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Company No: 11111473 (England and Wales)

ADENLOCH LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

ADENLOCH LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

ADENLOCH LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
ADENLOCH LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS N J Greenwood
A D Hudd
REGISTERED OFFICE Third Floor
20 Old Bailey
London
EC4M 7AN
England
United Kingdom
COMPANY NUMBER 11111473 (England and Wales)
ADENLOCH LIMITED

BALANCE SHEET

As at 31 December 2023
ADENLOCH LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 0 455
Investments 4 827,251 1,127,489
827,251 1,127,944
Current assets
Debtors 5 393,644 664,671
Cash at bank and in hand 5,403 19,413
399,047 684,084
Creditors: amounts falling due within one year 6 ( 6,660) ( 243,031)
Net current assets 392,387 441,053
Total assets less current liabilities 1,219,638 1,568,997
Net assets 1,219,638 1,568,997
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account 1,218,638 1,567,997
Total shareholders' funds 1,219,638 1,568,997

For the financial year ending 31 December 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 Adenloch Limited (registered number: 11111473) were approved and authorised for issue by the Board of Directors on 20 August 2024. They were signed on its behalf by:

A D Hudd
Director
ADENLOCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
ADENLOCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

Adenloch 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 Third Floor, 20 Old Bailey, London, EC4M 7AN, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Going concern

The directors intend to place the company into liquidation as soon as possible. As required by UK accounting standards, the financial statements have been prepared on a basis other than that of a going concern. No material adjustments arose as a result of ceasing to apply the going concern basis. The financial statements do not include any provision for the future costs of winding up the company except to the extent that such costs were committed to as at the balance sheet date.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Taxation

Current tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, expect that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Fixtures and fittings 3 years straight line

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives.

Investments

Investments in non-subsidiary equity shares, which are publicly traded or where the fair value can be measured reliably, are initially measured at fair value, with changes in fair value recognised in the profit and loss account. Investments in subsidiary undertakings are measured at cost less impairment.

Investment Income

Interest income on debt securities, where applicable, is recognised in income using the effective interest method.

Dividends are accounted for on an ex-dividend accruals basis.

Dividends

Interim dividends to the company's shareholders are recognised once they are paid. Final dividends to the company's shareholders are recognised in the reporting period in which the dividends are approved by the shareholders.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 January 2023 4,406 4,406
At 31 December 2023 4,406 4,406
Accumulated depreciation
At 01 January 2023 3,951 3,951
Charge for the financial year 455 455
At 31 December 2023 4,406 4,406
Net book value
At 31 December 2023 0 0
At 31 December 2022 455 455

4. Fixed asset investments

2023 2022
£ £
Subsidiary undertakings 853 853
Other investments and loans 826,398 1,126,636
827,251 1,127,489

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 853
At 31 December 2023 853
Carrying value at 31 December 2023 853
Carrying value at 31 December 2022 853

The company owns 100% of the founder shares in the Haven Cove Absolute Return Fund, which is an investment fund domiciled in the Cayman Islands. The Haven Cove Absolute Return Fund’s registered office address is c/o Walkers Corporate Limited, 190 Elgin Avenue, George Town, Grand Cayman KY1-9008, Cayman Islands.

Other investments Total
£ £
Cost or valuation before impairment
At 01 January 2023 1,126,636 1,126,636
Movement in fair value ( 300,238) ( 300,238)
At 31 December 2023 826,398 826,398
Carrying value at 31 December 2023 826,398 826,398
Carrying value at 31 December 2022 1,126,636 1,126,636

Other investments represent shares in an open-ended investment fund. These shares are reported at the net asset value of the fund. The net asset value is determined by the fund manager by applying fair value principles to the underlying investments.

5. Debtors

2023 2022
£ £
Amounts owed by related parties 387,502 628,734
Corporation tax 5,662 0
Other debtors 480 35,937
393,644 664,671

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 60 981
Amounts owed to related parties 0 177
Taxation and social security 0 5,662
Other creditors 6,600 236,211
6,660 243,031

7. Related party transactions

N Greenwood

2023 2022
£ £
At 1 January 2023 (33) (33)
Advances to director 0 0
Repayments by director 0 0
Interest applied 0 0
Release of amounts due to director 33 0
At 31 December 2023 0 (33)

The above loan is unsecured, interest bearing, and repayable on demand. The loan was released on 31 December 2023.

A Hudd

2023 2022
£ £
At 1 January 2023 (144) (144)
Advances to director 0 0
Repayments by director 0 0
Interest applied 0 0
Release of amounts due to director 144 0
At 31 December 2023 0 (144)

The above loan is unsecured, interest bearing, and repayable on demand. The loan was released on 31 December 2023.

During the year, the company paid expenses totalling £531 (2022 - £533) on behalf of Teakbridge Capital Limited, which is a company under common control. At the year-end, the amount due from Teakbridge Capital Limited in respect of these expenses was £1,974 (2022 - £1,443).

At the year-end, the amount due from Teakbridge Capital Limited in respect of sterling denominated loans was £100,000 (2022 - £100,000). At the year-end, the amount due from Teakbridge Capital Limited in respect of euro denominated loans was £285,528 (2022 - £527,291). These loans are interest free and repayable in full upon 5 working days prior written notice and in any event, no later than 31 December 2023.