Company registration number 04456225 (England and Wales)
ADL SMARTCARE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
ADL SMARTCARE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
ADL SMARTCARE LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
654,661
510,792
Tangible assets
4
7,949
5,252
Investments
5
55
55
662,665
516,099
Current assets
Debtors
6
127,789
262,451
Cash at bank and in hand
9,471
219,556
137,260
482,007
Creditors: amounts falling due within one year
7
(1,012,122)
(483,337)
Net current liabilities
(874,862)
(1,330)
Total assets less current liabilities
(212,197)
514,769
Creditors: amounts falling due after more than one year
8
(19,171)
(811,826)
Net liabilities
(231,368)
(297,057)
Capital and reserves
Called up share capital
9
33,334
33,334
Share premium account
43,333
43,333
Profit and loss reserves
(308,035)
(373,724)
Total equity
(231,368)
(297,057)

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 June 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.

ADL SMARTCARE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 1 August 2024 and are signed on its behalf by:
P G Gore
Director
Company registration number 04456225 (England and Wales)
ADL SMARTCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

ADL Smartcare Limited is a private company limited by shares incorporated in England and Wales. The registered office is Electric Works Sheffield Digital Campus, 3 Concourse Way, Sheffield, S1 2BJ.

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. The principal accounting policies adopted are set out below.

 

1.2
Going concern

Included within creditors are loans from directors and related parties totalling £732,151 (2022: £782,151). The directors have confirmed that they will continue to support the company. In light of this the directors believe it is appropriate for the financial statements to be prepared on a going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.

1.5
Intangible fixed assets

Development costs are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives and where little or income had resulted then the costs have been amortised to reflect this.

Development costs - knowledge
20 years
Development costs - software
10 years
ADL SMARTCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Equipment
10% - 33% straight line

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.

1.7
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

1.10
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 using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

ADL SMARTCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.11
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.

1.12
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.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
12
13
3
Intangible fixed assets
Development costs
£
Cost
At 1 July 2022 (as restated)
1,120,024
Additions
206,386
At 30 June 2023
1,326,410
Amortisation and impairment
At 1 July 2022 (as restated)
609,232
Amortisation charged for the year
62,517
At 30 June 2023
671,749
Carrying amount
At 30 June 2023
654,661
At 30 June 2022 (as restated)
510,792
ADL SMARTCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
4
Tangible fixed assets
Equipment
£
Cost
At 1 July 2022
49,242
Additions
7,756
At 30 June 2023
56,998
Depreciation
At 1 July 2022
43,990
Depreciation charged in the year
5,059
At 30 June 2023
49,049
Carrying amount
At 30 June 2023
7,949
At 30 June 2022
5,252
5
Fixed asset investments
2023
2022
£
£
Shares in subsidiary
55
55
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
95,639
216,316
Amounts owed by group undertakings
10,360
16,976
Other debtors
21,790
29,159
127,789
262,451
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
50,444
67,857
Taxation and social security
11,452
17,789
Other creditors
940,226
387,691
1,012,122
483,337

 

ADL SMARTCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
19,171
29,675
Other creditors
-
0
782,151
19,171
811,826
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
33,334
33,334
33,334
33,334
10
Related party transactions

Included in other creditors are long term loans from directors totalling £458,346 (2022: £466,500). Interest is charged on these loans and there are no fixed repayment date.

11
Prior period adjustment
Reconciliation of changes in equity
1 July
30 June
2021
2022
£
£
Adjustments to prior year
Intangible costs reclassified from admin expenses (note 1)
-
66,880
Amortisation for 2022 (note 2)
-
(51,354)
Amortisation for 2021 and prior years (note 2)
-
(214,653)
Reduction in impairment in 2022 (note 3)
-
64,710
Total adjustments
-
(134,417)
Equity as previously reported
(343,708)
(162,640)
Equity as adjusted
(343,708)
(297,057)
Analysis of the effect upon equity
Profit and loss reserves
-
(134,417)
ADL SMARTCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
11
Prior period adjustment
(Continued)
- 8 -
Reconciliation of changes in profit for the previous financial period
2022
£
Adjustments to prior year
Intangible costs reclassified from admin expenses (note 1)
66,880
Amortisation for 2022 (note 2)
(51,354)
Reduction in impairment in 2022 (note 3)
64,710
Total adjustments
80,236
Profit as previously reported
181,068
Profit as adjusted
261,304
Notes to reconciliation

Note 1

 

The prior year adjustment relates to the restatement to recognise intangible costs of £66,880 previously included in administrative expenses within the profit or loss.

 

Note 2

 

A prior year adjustment has been included to restate capitalised development costs including those adjusted in note 1 under the cost model in line with the company's accounting policy.

 

The adjustment has resulted in additional amortisation of £214,653 posted to brought forward equity in respect of financial periods prior to 2021.

 

Additional amortisation of £51,354 relates to the 2022 financial year and is reflected in the profit and loss restatement above.

 

Note 3

 

As a result of the amortisation restatement, a credit adjustment of £64,710 has been made to the 2022 profit and loss to recognise the now restated development costs impairment provision.

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