REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 |
FOR |
ADELAIDE FINCO (UK) LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 |
FOR |
ADELAIDE FINCO (UK) LTD |
ADELAIDE FINCO (UK) LTD (REGISTERED NUMBER: 14002216) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31st December 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
ADELAIDE FINCO (UK) LTD |
COMPANY INFORMATION |
for the Year Ended 31st December 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
100 Barbirolli Square |
Manchester |
M2 3BD |
ADELAIDE FINCO (UK) LTD (REGISTERED NUMBER: 14002216) |
BALANCE SHEET |
31st December 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
ADELAIDE FINCO (UK) LTD (REGISTERED NUMBER: 14002216) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31st December 2024 |
1. | STATUTORY INFORMATION |
Adelaide Finco (UK) Ltd is a private company limited by share capital, incorporated in England and Wales, registration number 14002216. The address of the registered office is 100 Barbirolli Square, Manchester, M2 3BD and principal place of business is Brun Barn, Diggle Edge, Oldham. OL3 5LS. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents amounts recognised by the Company in respect of goods supplied, exclusive of Value |
Added Tax and trade discounts. Turnover principally consists of the provision of hides and skins acquired as a by-product of the food processing industry, of which it is recognised at the point of which the goods are delivered and legal title is passed. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
Depreciation on tangible fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods: |
Computer equipment | - 25% straight line |
Motor vehicles | - 25% reducing balance |
At each balance sheet date, the Company reviews the carrying amounts of its fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately. |
Stocks |
Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Costs are based on the method most appropriate to the type of inventory class, usually on a first-in-first-out basis. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the |
effective interest method, less impairment losses for bad and doubtful debts except where the effect of |
discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for |
bad and doubtful debts. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank. |
ADELAIDE FINCO (UK) LTD (REGISTERED NUMBER: 14002216) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1st January 2024 |
and 31st December 2024 |
DEPRECIATION |
At 1st January 2024 |
Charge for year |
At 31st December 2024 |
NET BOOK VALUE |
At 31st December 2024 |
At 31st December 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to participating interests | 599,856 | 599,856 |
Taxation and social security |
Other creditors |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1.00 | 1 | 1 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
ADELAIDE FINCO (UK) LTD (REGISTERED NUMBER: 14002216) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2024 |
9. | RELATED PARTY DISCLOSURES |
During the year, the company undertook the following transactions with companies under common control: |
2024 | 2023 |
£ | £ |
Sales | 12,071,025 | 10,352,169 |
Loan waiver | - | 200,000 |
During the year, the company undertook the following transactions with companies with a common director: |
2024 | 2023 |
£ | £ |
Sales | 24,797 | 332,381 |
Purchases | (5,695,738 | ) | (5,068,369 | ) |
At the reporting date the company owed £599,856 to companies under common control (2023: £599,856). This amount has been included within amounts owed to participating interests. |
At the reporting date the company owed £353,521 to companies with a common director (2023: £516,956). This amount has been included within trade creditors (£353,845) and trade debtors (£324). |