Adact Medical Ltd 08173910 false 2022-03-01 2023-02-28 2023-02-28 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. Digita Accounts Production Advanced 6.30.9574.0 true 08173910 2022-03-01 2023-02-28 08173910 2023-02-28 08173910 bus:Director2 1 2023-02-28 08173910 bus:Director3 1 2023-02-28 08173910 bus:Director4 2023-02-28 08173910 bus:OrdinaryShareClass1 2023-02-28 08173910 core:CurrentFinancialInstruments 2023-02-28 08173910 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 08173910 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 08173910 core:OtherResidualIntangibleAssets 2023-02-28 08173910 core:FurnitureFittingsToolsEquipment 2023-02-28 08173910 core:MotorVehicles 2023-02-28 08173910 core:OtherPropertyPlantEquipment 2023-02-28 08173910 bus:SmallEntities 2022-03-01 2023-02-28 08173910 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 08173910 bus:FullAccounts 2022-03-01 2023-02-28 08173910 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 08173910 bus:RegisteredOffice 2022-03-01 2023-02-28 08173910 bus:Director2 2022-03-01 2023-02-28 08173910 bus:Director2 1 2022-03-01 2023-02-28 08173910 bus:Director3 2022-03-01 2023-02-28 08173910 bus:Director3 1 2022-03-01 2023-02-28 08173910 bus:Director4 2022-03-01 2023-02-28 08173910 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 08173910 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 08173910 bus:Agent2 2022-03-01 2023-02-28 08173910 core:IntangibleAssetsOtherThanGoodwill 2022-03-01 2023-02-28 08173910 core:OtherResidualIntangibleAssets 2022-03-01 2023-02-28 08173910 core:FurnitureFittings 2022-03-01 2023-02-28 08173910 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 08173910 core:MotorVehicles 2022-03-01 2023-02-28 08173910 core:OfficeEquipment 2022-03-01 2023-02-28 08173910 core:OtherPropertyPlantEquipment 2022-03-01 2023-02-28 08173910 core:PlantMachinery 2022-03-01 2023-02-28 08173910 countries:England 2022-03-01 2023-02-28 08173910 2022-02-28 08173910 bus:Director2 1 2022-02-28 08173910 bus:Director3 1 2022-02-28 08173910 core:OtherResidualIntangibleAssets 2022-02-28 08173910 core:FurnitureFittingsToolsEquipment 2022-02-28 08173910 core:MotorVehicles 2022-02-28 08173910 core:OtherPropertyPlantEquipment 2022-02-28 08173910 2021-03-01 2022-02-28 08173910 2022-02-28 08173910 bus:Director2 1 2022-02-28 08173910 bus:Director3 1 2022-02-28 08173910 bus:OrdinaryShareClass1 2022-02-28 08173910 core:CurrentFinancialInstruments 2022-02-28 08173910 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 08173910 core:Non-currentFinancialInstruments core:AfterOneYear 2022-02-28 08173910 core:OtherResidualIntangibleAssets 2022-02-28 08173910 core:FurnitureFittingsToolsEquipment 2022-02-28 08173910 core:MotorVehicles 2022-02-28 08173910 core:OtherPropertyPlantEquipment 2022-02-28 08173910 bus:Director2 1 2021-03-01 2022-02-28 08173910 bus:Director3 1 2021-03-01 2022-02-28 08173910 bus:Director2 1 2021-02-28 08173910 bus:Director3 1 2021-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 08173910

Adact Medical Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Adact Medical Ltd

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Adact Medical Ltd

Company Information

Directors

Mrs Michelle Helen Bove

Mr Damien Jonathan Bove

Miss Jane Wragg

Registered office

Unit 2, Crompton Business Park
Crompton Road
Doncaster
DN2 4PA

Bankers

HSBC
Doncaster

 

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:

Mrs Michelle Helen Bove

Mr Damien Jonathan Bove

Miss Jane Wragg (appointed 1 March 2022)

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 Board on 4 August 2023 and signed on its behalf by:
 

.........................................
Mrs Michelle Helen Bove
Director

.........................................
Mr Damien Jonathan Bove
Director

 

Adact Medical Ltd

(Registration number: 08173910)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

30,658

8,842

Tangible assets

6

416,519

502,646

 

447,177

511,488

Current assets

 

Stocks

7

38,508

33,390

Debtors

8

221,973

473,963

Cash at bank and in hand

 

232,458

306,760

 

492,939

814,113

Creditors: Amounts falling due within one year

9

(124,965)

(160,861)

Net current assets

 

367,974

653,252

Total assets less current liabilities

 

815,151

1,164,740

Creditors: Amounts falling due after more than one year

9

(38,527)

(76,088)

Provisions for liabilities

(149)

(149)

Net assets

 

776,475

1,088,503

Capital and reserves

 

Called up share capital

10

2

2

Retained earnings

776,473

1,088,501

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:

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 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 Board on 4 August 2023 and signed on its behalf by:
 

 

Adact Medical Ltd

(Registration number: 08173910)
Balance Sheet as at 28 February 2023

.........................................
Mrs Michelle Helen Bove
Director

.........................................
Mr Damien Jonathan Bove
Director

 

Adact Medical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

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

The address of its registered office is:
Unit 2, Crompton Business Park
Crompton Road
Doncaster
DN2 4PA

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 Board on 4 August 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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 12).

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

128,024

120,343

 

Adact Medical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 March 2022

35,831

35,831

At 28 February 2023

35,831

35,831

Amortisation

At 1 March 2022

804

804

Amortisation charge

4,369

4,369

At 28 February 2023

5,173

5,173

Carrying amount

At 28 February 2023

30,658

30,658

At 28 February 2022

8,842

8,842

6

tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2022

32,072

12,430

655,264

699,766

Additions

3,413

-

38,482

41,895

Disposals

(2,547)

-

-

(2,547)

At 28 February 2023

32,938

12,430

693,746

739,114

Depreciation

At 1 March 2022

13,995

2,669

180,456

197,120

Charge for the year

6,770

1,952

119,301

128,023

Eliminated on disposal

(2,548)

-

-

(2,548)

At 28 February 2023

18,217

4,621

299,757

322,595

Carrying amount

At 28 February 2023

14,721

7,809

393,989

416,519

At 28 February 2022

18,077

9,761

474,808

502,646

 

Adact Medical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

stocks

2023
£

2022
£

Work in progress

20,933

24,690

Other inventories

17,575

8,700

38,508

33,390

8

debtors

Current

Note

2023
£

2022
£

Trade debtors

 

122,241

289,149

Director's current account

12

43,470

103,143

Prepayments

 

46,821

69,387

Other debtors

 

9,441

12,284

   

221,973

473,963

 

Adact Medical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

trade creditors

58,197

138,201

Taxation and social security

39,993

12,520

Accruals and deferred income

16,445

34,392

Other creditors

10,330

(24,252)

124,965

160,861

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Deferred income

38,527

76,088

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

11

Dividends

   

2023

 

2022

   

£

 

£

Final dividend of £55,000.00 (2022 - £55,000.00) per ordinary share

 

110,000

 

110,000

         
 

Adact Medical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

12

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

51,571

27,469

(57,305)

21,735

         
       

Mrs Michelle Helen Bove

51,571

27,469

(57,305)

21,735

         
       

 

2022

At 1 March 2021
£

Advances to director
£

Repayments by director
£

At 28 February 2022
£

Mr Damien Jonathan Bove

15,243

92,351

(56,023)

51,571

         
       

Mrs Michelle Helen Bove

15,242

91,387

(55,058)

51,571

         
       

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

140,000

90,000

Contributions paid to money purchase schemes

81,312

80,000

221,312

170,000