Adaptive Infosec Ltd
Registered number: 09340842
Statement of Financial Position
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 15,367 17,589
Current assets
Debtors 4 37,159 23,091
Cash at bank and in hand 37,113 61,084
74,272 84,175
Creditors: amounts falling due within one year 5 (86,025) (67,891)
Net current (liabilities)/assets (11,753) 16,284
Total assets less current liabilities 3,614 33,873
Provisions for liabilities (3,602) (3,342)
Net assets 12 30,531
Capital and reserves
Called up share capital 10 10
Profit and loss account 2 30,521
Shareholders' funds 12 30,531
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 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.
Mr I Reynolds
Director
Approved by the board on 18 September 2024
Adaptive Infosec Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
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 rendering of services. urnover 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.
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 25% reducing balance
Debtors
Short term debtors are measured at transaction 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. 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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees and directors 2023 2022
Number Number
Average number of directors and persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 34,246
Additions 3,789
Disposals (1,185)
At 31 December 2023 36,850
Depreciation
At 1 January 2023 16,657
Charge for the year 5,122
On disposals (296)
At 31 December 2023 21,483
Net book value
At 31 December 2023 15,367
At 31 December 2022 17,589
4 Debtors 2023 2022
£ £
Trade debtors 36,773 21,632
Prepayments - 192
Other debtors 386 1,267
37,159 23,091
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 15,000 13,334
Accruals 1,614 1,571
Corporation tax 54,597 41,883
Other taxes and social security costs 1,719 3,812
Other creditors 13,095 7,291
86,025 67,891
6 Other information
Adaptive Infosec Ltd is a private company limited by shares and incorporated in England. Its registered office is:
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY
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