Company Registration No. 04504280 (England and Wales)
ADC DEVELOPMENTS LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2020
ADC DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
ADC DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2020
30 April 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
2
16,873
24,362
Investment properties
3
2,318,216
2,318,217
2,335,089
2,342,579
Current assets
Debtors
4
1,050,554
950,554
Cash at bank and in hand
29,994
75,938
1,080,548
1,026,492
Creditors: amounts falling due within one year
5
(829,952)
(832,197)
Net current assets
250,596
194,295
Total assets less current liabilities
2,585,685
2,536,874
Creditors: amounts falling due after more than one year
6
(974,686)
(1,040,151)
Net assets
1,610,999
1,496,723
Capital and reserves
Called up share capital
100
100
Revaluation reserve
7
376,273
376,272
Profit and loss reserves
1,234,626
1,120,351
Total equity
1,610,999
1,496,723
ADC DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2020
30 April 2020
- 2 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
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 and signed by the director and authorised for issue on
19 July 2020
A D Crawley
Director
Company Registration No. 04504280
ADC DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
- 3 -
1
Accounting policies
Company information
ADC Developments Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
6 Forest Road, Loughborough, Leicestershire, LE11 3NP.
1.1
Basis of preparation
These financial statements have been prepared in accordance with applicable accounting standards including 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 a
mounts
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. These policies have been consistently applied to all years presented unless otherwise stated.
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
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’
:
Interest
income/expense and net gains/losses for each category of financial instrument;
basis
of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income
;
-
Section 26 ‘Share based Payment’
:
Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements
;
-
Section 33 ‘Related Party Disclosures’
:
Compensation for key management personnel
.
The financial statements of the company are consolidated in the financial statements of [XXXXX]. These consolidated financial statements are available from its registered office, [XXXXXX]
.
1.2
Turnover
Turnover represents the value of rents charged to tenants during the year.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Landlord's fixtures & fittings
15% per annum on net book value
Computer equipment
33.3% per annum on cost
Motor vehicles
25% per annum on net book value
ADC DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 4 -
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
1.5
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
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. 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 is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.
2
Tangible fixed assets
Landlord's fixtures & fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2019 and 30 April 2020
39,613
1,509
24,530
65,652
Depreciation and impairment
At 1 May 2019
30,966
1,509
8,815
41,290
Depreciation charged in the year
3,560
-
3,929
7,489
At 30 April 2020
34,526
1,509
12,744
48,779
Carrying amount
At 30 April 2020
5,087
-
11,786
16,873
At 30 April 2019
8,647
-
15,715
24,362
ADC DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 5 -
3
Investment property
2020
£
Fair value
At 1 May 2019 and 30 April 2020
2,318,216
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
1,050,554
950,554
5
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
67,115
65,808
Trade creditors
-
3,957
Corporation tax
27,878
22,583
Other taxation and social security
6,015
5,453
Other creditors
721,945
727,395
Accruals and deferred income
6,999
7,001
829,952
832,197
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
974,686
1,040,151
7
Revaluation reserve
2020
2019
£
£
At beginning of year
376,273
323,585
Other movements
-
52,687
At end of year
376,273
376,272