Registered number
14313804
Adaptive Interiors Limited
Filleted Accounts
31 March 2024
Adaptive Interiors Limited
Company Information
Directors
M J Hunt
C E F Rudge
Accountants
Anderson Griffin
Rotunda Buildings
Montpellier Exchange
Cheltenham
Glos
Registered office
Beeches
Bristol Road
Whitminster
Glos
Registered number
14313804
Adaptive Interiors Limited
Registered number: 14313804
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 20,000 22,500
Tangible assets 4 68,260 13,590
88,260 36,090
Current assets
Debtors 5 16,714 18,448
Cash at bank and in hand 9,782 11,924
26,496 30,372
Creditors: amounts falling due within one year 6 (17,413) (15,966)
Net current assets 9,083 14,406
Total assets less current liabilities 97,343 50,496
Creditors: amounts falling due after more than one year 7 (88,730) (34,092)
Net assets 8,613 16,404
Capital and reserves
Called up share capital 100 100
Profit and loss account 8,513 16,304
Shareholders' funds 8,613 16,404
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M J Hunt C E F Rudge
Director
Approved by the board on 30 April 2024
Adaptive Interiors Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Motor vehicles over 5 years
Debtors
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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 25,000
At 31 March 2024 25,000
Amortisation
At 1 April 2023 2,500
Provided during the year 2,500
At 31 March 2024 5,000
Net book value
At 31 March 2024 20,000
At 31 March 2023 22,500
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 April 2023 16,986 - 16,986
Additions 1,785 70,800 72,585
At 31 March 2024 18,771 70,800 89,571
Depreciation
At 1 April 2023 3,396 - 3,396
Charge for the year 3,755 14,160 17,915
At 31 March 2024 7,151 14,160 21,311
Net book value
At 31 March 2024 11,620 56,640 68,260
At 31 March 2023 13,590 - 13,590
5 Debtors 2024 2023
£ £
Trade debtors 16,714 18,448
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 12,500 12,500
Taxation and social security costs 2,413 966
Other creditors 2,500 2,500
17,413 15,966
7 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 70,560 -
Directors loan account 18,170 34,092
88,730 34,092
8 Controlling party
The company is controlled by the directors.
9 Other information
Adaptive Interiors Limited is a private company limited by shares and incorporated in England. Its registered office is:
Beeches
Bristol Road
Whitminster
Glos
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