Company Registration No. 10592069 (England and Wales)
ADDVANTAGE TECHNOLOGIES LTD
ANNUAL REPORT
AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
ADDVANTAGE TECHNOLOGIES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ADDVANTAGE TECHNOLOGIES LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,030,394
1,062,109
Tangible assets
4
4,603
8,989
1,034,997
1,071,098
Current assets
Debtors
5
89,002
564,449
Cash at bank and in hand
15,400
26,742
104,402
591,191
Creditors: amounts falling due within one year
6
(96,783)
(357,445)
Net current assets
7,619
233,746
Total assets less current liabilities
1,042,616
1,304,844
Creditors: amounts falling due after more than one year
7
(852,119)
(820,778)
Net assets
190,497
484,066
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
190,397
483,966
Total equity
190,497
484,066

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

ADDVANTAGE TECHNOLOGIES LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 20 July 2023
Dr S I Ahmed
Director
Company Registration No. 10592069
ADDVANTAGE TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Addvantage Technologies Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Clive House, Clive Street, Bolton.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Intangible fixed assets other than goodwill

Intangible assets represent the cost of developing the company's digital health and well-being platform and web based offering. They are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
20% straight line
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

ADDVANTAGE TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include cash and bank balances, are initially measured at transaction price.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, loans from directors are initially recognised at transaction price.

1.8
Equity instruments

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.

1.9
Taxation

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.

1.10
Employee benefits

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.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

ADDVANTAGE TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
9
15
3
Intangible fixed assets
Other
£
Cost
At 1 April 2022
1,551,582
Additions
309,556
At 31 March 2023
1,861,138
Amortisation and impairment
At 1 April 2022
489,473
Amortisation charged for the year
341,271
At 31 March 2023
830,744
Carrying amount
At 31 March 2023
1,030,394
At 31 March 2022
1,062,109
ADDVANTAGE TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 and 31 March 2023
21,928
Depreciation and impairment
At 1 April 2022
12,939
Depreciation charged in the year
4,386
At 31 March 2023
17,325
Carrying amount
At 31 March 2023
4,603
At 31 March 2022
8,989
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
7,936
60,613
Corporation tax recoverable
80,863
164,123
Other debtors
203
339,713
89,002
564,449
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
11,413
10,000
Trade creditors
-
0
2,354
Amounts owed to group undertakings
-
0
101,500
Taxation and social security
163
11,975
Other creditors
85,207
231,616
96,783
357,445
ADDVANTAGE TECHNOLOGIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
21,667
31,667
Other creditors
830,452
789,111
852,119
820,778
2023-03-312022-04-01false20 July 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityDr S I Ahmedfalse105920692022-04-012023-03-31105920692023-03-31105920692022-03-3110592069core:IntangibleAssetsOtherThanGoodwill2023-03-3110592069core:IntangibleAssetsOtherThanGoodwill2022-03-3110592069core:OtherPropertyPlantEquipment2023-03-3110592069core:OtherPropertyPlantEquipment2022-03-3110592069core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3110592069core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3110592069core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3110592069core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3110592069core:CurrentFinancialInstruments2023-03-3110592069core:CurrentFinancialInstruments2022-03-3110592069core:Non-currentFinancialInstruments2023-03-3110592069core:Non-currentFinancialInstruments2022-03-3110592069core:ShareCapital2023-03-3110592069core:ShareCapital2022-03-3110592069core:RetainedEarningsAccumulatedLosses2023-03-3110592069core:RetainedEarningsAccumulatedLosses2022-03-3110592069bus:Director12022-04-012023-03-3110592069core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3110592069core:ComputerSoftware2022-04-012023-03-3110592069core:FurnitureFittings2022-04-012023-03-31105920692021-04-012022-03-3110592069core:IntangibleAssetsOtherThanGoodwill2022-03-3110592069core:OtherPropertyPlantEquipment2022-03-3110592069core:OtherPropertyPlantEquipment2022-04-012023-03-3110592069core:WithinOneYear2023-03-3110592069core:WithinOneYear2022-03-3110592069bus:PrivateLimitedCompanyLtd2022-04-012023-03-3110592069bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3110592069bus:FRS1022022-04-012023-03-3110592069bus:AuditExemptWithAccountantsReport2022-04-012023-03-3110592069bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP