Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30false3false2023-07-01falseNo description of principal activity3trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05837626 2023-07-01 2024-06-30 05837626 2022-07-01 2023-06-30 05837626 2024-06-30 05837626 2023-06-30 05837626 2022-07-01 05837626 1 2022-07-01 2023-06-30 05837626 5 2022-07-01 2023-06-30 05837626 d:Director3 2023-07-01 2024-06-30 05837626 e:FreeholdInvestmentProperty 2024-06-30 05837626 e:FreeholdInvestmentProperty 2023-06-30 05837626 e:CurrentFinancialInstruments 2024-06-30 05837626 e:CurrentFinancialInstruments 2023-06-30 05837626 e:CurrentFinancialInstruments e:WithinOneYear 2024-06-30 05837626 e:CurrentFinancialInstruments e:WithinOneYear 2023-06-30 05837626 e:ShareCapital 2023-07-01 2024-06-30 05837626 e:ShareCapital 2024-06-30 05837626 e:ShareCapital 2022-07-01 2023-06-30 05837626 e:ShareCapital 2023-06-30 05837626 e:ShareCapital 2022-07-01 05837626 e:InvestmentPropertiesRevaluationReserve 2023-07-01 2024-06-30 05837626 e:InvestmentPropertiesRevaluationReserve 2024-06-30 05837626 e:InvestmentPropertiesRevaluationReserve 2022-07-01 2023-06-30 05837626 e:InvestmentPropertiesRevaluationReserve 2023-06-30 05837626 e:InvestmentPropertiesRevaluationReserve 2022-07-01 05837626 e:InvestmentPropertiesRevaluationReserve 1 2022-07-01 2023-06-30 05837626 e:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 05837626 e:RetainedEarningsAccumulatedLosses 2024-06-30 05837626 e:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 05837626 e:RetainedEarningsAccumulatedLosses 2023-06-30 05837626 e:RetainedEarningsAccumulatedLosses 2022-07-01 05837626 e:RetainedEarningsAccumulatedLosses 1 2022-07-01 2023-06-30 05837626 e:OtherDeferredTax 2024-06-30 05837626 e:OtherDeferredTax 2023-06-30 05837626 d:FRS102 2023-07-01 2024-06-30 05837626 d:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 05837626 d:FullAccounts 2023-07-01 2024-06-30 05837626 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 05837626 f:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Registered number: 05837626










ADG PRAEDIUM LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
ADG PRAEDIUM LTD
 

CONTENTS



Page
Accountants' Report
 
1
Balance Sheet
 
2 - 3
Statement of Changes in Equity
 
4
Notes to the Financial Statements
 
5 - 10


 
ADG PRAEDIUM LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ADG PRAEDIUM LTD
FOR THE YEAR ENDED 30 JUNE 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of ADG Praedium Ltd for the year ended 30 June 2024 which comprise the Balance Sheet, the Statement of Changes in Equity and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of ADG Praedium Ltd, as a body, in accordance with the terms of our engagement letter dated 12 September 2022Our work has been undertaken solely to prepare for your approval the financial statements of ADG Praedium Ltd and state those matters that we have agreed to state to the Board of Directors of ADG Praedium Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ADG Praedium Ltd and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that ADG Praedium Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of ADG Praedium Ltd. You consider that ADG Praedium Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of ADG Praedium Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
8 October 2024
Page 1

 
ADG PRAEDIUM LTD
REGISTERED NUMBER: 05837626

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
140,000
140,000

  
140,000
140,000

Current assets
  

Cash at bank and in hand
  
20,347
13,829

  
20,347
13,829

Creditors: amounts falling due within one year
 5 
(36,403)
(36,145)

Net current liabilities
  
 
 
(16,056)
 
 
(22,316)

Total assets less current liabilities
  
123,944
117,684

Provisions for liabilities
  

Deferred tax
 6 
(1,900)
(1,900)

  
 
 
(1,900)
 
 
(1,900)

Net assets
  
122,044
115,784


Capital and reserves
  

Called up share capital 
  
100
100

Investment property reserve
 7 
8,100
8,100

Profit and loss account
 7 
113,844
107,584

  
122,044
115,784


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on
Page 2

 
ADG PRAEDIUM LTD
REGISTERED NUMBER: 05837626
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

8 October 2024.




Mr A R Gotts
Director

The notes on pages 5 to 10 form part of these financial statements.

Page 3

 
ADG PRAEDIUM LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 July 2022
100
-
101,118
101,218


Comprehensive income for the year

Profit for the year
-
-
14,566
14,566

Deficit on revaluation of freehold property
-
-
(8,100)
(8,100)

Other movement type 1
-
8,100
-
8,100
Total comprehensive income for the year
-
8,100
6,466
14,566


Total transactions with owners
-
-
-
-



At 1 July 2023
100
8,100
107,584
115,784


Comprehensive income for the year

Profit for the year
-
-
6,260
6,260
Total comprehensive income for the year
-
-
6,260
6,260


Total transactions with owners
-
-
-
-


At 30 June 2024
100
8,100
113,844
122,044


The notes on pages 5 to 10 form part of these financial statements.

Page 4

 
ADG PRAEDIUM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

The company is a private company limited by shares. It is incorporated and domiciled in England and Wales. The address of the registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The director has considered a period of twelve months from the date of approval of financial statements. The directors consider that projected income together with current cash reserves will be more than adequate for the company's needs. As such the directors believe that the accounts should be prepared on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 5

 
ADG PRAEDIUM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
ADG PRAEDIUM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The
Page 7

 
ADG PRAEDIUM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)

impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Page 8

 
ADG PRAEDIUM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees




The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
3
3


4.


Investment property


Freehold investment property

£



Valuation


At 1 July 2023
140,000



At 30 June 2024
140,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.

2024
2023
£
£

Revaluation reserves


At 1 July 2023
8,100
-

Net surplus/(deficit) in movement properties
-
8,100




Page 9

 
ADG PRAEDIUM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
-
67

Corporation tax
1,469
1,518

Other creditors
34,052
33,740

Accruals
882
820

36,403
36,145



6.


Deferred taxation




2024


£






At beginning of year
(1,900)



At end of year
(1,900)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Revaluation of investment properties
(1,900)
(1,900)

(1,900)
(1,900)


7.


Reserves

Fair value reserve

The fair value reserve represents the cumulative value of revaluations of the Company's investment property to fair value, net of deferred tax. The amounts debited or credited to this reserve are transfers from the profit and loss account. Deferred tax is provided for on these fair value adjustments at the standard rate of corporation tax applicable in the UK.


8.


Related party transactions

As at 30 June 2024 the directors were owed £34,052 (2023: £33,740) by the company, and this is shown within other creditors in note 5 of the accounts.

 
Page 10