Advent Development Holdings Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 08087343 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2023

for

Advent Development Holdings Ltd

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

9,149

12,777

Investments

5

202

202

9,351

12,979

CURRENT ASSETS

Debtors

6

2,113,893

1,793,895

Cash at bank

36,781

240,998

2,150,674

2,034,893

CREDITORS

Amounts falling due within one year

7

163,942

366,017

NET CURRENT ASSETS

1,986,732

1,668,876

TOTAL ASSETS LESS CURRENT LIABILITIES

1,996,083

1,681,855

PROVISIONS FOR LIABILITIES

2,186

2,415

NET ASSETS

1,993,897

1,679,440

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

1,993,797

1,679,340

SHAREHOLDERS' FUNDS

1,993,897

1,679,440

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 November 2023 and were signed on its behalf by:

T J Reeve - Director

1.	STATUTORY INFORMATION

Advent Development Holdings Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

08087343

Registered office:

Cold Moor Cote Farm

Chop Gate

Middlesbrough

Cleveland

TS9 7JJ

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

Preparation of consolidated financial statements

The financial statements contain information about Advent Development Holdings Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

Turnover

Turnover from the sale of residential homes is recognised at the fair value of the consideration received on legal completion of sales, net of incentives.

Income from management charges is recognised in the period to which the charge relates.

Tangible fixed assets

Tangible fixed assets are stated at purchase cost together with any incidental expenses of acquisition, net of depreciation and any provision for impairment.

Depreciation is provided on all tangible assets, at rates calculated to write off the cost less estimated residual value of each asset on a straight line basis over its expected useful life.

Computer Equipment - 33% straight line.

Fixtures & Fittings - 20% straight line.

Investments in subsidiaries

Investments in subsidiaries are measured at cost less impairment.

Where the value of other investments can be reliably measured they are measured at fair value through the profit and loss account. Where fair value cannot be measured reliably other investments are measured at cost less impairment.

Taxation

Current tax, including UK corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply to the reversal of the timing difference.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

Where material, the cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme and that of directors' personal pension schemes are charged to profit or loss in the period to which they relate.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

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.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit and loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

The following assets and liabilities are classified as basic financial instruments - Other debtors, cash and bank balances, trade creditors and inter-company balances.

Other debtors, cash and bank balances, trade creditors and inter-company balances (being repayable on demand) are measured at the amortised cost equivalent to the undiscounted amount of cash or other consideration expected to be paid or received.

Impairment of assets

Assets are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit and loss as described below.

Financial assets

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had impairment not been recognised.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 June 2022

and 31 May 2023

13,443

2,818

16,261

DEPRECIATION

At 1 June 2022

1,838

1,646

3,484

Charge for year

2,689

939

3,628

At 31 May 2023

4,527

2,585

7,112

NET BOOK VALUE

At 31 May 2023

8,916

233

9,149

At 31 May 2022

11,605

1,172

12,777

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 June 2022

and 31 May 2023

202

NET BOOK VALUE

At 31 May 2023

202

At 31 May 2022

202

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

-

26,790

Amounts owed by group undertakings

2,106,405

1,760,184

Other debtors

7,488

6,921

2,113,893

1,793,895

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

33,303

2,268

Amounts owed to group undertakings

-

37,175

Taxation and social security

70,475

232,346

Other creditors

60,164

94,228

163,942

366,017

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2023

2022

£

£

Within one year

2,958

18,232

Between one and five years

-

3,358

2,958

21,590

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

50

Ordinary A

1

50

50

50

Ordinary B

1

50

50

100

100

All shares have equal voting rights and rank pari passu