Company Registration No. 09010400 (England and Wales)
ADAM STREET LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
Affinia (Colchester)
The Octagon
Suite E2, 2nd Floor
Middleborough
Colchester
CO1 1TG
ADAM STREET LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
ADAM STREET LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
159,627
35,900
Current assets
Debtors
4
2,324,360
2,128,445
Cash at bank and in hand
348,990
392,454
2,673,350
2,520,899
Creditors: amounts falling due within one year
6
(450,276)
(394,179)
Net current assets
2,223,074
2,126,720
Total assets less current liabilities
2,382,701
2,162,620
Provisions for liabilities
(34,478)
(8,325)
Net assets
2,348,223
2,154,295
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
2,348,123
2,154,195
Total equity
2,348,223
2,154,295

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 24 June 2025 and are signed on its behalf by:
Hoh Chin Yiep
Director
Company registration number 09010400 (England and Wales)
ADAM STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Adam Street Limited is a private company limited by shares incorporated in England and Wales. The registered office is Adam House, 7-10 Adam Street, The Strand, London, WC2N 6AA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Heeton Holdings Limited.These consolidated financial statements are available from its registered office, 60 Paya Lebar Road, #08-36 Paya Lebar Square, Singapore 409051.

1.2
Going concern

The Company is in a net current asset position trueof £2,223,074 at the balance sheet date which includes inter-company debtor balances owed of £2,193,936 which the ultimate parent has confirmed in writing to the directors of parent company Heeton Capital Pte. Ltd it will guarantee should the related companies be unable to repay if called upon.

 

At the balance sheet date, £5,685 is due to connected companies, which the ultimate parent undertaking has confirmed in writing to the directors of parent company Heeton Capital Pte. Ltd will not be recalled until the companies are in a position to repay this and for at least 12 months from the date these financial statements are signed.

 

The directors have considered the forecasted future operations of the company and that the ultimate parent undertaking has confirmed to provide continuing financial support to the company, and have concluded that the company will have adequate resources to continue in business for the foreseeable future, being at least 12 months from the date of approval of these financial statements. The directors continue to adopt the going concern basis of accounting in preparing these financial statements.

ADAM STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.3
Turnover

The company’s primary revenue stream is from the provision of serviced office and virtual office services. The company also earns revenue from ancillary activities covered below.

 

VAT charged on all types of sale is recognised as a liability at the time of recording the revenue.

 

1.4
Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated

to write off the cost less estimated residual value of each asset over its expected useful life, as follows

Leasehold improvements
Over 5 years
Plant and machinery
Over 6 years
Fixtures, fittings & equipment
Over 5 years
Computer equipment
Over 5 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Capital work-in-progress included in tangible fixed assets are not depreciated as these assets are not available for use.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

ADAM STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

ADAM STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons employed by the company during the year was:

2024
2023
Number
Number
Total
5
5
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
116,638
87,417
Other debtors
2,207,722
2,041,028
2,324,360
2,128,445

The ultimate parent company, being Heeton Holdings Limited, has agreed to provide continuing financial support to the company and guarantee those inter-company balances due to the company from other group companies. This was confirmed via written support to the Directors of parent company Heeton Capital Pte. Ltd and covers a period of at least 12 months from the date these financial statements are signed. These balances are included in other debtors and amount to £2,193,936 at year end (2023: £1,993,927).

ADAM STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
5
Tangible fixed assets
Leasehold improv.
Plant and machinery etc
Capital WIP
Total
£
£
£
£
Cost
At 1 January 2024
9,427
151,630
-
0
161,057
Additions
1,890
144,368
2,280
148,538
At 31 December 2024
11,317
295,998
2,280
309,595
Depreciation
At 1 January 2024
6,825
118,332
-
0
125,157
Depreciation charged in the year
929
23,882
-
0
24,811
At 31 December 2024
7,754
142,214
-
0
149,968
Carrying amount
At 31 December 2024
3,563
153,784
2,280
159,627
At 31 December 2023
2,602
33,298
-
0
35,900

Capital work-in-progress relates to assets under construction as at the year end. These assets will not be depreciated until they become available for use.

6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,340
5,779
Corporation tax
31,731
-
0
Other taxation and social security
22,285
24,205
Other creditors
389,920
364,195
450,276
394,179

The ultimate parent company, being Heeton Holdings Limited, has agreed to provide continuing financial support to the company and guarantee those inter-company balances due from the company to other group companies. This was confirmed via written support to the Directors of parent company Heeton Capital Pte. Ltd and covers a period of at least 12 months from the date these financial statements are signed.These balances are included in other creditors and amount to £5,685 at year end (2023: £6,046).

 

The company has registered charges dated 16 February 2015, 11 September 2019 and 20 September 2024 containing fixed and floating charge with negative pledge over all its property or undertakings in favour of Oversea-Chinese Banking Corporation in respect of monies borrowed by its parent company, Acework Limited. The liability in respect of this borrowing is in the books of the parent company.

ADAM STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Shaun Roberts
Statutory Auditor:
Affinia (Colchester)
Date of audit report:
24 June 2025
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
200,000
680,000
10
Directors' transactions

There were no guarantees with the directors in the year.

11
Parent company

The immediate parent of the company is Acework Limited, a company incorporated in the British Virgin Islands.

 

The ultimate controlling parent of the company is Heeton Holdings Limited, a company incorporated in Singapore.

 

The smallest group into which Adam Street Limited is consolidated is Heeton Holdings Limited.

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