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Registration number: 07160961

Adam Ellis Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Adam Ellis Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Adam Ellis Ltd

Company Information

Directors

Adam Ellis

Amy Ellis

Company secretary

Amy Ellis

Registered office

80-83 Long Lane
London
EC1A 9ET

Accountants

Carbon Accountancy Limited
Chartered Accountants
80-83 Long Lane
London
EC1A 9ET

 

Adam Ellis Ltd

(Registration number: 07160961)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

1,488,868

1,488,572

Investment property

4

583,172

583,172

 

2,072,040

2,071,744

Current assets

 

Debtors

6

610,864

386,982

Investments

7

-

355,538

Cash at bank and in hand

 

1,890,945

2,255,310

 

2,501,809

2,997,830

Creditors: Amounts falling due within one year

8

(228,764)

(303,549)

Net current assets

 

2,273,045

2,694,281

Total assets less current liabilities

 

4,345,085

4,766,025

Creditors: Amounts falling due after more than one year

8

(719,339)

(756,060)

Provisions for liabilities

(8,960)

(21,885)

Net assets

 

3,616,786

3,988,080

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

3,616,686

3,987,980

Shareholders' funds

 

3,616,786

3,988,080

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Adam Ellis Ltd

(Registration number: 07160961)
Balance Sheet as at 29 February 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 October 2024 and signed on its behalf by:
 

.........................................
Adam Ellis
Director

 

Adam Ellis Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
80-83 Long Lane
London
EC1A 9ET
United Kingdom

These financial statements were authorised for issue by the Board on 11 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

 

Adam Ellis Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Furniture, fixtures and fittings

25% reducing balance

Motor vehicles

25% straight line

Plant and machinery

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Adam Ellis Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Adam Ellis Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

3

Tangible assets

Land and buildings
£

Fixtures, fittings and equipment
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 March 2023

1,453,028

85,560

8,000

34,463

1,581,051

Additions

-

517

-

11,725

12,242

At 29 February 2024

1,453,028

86,077

8,000

46,188

1,593,293

Depreciation

At 1 March 2023

-

65,971

8,000

18,508

92,479

Charge for the year

-

5,026

-

6,920

11,946

At 29 February 2024

-

70,997

8,000

25,428

104,425

Carrying amount

At 29 February 2024

1,453,028

15,080

-

20,760

1,488,868

At 28 February 2023

1,453,028

19,589

-

15,955

1,488,572

The property included in land and buildings above has not been revalued during the year. In the directors' view, the costs shown reflect the current market value of the property.

Included within the net book value of land and buildings above is £1,453,028 (2023 - £1,453,028) in respect of freehold land and buildings.
 

 

Adam Ellis Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Investment properties

2024
£

At 1 March

583,172

At 29 February

583,172

There has been no valuation of investment property by an independent valuer.

5

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 10).

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

482,504

199,534

Amounts owed by related parties

11

16,975

14,370

Other debtors

 

111,385

173,078

   

610,864

386,982

7

Current asset investments

2024
£

2023
£

Other investments

-

355,538

 

Adam Ellis Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

95,044

87,933

Trade creditors

 

9,245

10,082

Taxation and social security

 

121,037

200,979

Accruals and deferred income

 

2,000

2,000

Other creditors

 

1,438

2,555

 

228,764

303,549

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

719,339

756,060

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

719,339

756,060

Current loans and borrowings

2024
£

2023
£

Bank borrowings

95,044

87,933

 

Adam Ellis Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

11

Related party transactions

Summary of transactions with other related parties

Maxland Management Limited is a UK resident company in which Adam Ellis is a director and shareholder.
 

Loans to related parties

2024

Maxland Management Limited
£

Total
£

At start of period

14,370

14,370

Advanced

2,605

2,605

At end of period

16,975

16,975

2023

Maxland Management Limited
£

Total
£

At start of period

13,470

13,470

Advanced

900

900

At end of period

14,370

14,370

Terms of loans to related parties

The loan to Maxland Management Limited is interest free and repayable on demand.