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REGISTERED NUMBER: 04270540 (England and Wales)















ADAPT-IT LIMITED

Unaudited Financial Statements for the Year Ended 31 July 2024






ADAPT-IT LIMITED (REGISTERED NUMBER: 04270540)






Contents of the Financial Statements
for the year ended 31 July 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


ADAPT-IT LIMITED

Company Information
for the year ended 31 July 2024







Directors: S L O'Gorman
J L O'Gorman





Registered office: Unit 63
Basepoint Business Centre
Oakfield Close
Tewkesbury
Gloucestershire
GL20 8SD





Registered number: 04270540 (England and Wales)





Accountants: Cooper Parry Advisory Limited
CUBO Birmingham
3rd Floor
Two Chamberlain Square
Birmingham
West Midlands
B3 3AX

ADAPT-IT LIMITED (REGISTERED NUMBER: 04270540)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Intangible assets 4 3,727 5,591
Tangible assets 5 3,421 4,202
7,148 9,793

Current assets
Stocks 4,246 4,246
Debtors 6 37,371 18,449
Cash at bank 6,492 3,055
48,109 25,750
Creditors
Amounts falling due within one year 7 58,729 60,777
Net current liabilities (10,620 ) (35,027 )
Total assets less current liabilities (3,472 ) (25,234 )

Capital and reserves
Called up share capital 1,000 1,000
Retained earnings (4,472 ) (26,234 )
(3,472 ) (25,234 )

ADAPT-IT LIMITED (REGISTERED NUMBER: 04270540)

Balance Sheet - continued
31 July 2024


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

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

The directors acknowledge their 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.

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 Board of Directors and authorised for issue on 14 October 2024 and were signed on its behalf by:




S L O'Gorman - Director



J L O'Gorman - Director


ADAPT-IT LIMITED (REGISTERED NUMBER: 04270540)

Notes to the Financial Statements
for the year ended 31 July 2024

1. Statutory information

Adapt-It Limited is a private company, limited by shares , registered in England and Wales. 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Computer equipment - 33% on cost

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

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.

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.

Going concern
At the reporting date the balance sheet is overdrawn. The directors are the main creditor of the company and have agreed to support the business moving forward. This has allowed the accounts to be prepared on a going concern basis.

3. Employees and directors

The average number of employees during the year was 2 (2023 - 2 ) .

ADAPT-IT LIMITED (REGISTERED NUMBER: 04270540)

Notes to the Financial Statements - continued
for the year ended 31 July 2024

4. Intangible fixed assets
Computer
software
£   
Cost
At 1 August 2023
and 31 July 2024 9,318
Amortisation
At 1 August 2023 3,727
Amortisation for year 1,864
At 31 July 2024 5,591
Net book value
At 31 July 2024 3,727
At 31 July 2023 5,591

5. Tangible fixed assets
Plant and Computer
machinery equipment Totals
£    £    £   
Cost
At 1 August 2023 1,925 3,523 5,448
Additions 312 - 312
At 31 July 2024 2,237 3,523 5,760
Depreciation
At 1 August 2023 602 644 1,246
Charge for year 559 534 1,093
At 31 July 2024 1,161 1,178 2,339
Net book value
At 31 July 2024 1,076 2,345 3,421
At 31 July 2023 1,323 2,879 4,202

6. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 21,743 2,704
Amounts owed by group undertakings 15,310 15,417
Prepayments 318 328
37,371 18,449

ADAPT-IT LIMITED (REGISTERED NUMBER: 04270540)

Notes to the Financial Statements - continued
for the year ended 31 July 2024

7. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 131 -
Trade creditors 1,796 3,279
Social security and other taxes 1,314 185
VAT 7,122 62
Other creditors - 926
Directors' current accounts 47,066 54,675
Accrued expenses 1,300 1,650
58,729 60,777

8. Related party disclosures

Included in debtors is £15,301 owing by group companies under common control. There is no interest being charged and no set repayment terms.