|
Registered number: 13137923
|
|
Adavo (Town Hall) Limited
Financial statements
Information for filing with the registrar
31 December 2024
|
|
|
|
|
|
|
Adavo (Town Hall) Limited
|
Balance sheet
At 31 December 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
Adavo (Town Hall) Limited
|
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: 13137923
The notes on pages 3 to 7 form part of these financial statements.
2
|
|
|
|
|
Adavo (Town Hall) Limited
|
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 Town Hall, High Street East, Wallsend, Tyne and Wear, NE28 7AT.
2.Accounting policies
The financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the united Kingdom and the Republic of Ireland' (FRS 102) and the Companies Act 2006.
Turnover is measured at the fair value of the consideration received or receivable and represents rent receivable, stated net of Value Added Tax.
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and other group companies comprise a small group.
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
|
|
|
|
|
Adavo (Town Hall) Limited
|
Notes to the financial statements
Period ended 31 December 2024
2.Accounting policies (continued)
|
|
|
Current and deferred taxation
|
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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
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.
4
|
|
|
|
|
Adavo (Town Hall) Limited
|
Notes to the financial statements
Period ended 31 December 2024
2.Accounting policies (continued)
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 and loss.
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.
|
|
|
|
|
The average monthly number of employees, including directors, during the period was 2 (2023 : 2).
|
5
|
|
|
|
|
Adavo (Town Hall) Limited
|
Notes to the financial statements
Period ended 31 December 2024
|
|
Freehold investment property
|
|
|
|
|
|
|
|
|
|
|
|
|
The 31 December 2023 valuations were made by the directors, on an open market value for existing use basis.
6
|
|
|
|
|
Adavo (Town Hall) Limited
|
Notes to the financial statements
Period ended 31 December 2024
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
Amounts owed to other related parties
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related party transactions
|
|
|
The parent company is Adavo Ltd, a company 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.
During the year, the company used a loan account to record amounts due to and from Adavo Ltd, its parent company. At the period end, the balance owed by the company to Adavo Ltd was £440,267 (31 December 2023 : £461,160) The loan is unsecured, interest free and no fixed terms of repayment have been agreed.
During the year the company used a loan account to record amounts due to and from Adavo Property LLP, which the directors are members of. At the period end, the balance owed by the company to Adavo Property LLP was £330 (31 December 2023 : £330).
|
7
|