2022-07-012023-06-302023-06-30false13364931Adacel 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Adacel Limited

Registered Number
13364931
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2023

Adacel Limited
Company Information
for the year from 1 July 2022 to 30 June 2023

Directors

Helene Beaudry
SAUNDERS, Michael Paul
Daniel Verret

Registered Address

2nd Floor, Grove House
55 Lowlands Road
Harrow
HA1 3AW

Registered Number

13364931 (England and Wales)
Adacel Limited
Balance Sheet as at
30 June 2023

Notes

2023

2022

£

£

£

£

Current assets
Debtors7657,303392,284
Cash at bank and on hand8,37513,301
665,678405,585
Creditors amounts falling due within one year8(717,795)(415,880)
Net current assets (liabilities)(52,117)(10,295)
Total assets less current liabilities(52,117)(10,295)
Net assets(52,117)(10,295)
Capital and reserves
Called up share capital1,0001,000
Profit and loss account(53,117)(11,295)
Shareholders' funds(52,117)(10,295)
The financial statements were approved and authorised for issue by the Board of Directors on 20 March 2024, and are signed on its behalf by:
Helene Beaudry
Director
Registered Company No. 13364931
Adacel Limited
Notes to the Financial Statements
for the year ended 30 June 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
Air traffic management and air traffic control simulation and training solutions.
4.Accounting policies
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
5.Employee information

20232022
Average number of employees during the year22
6.Description of nature of transactions and balances with related parties
The Ultimate controlling party is Adacel Technologies Limited, resident in Australia, by virtue of its 100% ownership of share capital with effect from 28 April 2021. At the balance sheet date, the company owed its affiliated company, Adacel Inc, £627,230 (2022 £398,481.94), and its affiliated companies, Adacel Estonia Technologies, owed the company £Nil (2022 £13,447). Adacel Inc owed the company £733,778 (2022 £325,896).
7.Debtors

2023

2022

££
Amounts owed by group undertakings645,018366,343
Other debtors1,0001,000
Prepayments and accrued income11,28524,941
Total657,303392,284
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
8.Creditors within one year

2023

2022

££
Amounts owed to related parties707,050398,482
Accrued liabilities and deferred income10,74517,398
Total717,795415,880
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.