REGISTERED NUMBER: 06984959 (England and Wales) |
Report of the Director and |
Unaudited Consolidated Financial Statements for the Year Ended 29 February 2024 |
for |
ADW Holdings Ltd |
REGISTERED NUMBER: 06984959 (England and Wales) |
Report of the Director and |
Unaudited Consolidated Financial Statements for the Year Ended 29 February 2024 |
for |
ADW Holdings Ltd |
ADW Holdings Ltd (Registered number: 06984959) |
Contents of the Consolidated Financial Statements |
for the Year Ended 29 February 2024 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Consolidated Income Statement | 3 |
Consolidated Balance Sheet | 4 |
Company Balance Sheet | 6 |
Notes to the Consolidated Financial Statements | 7 |
ADW Holdings Ltd |
Company Information |
for the Year Ended 29 February 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ADW Holdings Ltd (Registered number: 06984959) |
Report of the Director |
for the Year Ended 29 February 2024 |
The director presents his report with the financial statements of the company and the group for the year ended 29 February 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of holding company for property trading companies. |
REVIEW OF BUSINESS |
The company's objective is to deliver sustainable long-term returns to its shareholders from a combination of sales, rents and fee income.This will be achieved by locating and managing the properties to obtain the best returns, and maximising income through our knowledge of changing market opportunities. |
DIRECTOR |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
ADW Holdings Ltd (Registered number: 06984959) |
Consolidated Income Statement |
for the Year Ended 29 February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ |
TURNOVER | 3,719,839 | 3,326,828 |
Cost of sales | 67,913 | - |
GROSS PROFIT | 3,651,926 | 3,326,828 |
Administrative expenses | 1,059,012 | 883,088 |
2,592,914 | 2,443,740 |
Other operating income | 9,168 | 128,953 |
OPERATING PROFIT | 4 | 2,602,082 | 2,572,693 |
Interest receivable and similar income | 5,805 | - |
2,607,887 | 2,572,693 |
Interest payable and similar expenses | 1,635,694 | 1,000,808 |
PROFIT BEFORE TAXATION | 972,193 | 1,571,885 |
Tax on profit | 181,528 | 207,103 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 790,665 | 1,364,782 |
ADW Holdings Ltd (Registered number: 06984959) |
Consolidated Balance Sheet |
29 February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 | 51,636,891 | 49,167,941 |
Investments | 7 | 24 | 24 |
51,636,915 | 49,167,965 |
CURRENT ASSETS |
Debtors | 8 | 209,465 | 187,745 |
Cash at bank and in hand | 891,028 | 996,411 |
1,100,493 | 1,184,156 |
CREDITORS |
Amounts falling due within one year | 9 | 379,407 | 386,812 |
NET CURRENT ASSETS | 721,086 | 797,344 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
52,358,001 |
49,965,309 |
CREDITORS |
Amounts falling due after more than one year |
10 |
(22,072,581 |
) |
(21,174,182 |
) |
PROVISIONS FOR LIABILITIES | (1,606,707 | ) | (1,158,130 | ) |
NET ASSETS | 28,678,713 | 27,632,997 |
CAPITAL AND RESERVES |
Called up share capital | 10 | 10 |
Revaluation reserve | 18,596,185 | 18,208,499 |
Other reserves | 1,530,000 | 1,660,000 |
Retained earnings | 8,552,518 | 7,764,488 |
SHAREHOLDERS' FUNDS | 28,678,713 | 27,632,997 |
The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024. |
The members have not required the company and the group to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006. |
The director acknowledges his responsibilities for: |
(a) | ensuring that the group 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 and the group as at the end of each financial year and of the group's 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 and the group. |
ADW Holdings Ltd (Registered number: 06984959) |
Consolidated Balance Sheet - continued |
29 February 2024 |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
The financial statements were approved by the director and authorised for issue on 10 October 2024 and were signed by: |
A D Wormald - Director |
ADW Holdings Ltd (Registered number: 06984959) |
Company Balance Sheet |
29 February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
Investments | 7 |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | - | - |
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 were approved by the director and authorised for issue on |
ADW Holdings Ltd (Registered number: 06984959) |
Notes to the Consolidated Financial Statements |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
ADW Holdings Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
ADW Holdings Ltd (Registered number: 06984959) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2023 - NIL). |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
29.2.24 | 28.2.23 |
£ | £ |
Depreciation - owned assets | 44,050 | 4,405 |
5. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
ADW Holdings Ltd (Registered number: 06984959) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
6. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 March 2023 | 49,100,000 | 22,095 | 4,791 | 148,123 | 49,275,009 |
Additions | 1,728,166 | 13,000 | - | - | 1,741,166 |
Revaluations | 771,834 | - | - | - | 771,834 |
At 29 February 2024 | 51,600,000 | 35,095 | 4,791 | 148,123 | 51,788,009 |
DEPRECIATION |
At 1 March 2023 | - | 4,405 | 4,790 | 97,873 | 107,068 |
Charge for year | - | 7,020 | - | 37,030 | 44,050 |
At 29 February 2024 | - | 11,425 | 4,790 | 134,903 | 151,118 |
NET BOOK VALUE |
At 29 February 2024 | 51,600,000 | 23,670 | 1 | 13,220 | 51,636,891 |
At 28 February 2023 | 49,100,000 | 17,690 | 1 | 50,250 | 49,167,941 |
Cost or valuation at 29 February 2024 is represented by: |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2024 | 20,202,892 | - | 20,202,892 |
Cost | 31,397,108 | 188,009 | 31,585,117 |
51,600,000 | 188,009 | 51,788,009 |
If Freehold properties, had not been revalued they would have been included at the following historical cost: |
29.2.24 | 28.2.23 |
£ | £ |
Cost | 31,397,108 | 29,733,371 |
Freehold properties were valued on an open market basis on 28 February 2023 by Director , Allsops & Walker Singleton.. . |
ADW Holdings Ltd (Registered number: 06984959) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
6. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST OR VALUATION |
At 1 March 2023 |
and 29 February 2024 | 67,000 |
DEPRECIATION |
At 1 March 2023 |
and 29 February 2024 | 13,256 |
NET BOOK VALUE |
At 29 February 2024 | 53,744 |
At 28 February 2023 | 53,744 |
7. | FIXED ASSET INVESTMENTS |
Group |
Shares in |
group |
undertakings |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 | 24 |
NET BOOK VALUE |
At 29 February 2024 | 24 |
At 28 February 2023 | 24 |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
ADW Holdings Ltd (Registered number: 06984959) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
7. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
29.2.24 | 28.2.23 |
£ | £ |
Trade debtors | 209,465 | 187,745 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
29.2.24 | 28.2.23 | 29.2.24 | 28.2.23 |
£ | £ | £ | £ |
Hire purchase contracts | 13,938 | 13,938 |
Trade creditors | 36,950 | 52,718 |
Taxation and social security | 232,794 | 234,159 |
Other creditors | 95,725 | 85,997 |
379,407 | 386,812 |
ADW Holdings Ltd (Registered number: 06984959) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans | 22,003,998 | 21,051,661 |
Hire purchase contracts | 18,583 | 32,521 |
Other creditors | 50,000 | 90,000 |
22,072,581 | 21,174,182 |
Amounts falling due in more than five years: |
Group |
29.2.24 | 28.2.23 |
£ | £ |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst | 21,973,750 | 21,020,000 |
Other loans more 5yrs non-inst | 25,000 | 25,000 |
21,998,750 | 21,045,000 |
Repayable by instalments |
Bank loans more 5 yr by instal | 30,248 | 31,661 |
11. | ULTIMATE CONTROLLING PARTY |
The controlling party is A D Wormald. |