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REGISTERED NUMBER: 02254026 (England and Wales)















ADAMS PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024






ADAMS PROPERTIES LIMITED (REGISTERED NUMBER: 02254026)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 6


ADAMS PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTOR: Mrs S M Lambert





REGISTERED OFFICE: 3 Castlegate
Grantham
Lincolnshire
NG31 6SF





REGISTERED NUMBER: 02254026 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
26 Park Road
Melton Mowbray
Leicestershire
LE13 1TT

ADAMS PROPERTIES LIMITED (REGISTERED NUMBER: 02254026)

STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Investment property 4 2,213,000 2,213,000

CURRENT ASSETS
Debtors 5 13,557 25,146
Cash at bank 378,032 47,093
391,589 72,239
CREDITORS
Amounts falling due within one year 6 368,057 84,276
NET CURRENT ASSETS/(LIABILITIES) 23,532 (12,037 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,236,532 2,200,963

CAPITAL AND RESERVES
Called up share capital 7 100 100
Fair value reserve 8 761,944 761,944
Retained earnings 1,474,488 1,438,919
SHAREHOLDERS' FUNDS 2,236,532 2,200,963

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ADAMS PROPERTIES LIMITED (REGISTERED NUMBER: 02254026)

STATEMENT OF FINANCIAL POSITION - continued
30 SEPTEMBER 2024


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 March 2025 and were signed by:





Mrs S M Lambert - Director


ADAMS PROPERTIES LIMITED (REGISTERED NUMBER: 02254026)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

Adams Properties 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 have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Revenue
Revenue represents amounts charged to customers for rent during the year.

Investment property
Investment properties are measured at fair value at each reporting date with changes in fair value recognised in the income statement and the fair value reserve. No depreciation is provided in respect of investment properties.

Taxation
Taxation for the year 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 year 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.

ADAMS PROPERTIES LIMITED (REGISTERED NUMBER: 02254026)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2023
and 30 September 2024 2,213,000
NET BOOK VALUE
At 30 September 2024 2,213,000
At 30 September 2023 2,213,000

Fair value at 30 September 2024 is represented by:
£   
Valuation in 2008 (183,540 )
Valuation in 2016 501,029
Valuation in 2017 91,750
Valuation in 2020 205,000
Valuation in 2021 37,000
Valuation in 2022 12,730
Valuation in 2023 97,975
Cost 1,451,056
2,213,000

If investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,451,056 1,451,056

Investment properties were valued on an open market basis on 30 September 2024 by the directors .

The methods and assumptions used to ascertain the fair values are as follows:

The valuations were prepared having regard to the market based evidence for similar properties sold in the local area, subject to occupational leases where relevant.

ADAMS PROPERTIES LIMITED (REGISTERED NUMBER: 02254026)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 10,160 19,339
Prepayments and accrued income 3,397 5,807
13,557 25,146

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 844 795
Taxation 29,409 20,433
Directors' current accounts 16,485 56,485
Accruals and deferred income 321,319 6,563
368,057 84,276

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

8. RESERVES
Fair
value
reserve
£   
At 1 October 2023
and 30 September 2024 761,944

The aggregate surplus on re-measurement of investment properties, net of associated deferred tax, is transferred to a separate non-distributable fair value reserve in order to assist with the identification of profits available for distribution.