Adelphi Mill Properties Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. Turnover

Turnover is recognised when the company obtains the right to consideration.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	not depreciated
Plant & Machinery	10% and 25% straight line
Motor Vehicles	25% straight line
Fixtures & Fittings	25% striaght line

2.5. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

2.6. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.7. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.

...CONTINUED

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Adelphi Mill Properties Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2025

2.7. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.8. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.9. Government Grant

Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

2.10. Registrar Filing Requirements

The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.

3. Average Number of Employees

Average number of employees, including directors, during the year was:

	2025	2024
Office and administration	7	7

	7	7

4. Tangible Assets

	Investment Properties	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£	£
Cost or Valuation
As at 1 May 2024	7,700,000	298,147	45,930	40,709	8,084,786
Additions	-	-	-	780	780
Disposals	-	-	(5,000 )	-	(5,000 )

As at 30 April 2025	7,700,000	298,147	40,930	41,489	8,080,566

Depreciation
As at 1 May 2024	-	293,731	20,350	40,709	354,790
Provided during the period	-	2,220	10,232	196	12,648
Disposals	-	-	(5,000 )	-	(5,000 )

As at 30 April 2025	-	295,951	25,582	40,905	362,438

Net Book Value
As at 30 April 2025	7,700,000	2,196	15,348	584	7,718,128

As at 1 May 2024	7,700,000	4,416	25,580	-	7,729,996

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Adelphi Mill Properties Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2025

Investment property was last valued in April 2024 at £7,700,000 by Mr R Elton MRICS of Fisher German Limited.

The historical cost of the asset as at 30 April 2023 was £3.72m (2022 - £3.72m).

5. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	11,598	11,893
Prepayments and accrued income	89,967	92,866
Other debtors	83	3,381
Corporation tax recoverable assets	159,815	159,815
Directors' loan accounts	495,425	509,286
Amounts owed by associates	96,496	30,329

	853,384	807,570

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	147,705	129,138
Bank loans and overdrafts	233,621	201,692
Corporation tax	94,504	103,503
Other taxes and social security	5,241	5,634
VAT	74,202	74,060
Other creditors	29,838	22,272
Accruals and deferred income	73,439	67,929
Directors' loan accounts	59,638	53,183
Amounts owed to associates	-	31,676

	718,188	689,087

7. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Bank loans	2,061,507	2,195,676
Directors loan account	106,700	113,155

	2,168,207	2,308,831

Of the creditors falling due after more than one year the following amounts are due after more than five years.

	2025		2024
	£		£
Bank loans	1,561,507		1,695,676

8. Secured Creditors

Of the creditors the following amounts are secured.

	2025		2024
	£		£
Bank loans and overdrafts	2,297,129		2,399,428

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Adelphi Mill Properties Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2025

9. Deferred Taxation

The provision for deferred taxation is made up of accelerated capital allowances and timing differences arising on the revaluation of the investment property.

	2025	2024
	£	£
Other timing differences	432,842	429,908

10. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 May 2024	429,908	429,908
Additions	2,934	2,934

Balance at 30 April 2025	432,842	432,842

11. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	76	76

12. Directors Advances, Credits and Guarantees

Dividends paid to directors

	2025	2024
	£	£
Mr Rupert Beckwith-Moore	50,000	50,000

13. Reserves

	Fair Value Reserve
	£
As at 1 May 2024	2,524,072

As at 30 April 2025	2,524,072

The fair value reserve is non-distributable.

14. Related Party Transactions

St Werburgh Limited

Associated company

Included in debtors is an inter company balance of £16,867 (2024 - £16,117).

Clarence Mill Limited

Associated company

Included in debtors: amounts fallling due within one year is an inter-company balance of £63,060 (2024 - £36,506 creditor).

Urban and City Holdings Limited

Associated company

Included in debtors is an inter-company balance of £16,567 (2024 - £14,212).

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Adelphi Mill Properties Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2025

15. Controlling Party

The company's controlling party is Mr R A Beckwith-Moore by virtue of his ownership of 97.4% of the issued share capital in the company.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		7,718,128		7,729,996

			7,718,128		7,729,996
CURRENT ASSETS
Debtors	5	853,384		807,570
Cash at bank and in hand		26		222

		853,410		807,792
Creditors: Amounts Falling Due Within One Year	6	(718,188 )		(689,087 )

NET CURRENT ASSETS (LIABILITIES)			135,222		118,705

TOTAL ASSETS LESS CURRENT LIABILITIES			7,853,350		7,848,701

Creditors: Amounts Falling Due After More Than One Year	7		(2,168,207 )		(2,308,831 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	9		(432,842 )		(429,908 )

NET ASSETS			5,252,301		5,109,962

CAPITAL AND RESERVES
Called up share capital	11		76		76
Other reserves			24		24
Fair value reserve	13		2,524,072		2,524,072
Profit and Loss Account			2,728,129		2,585,790

SHAREHOLDERS' FUNDS			5,252,301		5,109,962