| Adelaide Estates Limited |
| Registered number: |
10068759 |
| Balance Sheet |
| as at 31 March 2023 |
|
| Notes |
|
|
2023 |
|
|
2022 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
23,060,000 |
|
|
25,325,000 |
|
| Current assets |
| Debtors |
4 |
|
108,011 |
|
|
24,568 |
| Cash at bank and in hand |
|
|
318,253 |
|
|
471,337 |
|
|
|
426,264 |
|
|
495,905 |
|
| Creditors: amounts falling due within one year |
5 |
|
(30,537,755) |
|
|
(13,616,827) |
|
| Net current liabilities |
|
|
|
(30,111,491) |
|
|
(13,120,922) |
|
| Total assets less current liabilities |
|
|
|
(7,051,491) |
|
|
12,204,078 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
- |
|
|
(16,900,500) |
|
|
|
| Net liabilities |
|
|
|
(7,051,491) |
|
|
(4,696,422) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Non distributable reserve deficit |
8 |
|
|
(13,439,449) |
|
|
(11,174,449) |
| Profit and loss account |
|
|
|
6,387,858 |
|
|
6,477,927 |
|
| Shareholders' funds deficit |
|
|
|
(7,051,491) |
|
|
(4,696,422) |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| C.N. Rayner |
| Director |
| Approved by the board on 9 October 2023 |
|
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes and represents rental income. |
|
|
Tangible fixed assets - Investment Properties |
|
Investment properties are not depreciated in accordance with accounting standard FRS102 and changes in value are passed through the profit and loss account. This departure from the Companies Act 2006 is in order to show a true and fair view and to comply with the standard. |
|
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
| 2 |
Employees |
2023 |
|
2022 |
| Number |
Number |
|
|
Average number of employees |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Investment Property |
Investment Property |
| £ |
£ |
|
Cost/ Valuation |
|
At 1 April 2022 |
25,325,000 |
|
Surplus on revaluation |
(2,265,000) |
|
At 31 March 2023 |
23,060,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 31 March 2023 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2023 |
23,060,000 |
|
At 31 March 2022 |
25,325,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2023 |
|
2022 |
| £ |
£ |
|
Historical cost |
36,499,449 |
|
36,499,449 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
36,499,449 |
|
36,499,449 |
|
|
|
|
|
|
|
|
|
|
The investment property has been valued by C N Rayner MRICS, a director, on an existing use basis . |
|
|
| 4 |
Debtors |
2023 |
|
2022 |
| £ |
£ |
|
|
Trade debtors |
108,011 |
|
24,568 |
|
|
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
| £ |
£ |
|
|
Bank loans and overdrafts |
15,100,080 |
|
- |
|
Amounts owed to related undertakings |
|
14,866,949 |
|
13,192,574 |
|
Taxation and social security costs |
32,207 |
|
25,775 |
|
Other creditors |
538,519 |
|
398,478 |
|
|
|
|
|
|
30,537,755 |
|
13,616,827 |
|
|
|
|
|
|
|
|
|
|
A loan due to a related undertaking Vectis Property Company Limited has been reduced by the waiver of part of the loan and it will not seek full repayment at the present time in favour of other creditors of the company. |
|
|
| 6 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
| £ |
£ |
|
|
Commercial loans |
- |
|
16,900,500 |
|
|
|
|
|
|
|
|
|
|
|
| 7 |
Loans |
2023 |
|
2022 |
| £ |
£ |
|
Creditors include: |
|
|
Commercial loans - secured |
15,100,000 |
|
16,900,500 |
|
|
|
|
|
|
|
|
|
|
First charge on investment properties and a reciprocal arrangement with a related company Montburry Estates Limited. |
|
|
| 8 |
Non distributable reserve deficit |
2023 |
|
2022 |
| £ |
£ |
|
|
At 1 April 2022 |
(11,174,449) |
|
(12,931,837) |
|
(Deficit)/gain on revaluation of land and buildings |
(2,265,000) |
|
1,757,388 |
|
|
At 31 March 2023 |
(13,439,449) |
|
(11,174,449) |
|
|
|
|
|
|
|
|
|
|
| 9 |
Controlling party |
|
|
The controlling party is C N Rayner by virtue of his shareholding in the company. |
|
|
| 10 |
Other information |
|
|
Adelaide Estates Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
C/O Twm Solicitors Llp |
|
65 Woodbridge Road |
|
Guildford |
|
Surrey |
|
GU1 4RD |
