Caseware UK (AP4) 2023.0.135 2023.0.135 25truefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-02-01false13true 09041168 2022-02-01 2023-01-31 09041168 2023-02-01 2023-12-31 09041168 2023-12-31 09041168 2023-01-31 09041168 c:Director1 2023-02-01 2023-12-31 09041168 c:Director2 2023-02-01 2023-12-31 09041168 d:PlantMachinery 2023-02-01 2023-12-31 09041168 d:PlantMachinery 2023-12-31 09041168 d:PlantMachinery 2023-01-31 09041168 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-02-01 2023-12-31 09041168 d:MotorVehicles 2023-02-01 2023-12-31 09041168 d:MotorVehicles 2023-12-31 09041168 d:MotorVehicles 2023-01-31 09041168 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-02-01 2023-12-31 09041168 d:FurnitureFittings 2023-02-01 2023-12-31 09041168 d:FurnitureFittings 2023-12-31 09041168 d:FurnitureFittings 2023-01-31 09041168 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-02-01 2023-12-31 09041168 d:OfficeEquipment 2023-02-01 2023-12-31 09041168 d:ComputerEquipment 2023-02-01 2023-12-31 09041168 d:ComputerEquipment 2023-12-31 09041168 d:ComputerEquipment 2023-01-31 09041168 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-02-01 2023-12-31 09041168 d:OwnedOrFreeholdAssets 2023-02-01 2023-12-31 09041168 d:FreeholdInvestmentProperty 2023-02-01 2023-12-31 09041168 d:FreeholdInvestmentProperty 2023-12-31 09041168 d:FreeholdInvestmentProperty 2023-01-31 09041168 d:CurrentFinancialInstruments 2023-12-31 09041168 d:CurrentFinancialInstruments 2023-01-31 09041168 d:Non-currentFinancialInstruments 2023-12-31 09041168 d:Non-currentFinancialInstruments 2023-01-31 09041168 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 09041168 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 09041168 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 09041168 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 09041168 d:ShareCapital 2023-12-31 09041168 d:ShareCapital 2023-01-31 09041168 d:OtherMiscellaneousReserve 2023-12-31 09041168 d:OtherMiscellaneousReserve 2023-01-31 09041168 d:RetainedEarningsAccumulatedLosses 2023-12-31 09041168 d:RetainedEarningsAccumulatedLosses 2023-01-31 09041168 c:FRS102 2023-02-01 2023-12-31 09041168 c:AuditExempt-NoAccountantsReport 2023-02-01 2023-12-31 09041168 c:FullAccounts 2023-02-01 2023-12-31 09041168 c:PrivateLimitedCompanyLtd 2023-02-01 2023-12-31 09041168 2 2023-02-01 2023-12-31 09041168 6 2023-02-01 2023-12-31 09041168 e:PoundSterling 2023-02-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 09041168













Adavo Ltd

Financial statements
Information for filing with the registrar

31 December 2023




 
Adavo Ltd


Balance sheet
At 31 December 2023

31 December
31 January
2023
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
363,473
301,676

Investments
 5 
4
5

Investment property
 6 
6,611,297
6,588,827

  
6,974,774
6,890,508

Current assets
  

Stocks
  
-
5,754

Debtors
 7 
1,289,253
1,387,044

Cash at bank and in hand
  
61,793
18,146

  
1,351,046
1,410,944

Creditors: amounts falling due within one year
 8 
(983,828)
(531,174)

Net current assets
  
 
 
367,218
 
 
879,770

Total assets less current liabilities
  
7,341,992
7,770,278

Creditors: amounts falling due after more than one year
 9 
(6,421,399)
(6,459,830)

Provisions for liabilities
  

Deferred tax
  
(294,708)
(501,546)

  
 
 
(294,708)
 
 
(501,546)

Net assets
  
625,885
808,902


Capital and reserves
  

Called up share capital 
  
100
100

Other reserves
  
2,331,528
2,331,528

Profit and loss account
  
(1,705,743)
(1,522,726)

Shareholders' funds
  
625,885
808,902


1

 
Adavo Ltd

    
Balance sheet (continued)
At 31 December 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 December 2024.




MH Black
KA Black
Director
Director

Company registered number: 09041168
The notes on pages 3 to 9 form part of these financial statements. 

2

 
Adavo Ltd
 
 

Notes to the financial statements
Period ended 31 December 2023

1.


General information

The company is a private company limited by shares, registered and domiciled in England and Wales. The address of the registered office is The Town Hall, High Street East, Wallsend, North Tyneside, NE28 7AT.

2.Accounting policies

 
2.1

Statement of compliance

The financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102 'The Financial Standard applicable in the United Kingdom and the Republic of ireland' (FRS 102) and the Companies Act 2006.

 
2.2

Going concern

The company is reliant on external funding along with the support of the directors. After careful consideration the directors consider that the company will be able to meet its obligations for the next twelve months and as such consider that the preparation of these accounts on the going concern basis to be appropriate.

 
2.3

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents rent receivable, stated net of Value Added Tax.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

3

 
Adavo Ltd
 

 
Notes to the financial statements
Period ended 31 December 2023

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

4

 
Adavo Ltd
 

 
Notes to the financial statements
Period ended 31 December 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
33%
straight line
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
10%
straight line
Office equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

5

 
Adavo Ltd
 

 
Notes to the financial statements
Period ended 31 December 2023

2.Accounting policies (continued)

 
2.15

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.


3.


Employees

The average monthly number of employees, including directors, during the period was 13 (2023 : 25).







4.


Tangible fixed assets







Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost


At 1 February 2023
730
15,194
451,736
23,302
490,962


Additions
-
132,615
-
-
132,615



At 31 December 2023

730
147,809
451,736
23,302
623,577



Depreciation


At 1 February 2023
115
6,508
162,005
20,658
189,286


Charge for the period
186
26,977
41,482
2,173
70,818



At 31 December 2023

301
33,485
203,487
22,831
260,104



Net book value



At 31 December 2023
429
114,324
248,249
471
363,473



At 31 January 2023
615
8,686
289,731
2,644
301,676

6

 
Adavo Ltd
 
 

Notes to the financial statements
Period ended 31 December 2023

5.


Fixed asset investments








Investments in subsidiary companies

£



Cost


At 1 February 2023
5


Disposals
(1)



At 31 December 2023
4




Subsidiary undertakings
The company ownes 100% of the issued share capital of Adavo (Town Hall) Limited, a company registered and domiciled in England.


6.


Investment property





Freehold investment property

£



Valuation


At 1 February 2023
6,588,827


Additions at cost
22,470



At 31 December 2023
6,611,297

The 31 December 2023 valuations were made by the directors, on an open market value for existing use basis.



If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

31 December
31 January
2023
2023
£
£


Historic cost
3,527,848
3,505,378

3,527,848
3,505,378

7

 
Adavo Ltd
 
 

Notes to the financial statements
Period ended 31 December 2023

7.


Debtors

31 December
31 January
2023
2023
£
£


Trade debtors
54,444
29,364

Amounts owed by group undertakings
461,160
746,796

Amounts owed by related parties
202,475
89,961

Other debtors
550,041
493,939

Prepayments and accrued income
21,133
26,984

1,289,253
1,387,044



8.


Creditors: amounts falling due within one year

31 December
31 January
2023
2023
£
£

Bank loans
45,636
10,000

Trade creditors
226,673
127,918

Corporation tax
39,983
20,365

Other taxation and social security
232,375
122,011

Obligations under finance lease and hire purchase contracts
34,951
3,005

Other creditors
90,024
79,823

Accruals and deferred income
314,186
168,052

983,828
531,174


The bank loan and overdraft is secured by a fixed and floating charge over the assets of the company. The hire purchase creditor is secured on the assets to which it relates.

8

 
Adavo Ltd
 
 

Notes to the financial statements
Period ended 31 December 2023

9.


Creditors: amounts falling due after more than one year

31 December
31 January
2023
2023
£
£

Bank loans
3,684,705
3,802,844

Other loans
2,650,000
2,650,000

Net obligations under finance leases and hire purchase contracts
86,694
6,986

6,421,399
6,459,830


The bank loan and overdraft is secured by a fixed and floating charge over the assets of the company. The hire purchase creditor is secured on the assets to which it relates.


10.


Related party transactions

During the period, the company used a loan account to record amounts due to and from Adavo (Town Hall) Limited, a subsiduary. At the end of the period, the balance due to the company from Adavo (Town Hall) Limited was £461,160 (31 January 2023: £746,796 due to the company).  The loan is unsecured, interest free and no fixed terms of repayment have been agreed.
During the period, the directors used a loan account to record amounts due to and from the Adavo Property LLP, an LLP in which they are both equal members. At the end of the period, the balance due to the company from the LLP was £69,571 (31 January 2023: £71,785 due to the company).  The loan is unsecured, interest free and no fixed terms of repayment have been agreed.
During the period, the directors used a loan account to record amounts due to and from the Clementine Services Ltd, a company in which they are both directors. At the end of the period, the balance due to the company from the LLP was £132,904 (31 January 2023: £18,176 due to the company).  The loan is unsecured, interest free and no fixed terms of repayment have been agreed.

 
9