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REGISTERED NUMBER: 05201871 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Adam James Limited

Adam James Limited (Registered number: 05201871)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Adam James Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J J Pye
Mrs M A Pye
A J W Pye
A Pye
Miss M Pye





SECRETARY: Mrs M A Pye





REGISTERED OFFICE: James Shipstone House
Radford Road
Nottingham
Nottinghamshire
NG7 7EA





REGISTERED NUMBER: 05201871 (England and Wales)





ACCOUNTANTS: Brockhurst Davies Limited
11 The Office Village
North Road
Loughborough
Leicestershire
LE11 1QJ

Adam James Limited (Registered number: 05201871)

Abridged Balance Sheet
31 December 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 60,064 80,085
Investment property 5 21,910,400 21,622,747
21,970,464 21,702,832

CURRENT ASSETS
Debtors 1,160,787 344,512
Cash at bank 201,380 474,582
1,362,167 819,094
CREDITORS
Amounts falling due within one year 4,426,426 1,450,975
NET CURRENT LIABILITIES (3,064,259 ) (631,881 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,906,205

21,070,951

CREDITORS
Amounts falling due after more than one year 6 (5,980,688 ) (7,994,171 )

PROVISIONS FOR LIABILITIES 8 (2,115,470 ) (2,115,470 )
NET ASSETS 10,810,047 10,961,310

CAPITAL AND RESERVES
Called up share capital 1,261,502 1,261,502
Share premium 1,616 1,616
Fair value reserve 7,071,946 7,071,946
Retained earnings 2,474,983 2,626,246
SHAREHOLDERS' FUNDS 10,810,047 10,961,310

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

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

The directors acknowledge their 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.

Adam James Limited (Registered number: 05201871)

Abridged Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:





A J W Pye - Director


Adam James Limited (Registered number: 05201871)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Adam James Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements to have been prepared in accordance with the provision of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.

Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. Rental income is recognised in the period to which it relates.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes the original purchase price of the asset and the cost attributable to bringing the asset to its working condition for its intended use. Depreciation is charged on a straight line basis at rates calculated to write down assets to estimated residual value over their expected useful life as follows:

Motor vehicles - 25% RB

Investment property
Investment property is shown at most recent valuation, any aggregate surplus or deficit arising from changes in fair value is recognised in the fair value reserve.

Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenses. Subsequently the investment property is shown at fair value. Gains or losses are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.


Adam James Limited (Registered number: 05201871)

Notes to the Financial Statements - continued
for the Year Ended 31 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 balance sheet 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.

Impairment
Financial assets (including trade and other debtors)
A financial asset not carried at fair value through the profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset can be estimated reliably.

An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset's original effective interest rate. For financial instruments measured at cost less impairment an impairment is calculated as the difference between its carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the reporting date. Interest on the impaired asset continues to be recognised through the unwinding of the discount. Impairment losses are recognised in the profit or loss. When subsequent events cause the amount of impairment loss to decrease, the decrease in impairment loss is reversed through the profit or loss.

Non-financial assets
The carrying amounts of the company's non-financial assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated. The recoverable amount of an asset is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

An impairment loss is recognised if the carrying amount of an asset exceeds its estimated recoverable amount. Impairment losses are recognised in the profit or loss. An impairment loss is reversed if and only if the reasons for the impairment have ceased to apply.

Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

Basic financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Government grants
Government grants are included within accruals and deferred income in the balance sheet and credited to the profit and loss account over the expected useful lives of the assets to which they relate or in periods in which the relates costs are incurred. Amounts recognised in the profit and loss account are presented under the heading "Other operating income".

Adam James Limited (Registered number: 05201871)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Totals
£
COST
At 1 January 2023
and 31 December 2023 85,424
DEPRECIATION
At 1 January 2023 5,339
Charge for year 20,021
At 31 December 2023 25,360
NET BOOK VALUE
At 31 December 2023 60,064
At 31 December 2022 80,085

5. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 January 2023 21,622,747
Additions 287,653
At 31 December 2023 21,910,400
NET BOOK VALUE
At 31 December 2023 21,910,400
At 31 December 2022 21,622,747

The freehold and long leasehold land and buildings portfolio were valued at £20,649,674 on an open market basis in January 2019. Several properties were valued independently for finance purposes with the remainder by a RICS registered employee of John Pye & Sons Limited, a related company. The directors considered that this valuation would have been the market value of the property portfolio at 31 December 2023 and as such no uplift has been included in these financial statements. The new property additions during 2021 and 2023 have been included at cost.

Fair value at 31 December 2023 is represented by:
£
Valuation in 2019 20,649,674
Valuation in 2021 973,073
Valuation in 2023 287,653
21,910,400

Adam James Limited (Registered number: 05201871)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. INVESTMENT PROPERTY - continued

If the investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£ £
Cost 12,673,862 12,435,331

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
2023 2022
£ £
Repayable by instalments
Bank loans more 5 yr by instal 4,901,992 6,619,293

7. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£ £
Bank loans 6,229,538 8,314,595

The company has five loans which are secured over certain properties.
Interest is charged on loan 1 at the rate of LIBOR plus 1%, the company also entered into an interest rate swap to fix the interest rate at 4.1%.
Interest is charged on loan 2 at a fixed rate of 4.02%.
Interest is charged on loan 3 at a variable rate of 1.5% over base rate.
Interest is charged on loan 4 at a fixed rate of 3.6%
Interest is charged on loan 5 at a fixed rate of 3.5%

8. PROVISIONS FOR LIABILITIES
2023 2022
£ £
Deferred tax 2,115,470 2,115,470

Deferred tax
£
Balance at 1 January 2023 2,115,470
Balance at 31 December 2023 2,115,470

Adam James Limited (Registered number: 05201871)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£ £
A J W Pye
Balance outstanding at start of year 55,967 2,907
Amounts advanced - 55,967
Amounts repaid (55,967 ) (2,907 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 55,967

Miss M Pye
Balance outstanding at start of year 203,562 -
Amounts advanced - 203,562
Amounts repaid (203,562 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 203,562

Amounts advanced to the directors are included within other debtors and are expected to be fully repayable within 12 months of the balance sheet date.

10. POST BALANCE SHEET EVENTS

On 31 January 2024 the company acquired Investment Property in Cradley Heath for £11,100,000. On 15 March 2024 the company disposed of Investment Property at Ballymena for £1,471,000.

On 26 February 2024, John Pye & Sons Holdings Limited (a company under common internship) acquired the entire share capital of Adam James Limited.