Company Registration No. 05283817 (England and Wales)
ADAPTATION SUPPLIES LIMITED
Unaudited accounts
for the year ended 31 May 2023
ADAPTATION SUPPLIES LIMITED
Unaudited accounts
Contents
ADAPTATION SUPPLIES LIMITED
Company Information
for the year ended 31 May 2023
Directors
Andrew Wood
Mr Stephen Burns
Company Number
05283817 (England and Wales)
Registered Office
52 CORNWALL STREET
OPENSHAW
MANCHESTER
M11 2PS
ADAPTATION SUPPLIES LIMITED
Statement of financial position
as at 31 May 2023
Tangible assets
27,666
31,817
Inventories
288,198
213,274
Cash at bank and in hand
410,681
345,815
Creditors: amounts falling due within one year
(701,734)
(569,659)
Net current assets
415,838
415,949
Total assets less current liabilities
443,504
447,766
Creditors: amounts falling due after more than one year
(209,987)
(328,327)
Net assets
233,517
119,439
Called up share capital
100
100
Profit and loss account
233,417
119,339
Shareholders' funds
233,517
119,439
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 6 November 2023 and were signed on its behalf by
Andrew Wood
Director
Company Registration No. 05283817
ADAPTATION SUPPLIES LIMITED
Notes to the Accounts
for the year ended 31 May 2023
ADAPTATION SUPPLIES LIMITED is a private company, limited by shares, registered in England and Wales, registration number 05283817. The registered office is 52 CORNWALL STREET, OPENSHAW, MANCHESTER, M11 2PS.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
10% on cost
Motor vehicles
25% on cost
Fixtures & fittings
15% on reducing balance
Computer equipment
15% on cost
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant portion of overheads according to the stage of manufacturing/completion.
ADAPTATION SUPPLIES LIMITED
Notes to the Accounts
for the year ended 31 May 2023
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
ADAPTATION SUPPLIES LIMITED
Notes to the Accounts
for the year ended 31 May 2023
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 June 2022
21,648
21,700
25,381
8,030
76,759
Additions
-
-
2,319
1,002
3,321
Disposals
(6,600)
-
(21,991)
-
(28,591)
At 31 May 2023
15,048
21,700
5,709
9,032
51,489
At 1 June 2022
13,095
1,356
23,205
7,286
44,942
Charge for the year
1,504
5,425
355
188
7,472
On disposals
(6,600)
-
(21,991)
-
(28,591)
At 31 May 2023
7,999
6,781
1,569
7,474
23,823
At 31 May 2023
7,049
14,919
4,140
1,558
27,666
At 31 May 2022
8,553
20,344
2,176
744
31,817
Amounts falling due within one year
Trade debtors
404,367
414,917
Amounts due from group undertakings etc.
585
-
Accrued income and prepayments
7,826
11,261
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
42,000
42,000
Obligations under finance leases and hire purchase contracts
4,340
4,340
Trade creditors
535,333
459,574
Amounts owed to group undertakings and other participating interests
48,000
-
Taxes and social security
33,471
24,210
Other creditors
1,074
3,256
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
12,297
16,637
Amounts owed to group undertakings and other participating interests
113,690
185,690
ADAPTATION SUPPLIES LIMITED
Notes to the Accounts
for the year ended 31 May 2023
Allotted, called up and fully paid:
- 100 Ordinary shares of £1 each
-
100
90 Ordinary shares of £1 each
90
-
10 Ordinary B shares of £1 each
10
-
Shares issued during the period:
90 Ordinary shares of £1 each
90
10 Ordinary B shares of £1 each
10
9
Transactions with related parties
During the year, the company made advances to a director amounting to £5,207. This was interest free and repayable on demand. At the year end the balance was £5,207 (2022 nil). This loan was repaid within 9 months of the year end.
During the year Adaptation Supplies Ltd had intercompany transactions with UPS Building & Maintenance Ltd, the balance owing from Adaptation Supplies Ltd at the year end is £161,690, (2022 £185,690) no interest is payable on this loan. Andrew Wood director is also a director of UPS Building & Maintenance Ltd.
During the year Adaptation Supplies Ltd had intercompany transactions with Ace Adaptations Ltd, the balance owing to Adaptation Supplies Ltd at the year end is £585, (2022 nil), no interest is payable on this loan. Andrew Wood director is also a director of Ace Adaptations Ltd.
The ultimate controlling party of Adaptation Supplies Ltd is Ace Adaptations Ltd.
11
Average number of employees
During the year the average number of employees was 9 (2022: 8).