Company registration number 04504280 (England and Wales)
ADC DEVELOPMENTS LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
ADC DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
Information for management
-
ADC DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
52,131
16,550
Investment properties
4
2,318,216
2,318,216
2,370,347
2,334,766
Current assets
Debtors
5
1,161,017
1,057,857
Cash at bank and in hand
14,482
140,730
1,175,499
1,198,587
Creditors: amounts falling due within one year
6
(816,581)
(828,812)
Net current assets
358,918
369,775
Total assets less current liabilities
2,729,265
2,704,541
Creditors: amounts falling due after more than one year
7
(786,484)
(880,116)
Net assets
1,942,781
1,824,425
Capital and reserves
Called up share capital
8
100
100
Revaluation reserve
9
376,273
376,273
Profit and loss reserves
10
1,566,408
1,448,052
Total equity
1,942,781
1,824,425
ADC DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
- 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 2023 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.
The 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 2023
A D Crawley
Director
Company Registration No. 04504280
ADC DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 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 amounts 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 at 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.
ADC DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
1
1
3
Tangible fixed assets
Landlord's fixtures & fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2022
40,775
1,509
25,487
67,771
Additions
51,315
51,315
Disposals
(25,487)
(25,487)
At 30 April 2023
40,775
1,509
51,315
93,599
Depreciation and impairment
At 1 May 2022
38,561
1,509
11,151
51,221
Depreciation charged in the year
333
3,401
3,734
Eliminated in respect of disposals
(13,487)
(13,487)
At 30 April 2023
38,894
1,509
1,065
41,468
Carrying amount
At 30 April 2023
1,881
50,250
52,131
At 30 April 2022
2,214
14,336
16,550
4
Investment property
2023
£
Fair value
At 1 May 2022 and 30 April 2023
2,318,216
ADC DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,161,017
1,057,857
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
79,281
74,211
Corporation tax
16,089
27,881
Other taxation and social security
4,248
Other creditors
714,211
715,472
Accruals and deferred income
7,000
7,000
816,581
828,812
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
786,484
880,116
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Revaluation reserve
2023
2022
£
£
At beginning and end of year
376,273
376,273
10
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
1,448,052
1,332,251
Profit for the year
118,356
115,801
At the end of the year
1,566,408
1,448,052