Company registration number 12073564 (England and Wales)
ADAPTEC MOBILITY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
ADAPTEC MOBILITY LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
ADAPTEC MOBILITY LTD
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ADAPTEC MOBILITY LTD FOR THE YEAR ENDED 30 APRIL 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Adaptec Mobility Ltd for the year ended 30 April 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Adaptec Mobility Ltd, as a body, in accordance with the terms of our engagement letter dated 24 May 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Adaptec Mobility Ltd and state those matters that we have agreed to state to the board of directors of Adaptec Mobility Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Adaptec Mobility Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Adaptec Mobility Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Adaptec Mobility Ltd. You consider that Adaptec Mobility Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Adaptec Mobility Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Carpenter Box
19 January 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
ADAPTEC MOBILITY LTD
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
12,046
33,407
Investments
4
-
0
10,500
12,046
43,907
Current assets
Debtors
5
256,648
177,096
Cash at bank and in hand
26,896
12,627
283,544
189,723
Creditors: amounts falling due within one year
6
(259,009)
(164,134)
Net current assets
24,535
25,589
Total assets less current liabilities
36,581
69,496
Creditors: amounts falling due after more than one year
7
(33,221)
(59,916)
Provisions for liabilities
(3,200)
-
0
Net assets
160
9,580
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
60
9,480
Total equity
160
9,580

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

For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their 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.

ADAPTEC MOBILITY LTD
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 19 January 2024 and are signed on its behalf by:
Mrs L E Dickinson
Director
Company registration number 12073564 (England and Wales)
ADAPTEC MOBILITY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -
1
Accounting policies
Company information

Adaptec Mobility Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.

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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

 

These financial statements for the year ended 30 April 2023 are the first financial statements of Adaptec Mobility Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 May 2021. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

 

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties, and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration receivable for goods and services provided in the normal course of business, and is shown net of VAT.

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:

Plant and equipment
25% Diminishing balance
Computers
3 Year straight line
Motor vehicles
25% Diminishing balance

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
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.

ADAPTEC MOBILITY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 5 -
1.6
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.7
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.

1.8
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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.9
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.

1.10
Retirement benefits

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

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 5 (2022 - 4).

ADAPTEC MOBILITY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 6 -
3
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2022
1,821
833
40,333
42,987
Additions
-
0
212
-
0
212
Disposals
-
0
-
0
(23,750)
(23,750)
At 30 April 2023
1,821
1,045
16,583
19,449
Depreciation and impairment
At 1 May 2022
484
23
9,073
9,580
Depreciation charged in the year
334
343
3,455
4,132
Eliminated in respect of disposals
-
0
-
0
(6,309)
(6,309)
At 30 April 2023
818
366
6,219
7,403
Carrying amount
At 30 April 2023
1,003
679
10,364
12,046
At 30 April 2022
1,337
810
31,260
33,407
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
-
0
10,500
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
183,377
131,335
Other debtors
73,271
45,761
256,648
177,096
ADAPTEC MOBILITY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,830
9,575
Trade creditors
44,678
13,621
Taxation and social security
43,734
21,523
Other creditors
160,767
119,415
259,009
164,134

Bank loans represents a government backed bounceback loan.

 

Included within other creditors is £3,747 (2022 - £3,505) secured over the assets they relate.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
27,460
37,290
Other creditors
5,761
22,626
33,221
59,916

Bank loans represents a government backed bounceback loan.

 

Included within other creditors is £5,761 (2022 - £9,206) secured over the assets they relate.

8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
9
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Directors loan
-
-
9,622
9,622
-
9,622
9,622
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