2023 and 29 February 2024
4,052
4,052
----------
-------
----------
Carrying amount
At 29 February 2024
676,000
676,000
----------
-------
----------
At 28 February 2023
673,000
673,000
----------
-------
----------
Tangible assets held at valuation
The Investment Properties included within Fixed Assets at £676,000 were valued in February 2024 by the directors who have experience in the location and category of the investment properties being valued.
7. Debtors
2024
2023
£
£
Trade debtors
300
----
----
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,007
8,600
Trade creditors
300
Accruals and deferred income
1,008
960
Corporation tax
4,490
3,913
--------
--------
10,805
13,473
--------
--------
Creditors include a bank loan that is secured by a fixed and floating charge over the property to which it relates.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,550
7,966
-------
-------
Creditors include a bank loan that is secured by a fixed and floating charge over the property to which it relates.