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Registration number: 13479980

Adapdix UK Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

image-name
 

Adapdix UK Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Adapdix UK Limited

(Registration number: 13479980)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fiixed assets

 

Tangible assets

4

6,864

6,610

Current assets

 

Debtors

5

3,219

4,647

Cash at bank and in hand

 

2,112

23,494

 

5,331

28,141

Creditors: Amounts falling due within one year

6

(1,212,103)

(371,063)

Net current liabilities

 

(1,206,772)

(342,922)

Net liabilities

 

1,199,908)

336,312)

Capital and reserves

 

Called up share capital

7

7

7

Retained earnings

(1,199,915)

(336,319)

Shareholders' deficit

 

(£1,199,908)

(£336,312)

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 27 September 2023
 

A Hill
Director

   
     
 

Adapdix UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Bristol & Bath Science Park
Dirac Crescent
Emersons Green
Bristol
BS16 7FR

These financial statements were authorised for issue by the director on 27 September 2023.

2

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.

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).

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.

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

Office equipment

5 years straight-line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Adapdix UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 10 (2021 - 10).

 

Adapdix UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

4

Tangible assets

Office equipment
 £

Total
£

Cost or valuation

At 1 January 2022

7,487

7,487

Additions

2,970

2,970

At 31 December 2022

10,457

10,457

Depreciation

Charge for the year

3,593

3,593

At 31 December 2022

3,593

3,593

Carrying amount

At 31 December 2022

£6,864

£6,864

At 31 December 2021

£6,610

£6,610

5

Debtors

Current

2022
£

2021
£

Prepayments

£3,219

£4,647

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Trade creditors

 

6,765

10,294

Amounts due to related parties

8

1,128,079

327,198

Social security and other taxes

 

22,410

20,876

Outstanding defined contribution pension costs

 

2,316

10,950

Other payables

 

460

169

Accruals

 

52,073

1,576

 

£1,212,103

£371,063

 

Adapdix UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of $0.01 each

1,000

7

1,000

7

         

8

Related party transactions

Loans from related parties

2022

Parent
£

Total
£

At start of period

327,198

327,198

Advanced

1,090,881

1,090,881

At end of period

£1,418,079

£1,418,079

2021

Parent
£

Total
£

Advanced

327,198

327,198

At end of period

£327,198

£327,198

Terms of loans from related parties

The amount owed to the parent company represents the financing of the subsidiary.through the inter company current account. The loan is interest free and unsecured.
 

9

Parent and ultimate parent undertaking

The company's immediate parent is Adapdix Corporation, incorporated in USA.