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REGISTERED NUMBER: 05201871 (England and Wales)















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: J J Pye
Mrs M A Pye
A J W Pye
A Pye
Miss M Pye





SECRETARY: Mrs M A Pye





REGISTERED OFFICE: James Shipstone House
Radford Road
Nottingham
Nottinghamshire
NG7 7EA





REGISTERED NUMBER: 05201871 (England and Wales)





AUDITORS: UHY Hacker Young
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 51,304 60,064
Investment property 5 32,499,488 21,910,400
32,550,792 21,970,464

CURRENT ASSETS
Debtors 6 132,364 1,160,787
Cash at bank 113,962 201,380
246,326 1,362,167
CREDITORS
Amounts falling due within one year 7 8,207,804 4,426,426
NET CURRENT LIABILITIES (7,961,478 ) (3,064,259 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

24,589,314

18,906,205

CREDITORS
Amounts falling due after more than one year 8 (10,818,662 ) (5,980,688 )

PROVISIONS FOR LIABILITIES 10 (2,244,698 ) (2,115,470 )
NET ASSETS 11,525,954 10,810,047

CAPITAL AND RESERVES
Called up share capital 1,261,502 1,261,502
Share premium 1,616 1,616
Fair value reserve 7,410,508 7,071,946
Retained earnings 2,852,328 2,474,983
SHAREHOLDERS' FUNDS 11,525,954 10,810,047

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 April 2025 and were signed on its behalf by:



A J W Pye - Director


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 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 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
Rental income is recognised in the period to which it relates.

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 8 (2023 - 8 ) .

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 85,424
DEPRECIATION
At 1 January 2024 25,360
Charge for period 8,760
At 31 July 2024 34,120
NET BOOK VALUE
At 31 July 2024 51,304
At 31 December 2023 60,064

5. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 January 2024 21,910,400
Additions 11,094,923
Disposals (973,625 )
Revaluations 467,790
At 31 July 2024 32,499,488
NET BOOK VALUE
At 31 July 2024 32,499,488
At 31 December 2023 21,910,400

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 957 2,905
Amounts owed by associates - 25,000
Other debtors 131,407 1,132,882
132,364 1,160,787

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 254,892 248,850
Trade creditors 105,430 453,665
Amounts owed to group undertakings 7,285,056 -
Amounts owed to associates - 3,489,244
Taxation and social security 339,766 139,959
Other creditors 222,660 94,708
8,207,804 4,426,426

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Bank loans 10,818,662 5,980,688

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 11,073,554 6,229,538

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 2,115,470
Provided during period 129,228
Balance at 31 July 2024 2,244,698

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

James Simmonds (Senior Statutory Auditor)
for and on behalf of UHY Hacker Young

12. CONTINGENT LIABILITIES

At the year end the company had a contingent liability of £2,941,277, relating to a group cross guarantee.

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
£ £
A J W Pye
Balance outstanding at start of period - 55,967
Amounts repaid - (55,967 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period - -

Miss M Pye
Balance outstanding at start of period - 203,562
Amounts repaid - (203,562 )
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