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REGISTERED NUMBER: SC197202 (Scotland)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

ADAPTOCARE LTD.

ADAPTOCARE LTD. (REGISTERED NUMBER: SC197202)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ADAPTOCARE LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTOR: T McKee





SECRETARY: C McKee





REGISTERED OFFICE: 69/71 Hamilton Road
Motherwell
ML1 3DG





BUSINESS ADDRESS: 244 Nuneaton Street
Dalmarnock
Glasgow
G40 3DX





REGISTERED NUMBER: SC197202 (Scotland)





ACCOUNTANTS: McDaid & Partners
Stanley House
69/71 Hamilton Road
Motherwell
Lanarkshire
ML1 3DG

ADAPTOCARE LTD. (REGISTERED NUMBER: SC197202)

BALANCE SHEET
31 MAY 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 248,305 262,870
Investment property 5 666,999 666,999
915,304 929,869

CURRENT ASSETS
Stocks 6 206,913 161,643
Debtors 7 433,486 486,745
Cash at bank and in hand 594,624 528,256
1,235,023 1,176,644
CREDITORS
Amounts falling due within one year 8 142,349 208,965
NET CURRENT ASSETS 1,092,674 967,679
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,007,978

1,897,548

PROVISIONS FOR LIABILITIES 30,721 34,904
NET ASSETS 1,977,257 1,862,644

CAPITAL AND RESERVES
Called up share capital 25,002 25,002
Revaluation reserve 10 126,361 126,361
Fair value reserve 10 113,816 113,816
Retained earnings 1,712,078 1,597,465
SHAREHOLDERS' FUNDS 1,977,257 1,862,644

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ADAPTOCARE LTD. (REGISTERED NUMBER: SC197202)

BALANCE SHEET - continued
31 MAY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 July 2024 and were signed by:





T McKee - Director


ADAPTOCARE LTD. (REGISTERED NUMBER: SC197202)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Adaptocare Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is stated net of VAT and trade discounts. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where the contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total contract value. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Property improvements - 15% on reducing balance
Plant & machinery - 15% on reducing balance
Fixtures & fittings - 15% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33.33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

ADAPTOCARE LTD. (REGISTERED NUMBER: SC197202)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Trade debtors
Trade debtors are amounts due from customers for goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade Creditors
Trade creditors are amounts due to suppliers for goods or services obtained in the ordinary course of business.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Cash
Cash and cash equivalents are basic financial assets and include cash on hand, deposits held at call with banks, other short-term liquid investments and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 16 ) .

ADAPTOCARE LTD. (REGISTERED NUMBER: SC197202)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

4. TANGIBLE FIXED ASSETS
Freehold Property Plant &
property improvements machinery
£    £    £   
COST OR VALUATION
At 1 June 2023 180,000 78,546 183,042
Additions - - -
At 31 May 2024 180,000 78,546 183,042
DEPRECIATION
At 1 June 2023 - 76,284 167,753
Charge for year - 339 2,293
At 31 May 2024 - 76,623 170,046
NET BOOK VALUE
At 31 May 2024 180,000 1,923 12,996
At 31 May 2023 180,000 2,262 15,289

Fixtures Motor Computer
& fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 June 2023 87,304 131,774 32,837 693,503
Additions - - 5,440 5,440
At 31 May 2024 87,304 131,774 38,277 698,943
DEPRECIATION
At 1 June 2023 87,137 70,065 29,394 430,633
Charge for year 62 15,428 1,883 20,005
At 31 May 2024 87,199 85,493 31,277 450,638
NET BOOK VALUE
At 31 May 2024 105 46,281 7,000 248,305
At 31 May 2023 167 61,709 3,443 262,870

Cost or valuation at 31 May 2024 is represented by:

Freehold Property Plant &
property improvements machinery
£    £    £   
Valuation in 2018 126,361 - -
Cost 53,639 78,546 183,042
180,000 78,546 183,042

ADAPTOCARE LTD. (REGISTERED NUMBER: SC197202)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

4. TANGIBLE FIXED ASSETS - continued

Fixtures Motor Computer
& fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2018 - - - 126,361
Cost 87,304 131,774 38,277 572,582
87,304 131,774 38,277 698,943

The property was valued on an open market basis on 17 January 2017 by DM Hall .

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023
and 31 May 2024 666,999
NET BOOK VALUE
At 31 May 2024 666,999
At 31 May 2023 666,999

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2016 21,840
Valuation in 2017 13,000
Valuation in 2018 15,416
Valuation in 2019 24,000
Valuation in 2022 39,560
Cost 553,183
666,999

The properties were valued on a fair value basis on 31 May 2024 by Director Tom Mckee .

6. STOCKS
31.5.24 31.5.23
£    £   
Stocks 206,913 161,643

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 226,523 271,220
Other debtors 206,963 215,525
433,486 486,745

ADAPTOCARE LTD. (REGISTERED NUMBER: SC197202)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade creditors 16,589 56,466
Taxation and social security 113,586 119,218
Other creditors 12,174 33,281
142,349 208,965

9. LEASING AGREEMENTS

The total amount of lease commitments is £18,293 (2023: £27,212).

10. RESERVES
Fair
Revaluation value
reserve reserve Totals
£    £    £   
At 1 June 2023
and 31 May 2024 126,361 113,816 240,177

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2024 and 31 May 2023:

31.5.24 31.5.23
£    £   
T McKee
Balance outstanding at start of year (112,532 ) (5,766 )
Amounts advanced (15,470 ) (106,766 )
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (128,002 ) (112,532 )

Director's loans are interest free and repayable on demand.