Adams Property Solutions Ltd Filleted accounts for Companies House (small and micro)

ADAMS PROPERTY SOLUTIONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05978578

Adams Property Solutions Ltd

Filleted Unaudited Financial Statements

28 February 2019

Adams Property Solutions Ltd

Statement of Financial Position

28 February 2019

	2019		2018
Note	£	£	£

Fixed assets

Intangible assets excluding negative goodwill		–		55,000
Negative goodwill		–		( 53,900)
		----		--------
Intangible assets	5		–	1,100
Tangible assets	6		1,547	4,594
			-------	-------
			1,547	5,694

Current assets

Debtors	7	24,461	6,952
Cash at bank and in hand		88,432	80,360
		---------	--------
		112,893	87,312

Creditors: amounts falling due within one year	8	144,021		170,008
		---------		---------
Net current liabilities			31,128	82,696
			--------	--------
Total assets less current liabilities			( 29,581)	( 77,002)

Creditors: amounts falling due after more than one year	9	–	1,628
		--------	--------
Net liabilities		( 29,581)	( 78,630)
		--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 29,681)	( 78,730)
	--------	--------
Shareholder deficit	( 29,581)	( 78,630)
	--------	--------

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.

For the Financial Year ending 28 February 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the Financial 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 .

Adams Property Solutions Ltd

Statement of Financial Position (continued)

28 February 2019

These financial statements were approved by the board of directors and authorised for issue on 5 August 2019 , and are signed on behalf of the board by:

Mr G A Adams

Director

Company registration number: 05978578

Adams Property Solutions Ltd

Notes to the Financial Statements

Financial year ended 28 February 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 294 Wimborne Road, Bournemouth, Dorset, BH9 2HN, United Kingdom.

2. Statement of compliance

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

Judgements and key sources of estimation uncertainty

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

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

Tangible assets

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

Plant and Machinery	-	Fully depreciated
Office Equipment	-	25% reducing balance

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

4. Employee numbers

The average number of persons employed by the company during the Financial Year amounted to 3 (2018: 4 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 March 2018 and 28 February 2019	55,000
	--------
Amortisation
At 1 March 2018	53,900
Charge for the Financial Year	1,100
	--------
At 28 February 2019	55,000
	--------
Carrying amount
At 28 February 2019	–
	--------
At 28 February 2018	1,100
	--------

6. Tangible assets

	Plant and machinery	Equipment	Total
	£	£	£
Cost
At 1 March 2018 and 28 February 2019	2,578	12,188	14,766
	-------	--------	--------
Depreciation
At 1 March 2018	2,578	7,594	10,172
Charge for the financial year	–	3,047	3,047
	-------	--------	--------
At 28 February 2019	2,578	10,641	13,219
	-------	--------	--------
Carrying amount
At 28 February 2019	–	1,547	1,547
	-------	--------	--------
At 28 February 2018	–	4,594	4,594
	-------	--------	--------

7. Debtors

	2019	2018
	£	£
Other debtors	24,461	6,952
	--------	-------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	24,210	30,618
Trade creditors	88,432	74,274
Corporation tax	847	–
Social security and other taxes	10,474	10,499
Other creditors	20,058	54,617
	---------	---------
	144,021	170,008
	---------	---------

9. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans and overdrafts	–	1,628
	----	-------

10. Directors' advances, credits and guarantees

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

	2019
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr G A Adams	6,952	17,509	24,461
	-------	--------	--------

	2018
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr G A Adams	2,454	4,498	6,952
	-------	-------	-------