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COMPANY REGISTRATION NUMBER: 14762183
Addaamo Commercial Spaces Limited
Filleted Unaudited Abridged Financial Statements
31 December 2023
Addaamo Commercial Spaces Limited
Abridged Financial Statements
Period from 27 March 2023 to 31 December 2023
Contents
Pages
Abridged statement of financial position
1 to 2
Notes to the abridged financial statements
3 to 5
Addaamo Commercial Spaces Limited
Abridged Statement of Financial Position
31 December 2023
31 Dec 23
Note
£
£
Fixed Assets
Investments
5
800,000
Current Assets
Debtors
5,546
Cash at bank and in hand
10
-------
5,556
Creditors: amounts falling due within one year
641
-------
Net Current Assets
4,915
---------
Total Assets Less Current Liabilities
804,915
Provisions
Taxation including deferred tax
31,272
---------
Net Assets
773,643
---------
Capital and Reserves
Called up share capital
6
680,010
Profit and loss account
7
93,633
---------
Shareholders Funds
773,643
---------
These abridged 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 abridged statement of comprehensive income has not been delivered.
For the period 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 abridged financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the period ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Addaamo Commercial Spaces Limited
Abridged Statement of Financial Position (continued)
31 December 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
Mr R Walters
Director
Company registration number: 14762183
Addaamo Commercial Spaces Limited
Notes to the Abridged Financial Statements
Period from 27 March 2023 to 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Dundee House, Millennium Way, Chesterfield, S41 8ND.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 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.
Revenue recognition
Rental income represents the rents due for the year under operating leases all of which relate to properties in the United Kingdom.
Income 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 pay or recover 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 substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investment property
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 aggregate surplus or deficit is transferred to the income statement. No depreciation is provided in respect of investment property.
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.
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 abridged 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 as a finance cost in profit or loss in the period it arises.
Financial instruments
Debtors and creditors with no stated interest rate, and repayable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 1 .
5. Investments
Investment Properties
£
Cost
At 27 March 2023
Additions
674,913
Revaluations
125,087
---------
At 31 December 2023
800,000
---------
Impairment
At 27 March 2023 and 31 December 2023
---------
Carrying amount
At 31 December 2023
800,000
---------
On 20 December 2023, the two investment properties were revalued by A Collins BSc MRICS, a RICS registered valuer of Copelands Chartered Surveyors, on an open market basis at £400,000 per property.
6. Called up share capital
Issued, called up and fully paid
31 Dec 23
No.
£
Ordinary shares of £ 1 each
680,010
680,010
---------
---------
7. Reserves
Called up share capital - this represents the nominal value of the shares that have been issued. Profit and loss account - this reserve records retained earnings and accumulated losses. Both previous UK GAAP and FRS102 require investment properties to be stated in the accounts at their current market value, with no annual depreciation charge. However, while previous UK GAAP stipulated that the surplus on revaluation of the property should be held in a revaluation reserve, which, being an unrealised surplus, did not form part of the company's distributable reserves, FRS102 requires that these surpluses, although still not distributable, be charged through the Profit and Loss Account. Consequently, the Profit and Loss Account reserve at 31 December 2023 includes a non-distributable amount of £93,815.
8. Related party transactions
The company has taken advantage of the exemption conferred by FRS 102 S33.1A, removing the requirement to disclose transactions between group companies. During the year the company provided and received short term loans from related parties. The balance outstanding due from/(to) related parties at the year end date is as follows:
2023
£
Amounts due from group undertakings 3,558
Outstanding balances with entities are unsecured, interest free and repayable on demand.
9. Controlling party
The directors consider the ultimate parent undertaking to be Walters Capital Group Limited , a company incorporated in England and Wales. The registered office address is Dundee House, Millennium Way, Chesterfield, England, S41 8ND.