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REGISTERED NUMBER: 12113027 (England and Wales)


ADA Design & Arts Limited

Abridged Unaudited Financial Statements

for the Year Ended 31 January 2024






ADA Design & Arts Limited (Registered number: 12113027)






Contents of the Financial Statements
for the year ended 31 January 2024




Page

Company Information 1

Chartered Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 5


ADA Design & Arts Limited

Company Information
for the year ended 31 January 2024







DIRECTOR: Mr S S Bilal





REGISTERED OFFICE: 239-241 Kennington Lane
London
SE11 5QU





REGISTERED NUMBER: 12113027 (England and Wales)





ACCOUNTANTS: Alton & Co
Chartered Accountants
239-241 Kennington Lane
London
SE11 5QU

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
ADA Design & Arts Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of ADA Design & Arts Limited for the year ended 31 January 2024 which comprise the Abridged Income Statement, Other Comprehensive Income, Statement of Financial Position, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of ADA Design & Arts Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of ADA Design & Arts Limited and state those matters that we have agreed to state to the director of ADA Design & Arts Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ADA Design & Arts Limited and its director for our work or for this report.

It is your duty to ensure that ADA Design & Arts Limited 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 ADA Design & Arts Limited. You consider that ADA Design & Arts Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of ADA Design & Arts Limited. 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.






Alton & Co
Chartered Accountants
239-241 Kennington Lane
London
SE11 5QU


31 October 2024

ADA Design & Arts Limited (Registered number: 12113027)

Statement of Financial Position
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 56,586 31,438
Property, plant and equipment 5 38,105 44,661
Investments 6 100 100
Investment property 7 2,097,179 2,097,179
2,191,970 2,173,378

CURRENT ASSETS
Debtors 8 4,275,294 1,332,240
Cash at bank and in hand 46,228 163,443
4,321,522 1,495,683
CREDITORS
Amounts falling due within one year 9 4,893,377 1,985,371
NET CURRENT LIABILITIES (571,855 ) (489,688 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,620,115

1,683,690

CREDITORS
Amounts falling due after more than one
year

10

(880,000

)

(1,100,000

)

PROVISIONS FOR LIABILITIES 11 (12,879 ) (8,486 )
NET ASSETS 727,236 575,204

ADA Design & Arts Limited (Registered number: 12113027)

Statement of Financial Position - continued
31 January 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 12 100 100
Fair value reserve 13 10,060 -
Retained earnings 13 717,076 575,104
SHAREHOLDERS' FUNDS 727,236 575,204

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Income Statement for the year ended 31 January 2024 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 director and authorised for issue on 31 October 2024 and were signed by:





Mr S S Bilal - Director


ADA Design & Arts Limited (Registered number: 12113027)

Notes to the Financial Statements
for the year ended 31 January 2024

1. STATUTORY INFORMATION

ADA Design & Arts 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 have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates. In determining the carrying amounts of certain assets and liabilities, the company makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The company's estimates and assumptions are based on historical experiences and expectation of future events and are reviewed periodically.

Fair value measurements are estimates of the amounts for which assets or liabilities could be transferred at the measurement date, based on the assumption that such transfers take place between participants in principal markets and, where applicable, taking highest and best use into account. Where available, fair value measurements are derived from prices quoted in active markets for identical assets or liabilities. In the absence of such information, other observable inputs are used to estimate fair value. Inputs derived from external sources are corroborated or otherwise verified, as appropriate. In the absence of publicly available information, fair value is determined using estimation techniques that take into account market perspectives relevant to the asset or liability, in as far as they can reasonably be ascertained, based on predominantly unobservable inputs.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when the company obtains the right to consideration and is derived from the ordinary activities of the company.

Intangible assets
Intangible assets with infinite life are shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

ADA Design & Arts Limited (Registered number: 12113027)

Notes to the Financial Statements - continued
for the year ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 2 ) .

ADA Design & Arts Limited (Registered number: 12113027)

Notes to the Financial Statements - continued
for the year ended 31 January 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST OR VALUATION
At 1 February 2023 31,438
Revaluations 25,148
At 31 January 2024 56,586
NET BOOK VALUE
At 31 January 2024 56,586
At 31 January 2023 31,438

Cost or valuation at 31 January 2024 is represented by:

Other
intangible
assets
£   
Valuation in 2023 (26,360 )
Valuation in 2024 25,148
Cost 57,798
56,586

Cryptocurrencies have been valued on an open market basis at the year end by Bitstamp, the trading platform.

ADA Design & Arts Limited (Registered number: 12113027)

Notes to the Financial Statements - continued
for the year ended 31 January 2024

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 February 2023 30,824 27,624 1,964 60,412
Additions - 6,145 - 6,145
At 31 January 2024 30,824 33,769 1,964 66,557
DEPRECIATION
At 1 February 2023 7,706 6,906 1,139 15,751
Charge for year 5,779 6,716 206 12,701
At 31 January 2024 13,485 13,622 1,345 28,452
NET BOOK VALUE
At 31 January 2024 17,339 20,147 619 38,105
At 31 January 2023 23,118 20,718 825 44,661

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 February 2023
and 31 January 2024 100
NET BOOK VALUE
At 31 January 2024 100
At 31 January 2023 100

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Monoco UK Ltd
Registered office: United Kingdom
Nature of business: Online trade of digital artwork and assets
%
Class of shares: holding
Ordinary 100.00

ADA Design & Arts Limited (Registered number: 12113027)

Notes to the Financial Statements - continued
for the year ended 31 January 2024

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023
and 31 January 2024 2,097,179
NET BOOK VALUE
At 31 January 2024 2,097,179
At 31 January 2023 2,097,179

The investment property has been valued on a fair value basis at the year end by the director.

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,262,689 1,298,590
Amounts owed by group undertakings 9,702 31,702
Other debtors 2,903 1,948
4,275,294 1,332,240

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 182,278 -
Trade creditors 4,639,646 1,639,853
Taxation and social security 57,723 54,606
Other creditors 13,730 290,912
4,893,377 1,985,371

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 880,000 1,100,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 880,000 1,100,000

ADA Design & Arts Limited (Registered number: 12113027)

Notes to the Financial Statements - continued
for the year ended 31 January 2024

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 12,879 8,486

Deferred
tax
£   
Balance at 1 February 2023 8,486
Charge to Income Statement during year 4,393
Balance at 31 January 2024 12,879

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

13. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 February 2023 575,104 - 575,104
Profit for the year 176,032 176,032
Dividends (24,000 ) (24,000 )
Fair value reserve (10,060 ) 10,060 -
At 31 January 2024 717,076 10,060 727,136

14. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2024 and 31 January 2023:

2024 2023
£    £   
Mr S S Bilal
Balance outstanding at start of year - 38,810
Amounts repaid - (38,810 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

ADA Design & Arts Limited (Registered number: 12113027)

Notes to the Financial Statements - continued
for the year ended 31 January 2024

15. RELATED PARTY DISCLOSURES

Included in debtors are amounts owed from a company under common control of £9,702 (2023: £31,702). No interest is charged on this balance and it is repayable on demand.

Included in other creditors are amounts owed to key management personnel of Nil (2023: £277,952). No interest is charged on this balance and it is repayable on demand.