A-Data Limited is a private company limited by shares incorporated in England and Wales. The registered office is 53 Kent Road, Southsea, Portsmouth, Hampshire, PO5 3HU.
These financial statements have been prepared in accordance with 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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed .
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated .
Freehold land and buildings are not depreciated. The company maintains a policy of constant refurbishment and the directors consider that no depreciation is required.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss .
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. 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 for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The average monthly number of persons (including directors) employed by the company during the year was 40 (2017 - 49).
Land and buildings with a carrying amount of £2,499,381 were revalued in February 2015 by Hellier Langstone , independent valuers not connected with the company on the basis of market value for the land and buildings . The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.
The company constructed additional premises during the year at a cost of 877,562. The directors are of the opinion that the new building has a carrying value of £2,299,156, based on prices of similar properties in the area.
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
The revaluation surplus is disclosed in note 9. **Details of restrictions**
Investment property comprises a freehold residential property. The fair value of the investment property is considered to be the same as the cost of acquisition.
The amounts owed in respect of finance leases are secured by charges over the assets concerned
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006 :
The auditor's report was unqualified.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
Post year end the company purchased two investment properties at a total cost of £826,332, of which £82,400 had been paid as a deposit prior to the year end.
During the year the company entered into transaction with related parties, in the ordinary course of business.
Transaction entered into and balances outstanding at 30 April 2018 are as follows:
The company received management fees from Qvis Lighting Limited amounting to £420,000 (2017 - £248,474). The company also received management fees from Qvis Retail Limited amounting to £Nil (2017 - £45,222).
The company sold goods to Qvis Lighting Limited amounting to £24,155 (2017 - £20,129) . The company also sold goods amounting to £38,677 (2017 - £73,018) to Qvis Retail Limited. The company purchased goods amounting to £135,656 (2017 - £5,658) from Qvis Lighting Limited. The company purchased goods amounting to £38,677 (2017 - £73,018) from Qvis Retail Limited.
At 30 April 2017 the company was owed £602,136 (2017 - £840,648) by Qvis Lighting Limited and £136,654 (2017 - £114,114) by Qvis Retail Limited.
By O Cycles is a company controlled by Mr M J Brown, who is a director and husband of Mrs J Brown.
During the year the company sold goods amounting to £3,144 (2017 - £256,292) to By O Cycles Limited and purchased goods amounting to £708 (2017 - £Nil) from the same company.
At 30 April 2018 the company was owed £490,969 (2017 - £415,324) by By O Cycles Limited.
Qvis Monitoring Limited is a company controlled by Mrs Sophie Rootes, who is the daughter of Mr and Mrs Brown, the directors. During the year the company purchased goods amounting to £19,709 (2017 - £14,895) from Qvis Monitoring Limited and sold goods amounting to £1,219 (2017 - £4,992) to the same company.
At 30 April Adata Limited was owed £375,373 (2017 - £191,112) by Qvis Monitoring Limited.
CCTV Express Limited is another company controlled by Mrs Sophie Rootes. During the year the company sold goods amounting to £20,688 (2017 - £60,096) to CCTV Express Limited and purchased goods amounting to £24,302 (2017 - £103,395) from the same company.
At 30 April 2018 the company owed £11,630 (2017 - £29,637) to CCTV Express Limited.
Dividends totalling £155,373 (2017 - £238,899) were paid in the year in respect of shares held by the company's directors.