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2022-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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09312018
2022-01-01
2022-12-31
09312018
2022-12-31
09312018
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2021-01-01
2021-12-31
09312018
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09312018
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09312018
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09312018
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2022-12-31
09312018
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09312018
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2022-12-31
09312018
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09312018
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2022-12-31
09312018
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09312018
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2022-12-31
STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS |
|
All of the members of AD Real Estate Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2022 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
09312018
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS |
|
REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF
AD REAL ESTATE LIMITED |
|
YEAR ENDED 31 DECEMBER 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of AD Real Estate Limited for the year ended 31 December 2022, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
LANGARD LIFFORD HALL LIMITED
Accountants and Registered Auditors
Lifford Hall
Lifford Lane
Kings Norton
Birmingham
B30 3JN
20 September 2023
ABRIDGED STATEMENT OF FINANCIAL POSITION |
|
31 December 2022
Fixed assets
Tangible assets |
5 |
|
1,343,672 |
|
1,227,060 |
|
|
|
|
|
|
Current assets
Debtors |
26,054 |
|
3,005 |
|
Cash at bank and in hand |
6,866 |
|
5,643 |
|
|
------------ |
|
------------ |
|
|
32,920 |
|
8,648 |
|
|
|
|
|
|
Creditors: amounts falling due within one year |
948,163 |
|
745,227 |
|
|
------------ |
|
------------ |
|
Net current liabilities |
|
915,243 |
|
736,579 |
|
|
-------------- |
|
-------------- |
Total assets less current liabilities |
|
428,429 |
|
490,481 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
|
435,339 |
|
505,674 |
|
|
------------ |
|
------------ |
Net liabilities |
|
(
6,910) |
|
(
15,193) |
|
|
------------ |
|
------------ |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
120 |
|
120 |
Profit and loss account |
|
(
7,030) |
|
(
15,313) |
|
|
------------ |
|
------------ |
Shareholders deficit |
|
(
6,910) |
|
(
15,193) |
|
|
------------ |
|
------------ |
|
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued) |
|
31 December 2022
These abridged financial statements were approved by the
board of directors
and authorised for issue on
20 September 2023
, and are signed on behalf of the board by:
Company registration number:
09312018
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS |
|
YEAR ENDED 31 DECEMBER 2022
1.
General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lifford Hall, Lifford Lane, Kings Norton, Birmingham, B30 3JN.
2.
Statement of Compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting Policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Attention is drawn to the insolvent position of the company's balance sheet. These accounts have been prepared on the going concern basis, on the understanding that the director and shareholders will continue to financially support the company for the foreseeable future and related parties have agreed not to recall the loan in the short term.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings |
- |
15% reducing balance |
|
Equipment |
- |
15% reducing balance |
|
|
|
|
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An Equity instruments is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial instruments.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee Numbers
The average number of persons employed by the company during the year amounted to
4
(2021:
4
).
5.
Tangible Assets
|
£ |
Cost |
|
At 1 January 2022 |
1,278,952 |
Additions |
116,612 |
|
-------------- |
At 31 December 2022 |
1,395,564 |
|
-------------- |
Depreciation |
|
At 1 January 2022 and 31 December 2022 |
51,892 |
|
-------------- |
Carrying amount |
|
At 31 December 2022 |
1,343,672 |
|
-------------- |
At 31 December 2021 |
1,227,060 |
|
-------------- |
|
|
6.
Directors' Advances, Credits and Guarantees
Amounts owed to the director at the balance sheet date are included in creditors and totalled £Nil (2021: £Nil)
7.
Related Party Transactions
The company owes £868,213 (2021: £511,825) to Alexander Daniels Limited, which is controlled by the directors and shareholders of this company. The company was owed £17,000 (2021: £Nil) from Alexander Daniels Global Limited, which is controlled by the directors and shareholders of this company. The company owes £Nil (2021: £150,000) to BMS Land Development Limited which is controlled by the director and shareholder of this company.