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REGISTERED NUMBER: 04035969 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

ADELPHI ASSETS LIMITED

ADELPHI ASSETS LIMITED (REGISTERED NUMBER: 04035969)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ADELPHI ASSETS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: D Bedrossian
S L A Bedrossian
M Bedrossian





SECRETARY: D Bedrossian





REGISTERED OFFICE: 23 Brill Close
Maidenhead
SL6 3EJ





REGISTERED NUMBER: 04035969 (England and Wales)





ACCOUNTANTS: Hovnan & Co Ltd
Chartered Accountants
106 Ashurst Road
Cockfosters
London
EN4 9LG

ADELPHI ASSETS LIMITED (REGISTERED NUMBER: 04035969)

BALANCE SHEET
29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 400 5,593
Investments 5 603,000 603,000
Investment property 6 - 1,465,000
603,400 2,073,593

CURRENT ASSETS
Debtors 7 28,898 -
Cash at bank 460,342 4,938
489,240 4,938
CREDITORS
Amounts falling due within one year 8 226,508 167,239
NET CURRENT ASSETS/(LIABILITIES) 262,732 (162,301 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

866,132

1,911,292

CREDITORS
Amounts falling due after more than one year 9 - (1,111,425 )

PROVISIONS FOR LIABILITIES (904 ) (65,074 )
NET ASSETS 865,228 734,793

CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 10 - 754,538
Retained earnings 865,226 (19,747 )
SHAREHOLDERS' FUNDS 865,228 734,793

The company is 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 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 directors acknowledge their 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.

ADELPHI ASSETS LIMITED (REGISTERED NUMBER: 04035969)

BALANCE SHEET - continued
29 FEBRUARY 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 November 2024 and were signed on its behalf by:





M Bedrossian - Director


ADELPHI ASSETS LIMITED (REGISTERED NUMBER: 04035969)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Adelphi Assets 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.

Preparation of consolidated financial statements
The financial statements contain information about Adelphi Assets Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
The turnover shown in the profit and loss account represents amounts receivable from rental income during the year, exclusive of Value added Tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance

All fixed assets are initially recorded at cost.

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.

The investment property is not depreciated.

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 balance sheet date.


ADELPHI ASSETS LIMITED (REGISTERED NUMBER: 04035969)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued
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.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in nonconvertible
preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 March 2023 46,495
Disposals (45,354 )
At 29 February 2024 1,141
DEPRECIATION
At 1 March 2023 40,902
Charge for year 839
Eliminated on disposal (41,000 )
At 29 February 2024 741
NET BOOK VALUE
At 29 February 2024 400
At 28 February 2023 5,593

ADELPHI ASSETS LIMITED (REGISTERED NUMBER: 04035969)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 March 2023
and 29 February 2024 603,000
NET BOOK VALUE
At 29 February 2024 603,000
At 28 February 2023 603,000

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023 1,465,000
Disposals (1,465,000 )
At 29 February 2024 -
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 1,465,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Other debtors 28,898 -

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Amounts owed to group undertakings 115,484 103,613
Taxation and social security 107,184 288
Other creditors 3,840 63,338
226,508 167,239

Included in other creditors is an amount of £nil (2023: £33,493) due to the director Mr D Bedrossian and £nil (2023: £18,000) due to the director Mr M Bedrossian.

ADELPHI ASSETS LIMITED (REGISTERED NUMBER: 04035969)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Bank loans - 1,111,425

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst - 1,111,425

The bank loan is secured on the assets of the company.

10. RESERVES
Fair
value
reserve
£   
At 1 March 2023 754,538
Fair value movement (754,538 )

At 29 February 2024 -

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023:

29.2.24 28.2.23
£    £   
D Bedrossian
Balance outstanding at start of year - -
Amounts advanced 28,898 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 28,898 -

Director balances are repayable on demand and non-interest bearing.

12. RELATED PARTY DISCLOSURES

Included in creditors is a balance owed to its subsidiary undertaking SDS Leisure Enterprises Ltd of £115,484 (2023:
£103,613). The balance is repayable of demand and is non-interest bearing.

13. ULTIMATE CONTROLLING PARTY

Control of the company is vested jointly in Mr D and Mrs S L A Bedrossian as directors and shareholders.