Addison Bradley & Co. Limited 31/12/2022 iXBRL

ADDISON BRADLEY & CO. LIMITED - Company Information

8 31/12/2022 2022-12-31 false false false false true false false false false false false false false true false false true true false false true false true false No description of principal activities is disclosed 2022-01-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 01892269 2022-01-01 2022-12-31 01892269 2022-12-31 01892269 2021-12-31 01892269 2021-01-01 2021-12-31 01892269 2021-12-31 01892269 2020-12-31 01892269 core:FurnitureFittingsToolsEquipment 2022-01-01 2022-12-31 01892269 core:MotorVehicles 2022-01-01 2022-12-31 01892269 bus:RegisteredOffice 2022-01-01 2022-12-31 01892269 bus:LeadAgentIfApplicable 2022-01-01 2022-12-31 01892269 bus:Agent1 2022-01-01 2022-12-31 01892269 bus:Director1 2022-01-01 2022-12-31 01892269 bus:Director2 2022-01-01 2022-12-31 01892269 bus:Director3 2022-01-01 2022-12-31 01892269 core:PlantMachinery 2021-12-31 01892269 core:FurnitureFittingsToolsEquipment 2021-12-31 01892269 core:PlantMachinery 2022-12-31 01892269 core:FurnitureFittingsToolsEquipment 2022-12-31 01892269 core:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 01892269 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 01892269 core:WithinOneYear 2022-12-31 01892269 core:WithinOneYear 2021-12-31 01892269 core:ShareCapital 2022-12-31 01892269 core:ShareCapital 2021-12-31 01892269 core:SharePremium 2022-12-31 01892269 core:SharePremium 2021-12-31 01892269 core:RetainedEarningsAccumulatedLosses 2022-12-31 01892269 core:RetainedEarningsAccumulatedLosses 2021-12-31 01892269 core:ShareCapital 2020-12-31 01892269 core:SharePremium 2020-12-31 01892269 core:RetainedEarningsAccumulatedLosses 2020-12-31 01892269 core:BetweenOneFiveYears 2022-12-31 01892269 core:BetweenOneFiveYears 2021-12-31 01892269 core:PlantMachinery 2022-01-01 2022-12-31 01892269 core:PlantMachinery 2021-12-31 01892269 core:FurnitureFittingsToolsEquipment 2021-12-31 01892269 bus:LeadAgentIfApplicable 2021-01-01 2021-12-31 01892269 bus:Director3 2021-12-31 01892269 bus:Director1 2020-12-31 01892269 bus:Director3 2021-12-31 01892269 bus:Director1 2021-01-01 2021-12-31 01892269 bus:Director3 2021-01-01 2021-12-31 01892269 bus:SmallEntities 2022-01-01 2022-12-31 01892269 bus:Audited 2022-01-01 2022-12-31 01892269 bus:FullAccounts 2022-01-01 2022-12-31 01892269 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 01892269 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 01892269 core:CapitalReserve 2022-12-31 01892269 core:CapitalReserve 2021-12-31 01892269 core:CapitalReserve 2020-12-31 01892269 core:CapitalReserve 2021-01-01 2021-12-31 01892269 core:LandBuildings 2021-12-31 01892269 core:LandBuildings 2022-12-31 01892269 core:LandBuildings 2022-01-01 2022-12-31 01892269 core:AllAssociates 2022-12-31 01892269 core:WithinOneYear 2022-01-01 2022-12-31 01892269 core:AllAssociates 2022-01-01 2022-12-31 01892269 1 2022-01-01 2022-12-31

Company registration number: 01892269

Addison Bradley & Co. Limited

Filleted financial statements

31 December 2022

Addison Bradley & Co. Limited

Contents

Directors and other information

Directors responsibilities statement

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Addison Bradley & Co. Limited

Directors and other information


Directors	Mr Lutfi Fadel El-Zein
	Ms Janet Kim Umpleby	(Resigned 12 January 2022)
	Mr Mohamad Bachar El-Zein


Company number	01892269


Registered office	111 Charterhouse Street
	London
	EC1M 6AW


Business address	111 Charterhouse Street
	London
	EC1M 6AW


Auditor	Reza Samii
	5 Calico Row
	Plantation Wharf
	London
	SW11 3YH




	Bankers	Bank of Beirut (UK) Limited
		17A Curzon Street
		London
		SW11 3YH

		Banque de Credit National S.A.L
		Patriarche Howayek Street
		Medgulf Building
		Beirut Central District
		Beirut Lebanon

Addison Bradley & Co. Limited

Directors responsibilities statement

Year ended 31 December 2022

The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgments and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Addison Bradley & Co. Limited

Statement of financial position

31 December 2022

		2022		2021
	Note	£	£	£	£

Fixed assets
Tangible assets	6	9,268		15,128
		_______		_______
			9,268		15,128

Current assets
Debtors	7	133,602		83,071
Cash at bank and in hand		61,233		32,947
		_______		_______
		194,835		116,018
Creditors: amounts falling due
within one year	8	( 38,404)		( 41,785)
		_______		_______
Net current assets			156,431		74,233
			_______		_______
Total assets less current liabilities			165,699		89,361

			_______		_______
Net assets			165,699		89,361
			_______		_______

Capital and reserves
Called up share capital			500,000		500,000
Share premium account			150,000		150,000
Capital Reserves			647,024		647,024
Profit and loss account			( 1,131,325)		( 1,207,663)
			_______		_______
Shareholders funds			165,699		89,361
			_______		_______

These 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 income statement has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 30 May 2023 , and are signed on behalf of the board by:

Mr Lutfi Fadel El-Zein Mr Mohamad Bachar El-Zein

Director Director

Company registration number: 01892269

Addison Bradley & Co. Limited

Statement of changes in equity

Year ended 31 December 2022

	Called up share capital	Share premium account	Capital Reserves	Profit and loss account	Total
	£	£	£	£	£


At 1 January 2021	500,000	150,000	519,227	( 1,001,663)	167,564

Profit/(loss) for the year				( 206,000)	( 206,000)
Other comprehensive income for the year (note )	-	-	127,797	-	127,797
	_______	_______	_______	_______	_______
Total comprehensive income for the year	-	-	127,797	( 206,000)	( 78,203)

	_______	_______	_______	_______	_______
At 31 December 2021 and 1 January 2022	500,000	150,000	647,024	( 1,207,663)	89,361

Profit/(loss) for the year				76,338	76,338
	_______	_______	_______	_______	_______
Total comprehensive income for the year	-	-	-	76,338	76,338

	_______	_______	_______	_______	_______
At 31 December 2022	500,000	150,000	647,024	( 1,131,325)	165,699
	_______	_______	_______	_______	_______

Capital reserves balance represents waiver of trade creditor balances due to Group members.

Addison Bradley & Co. Limited

Notes to the financial statements

Year ended 31 December 2022

1. General information

The company is a private company limited by shares, registered in UK. The address of the registered office is Addison Bradley & Company Limited, 111 Charterhouse Street, London, EC1M 6AW.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The 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 financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

As fully explained in the notes to the accounts, the company has prepared its financial statements for the year ended 31st December 2022 on a going concern basis which assumes continuity of current business operations along with contributions towards expenses from the group companies.

Commission Income:

Commission income consists principally of brokerage, commission and fees associated with the placement of insurance and reinsurance contracts, net of commissions payable to other directly involved parties. Revenue from brokerage, commissions and fees are recognised on the inception date of the risk. Any adjustments to commission arising from premium additions or reductions are recognised as and when they are notified by third parties.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:


Office Equipment	-	25.00% to 33.33% straight line p.a.
Furniture, fixtures & fittings	-	25 %	straight line
Motor vehicles	-	20 %	straight line
Leasehold Improvements	-	over period of lease (5 years)

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

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 in finance costs in profit or loss in the period in which it arises.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance Sheet date and carried forward to the future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance Sheet date.

4. Auditors remuneration

	2022	2021
	£	£
Fees payable to Reza Samii
Fees payable for the audit of the financial statements	3,600	3,600
	_______	_______
Fees payable to the company's auditor and its associates for other services:
Other fees: taxation and accounting services	2,688	2,400
	_______	_______
Services provided by auditors: In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the management and statutory financial statements

5. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2021: 8 ).

6. Tangible assets

	Office equipment	Furniture, fixture and fittings	Leasehold Property	Total
	£	£	£	£
Cost
At 1 January 2022	7,318	535	25,081	32,934
Additions	1,293	-	-	1,293
	_______	_______	_______	_______
At 31 December 2022	8,611	535	25,081	34,227
	_______	_______	_______	_______
Depreciation
At 1 January 2022	2,774	402	14,630	17,806
Charge for the year	2,004	133	5,016	7,153
	_______	_______	_______	_______
At 31 December 2022	4,778	535	19,646	24,959
	_______	_______	_______	_______
Carrying amount
At 31 December 2022	3,833	-	5,435	9,268
	_______	_______	_______	_______
At 31 December 2021	4,544	133	10,451	15,128
	_______	_______	_______	_______

As at 31st December 2022 there were capital expenditure contracted and authorised amounting to £NIL (2021: £NIL).

7. Debtors

	2022	2021
	£	£
Trade debtors	541	1,440
Amounts owed by group undertakings and undertakings in which the company has a participating interest	46,937	-
Other debtors	86,124	81,631
	_______	_______
	133,602	83,071
	_______	_______

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	584	290
Social security and other taxes	18,320	18,995
Other creditors	19,500	22,500
	_______	_______
	38,404	41,785
	_______	_______

Director's loan account is unsecured, interest free and repayable on demand and is expressed after a waiver of £100,389 released to Revenue during the year.

9. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Not later than 1 year	184,500	166,500
Later than 1 year and not later than 5 years	15,500	200,000
	_______	_______
	200,000	366,500
	_______	_______

On 1st February 2019 company entered into non-cancellable operating leases (office rent) for a term of 5 years expiring on 31.01.2024.

10. Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £5,367 (2021: £4,171). Contributions totalling £923 (2021: £1,003) were payable to the fund at the balance sheet date.

11. Summary audit opinion

The auditor's report for the year dated 12 July 2023 was unqualified, however, the auditor drew attention to the following by way of emphasis.

"We draw your attention to Note 16 which states, had it not been for significant contributions towards expenses received from group companies, there would exist a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter."

The senior statutory auditor was Reza Samii for and on behalf of Reza Samii

12. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2022
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr Lutfi Fadel El-Zein	-	-	-
	Mr Mohamad Bachar El-Zein	( 15,000)	15,000	-
		_______	_______	_______

2021
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr Lutfi Fadel El-Zein	( 617)	617	-
	Mr Mohamad Bachar El-Zein	-	( 15,000)	( 15,000)
		_______	_______	_______
		( 617)	( 14,383)	( 15,000)
		_______	_______	_______

13. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2022	2021	2022	2021
	£	£	£	£
Medgulf Bahrain	-	-	-	-
Medgulf Beirut	-	-	-	-
Addison Bradley International Lebanon	-	-	46,937	-
	_______	_______	_______	_______

Amounts were received from related parties towards expenses: Medgulf Bahrain - £0 (2021: £203,676)Addison Bradley Overseas (ABO) - £394,250 (2021: £285,679)Addison Bradley International Lebanon (ABI) - £396,257 (2021: £60,000)

14. Ethical standards

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

15. Controlling party

The company is 100.00% owned and controlled by Addison Bradley Group Limited, a company registered in British Virgin Islands.The ultimate parent company is LFZ Holding S.A.L., a company registered in Lebanon. The company's ultimate controlling party is Mr. Lutfi Fadel El Zein, the director.

16. Material Uncertainty Related To Going Concern

Company's operating profit for the year amounted to £76,336 / (2021: loss £206,000) after having received contributions towards expenses amounting to £790,507 from group companies. In the absence of the above contributions from the group members, there is a material uncertainty casting significant doubt on the company's ability to continue as a going concern. Being a member of a large group with its financial resources managed on a group basis, the directors have reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future, being 12 months from the date of signing these financial statements. They have also considered various mitigating actions available to the company including reducing discretionary spend. The directors therefore continue to adopt the going concern basis in preparing these financial statements.