Company Registration No. 05790122 (England and Wales)
ADSA RESIDENTIAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
PAGES FOR FILING WITH REGISTRAR
ADSA RESIDENTIAL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
ADSA RESIDENTIAL LIMITED
BALANCE SHEET
AS AT
30 APRIL 2021
30 April 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,070
Current assets
Debtors
4
48,684
22,092
Cash at bank and in hand
5,148
1,086
53,832
23,178
Creditors: amounts falling due within one year
5
(31,122)
(22,851)
Net current assets
22,710
327
Total assets less current liabilities
23,780
327
Creditors: amounts falling due after more than one year
6
(20,790)
Net assets
2,990
327
Capital and reserves
Called up share capital
600
600
Profit and loss reserves
2,390
(273)
Total equity
2,990
327
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 2021 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.
ADSA RESIDENTIAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2021
30 April 2021
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 12 November 2021
Mr D King
Director
Company Registration No. 05790122
ADSA RESIDENTIAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2021
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 May 2019
600
(21,870)
(21,270)
Year ended 30 April 2020:
Profit and total comprehensive income for the year
-
21,597
21,597
Balance at 30 April 2020
600
(273)
327
Year ended 30 April 2021:
Profit and total comprehensive income for the year
-
2,663
2,663
Balance at 30 April 2021
600
2,390
2,990
ADSA RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
- 4 -
1
Accounting policies
Company information
ADSA Residential Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office
and principal place of business
is
53 Guildford Road, Bagshot, Surrey, United Kingdom, GU19 5NG.
1.1
Accounting convention
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis which is dependent on the continued support of the company's director. The director has indicated his intention to provide financial support for a period of not less than 12 months from the date of signing the accounts. On this basis, the director considers it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of such financial support.
true
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of
discounts and
value added taxes.
Turnover represents net invoiced provision of management services.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently 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:
Fixtures and fittings
25% on cost
Motor vehicles
25% on cost
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
.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include deposits held at call with banks,
ADSA RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
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.
Classification of financial liabilities
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
Basic financial liabilities, including
creditors
, 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.
1.7
Equity instruments
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. 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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
ADSA RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
1
Accounting policies
(Continued)
- 6 -
1.9
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 May 2020
16,952
25,973
42,925
Additions
1,070
1,070
At 30 April 2021
18,022
25,973
43,995
Depreciation and impairment
At 1 May 2020 and 30 April 2021
16,952
25,973
42,925
Carrying amount
At 30 April 2021
1,070
1,070
At 30 April 2020
ADSA RESIDENTIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
- 7 -
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Corporation tax recoverable
2,478
2,478
Other debtors
43,531
16,874
46,009
19,352
Deferred tax asset
2,675
2,740
48,684
22,092
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
3,445
Corporation tax
2,349
2,187
Other taxation and social security
10,513
5,900
Other creditors
14,815
14,764
31,122
22,851
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
20,790
Creditors which fall due after five years are as follows:
2021
2020
£
£
Payable by instalments
1,285
-
7
Directors' transactions
At the year end the company was owed £9,066 by the director (2020: £9,483). Interest of £109 (2020: £290) was charged in the period.