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REGISTERED NUMBER: 12411346 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

ADEPT (SOUTH WEST) LTD

ADEPT (SOUTH WEST) LTD (REGISTERED NUMBER: 12411346)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ADEPT (SOUTH WEST) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTOR: Mr S Jennings



REGISTERED OFFICE: Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



REGISTERED NUMBER: 12411346 (England and Wales)



ACCOUNTANTS: Marsland Nash Associates
Chartered Tax Advisers, Accountants
and Business Consultants
Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



BANKERS: HSBC
42 Courtenay Street
Newton Abbot
Devon
TQ12 2EB

ADEPT (SOUTH WEST) LTD (REGISTERED NUMBER: 12411346)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 28,711

CURRENT ASSETS
Stocks 5 - 6,000
Debtors 6 9,245 21,605
Cash at bank 15,678 -
24,923 27,605
CREDITORS
Amounts falling due within one year 7 22,160 24,511
NET CURRENT ASSETS 2,763 3,094
TOTAL ASSETS LESS CURRENT LIABILITIES 2,763 31,805

CREDITORS
Amounts falling due after more than
one year

8

-

(16,532

)

PROVISIONS FOR LIABILITIES - (5,455 )
NET ASSETS 2,763 9,818

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,663 9,718
SHAREHOLDERS' FUNDS 2,763 9,818

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

ADEPT (SOUTH WEST) LTD (REGISTERED NUMBER: 12411346)

BALANCE SHEET - continued
31 JANUARY 2024


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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 March 2024 and were signed by:





Mr S Jennings - Director


ADEPT (SOUTH WEST) LTD (REGISTERED NUMBER: 12411346)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


1. STATUTORY INFORMATION

Adept (South West) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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
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.

ADEPT (SOUTH WEST) LTD (REGISTERED NUMBER: 12411346)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 February 2023 5,859 35,995 41,854
Disposals (5,859 ) (35,995 ) (41,854 )
At 31 January 2024 - - -
DEPRECIATION
At 1 February 2023 1,894 11,249 13,143
Eliminated on disposal (1,894 ) (11,249 ) (13,143 )
At 31 January 2024 - - -
NET BOOK VALUE
At 31 January 2024 - - -
At 31 January 2023 3,965 24,746 28,711

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 February 2023 35,995
Disposals (35,995 )
At 31 January 2024 -
DEPRECIATION
At 1 February 2023 11,249
Eliminated on disposal (11,249 )
At 31 January 2024 -
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 24,746

ADEPT (SOUTH WEST) LTD (REGISTERED NUMBER: 12411346)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


5. STOCKS
2024 2023
£    £   
Stocks - 1,000
Work-in-progress - 5,000
- 6,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,310 15,040
Other debtors 990 864
Directors' current accounts 5,945 5,701
9,245 21,605

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 6,295
Hire purchase contracts - 5,375
Trade creditors 1,506 3,533
Tax 9,073 954
Social security and other taxes - 523
VAT 9,941 6,641
Accrued expenses 1,640 1,190
22,160 24,511

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts - 16,532

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2024 and 31 January 2023:

2024 2023
£    £   
Mr S Jennings
Balance outstanding at start of year 5,701 (2,914 )
Amounts advanced 47,470 35,391
Amounts repaid (47,226 ) (26,776 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 5,945 5,701

Loans are unsecured, interest free and repayable on demand.

ADEPT (SOUTH WEST) LTD (REGISTERED NUMBER: 12411346)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


10. RELATED PARTY DISCLOSURES

During the year, total dividends of £22,500 (2023 - £14,000) were paid to the director .