|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements for the Year Ended 31 December 2018 |
|
for |
|
Adam James Limited |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements for the Year Ended 31 December 2018 |
|
for |
|
Adam James Limited |
Adam James Limited (Registered number: 05201871) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the Year Ended 31 December 2018 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Abridged Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
Adam James Limited |
|
Company Information |
for the Year Ended 31 December 2018 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
11 The Office Village |
North Road |
Loughborough |
Leicestershire |
LE11 1QJ |
Adam James Limited (Registered number: 05201871) |
|
Abridged Balance Sheet |
31 December 2018 |
|
2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
Investment property | 5 |
|
|
|
|
|
CURRENT ASSETS |
Debtors |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year |
|
|
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
6 |
( |
) |
( |
) |
|
PROVISIONS FOR LIABILITIES | 8 | ( |
) | ( |
) |
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Share premium |
|
|
Fair value reserve |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
The directors acknowledge their 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. |
Adam James Limited (Registered number: 05201871) |
|
Abridged Balance Sheet - continued |
31 December 2018 |
|
|
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the Board of Directors on
by: |
|
|
|
|
|
|
|
Adam James Limited (Registered number: 05201871) |
|
Notes to the Financial Statements |
for the Year Ended 31 December 2018 |
|
1. | STATUTORY INFORMATION |
|
Adam James Limited is a
|
registered number and registered office address can be found on the Company Information page. |
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
These financial statements to have been prepared in accordance with the provision of Section 1A "Small |
Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and |
Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the |
historical cost convention as modified by the revaluation of certain assets. |
|
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods |
presented in these financial statements. |
|
Turnover |
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work |
carried out in respect of services provided to customers. Rental income is recognised in the period to which it |
relates. |
|
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes the original purchase price |
of the asset and the cost attributable to bringing the asset to its working condition for its intended use. |
Depreciation is charged on a straight line basis at rates calculated to write down assets to estimated residual |
value over their expected useful life as follows: |
|
Computer equipment - 33% |
|
Investment property |
Investment property is shown at most recent valuation. any aggregate surplus or deficit arising from changes in |
fair value is recognised in the fair value reserve. |
|
Investment properties are initially recognized at cost which includes purchase cost and any directly attributable |
expenses. Subsequently the investment property is shown at fair value. Gains or losses are recognized in the |
income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is |
sold. |
|
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. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
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. |
|
Adam James Limited (Registered number: 05201871) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
|
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. |
|
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. |
|
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. |
|
Impairment |
Financial assets (including trade and other debtors) |
A financial asset not carried at fair value through the profit or loss is assessed at each reporting date to determine |
whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence |
indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a |
negative effect on the estimated future cash flows of that asset can be estimated reliably. |
|
An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference |
between its carrying amount and the present value of the estimated future cash flows discounted at the asset's |
original effective interest rate. For financial instruments measured at cost less impairment an impairment is |
calculated as the difference between its carrying amount and the best estimate of the amount that the company |
would receive for the asset if it were to be sold at the reporting date. Interest on the impaired asset continues to |
be recognised through the unwinding of the discount. Impairment losses are recognised in the profit or loss. |
When subsequent events cause the amount of impairment loss to decrease, the decrease in impairment loss is |
reversed through the profit or loss. |
|
Non-financial assets |
The carrying amounts of the company's non-financial assets, are reviewed at each reporting date to determine |
whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is |
estimated. The recoverable amount of an asset is the greater of its value in use and its fair value less costs to sell. |
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax |
discount rate that reflects current market assessments of the time value of money and the risks specific to the |
asset. |
|
An impairment loss is recognised if the carrying amount of an asset exceeds its estimated recoverable amount. |
Impairment losses are recognised in the profit or loss. An impairment loss is reversed if and only if the reasons |
for the impairment have ceased to apply. |
|
Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss |
has decreased or no longer exists. An impairment loss is reversed only to the extent that the asset's carrying |
amount does not exceed the carrying amount that would have been determined, net of depreciation or |
amortisation, if no impairment loss had been recognised. |
|
Basic financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible |
preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit |
or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes |
recognised in profit or loss. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
Adam James Limited (Registered number: 05201871) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
|
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2018 |
|
At 31 December 2018 |
|
DEPRECIATION |
At 1 January 2018 |
|
Charge for year |
|
At 31 December 2018 |
|
NET BOOK VALUE |
At 31 December 2018 |
|
At 31 December 2017 |
|
|
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2018 |
|
Additions |
|
Revaluations |
|
At 31 December 2018 |
|
NET BOOK VALUE |
At 31 December 2018 |
|
At 31 December 2017 |
|
|
The freehold and long leasehold land and buildings portfolio were valued at £20,600,000 on an open market |
basis in January 2019. Several properties were valued independently for finance purposes with the remainder by |
a RICS registered employee of John Pye & Sons Limited, a related company. The directors considered that this |
valuation would have been the market value of the property portfolio at 31 December 2018 and as such the uplift |
was reflected in this financial year. |
|
Fair value at 31 December 2018 is represented by: |
|
£ |
Valuation in 2018 |
|
|
If the investment properties had not been revalued they would have been included at the following historical cost: |
|
2018 | 2017 |
£ | £ |
Cost | 11,412,584 | 7,693,750 |
Adam James Limited (Registered number: 05201871) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
|
6. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS |
2018 | 2017 |
£ | £ |
Repayable by instalments |
Bank loans more 5 yr by instal |
|
|
|
7. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2018 | 2017 |
£ | £ |
Bank loans |
|
|
|
The company has five loans which are secured over certain properties. |
Interest is charged on loan 1 at the rate of LIBOR plus 1%, the company also entered into an interest rate swap to |
fix the interest rate at 4.1%. |
Interest is charged on loan 2 at a fixed rate of 4.02%. |
Interest is charged on loan 3 at a variable rate of 1.75% over base rate. |
Interest is charged on loan 4 at a fixed rate of 3.6% |
Interest is charged on loan 5 at a fixed rate of 3.5% |
|
8. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
£ | £ |
Deferred tax |
|
|
|
Deferred |
tax |
£ |
Balance at 1 January 2018 |
|
Charge to fair value reserve |
|
Balance at 31 December 2018 |
|
|
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
|
The following advances and credits to a director subsisted during the years ended 31 December 2018 and |
31 December 2017: |
|
2018 | 2017 |
£ | £ |
|
Balance outstanding at start of year |
|
|
Amounts advanced |
|
|
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
|
|
|
Amounts advanced to the directors are included within other debtors and are fully repayable within 9 months of |
the balance sheet date. |