ADB Properties Limited - Period Ending 2020-04-30

ADB Properties Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 7

ADB Properties Limited

Balance Sheet

30 April 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	324,113	324,534
Current assets
Debtors	5	-	1,720
Cash at bank and in hand		2,793	2,896
		2,793	4,616
Creditors: Amounts falling due within one year	6	(221,385)	(232,446)
Net current liabilities		(218,592)	(227,830)
Net assets		105,521	96,704
Capital and reserves
Called up share capital	7	100	100
Profit and loss account		105,421	96,604
Total equity		105,521	96,704

ADB Properties Limited

Balance Sheet

30 April 2020

For the financial year ending 30 April 2020 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 6 March 2021 and signed on its behalf by:
 

......................................... M R Denford Director

Company Registration Number: 07302387

ADB Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Towngate House
2-8 Parkstone Road
Poole
Dorset
BH15 2PW

The principal place of business is:
42 Elms Crescent
Clapham
London
SW4 8QZ

These financial statements were authorised for issue by the Board on 6 March 2021.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis, despite the balance sheet showing a deficit of current assets against current liabilities, due to the continued support of the directors.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

ADB Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2020

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	15% reducing balance

ADB Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2020

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.





 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2019 - 2).

ADB Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2020

4	Tangible assets

	Freehold land and buildings £	Fixtures and fittings  £	Improvements to property  £	Total £
Cost or valuation
At 1 May 2019	317,345	4,937	4,389	326,671
At 30 April 2020	317,345	4,937	4,389	326,671
Depreciation
At 1 May 2019	-	2,137	-	2,137
Charge for the year	-	421	-	421
At 30 April 2020	-	2,558	-	2,558
Carrying amount
At 30 April 2020	317,345	2,379	4,389	324,113
At 30 April 2019	317,345	2,800	4,389	324,534

5

Debtors

	2020 £	2019 £
Other debtors	-	689
Prepayments	-	1,031
	-	1,720

6

Creditors

Creditors: amounts falling due within one year

	2020 £	2019  £
Due within one year
Social security and other taxes	95	637
Other creditors	221,290	231,809
	221,385	232,446

ADB Properties Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2020

7	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100