Adgen Limited 07869412 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is that of advertising consultancy. Digita Accounts Production Advanced 6.30.9574.0 true true 07869412 2022-07-01 2023-06-30 07869412 2023-06-30 07869412 core:RetainedEarningsAccumulatedLosses 2023-06-30 07869412 core:ShareCapital 2023-06-30 07869412 core:CurrentFinancialInstruments 2023-06-30 07869412 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 07869412 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 07869412 core:FurnitureFittingsToolsEquipment 2023-06-30 07869412 core:OtherPropertyPlantEquipment 2023-06-30 07869412 bus:SmallEntities 2022-07-01 2023-06-30 07869412 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 07869412 bus:FilletedAccounts 2022-07-01 2023-06-30 07869412 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 07869412 bus:RegisteredOffice 2022-07-01 2023-06-30 07869412 bus:Director4 2022-07-01 2023-06-30 07869412 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 07869412 core:FurnitureFittingsToolsEquipment 2022-07-01 2023-06-30 07869412 core:OtherPropertyPlantEquipment 2022-07-01 2023-06-30 07869412 core:PlantMachinery 2022-07-01 2023-06-30 07869412 countries:EnglandWales 2022-07-01 2023-06-30 07869412 2022-06-30 07869412 core:FurnitureFittingsToolsEquipment 2022-06-30 07869412 core:OtherPropertyPlantEquipment 2022-06-30 07869412 2021-07-01 2022-06-30 07869412 2022-06-30 07869412 core:RetainedEarningsAccumulatedLosses 2022-06-30 07869412 core:ShareCapital 2022-06-30 07869412 core:CurrentFinancialInstruments 2022-06-30 07869412 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 07869412 core:Non-currentFinancialInstruments core:AfterOneYear 2022-06-30 07869412 core:FurnitureFittingsToolsEquipment 2022-06-30 07869412 core:OtherPropertyPlantEquipment 2022-06-30 iso4217:GBP xbrli:pure

Registration number: 07869412

Adgen Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Adgen Limited

(Registration number: 07869412)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

4,275

13,795

Current assets

 

Debtors

5

1,473,088

1,494,339

Cash at bank and in hand

 

116,863

155,960

 

1,589,951

1,650,299

Creditors: Amounts falling due within one year

6

(1,495,405)

(1,191,974)

Net current assets

 

94,546

458,325

Total assets less current liabilities

 

98,821

472,120

Creditors: Amounts falling due after more than one year

6

(392,466)

(482,683)

Provisions for liabilities

91,764

11,251

Net (liabilities)/assets

 

(201,881)

688

Capital and reserves

 

Called up share capital

106

106

Retained earnings

(201,987)

582

Shareholders' (deficit)/funds

 

(201,881)

688

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

 

Adgen Limited

(Registration number: 07869412)
Balance Sheet as at 30 June 2023

Approved and authorised by the director on 4 September 2024
 

.........................................
Mr MJ Dalziel
Director

 

Adgen Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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 Chapel Court
42 Holly Walk
Le
Warwickshire
CV32 4YS
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.

Going concern

The financial statements have been prepared on a going concern basis.

 

Adgen Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Judgements

The company may be required to make estimates and assumptions concerning the future. These estimates and judgements are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The resulting accounting estimates will, by definition, seldom equal the related actual results. The principal areas where judgement was exercised are as follows:

i) Tangible fixed assets: the directors annually assess both the residual value of these assets and the expected useful life of such assets based on experience.

ii) Recoverability of trade debtors: the directors annually assess whether a bad debt provision is required for any bad or doubtful debtor balances.

iii) Disposal costs provision: the directors annually assess the expected disposal costs in relation to waste held at the year end that is yet to be disposed of.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive 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.

 

Adgen Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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 charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% on cost

Other property, plant and equipment

25% on cost

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold 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 obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Adgen Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 19 (2022 - 18).

 

Adgen Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2022

65,246

11,651

76,897

At 30 June 2023

65,246

11,651

76,897

Depreciation

At 1 July 2022

51,451

11,651

63,102

Charge for the year

9,520

-

9,520

At 30 June 2023

60,971

11,651

72,622

Carrying amount

At 30 June 2023

4,275

-

4,275

At 30 June 2022

13,795

-

13,795

 

Adgen Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

5

Debtors

Current

2023
£

2022
£

Trade debtors

489,177

762,167

Prepayments

9,449

9,763

Other debtors

974,462

722,409

 

1,473,088

1,494,339

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

80,125

34,198

Trade creditors

 

880,308

463,936

Taxation and social security

 

21,028

18,840

Accruals and deferred income

 

7,500

5,735

Other creditors

 

506,444

669,265

 

1,495,405

1,191,974