Adelaide House Developments Limited |
Notes to the Accounts |
for the year ended 29 February 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Income |
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Income is measured at the fair value of the consideration received or receivable. Turnover includes revenue earned from the Sale of Properties held in stock and option fees. |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
0 |
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0 |
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3 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Other debtors |
324,914 |
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181,899 |
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4 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Taxation and social security costs |
734 |
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483 |
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Other creditors |
2,028,088 |
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1,358,680 |
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2,028,822 |
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1,359,163 |
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5 |
Transactions with directors |
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At the year end the director owed the company £121,000 [2023 (£1,600)] This was |
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repaid within 9 months of the year end. |
6 |
Related party transactions |
2024 |
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2023 |
£ |
£ |
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Lemon Properties Limited |
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The company is related to Lemon Properties Limited by virtue of common control. The amount due to and from these related parties at the year end were as follows: |
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Amount due (to) / from Lemon Properties Limited. |
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52,972 |
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54,972 |
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Leeds1 Properties Limited |
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The company is related to Leeds1 Properties Limited by virtue of common control. The amount due to and from these related parties at the year end were as follows: |
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Amount due (to) / from Leeds1 Properties Limited |
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(40,789) |
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- |
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Leeds2 Properties Limited |
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The company is related to Leeds2 Properties Limited by virtue of common control. The amount due to and from these related parties at the year end were as follows: |
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Amount due (to) / from Leeds2 Properties Limited |
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20,039 |
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(23,487) |
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Penn Investments Limited |
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The company is related to Penn Investments Limited by virtue of common control. The amount due to and from these related parties at the year end were as follows: |
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Amount due (to) / from Leeds2 Properties Limited |
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19,855 |
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77,110 |
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24 Church Street Developments Limited |
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The company is related to 24 Church Street Developments Limited by virtue of common control. The amount due to and from these related parties at the year end were as follows: |
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The amount due (to) / from 24 Church Street Developments Limited |
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61,937 |
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40,437 |
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Benz Travel Limited |
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The company is related to Benz Travel Limited by virtue of common control. The amount due to and from these related parties at the year end were as follows: |
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The amount due (to) / from Benz Travel Limited |
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(60,193) |
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(30,193) |
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New Look Properties Limited |
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The company is related to New Look Properties Limited by virtue of common control. The amount due to and from these related parties at the year end were as follows: |
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The amount due (to) / from New Look Properties Limited |
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3,300 |
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(2,500) |
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The loan was interest free. |
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Fountain Street Developments Limited |
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The company is related to Fountain Street Developments Limited by virtue of common control. The amount due to and from these related parties at the year end were as follows: |
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The amount due (to) / from Fairway Motel Developments Limited |
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38,700 |
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- |
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Fairway Motel Developments Limited |
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The company is related to Fairway Motel Developments Limited by virtue of common control. The amount due to and from these related parties at the year end were as follows: |
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The amount due (to) / from Fairway Motel Developments Limited |
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(30,000) |
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- |
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7 |
Controlling party |
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The company is controlled jointly by Mr Sunder Kripalani and Mrs Sarita Kripalani by virtue of their 100% shareholding in the issued share capital of the company. |
8 |
Other information |
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Adelaide House Developments Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Suite-11, Boundary House |
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Boston Road |
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London |
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England |
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W7 2QE |