Company registration number SC690210 (Scotland)
ADAM PROPERTY RENTALS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
ADAM PROPERTY RENTALS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 5
ADAM PROPERTY RENTALS LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF ADAM PROPERTY RENTALS LIMITED
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Adam Property Rentals Limited for the year ended 28 February 2024 set out on pages 2 to 5 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 of Scotland we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the Board of Directors of Adam Property Rentals Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Adam Property Rentals Limited and state those matters that we have agreed to state to the Board of Directors of Adam Property Rentals Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Adam Property Rentals Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Adam Property Rentals 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 loss of Adam Property Rentals Limited. You consider that Adam Property Rentals 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 Adam Property Rentals 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.

MMG Chartered Accountants
19 November 2024
182 High Street
Montrose
ANGUS
Scotland
DD10 8PH
ADAM PROPERTY RENTALS LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,915
-
0
Investment property
215,779
215,779
220,694
215,779
Current assets
Debtors
19,086
299
Cash at bank and in hand
4,103
7,556
23,189
7,855
Creditors: amounts falling due within one year
(155,615)
(95,415)
Net current liabilities
(132,426)
(87,560)
Total assets less current liabilities
88,268
128,219
Creditors: amounts falling due after more than one year
(161,590)
(161,588)
Net liabilities
(73,322)
(33,369)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(73,323)
(33,370)
Total equity
(73,322)
(33,369)
ADAM PROPERTY RENTALS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2024
28 February 2024
- 3 -

For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 19 November 2024
Mr G C Adam
Director
Company registration number SC690210 (Scotland)
ADAM PROPERTY RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 4 -
1
Accounting policies
Company information

Adam Property Rentals Limited is a private company limited by shares incorporated in Scotland. The registered office is 182 - 184 High Street, Montrose, ANGUS, Scotland, DD10 8PH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

ADAM PROPERTY RENTALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
1
1
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 March 2023
-
0
Additions
5,373
At 28 February 2024
5,373
Depreciation and impairment
At 1 March 2023
-
0
Depreciation charged in the year
458
At 28 February 2024
458
Carrying amount
At 28 February 2024
4,915
At 28 February 2023
-
0
2024-02-282023-03-01falsefalsefalse19 November 2024CCH SoftwareCCH Accounts Production 2024.301No description of principal activityMr G C AdamSC6902102023-03-012024-02-28SC6902102024-02-28SC6902102023-02-28SC690210core:FurnitureFittings2024-02-28SC690210core:FurnitureFittings2023-02-28SC690210core:CurrentFinancialInstrumentscore:WithinOneYear2024-02-28SC690210core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-28SC690210core:Non-currentFinancialInstrumentscore:AfterOneYear2024-02-28SC690210core:Non-currentFinancialInstrumentscore:AfterOneYear2023-02-28SC690210core:ShareCapital2024-02-28SC690210core:ShareCapital2023-02-28SC690210core:RetainedEarningsAccumulatedLosses2024-02-28SC690210core:RetainedEarningsAccumulatedLosses2023-02-28SC690210bus:Director12023-03-012024-02-28SC690210core:FurnitureFittings2023-03-012024-02-28SC6902102022-03-012023-02-28SC690210core:FurnitureFittings2023-02-28SC690210bus:PrivateLimitedCompanyLtd2023-03-012024-02-28SC690210bus:SmallCompaniesRegimeForAccounts2023-03-012024-02-28SC690210bus:FRS1022023-03-012024-02-28SC690210bus:AuditExemptWithAccountantsReport2023-03-012024-02-28SC690210bus:FullAccounts2023-03-012024-02-28xbrli:purexbrli:sharesiso4217:GBP