Company Registration No. 12471071 (England and Wales)
Adsum Technologies Ltd
Unaudited accounts
for the year ended 30 June 2023
Adsum Technologies Ltd
Unaudited accounts
Contents
Adsum Technologies Ltd
Company Information
for the year ended 30 June 2023
Directors
Justina Tartilaite
Frederick John Wingfield Digby
Hector Frederic Beckly Mason
Rohit Mathur
Sun-Hee Park
Company Number
12471071 (England and Wales)
Registered Office
1 Lyric Square
Adsum Works
London
W6 0NB
England
Accountants
ABR Chartered Accountants
2-4 Eastern Road
St Georges House
Romford
RM1 3PJ
Adsum Technologies Ltd
Statement of financial position
as at 30 June 2023
Intangible assets
60,278
-
Tangible assets
21,000
8,680
Investments
680,000
680,000
Cash at bank and in hand
1,157,981
2,290,828
Creditors: amounts falling due within one year
(1,214,324)
(622,720)
Net current assets
1,827,437
2,300,466
Total assets less current liabilities
2,588,715
2,989,146
Creditors: amounts falling due after more than one year
(42,454)
(47,310)
Net assets
2,546,261
2,941,836
Called up share capital
3
2
Share premium
3,507,450
3,507,450
Profit and loss account
(961,192)
(565,616)
Shareholders' funds
2,546,261
2,941,836
For the year ending 30 June 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 8 March 2024 and were signed on its behalf by
Frederick John Wingfield Digby
Director
Company Registration No. 12471071
Adsum Technologies Ltd
Notes to the Accounts
for the year ended 30 June 2023
Adsum Technologies Ltd is a private company, limited by shares, registered in England and Wales, registration number 12471071. The registered office is 1 Lyric Square, Adsum Works, London, W6 0NB, England.
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:
Computer equipment
25% straight line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
4
Intangible fixed assets
Other
Adsum Technologies Ltd
Notes to the Accounts
for the year ended 30 June 2023
5
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 July 2022
-
10,018
10,018
Additions
7,396
12,099
19,495
At 30 June 2023
7,396
22,117
29,513
At 1 July 2022
-
1,338
1,338
Charge for the year
1,317
5,858
7,175
At 30 June 2023
1,317
7,196
8,513
At 30 June 2023
6,079
14,921
21,000
At 30 June 2022
-
8,680
8,680
6
Investments
Other investments
Valuation at 1 July 2022
680,000
Valuation at 30 June 2023
680,000
These figures represent investment in subsidiaries at cost.
Amounts falling due within one year
Amounts due from group undertakings etc.
838,776
-
Accrued income and prepayments
20,300
-
8
Creditors: amounts falling due within one year
2023
2022
Trade creditors
64,043
87,798
Amounts owed to group undertakings and other participating interests
-
351,614
Taxes and social security
(120,025)
32,061
Other creditors
4,401
2,678
Loans from directors
282,196
141,608
Adsum Technologies Ltd
Notes to the Accounts
for the year ended 30 June 2023
9
Creditors: amounts falling due after more than one year
2023
2022
10
Transactions with related parties
A1T1 Ltd is a fully owned subsidiary. As a result of intercompany transactions, the total amount owed to A1T1 Ltd is £16,350 (2022: £376,488.58).
Adsum Finance Ltd is a fully owned subsidiary. As a result of intercompany transactions, the total amount owed from Adsum Finance Ltd is £870,769 (2022: £52,001.69).
Bulbarrow Ltd is a related party due to the composition of the shareholders. As a result of intercompany transactions, the total amount owed to Bulbarrow Ltd is £48,343 (2022: £27,127.25).
11
Average number of employees
During the year the average number of employees was 15 (2022: 14).