Adprops Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07262187 (England and Wales)

Adprops Limited

Unaudited Financial Statements

for the Year Ended 31 May 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr N Tunbull

REGISTERED OFFICE:

31 Sackville Street

Manchester

England

M1 3LZ

REGISTERED NUMBER:

07262187 (England and Wales)

ACCOUNTANTS:

SKS Shacter Cohen & Bor Ltd

Chartered Accountants

31 Sackville Street

Manchester

M1 3LZ

FIXED ASSETS

Intangible assets

5

3,515

3,990

Tangible assets

6

336

448

3,851

4,438

CURRENT ASSETS

Debtors

7

5,483

1,828

Cash at bank and in hand

2,075

7,641

7,558

9,469

CREDITORS

Amounts falling due within one year

8

(15,113

)

(14,650

)

NET CURRENT LIABILITIES

(7,555

)

(5,181

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(3,704

)

(743

)

CREDITORS

Amounts falling due after more than one year

9

(6,275

)

(9,460

)

NET LIABILITIES

(9,979

)

(10,203

)

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

(10,079

)

(10,303

)

SHAREHOLDERS' FUNDS

(9,979

)

(10,203

)

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 director acknowledges his 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 director and authorised for issue on 21 February 2024 and were signed by:

Mr N Tunbull - Director

1.	GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:

31 Sackville Street

Manchester

M1 3LZ

The principal place of business is:

7 Queensland Avenue

Wimbledon

SW19 3AD

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

3.	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.

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 company's liabilities exceeded its assets as at the year end. These financial statements have been prepared on a going concern basis on the basis that the company will continue to be supported by its creditors.

REVENUE RECOGNITION

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/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.

TAX

The tax expense for the period comprises current 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 income 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

Equipments 25% reducing balance

GOODWILL

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

AMORTISATION

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class Amortisation method and rate

Goodwill 5% straight line

TRADE DEBTORS

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

TRADE CREDITORS

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

BORROWINGS

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

LEASES

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

SHARE CAPITAL

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

DIVIDENDS

Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared. The Company has declared dividend in excess of available reserves.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2022

and 31 May 2023

9,500

AMORTISATION

At 1 June 2022

5,510

Amortisation for year

475

At 31 May 2023

5,985

NET BOOK VALUE

At 31 May 2023

3,515

At 31 May 2022

3,990

6.	TANGIBLE FIXED ASSETS

Office

equipment

£

COST

At 1 June 2022

and 31 May 2023

1,888

DEPRECIATION

At 1 June 2022

1,440

Charge for year

112

At 31 May 2023

1,552

NET BOOK VALUE

At 31 May 2023

336

At 31 May 2022

448

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

1,826

1,350

Other debtors

478

478

Other debtors - SCB

3,179

-

5,483

1,828

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

3,194

2,928

Corporation tax

4,413

7,913

VAT

6,205

3,809

Directors' current accounts

101

-

Accrued expenses

1,200

-

15,113

14,650

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans - 1-2 years

6,275

9,460

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100

Ordinary Share

1

100

100

11.

DIVIDEND

Interim dividends paid

2023(£

)

2022(£

)

Interim dividend of £180 (2022 - £343) per each Ordinary Share

18,000

34,250