REGISTERED NUMBER: |
Financial Statements for the Period 1 January 2024 to 31 July 2024 |
for |
Adam James Limited |
REGISTERED NUMBER: |
Financial Statements for the Period 1 January 2024 to 31 July 2024 |
for |
Adam James Limited |
Adam James Limited (Registered number: 05201871) |
Contents of the Financial Statements |
for the Period 1 January 2024 to 31 July 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Adam James Limited |
Company Information |
for the Period 1 January 2024 to 31 July 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
14 Park Row |
Nottingham |
NG1 6GR |
Adam James Limited (Registered number: 05201871) |
Balance Sheet |
31 July 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Fair value reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Adam James Limited (Registered number: 05201871) |
Notes to the Financial Statements |
for the Period 1 January 2024 to 31 July 2024 |
1. | STATUTORY INFORMATION |
Adam James Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements to have been prepared in accordance with the provision of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets. |
During the period the company was acquired by John Pye and Sons Holdings Limited, the new Ultimate Controlling party, and changed its year end from 31 December to 31 July 2024. |
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these 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. |
Turnover |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes the original purchase price of the asset and the cost attributable to bringing the asset to its working condition for its intended use. Depreciation is charged on a straight line basis at rates calculated to write down assets to estimated residual value over their expected useful life as follows: |
Motor vehicles - 25% RB |
Investment property |
Investment property is shown at most recent valuation, any aggregate surplus or deficit arising from changes in fair value is recognised in the fair value reserve. |
Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenses. Subsequently the investment property is shown at fair value. Gains or losses are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. |
Taxation |
Taxation for the period 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. |
Adam James Limited (Registered number: 05201871) |
Notes to the Financial Statements - continued |
for the Period 1 January 2024 to 31 July 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 period 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. |
Impairment |
Financial assets (including trade and other debtors) |
A financial asset not carried at fair value through the profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset can be estimated reliably. |
An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset's original effective interest rate. For financial instruments measured at cost less impairment an impairment is calculated as the difference between its carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the reporting date. Interest on the impaired asset continues to be recognised through the unwinding of the discount. Impairment losses are recognised in the profit or loss. When subsequent events cause the amount of impairment loss to decrease, the decrease in impairment loss is reversed through the profit or loss. |
Basic financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible 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 period was |
Adam James Limited (Registered number: 05201871) |
Notes to the Financial Statements - continued |
for the Period 1 January 2024 to 31 July 2024 |
4. | TANGIBLE FIXED ASSETS |
Motor |
vehicles |
£ |
COST |
At 1 January 2024 |
and 31 July 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for period |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 December 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2024 |
Additions |
Disposals | ( |
) |
Revaluations |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 December 2023 |
The portfolio was valued at £32,499,488 on an open market basis on 31 July 2024. Several properties were valued independently by a RICS registered sub-contractor of John Pye & Sons Limited, a related company. The new property additions during 2023 and 2024 have been included at cost as this is deemed to be their market value as at 31 July 2024. |
Fair value at 31 July 2024 is represented by: |
£ |
Valuation in 2019 | 9,236,537 |
Valuation in 2024 | 467,790 |
Cost | 22,795,161 |
32,499,488 |
Adam James Limited (Registered number: 05201871) |
Notes to the Financial Statements - continued |
for the Period 1 January 2024 to 31 July 2024 |
5. | INVESTMENT PROPERTY - continued |
If the investment properties had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 22,795,161 | 12,673,862 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by associates |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Amounts owed to associates |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 4,715,415 | 4,901,992 |
Adam James Limited (Registered number: 05201871) |
Notes to the Financial Statements - continued |
for the Period 1 January 2024 to 31 July 2024 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
The company has five loans outstanding at 31 July 2024 which are secured over certain properties of the company. |
Interest is charged on loan 1 at the rate of LIBOR plus 1%, the company also entered into an interest rate swap to fix the interest rate at 4.1%. |
Interest is charged on loan 2 at a fixed rate of 4.02%. |
Interest is charged on loan 3 at a variable rate of 1.5% over base rate, this was repaid in the prior period. |
Interest is charged on loan 4 at a fixed rate of 3.6% |
Interest is charged on loan 5 at a fixed rate of 3.5% |
Interest is charged on loan 6 at the rate of LIBOR plus 1.60%. |
10. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 2,244,698 | 2,115,470 |
Deferred tax |
£ |
Balance at 1 January 2024 |
Provided during period |
Balance at 31 July 2024 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | CONTINGENT LIABILITIES |
Adam James Limited (Registered number: 05201871) |
Notes to the Financial Statements - continued |
for the Period 1 January 2024 to 31 July 2024 |
13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the period ended 31 July 2024 and the year ended 31 December 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of period |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
Balance outstanding at start of period |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
Amounts advanced to the directors are included within other debtors and are expected to be fully repayable within 12 months of the balance sheet date. |
14. | RELATED PARTY DISCLOSURES |
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. |
15. | ULTIMATE CONTROLLING PARTY |
The ultimate parent company is John Pye & Sons Holdings Limited, a company incorporated in England and |
Wales which is the largest group to consolidate the financial statements of the company. |
The ultimate controlling party is considered to be the directors and shareholders of the ultimate parent company. |
Copies of John Pye & Sons Holdings Limited financial statements can be obtained from James Shipstone House, Radford Road, Nottingham NG7 7EA |