Company No:
Contents
DIRECTORS | Maureen Grant |
Michael Adam Jude Grant |
REGISTERED OFFICE | C/O Praxis |
1 Poultry | |
London | |
EC2R 8EJ | |
United Kingdom |
COMPANY NUMBER | 11339675 (England and Wales) |
CHARTERED ACCOUNTANTS | Praxis |
1 Poultry | |
London | |
EC2R 8EJ |
Note | 2023 | 2022 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Investments | 4 |
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2 | 2 | |||
Current assets | ||||
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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979,739 | 15,160 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current liabilities | (43,405) | (10,601) | ||
Total assets less current liabilities | (43,403) | (10,599) | ||
Creditors: amounts falling due after more than one year | 8 | (
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Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 9 |
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Profit and loss account | (
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Total shareholders' deficit | (
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Directors' responsibilities:
The financial statements of Adprop Real Estate Development Ltd (registered number:
Michael Adam Jude Grant
Director |
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.
Adprop Real Estate Development Ltd (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 C/O Praxis, 1 Poultry, London, EC2R 8EJ, 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 £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
Investments in subsidiary undertakings are held at cost less provision for impairment.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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.
The prior year figures have been restated to reflect the investment in a subsidiary undertaking. The effect of the restatement is as shown below and has had no effect to retained earnings.
As previously reported | Adjustment | As restated | ||||
Year ended 31 May 2022 | £ | £ | £ | |||
Investment in subsidiary | 0 | 2 | 2 | |||
Other creditors | 50 | 2 | 52 |
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Investments in subsidiaries
2023 | |
£ | |
Cost | |
At 01 June 2022 |
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At 31 May 2023 |
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Carrying value at 31 May 2023 |
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Carrying value at 31 May 2022 |
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2023 | 2022 | ||
£ | £ | ||
Work in progress |
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2023 | 2022 | ||
£ | £ | ||
Amounts owed by own subsidiaries |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Amounts owed to connected persons |
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Other creditors |
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Amounts owed to connected persons related to a company under common control. The amount is repayable on demand and does not bear interest.
Included in other creditors are amounts owed to the Directors totalling £85,041 (2022: £nil). The amount is repayable on demand and does not bear interest.
2023 | 2022 | ||
£ | £ | ||
Bank loans |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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The Company had no material capital commitments at the year ended 31 May 2023.