1 January 2023 v2024.32.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBPNI6627992023-01-012023-12-31NI6627992023-12-31NI6627992022-12-31NI662799core:WithinOneYear2023-12-31NI662799core:WithinOneYear2022-12-31NI662799core:ShareCapital2023-12-31NI662799core:ShareCapital2022-12-31NI662799core:SharePremium2023-12-31NI662799core:SharePremium2022-12-31NI662799core:RevaluationReserve2023-12-31NI662799core:RevaluationReserve2022-12-31NI662799core:RetainedEarningsAccumulatedLosses2023-12-31NI662799core:RetainedEarningsAccumulatedLosses2022-12-31NI662799bus:Director12023-01-012023-12-31NI662799bus:RegisteredOffice2023-01-012023-12-31NI6627992022-01-012022-12-31NI662799core:CostValuation2023-01-01NI662799core:AdditionsToInvestments2023-12-31NI662799core:DisposalsRepaymentsInvestments2023-12-31NI662799core:RevaluationsIncreaseDecreaseInInvestments2023-12-31NI662799core:CostValuation2023-12-31NI66279912023-01-012023-12-31NI662799countries:NorthernIreland2023-01-012023-12-31NI662799bus:AuditExemptWithAccountantsReport2023-01-012023-12-31NI662799bus:PrivateLimitedCompanyLtd2023-01-012023-12-31NI662799bus:SmallEntities2023-01-012023-12-31NI662799bus:FullAccounts2023-01-012023-12-31
Company registration number:
NI662799
PA Adelaide Ltd
Unaudited Filleted Financial Statements for the year ended
31 December 2023
PA Adelaide Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of PA Adelaide Ltd
Year ended
31 December 2023
As described on the statement of financial position, the Board of Directors of
PA Adelaide Ltd
are responsible for the preparation of the
financial statements
for the year ended
31 December 2023
, which comprise the income statement, statement of total comprehensive income, statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
PA Adelaide Ltd
Statement of Financial Position
31 December 2023
20232022
Note££
Fixed assets    
Investments 5
4,362,518
 
4,120,233
 
Current assets    
Cash at bank and in hand
3,992
 
5,055
 
Creditors: amounts falling due within one year 6
(3,978,696
)
(3,980,676
)
Net current liabilities
(3,974,704
)
(3,975,621
)
Total assets less current liabilities 387,814   144,612  
Provisions for liabilities
(35,826
) -  
Net assets
351,988
 
144,612
 
Capital and reserves    
Called up share capital
100
 
100
 
Share premium
68,310
 
68,310
 
Revaluation reserve
107,478
 
(39,389
)
Profit and loss account
176,100
 
115,591
 
Shareholders funds
351,988
 
144,612
 
For the 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.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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 income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
31 July 2024
, and are signed on behalf of the board by:
Philip Agnew
Director
Company registration number:
NI662799
PA Adelaide Ltd
Notes to the Financial Statements
Year ended
31 December 2023

1 General information

The company is a private company limited by shares and is registered in Northern Ireland. The address of the registered office is
Upper Floors
,
336 Lisburn Road
,
Belfast
,
BT9 6GH
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Fixed asset investments

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income or profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Other fixed asset investments which are listed are measured at fair value with changes in fair value being recognised in profit or loss.
All other Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.

Impairment

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

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.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

4 Average number of employees

The average number of persons employed by the company during the year was
1
(2022:
1.00
).

5 Investments

Other investments other than loans
£
Cost or valuation  
At
1 January 2023
4,120,233
 
Additions
72,335
 
Disposals
(10,000
)
Revaluations
179,950
 
At
31 December 2023
4,362,518
 
Impairment  
At
1 January 2023
and
31 December 2023
-  
Carrying amount  
At
31 December 2023
4,362,518
 
At 31 December 2022
4,120,233
 

6 Creditors: amounts falling due within one year

20232022
££
Taxation and social security
4,378
 
10,676
 
Other creditors
3,974,318
 
3,970,000
 
3,978,696
 
3,980,676