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ADAMSON ESTATES LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED |
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30 APRIL 2017 |
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ADAMSON ESTATES LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED |
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30 APRIL 2017 |
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ADAMSON ESTATES LIMITED (REGISTERED NUMBER: 03047462) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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ADAMSON ESTATES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2017 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
201 Haverstock Hill |
London |
NW3 4QG |
ADAMSON ESTATES LIMITED (REGISTERED NUMBER: 03047462) |
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BALANCE SHEET |
30 APRIL 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Fair value reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his 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. |
ADAMSON ESTATES LIMITED (REGISTERED NUMBER: 03047462) |
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BALANCE SHEET - continued |
30 APRIL 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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ADAMSON ESTATES LIMITED (REGISTERED NUMBER: 03047462) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2017 |
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1. | STATUTORY INFORMATION |
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Adamson Estates Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A |
These financial statements for the year ended 30 April 2017 are the first that are prepared in accordance with |
FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the date of |
transition to FRS 102 Section 1A is 1 May 2015. |
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Details of how FRS 102 Section 1A has affected the reported financial position and financial performance is |
given in note 12. |
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Preparation of consolidated financial statements |
The financial statements contain information about Adamson Estates Limited as an individual company and do |
not contain consolidated financial information as the parent of a group. The company has taken the option under |
Section 398 of the Companies Act 2006 not to prepare consolidated financial statements. |
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Turnover |
Turnover represents the amount derived from rent receivable during the year. |
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Tangible fixed assets |
Depreciation of fixed assets is calculated to write off their cost or valuation less any residual value on a reducing |
balance basis over their estimated useful lives as follows:- |
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Furniture, fittings & equipment - 15% per annum |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in |
fair value is recognised in profit or loss. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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 balance sheet date. |
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ADAMSON ESTATES LIMITED (REGISTERED NUMBER: 03047462) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2017 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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Fair value reserve |
Surpluses or deficits arising on the revaluation of listed investment and investment properties are credited or |
debited to statement of comprehensive income and the net surplus or deficits arising after provision of deferred |
tax are transferred to non-distributable reserve known as the fair value reserve. |
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Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured |
initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective |
interest method, less any impairment. |
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Creditors |
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, |
are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost |
using the effective interest method. |
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Provisions |
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a |
result of a past event, it is probable that the company will be required to settle the obligation and the amount of |
the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to |
settle the obligation at the reporting date. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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ADAMSON ESTATES LIMITED (REGISTERED NUMBER: 03047462) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2017 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 May 2016 |
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Additions |
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At 30 April 2017 |
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DEPRECIATION |
At 1 May 2016 |
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Charge for year |
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At 30 April 2017 |
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NET BOOK VALUE |
At 30 April 2017 |
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At 30 April 2016 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 May 2016 |
and 30 April 2017 |
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NET BOOK VALUE |
At 30 April 2017 |
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At 30 April 2016 |
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6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 May 2016 |
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Additions |
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At 30 April 2017 |
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NET BOOK VALUE |
At 30 April 2017 |
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At 30 April 2016 |
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ADAMSON ESTATES LIMITED (REGISTERED NUMBER: 03047462) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2017 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Taxation and social security |
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Other creditors |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 years |
non instalment | 316,846 | 316,898 |
316,846 | 316,898 |
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10. | TRANSACTIONS WITH DIRECTOR |
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During the year, the company paid dividends of £20,000 (2016 £14,000) to Mr N R Joseph, who is a director of |
the company and included in other creditors is an amount which is owed to Mr N R Joseph of £410 (2016 £410). |
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11. | RELATED PARTY DISCLOSURES |
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Adamson Estates Limited owns 56% of the shares in Beech Hill Estate Company Limited and during the year, |
the company received dividend of £38,182 (2016: £45,818) from Beech Hill Estate Company Limited. At 30 |
April 2017, Beech Hill Estate Company Limited owes Adamson Estates Limited the amount of £98,192 (2016: |
£45,825). |
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Adamson Estates Limited owns 55% of the shares in Lockmead Estates Limited and during the year, the |
company received dividend of £12,222 (2016: £12,222) from Lockmead Estates Limited. At 30 April 2017, |
Lockmead Estates Limited owes Adamson Estates Limited the amount of £26,326 (2016 £12,696). |
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12. | FIRST YEAR ADOPTION |
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The policies applied under the company's previous accounting framework are not materially different to FRS 102 |
and have not impacted on equity or profit and loss. |