Company registration number 06438630 (England and Wales)
ADJ UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ADJ UK LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
ADJ UK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
-
0
7,942
Current assets
Debtors
5
96,130
528,236
Cash at bank and in hand
4,463
292,837
100,593
821,073
Creditors: amounts falling due within one year
6
(150,755)
(869,770)
Net current liabilities
(50,162)
(48,697)
Net liabilities
(50,162)
(40,755)
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
(51,162)
(41,755)
Total equity
(50,162)
(40,755)

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

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 13 September 2024 and are signed on its behalf by:
Mr S  Mobers
Director
Company registration number 06438630 (England and Wales)
ADJ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

ADJ UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4 Adlington South Business Park, Huyton Road, Chorley, Lancashire, PR7 4JR.

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

From 1st March 2023 the company transferred its business related assets and liabilities and ceased its sales activities after appointing an exclusive distributor of its products after this date. Employees have been taken over by this distributor as per 1st March 2023. As such, ADJ UK Limited will become a dormant company. As a result of this, ADJ UK Limited is not considered a going concern. true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

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

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

Computers
20% Reducing Balance

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.

1.5
Cash and cash equivalents

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

ADJ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.7
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.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ADJ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probably that they will be recovered against the reveral of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
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.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

ADJ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 5 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Provision of non-recovery of debts

Provisions for non-recovery of trade debtor balances, has been estimated by both the directors and key management of the Company, based on their knowledge of the end customer and amounts received to date. At the year end, the directors have included a provision of £34,974 (2022: £20,000).

3
Employees

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

2023
2022
Number
Number
Total
2
6
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
41,584
Disposals
(41,584)
At 31 December 2023
-
0
Depreciation and impairment
At 1 January 2023
33,642
Depreciation charged in the year
396
Eliminated in respect of disposals
(34,038)
At 31 December 2023
-
0
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
7,942
ADJ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
85,179
295,869
Amounts owed by group undertakings
3,730
227,932
Other debtors
7,221
4,435
96,130
528,236

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
-
0
132,602
Trade creditors
12,359
10,254
Amounts owed to group undertakings
126,314
563,542
Taxation and social security
-
0
127,417
Other creditors
12,082
35,955
150,755
869,770

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

7
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,309
5,592

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000

All shares carry no fixed right to income and rank pari passu in every respect.

ADJ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
9
Reserves

The Company’s capital and reserves are as follows:

 

Called up share capital

Called up share capital represents the nominal value of the shares issued.

 

Profit and loss reserves

The profit and loss account represents cumulative profits and losses net of dividends paid and other adjustments.

10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

Emphasis of matter
From 1st March 2023 the company transferred its business related assets and liabilities and ceased its
sales activities after appointing an exclusive distributor of its products after this date. Employees
have been taken over by this distributor as per 1st March 2023. As such, ADJ UK Limited will become
a dormant company. As a result of this, ADJ UK Limited is not considered a going concern.

The auditor's report was unqualified.

Senior Statutory Auditor:
Helen Mills
Statutory Auditor:
Sumer Auditco Limited
11
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
Within one year
-
0
13,765
Between two and five years
-
0
26,739
-
0
40,504
12
Related party transactions
Transactions with related parties

The company has taken advantage of the exemption available in accordance with FRS 102 (33.1A) not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.

Other information
ADJ UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Related party transactions
(Continued)
- 8 -

One director of ADJ UK Limited during the year, is also a director of Audio Visual Security Ltd. During the year, ADJ UK Limited made sales of £22,409 (2022: £72,191) to the company and at the year end was owed £69,879 (2022: £89,910).

 

One director of ADJ UK Limited during the year, is also a director of Boxoso Ltd. During the year, ADJ UK Limited made purchases of £3,658 from the company (2022: £21,881 sales to the company) and at the year end was owed £10,099 (2022: £21,023).

 

During the year, ADJ UK Limited purchased goods totaling £10,643 (2022: £159,023) from Duratruss BV, a fellow group company. At the year end, ADJ had debtors of £3,730 (2022: £16,230) and owed £NIL (2022: £30,593).

 

 

13
Parent company

The immediate parent company of ADJ UK Limited is ADJ Supply Europe BV, a company registered in the Netherlands.

 

The directors regard ADJ Supply Europe Headquarters BV, a company registered in the Netherlands, as the ultimate parent company. The largest and smallest group of which ADJ UK Limited is a member and for which group accounts are drawn up is headed by ADJ Supply Europe BV. The group accounts are available from ADJ Supply Europe Headquarters BV, Junostraat 2, 6468 EW Kerkrade, Netherlands.

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