Registration number:
Adact Medical Ltd
for the Year Ended 28 February 2023
Adact Medical Ltd
Contents
Company Information |
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Directors' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Adact Medical Ltd
Company Information
Directors |
Mrs Michelle Helen Bove Mr Damien Jonathan Bove Miss Jane Wragg |
Registered office |
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Bankers |
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Adact Medical Ltd
Directors' Report for the Year Ended 28 February 2023
The directors present their report and the financial statements for the year ended 28 February 2023.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is Adact Medical provides medical regulatory compliance in pharmaceutical, biotechnology, medical devices, herbal medicines and supplements sectors, in addition to analytical testing in an accredited laboratory.
Small companies provision statement
This report has 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.
Approved and authorised by the
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Adact Medical Ltd
(Registration number: 08173910)
Balance Sheet as at 28 February 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Retained earnings |
776,473 |
1,088,501 |
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Shareholders' funds |
776,475 |
1,088,503 |
For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
The directors acknowledge 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Adact Medical Ltd
(Registration number: 08173910)
Balance Sheet as at 28 February 2023
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Adact Medical Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
The principal place of business is:
Unit 2, Crompton Business Park
Crompton Road
Doncaster
DN2 4PA
These financial statements were authorised for issue by the
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.
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.
Adact Medical Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
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 |
Straight line 33% & 50% |
Furniture and Fixtures |
Straight line 25% & 50% |
Plant and machinery |
Reducing balance 33% Straight line 20% |
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 |
Leasehold improvements |
Straight line for lenghth of lease |
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.
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.
Adact Medical Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Loss before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
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Depreciation expense |
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Adact Medical Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
Intangible assets |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 March 2022 |
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At 28 February 2023 |
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Amortisation |
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At 1 March 2022 |
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Amortisation charge |
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At 28 February 2023 |
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Carrying amount |
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At 28 February 2023 |
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At 28 February 2022 |
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tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 March 2022 |
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Additions |
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- |
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Disposals |
( |
- |
- |
( |
At 28 February 2023 |
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Depreciation |
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At 1 March 2022 |
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Charge for the year |
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Eliminated on disposal |
( |
- |
- |
( |
At 28 February 2023 |
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Carrying amount |
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At 28 February 2023 |
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At 28 February 2022 |
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Adact Medical Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
stocks |
2023 |
2022 |
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Work in progress |
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Other inventories |
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debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
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Director's current account |
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Prepayments |
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Other debtors |
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Adact Medical Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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( |
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Creditors: amounts falling due after more than one year
2023 |
2022 |
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Due after one year |
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Deferred income |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
Dividends |
2023 |
2022 |
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£ |
£ |
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Final dividend of £ |
110,000 |
110,000 |
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Adact Medical Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
Related party transactions |
Transactions with directors |
2023 |
At 1 March 2022 |
Advances to director |
Repayments by director |
At 28 February 2023 |
Mr Damien Jonathan Bove |
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( |
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Mrs Michelle Helen Bove |
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( |
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2022 |
At 1 March 2021 |
Advances to director |
Repayments by director |
At 28 February 2022 |
Mr Damien Jonathan Bove |
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( |
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Mrs Michelle Helen Bove |
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( |
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Directors' remuneration
The directors' remuneration for the year was as follows:
2023 |
2022 |
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Remuneration |
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Contributions paid to money purchase schemes |
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221,312 |
170,000 |