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Registered number: 09041168
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Adavo Ltd
Financial statements
Information for filing with the registrar
31 December 2024
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Balance sheet
At 31 December 2024
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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1
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Balance sheet (continued)
At 31 December 2024
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 September 2025.
Company registered number: 09041168
The notes on pages 3 to 9 form part of these financial statements.
2
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Notes to the financial statements
Period ended 31 December 2024
The company is a private company limited by shares, registered and domiciled in England and Wales. The address of the registered office is The Town Hall, High Street East, Wallsend, North Tyneside, NE28 7AT.
2.Accounting policies
The financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102 'The Financial Standard applicable in the United Kingdom and the Republic of Ireland' (FRS 102) and the Companies Act 2006.
The company is reliant on external funding along with the support of the directors. After careful consideration the directors consider that the company will be able to meet its obligations for the next twelve months and as such consider that the preparation of these accounts on the going concern basis to be appropriate.
Turnover is measured at the fair value of the consideration received or receivable and represents rent receivable, stated net of Value Added Tax.
Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
3
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Notes to the financial statements
Period ended 31 December 2024
2.Accounting policies (continued)
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
4
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Notes to the financial statements
Period ended 31 December 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
5
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Notes to the financial statements
Period ended 31 December 2024
2.Accounting policies (continued)
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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The average monthly number of employees, including directors, during the period was 13 (2024 : 13).
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6
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Notes to the financial statements
Period ended 31 December 2024
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Investments in subsidiary companies
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Subsidiary undertakings
The company ownes 100% of the issued share capital of Adavo (Town Hall) Limited, a company registered and domiciled in England.
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Freehold investment property
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The 31 December 2024 valuations were made by the directors, on an open market value for existing use basis.
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If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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7
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Notes to the financial statements
Period ended 31 December 2024
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Amounts owed by group undertakings
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Amounts owed by related parties
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Prepayments and accrued income
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Creditors: amounts falling due within one year
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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The bank loan is secured by a fixed and floating charge over the assets of the company. The hire purchase creditor is secured on the assets to which it relates.
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Creditors: amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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The bank loan is secured by a fixed and floating charge over the assets of the company. The hire purchase creditor is secured on the assets to which it relates.
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8
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Notes to the financial statements
Period ended 31 December 2024
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Related party transactions
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During the period, the company used a loan account to record amounts due to and from Adavo (Town Hall) Limited, a subsiduary. At the end of the period, the balance due to the company from Adavo (Town Hall) Limited was £440,267 (2023: £461,160 due to the company). The loan is unsecured, interest free and no fixed terms of repayment have been agreed.
During the period, the directors used a loan account to record amounts due to and from the Adavo Property LLP, an LLP in which they are both equal members. At the end of the period, the balance due to the company from the LLP was £70,545 (2023: £69,571 due to the company). The loan is unsecured, interest free and no fixed terms of repayment have been agreed.
During the period, the directors used a loan account to record amounts due to and from the Clementine Services Ltd, a company in which they are both directors. At the end of the period, the balance due to the company from the company was £148,836 (2023: £132,904 due to the company). The loan is unsecured, interest free and no fixed terms of repayment have been agreed.
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9
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