Company Registration No. 04504280 (England and Wales)
ADC DEVELOPMENTS LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2018
PAGES FOR FILING WITH REGISTRAR
ADC DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ADC DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2018
30 April 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
2
33,575
33,404
Investment properties
3
2,366,831
2,366,831
2,400,406
2,400,235
Current assets
Debtors
4
450,554
451,554
Cash at bank and in hand
14,592
34,855
465,146
486,409
Creditors: amounts falling due within one year
5
(381,122)
(393,097)
Net current assets
84,024
93,312
Total assets less current liabilities
2,484,430
2,493,547
Creditors: amounts falling due after more than one year
6
(1,102,532)
(1,168,160)
Net assets
1,381,898
1,325,387
Capital and reserves
Called up share capital
7
100
100
Revaluation reserve
8
323,585
323,585
Profit and loss reserves
1,058,213
1,001,702
Total equity
1,381,898
1,325,387
ADC DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2018
30 April 2018
- 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 2018 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
21 November 2018
A D Crawley
Director
Company Registration No. 04504280
ADC DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2018
- 3 -
1
Accounting policies
Company information
ADC Developments Limited is a
private
company
limited by shares
incorporated in England and Wales.
The
address of the
registered office
and place of business
is
given in the company information page of these financial statements.
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.
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
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ADC DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
1
Accounting policies
(Continued)
- 4 -
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 2017
38,321
1,509
36,450
76,280
Additions
1,292
-
24,530
25,822
Disposals
-
-
(36,450)
(36,450)
At 30 April 2018
39,613
1,509
24,530
65,652
Depreciation and impairment
At 1 May 2017
23,292
1,298
18,286
42,876
Depreciation charged in the year
3,805
105
3,577
7,487
Eliminated in respect of disposals
-
-
(18,286)
(18,286)
At 30 April 2018
27,097
1,403
3,577
32,077
Carrying amount
At 30 April 2018
12,516
106
20,953
33,575
At 30 April 2017
15,029
211
18,164
33,404
3
Investment property
2018
£
Fair value
At 1 May 2017 and 30 April 2018
2,366,831
ADC DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
3
Investment property
(Continued)
- 5 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2018
2017
£
£
Cost
2,043,246
2,043,246
Accumulated depreciation
-
-
Carrying amount
2,043,246
2,043,246
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
450,554
451,554
5
Creditors: amounts falling due within one year
2018
2017
Notes
£
£
Bank loans and overdrafts
64,507
60,479
Trade creditors
2,100
1,154
Corporation tax
6,521
17,181
Other taxation and social security
1,328
4,683
Other creditors
299,665
302,599
Accruals and deferred income
7,001
7,001
381,122
393,097
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
1,102,532
1,168,160
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
ADC DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
- 6 -
8
Revaluation reserve
2018
2017
£
£
At beginning and end of year
323,585
323,585