Adam Group Holdings Limited 31/03/2018 iXBRL

Adam Group Holdings Limited 31/03/2018 iXBRL

ADAM GROUP (HOLDINGS) LIMITED - Company Information

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Statement of consent to prepare abridged financial statements
All of the members of Adam Group Holdings Limited have consented to the preparation of the abridged statement of financial position for the current year ending 31 March 2018 in accordance with Section 444(2A) of the Companies Act 2006.
Company registration number: 3477112
Adam Group Holdings Limited
Unaudited filleted abridged financial statements
31 March 2018
Adam Group Holdings Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Adam Group Holdings Limited
Directors and other information
Directors Mr N Adam Asmal
Mr S Asmal
Secretary Mr R J W Bruce
Company number 3477112
Registered office White House
Wollaton Street
Nottingham
NG1 5GF
Business address Unit 1, Adam Court
Northgate
New Basford
Nottingham
NG7 7GR
Accountants Higson & Co
White House
Wollaton Street
Nottingham
NG1 5GF
Bankers National Westminster Bank plc
1 Market Place
Newark
Nottinghamshire
NG24 1DY
Adam Group Holdings Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Adam Group Holdings Limited
Year ended 31 March 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Adam Group Holdings Limited for the year ended 31 March 2018 which comprise the abridged statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the board of directors of Adam Group Holdings Limited, as a body, in accordance with the terms of our engagement letter dated 21 November 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Adam Group Holdings Limited and state those matters that we have agreed to state to the board of directors of Adam Group Holdings Limited as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Adam Group Holdings Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Adam Group Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Adam Group Holdings Limited. You consider that Adam Group Holdings Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Adam Group Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Higson & Co
Chartered Accountants
White House
Wollaton Street
Nottingham
NG1 5GF
18 December 2018
Adam Group Holdings Limited
Abridged statement of financial position
31 March 2018
2018 2017
Note £ £ £ £
Fixed assets
Investments 5 8 7
_______ _______
8 7
Current assets
Debtors 353,329 353,329
Cash at bank and in hand 3 13
_______ _______
353,332 353,342
Creditors: amounts falling due
within one year ( 326,785) ( 322,839)
_______ _______
Net current assets 26,547 30,503
_______ _______
Total assets less current liabilities 26,555 30,510
_______ _______
Net assets 26,555 30,510
_______ _______
Capital and reserves
Called up share capital 6 1 1
Profit and loss account 26,554 30,509
_______ _______
Shareholders funds 26,555 30,510
_______ _______
For the year ending 31 March 2018 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 18 December 2018 , and are signed on behalf of the board by:
Mr N Adam Asmal
Director
Company registration number: 3477112
Adam Group Holdings Limited
Statement of changes in equity
Year ended 31 March 2018
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2016 1 34,441 34,442
Loss for the year - ( 3,932) ( 3,932)
_______ _______ _______
Total comprehensive income for the year - ( 3,932) ( 3,932)
_______ _______ _______
At 31 March 2017 and 1 April 2017 1 30,509 30,510
Loss for the year - ( 3,955) ( 3,955)
_______ _______ _______
Total comprehensive income for the year - ( 3,955) ( 3,955)
_______ _______ _______
At 31 March 2018 1 26,554 26,555
_______ _______ _______
Adam Group Holdings Limited
Notes to the financial statements
Year ended 31 March 2018
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is White House, Wollaton Street, Nottingham, NG1 5GF. The company's trading address is Unit 1, Adam Court, North Gate, New Basford, Nottingham NG1 5GF.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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 .
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Staff costs
The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).
5. Investments
£
Cost
At 1 April 2017 7
Additions 1
_______
At 31 March 2018 8
_______
Impairment
At 1 April 2017 and 31 March 2018 -
_______
Carrying amount
At 31 March 2018 8
_______
At 31 March 2017 7
_______
Investments in group undertakings
Registered office Class of share Percentage of shares held
Subsidiary undertakings
Adam Farms Limited White House; Wollaton Street; Nottingham; NG1 5GF. Ordinary 100
Adam Developments (Midlands) Limited White House; Wollaton Street; Nottingham; NG1 5GF. Ordinary 100
Masons Place Limited White House; Wollaton Street; Nottingham; NG1 5GF. Ordinary 100
Mayfair Properties (London) Limited White House; Wollaton Street; Nottingham; NG1 5GF. Ordinary 100
White House (Nottingham) Limited White House; Wollaton Street; Nottingham; NG1 5GF. Ordinary 100
Maville House Limited White House; Wollaton Street; Nottingham; NG1 5GF. Ordinary 100
Maville Court Limited White House; Wollaton Street; Nottingham; NG1 5GF. Ordinary 100
Foxhill (Estates) Limited White House; Wollaton Street; Nottingham; NG1 5GF. Ordinary 100
6. Called up share capital
Issued, called up and fully paid
2018 2017
No £ No £
Ordinary shares shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
7. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2018 2017 2018 2017
£ £ £ £
Masons Place Limited - - 132,988 132,988
Adam Developments (Midlands) Limited - - 1,500 1,500
Adam Farms Limited - - 26,761 26,761
_______ _______ _______ _______
The above balances represent the loans due to Adam Group Holdings Limited from its subsidiary undertakings.