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REGISTERED NUMBER: 13293263 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

ADAPTIV SPORTS LTD

ADAPTIV SPORTS LTD (REGISTERED NUMBER: 13293263)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Balance sheet 1

Notes to the financial statements 2


ADAPTIV SPORTS LTD (REGISTERED NUMBER: 13293263)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 4 20,685 1,476

Current assets
Stocks 5,708 10,487
Debtors 5 38,938 9,788
Cash at bank 42,574 5,591
87,220 25,866
Creditors
Amounts falling due within one year 6 56,797 33,513
Net current assets/(liabilities) 30,423 (7,647 )
Total assets less current liabilities 51,108 (6,171 )

Provisions for liabilities 7 3,930 -
Net assets/(liabilities) 47,178 (6,171 )

Capital and reserves
Called up share capital 8 100 100
Retained earnings 47,078 (6,271 )
Shareholders' funds 47,178 (6,171 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of comprehensive income has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 November 2023 and were signed by:





Mr J E Sims - Director


ADAPTIV SPORTS LTD (REGISTERED NUMBER: 13293263)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. Statutory information

Adaptiv Sports Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 13293263. The registered office is 7 & 8 Church Street, Wimborne, BH21 and business address is 24 Coombe Road, Shillingstone, Dorset, DT11 0TB.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the sale of disability adapted bikes and components of bikes, net of VAT.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Government grants
Using the accrual basis government grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants which become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Stocks
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Work in progress is valued using the 'percentage of completion' method in line with FRS102 requirements.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Financial instruments
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate.

ADAPTIV SPORTS LTD (REGISTERED NUMBER: 13293263)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


3. Employees and directors

The average number of employees during the year was 1 (2022 - 1 ) .

4. Tangible fixed assets
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
Cost
At 1 April 2022 279 - 1,689 1,968
Additions 24,570 291 1,242 26,103
At 31 March 2023 24,849 291 2,931 28,071
Depreciation
At 1 April 2022 70 - 422 492
Charge for year 6,194 73 627 6,894
At 31 March 2023 6,264 73 1,049 7,386
Net book value
At 31 March 2023 18,585 218 1,882 20,685
At 31 March 2022 209 - 1,267 1,476

5. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 35,594 5,263
Other debtors - 2,574
VAT 498 1,232
Prepayments 2,846 719
38,938 9,788

6. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 37,800 -
Trade creditors 229 -
Tax 5,222 -
Other creditors 3,268 28,263
Directors' current accounts 8,782 3,750
Accruals and deferred income 1,496 1,500
56,797 33,513

7. Provisions for liabilities
2023 2022
£    £   
Deferred tax 3,930 -

ADAPTIV SPORTS LTD (REGISTERED NUMBER: 13293263)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


7. Provisions for liabilities - continued

Deferred
tax
£   
Provided during year 3,930
Balance at 31 March 2023 3,930

8. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

9. Ultimate controlling party

The Company is under the control of the Director, by virtue of their 100% holding of the issued voting share capital of the Company.