Acorah Software Products - Accounts Production 14.5.601 false true true 30 June 2022 27 January 2021 false 17 April 2024 1 July 2022 30 June 2023 30 June 2023 13162848 Mr Adam Brodie Mr Douglas Ross true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 13162848 2022-06-30 13162848 2023-06-30 13162848 2022-07-01 2023-06-30 13162848 frs-core:CurrentFinancialInstruments 2023-06-30 13162848 frs-core:Non-currentFinancialInstruments 2023-06-30 13162848 frs-core:ShareCapital 2023-06-30 13162848 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30 13162848 frs-bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 13162848 frs-bus:FilletedAccounts 2022-07-01 2023-06-30 13162848 frs-bus:SmallEntities 2022-07-01 2023-06-30 13162848 frs-bus:Audited 2022-07-01 2023-06-30 13162848 frs-bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 13162848 1 2022-07-01 2023-06-30 13162848 frs-bus:Director1 2022-07-01 2023-06-30 13162848 frs-bus:Director2 2022-07-01 2023-06-30 13162848 frs-countries:EnglandWales 2022-07-01 2023-06-30 13162848 2021-01-26 13162848 2022-06-30 13162848 2021-01-27 2022-06-30 13162848 frs-core:CurrentFinancialInstruments 2022-06-30 13162848 frs-core:Non-currentFinancialInstruments 2022-06-30 13162848 frs-core:ShareCapital 2022-06-30 13162848 frs-core:RetainedEarningsAccumulatedLosses 2022-06-30
Registered number: 13162848
Adaptovate Ltd
Financial Statements
For The Year Ended 30 June 2023
Finerva
Financial Statements
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—4
Page 1
Balance Sheet
Registered number: 13162848
30 June 2023 30 June 2022
Notes £ £ £ £
CURRENT ASSETS
Debtors 4 25,964 354,373
Cash at bank and in hand 22,919 27,563
48,883 381,936
Creditors: Amounts Falling Due Within One Year 5 (32,698 ) (65,290 )
NET CURRENT ASSETS (LIABILITIES) 16,185 316,646
TOTAL ASSETS LESS CURRENT LIABILITIES 16,185 316,646
Creditors: Amounts Falling Due After More Than One Year 6 (802,088 ) (416,669 )
NET LIABILITIES (785,903 ) (100,023 )
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account (786,003 ) (100,123 )
SHAREHOLDERS' FUNDS (785,903) (100,023)
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Douglas Ross
Director
17 April 2024
The notes on pages 2 to 4 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Adaptovate Ltd is a private company,  limited by shares, incorporated in England & Wales, registered number 13162848 . The registered office is 167-169 Great Portland Street, 5th Floor, London, W1W 5PF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in  accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The company’s financial statements have been prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the company’s needs. In accessing going concern, the directors have a reasonable expectation that the company will continue as a going concern and is able to meet all of its obligations as they fall due for a minimum of 12 months from the date of approval of these financial statements.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.


2.4. Financial Instruments
Trade and other debtors / creditors

Trade and other debtors are recognised initially at transaction prices less attributable transaction costs. Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Impairment of financial assets

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised within profit or loss.

For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset’s carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.   Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable  in accordance with the rules of the scheme.
2.8. Related party exemption
The company has taken advantage of the exemption available under FRS 102 not to disclose related party transactions as it is a wholly owned subsidiary within the group.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 3)
4 3
4. Debtors
30 June 2023 30 June 2022
£ £
Due within one year
Amounts owed by group undertakings 24,000 353,003
Other debtors 1,964 1,370
25,964 354,373
5. Creditors: Amounts Falling Due Within One Year
30 June 2023 30 June 2022
£ £
Trade creditors 13,790 8,136
Amounts owed to group undertakings - 7,280
Other creditors 18,908 49,874
32,698 65,290
Included in other creditors are outstanding pension contributions of £1,908 (2022: £1,431).
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6. Creditors: Amounts Falling Due After More Than One Year
30 June 2023 30 June 2022
£ £
Amounts owed to group undertakings 802,088 416,669
802,088 416,669
7. Share Capital
30 June 2023 30 June 2022
£ £
Allotted, Called up and fully paid 100 100
8. Ultimate Controlling Party
The company's ultimate controlling party is Adaptovate Pty Ltd of 34 Edgecliff Rd, Woollahra, Australia 2025; by virtue of their ownership of 100% of the issued share capital in the company.

No consolidated financial statements are drawn up for any group of which the company is a member.
9. Audit Information
The auditors report on the account of Adaptovate Ltd for the year ended 30 June 2023 was unqualified
The auditor's report was signed by Gregg Olner MPhil BA(Hons) FCA (Senior Statutory Auditor) for and on behalf of Harrison Beale & Owen Limited , Statutory Auditor
Harrison Beale & Owen Limited
Chartered Accountants and Statutory Auditors
Seven Stars House
1 Wheler Road
Coventry
CV3 4LB
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