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Registration number: 05599935

Adaptive Cooling Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Adaptive Cooling Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Adaptive Cooling Limited

(Registration number: 05599935)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

157,759

142,186

Current assets

 

Stocks

6

6,000

6,000

Debtors

7

1,792,667

1,173,535

Cash at bank and in hand

 

856,208

450,466

 

2,654,875

1,630,001

Creditors: Amounts falling due within one year

8

(1,559,732)

(920,787)

Net current assets

 

1,095,143

709,214

Total assets less current liabilities

 

1,252,902

851,400

Provisions for liabilities

(12,810)

(7,591)

Net assets

 

1,240,092

843,809

Capital and reserves

 

Called up share capital

150

150

Share premium reserve

105,905

105,905

Retained earnings

1,134,037

737,754

Shareholders' funds

 

1,240,092

843,809

 

Adaptive Cooling Limited

(Registration number: 05599935)
Balance Sheet as at 31 October 2023

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:
 

.........................................
R A Walker
Director

 

Adaptive Cooling Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated
residual value, over their expected useful economic life as follows:

 

Adaptive Cooling Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Asset class

Depreciation method and rate

Leasehold Improvements

Straight line over five years

Plant and Machinery

25% straight line

Computer Equipment

33% straight line

Fixtures and Fittings

25% reducing balance

Motor Vehicles

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Adaptive Cooling Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

3

Taxation

2023

2022

£

£

Corporation tax

283,961

117,379

Deferred tax

5,219

2,937

289,180

120,316

4

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 11).

 

Adaptive Cooling Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 November 2022

69,371

2,622

43,517

69,345

249,989

Additions

-

-

-

1,679

49,500

At 31 October 2023

69,371

2,622

43,517

71,024

299,489

Depreciation

At 1 November 2022

24,858

1,764

38,985

53,153

173,898

Charge for the year

6,937

491

4,533

6,777

16,868

At 31 October 2023

31,795

2,255

43,518

59,930

190,766

Carrying amount

At 31 October 2023

37,576

367

(1)

11,094

108,723

At 31 October 2022

44,513

858

4,532

16,192

76,091

Total
£

Cost or valuation

At 1 November 2022

434,844

Additions

51,179

At 31 October 2023

486,023

Depreciation

At 1 November 2022

292,658

Charge for the year

35,606

At 31 October 2023

328,264

Carrying amount

At 31 October 2023

157,759

At 31 October 2022

142,186

 

Adaptive Cooling Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Stocks

2023
£

2022
£

Other inventories

6,000

6,000

7

Debtors

Current

2023
£

2022
£

Trade debtors

987,698

209,210

Prepayments

19,447

21,587

Other debtors

785,522

942,738

 

1,792,667

1,173,535

 

Adaptive Cooling Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

663,264

540,174

Amounts owed to related parties

9

134,507

165,520

Taxation and social security

 

332,111

153,959

Other creditors

 

429,850

61,134

 

1,559,732

920,787

9

Related party transactions

Summary of transactions with parent

ARB Assets Limited provided a loan to the company. At the balance sheet date the amount due to ARB Assets Limited was £134,507 (2022: (£165,520)).
 

10

Parent and ultimate parent undertaking

The company is controlled by ARB Assets Limited (the parent company) by virtue of its holding of 100% of the issued share capital with voting rights.

 The company's immediate parent is ARB Assets Limited, incorporated in England.