Silverfin false false 29/02/2024 01/03/2023 29/02/2024 Robert Marshall 22/02/2022 Paul McAlister 17/02/2021 James Muir 22/02/2022 John Reid 17/02/2023 David Walker 17/02/2023 Franciscus Wurpel 22/02/2022 11 October 2024 The principal activity of the company continued to be that of the supply of water treatment services. SC689486 2024-02-29 SC689486 bus:Director1 2024-02-29 SC689486 bus:Director2 2024-02-29 SC689486 bus:Director3 2024-02-29 SC689486 bus:Director4 2024-02-29 SC689486 bus:Director5 2024-02-29 SC689486 bus:Director6 2024-02-29 SC689486 2023-02-28 SC689486 core:CurrentFinancialInstruments 2024-02-29 SC689486 core:CurrentFinancialInstruments 2023-02-28 SC689486 core:Non-currentFinancialInstruments 2024-02-29 SC689486 core:Non-currentFinancialInstruments 2023-02-28 SC689486 core:ShareCapital 2024-02-29 SC689486 core:ShareCapital 2023-02-28 SC689486 core:SharePremium 2024-02-29 SC689486 core:SharePremium 2023-02-28 SC689486 core:RetainedEarningsAccumulatedLosses 2024-02-29 SC689486 core:RetainedEarningsAccumulatedLosses 2023-02-28 SC689486 core:PatentsTrademarksLicencesConcessionsSimilar 2023-02-28 SC689486 core:PatentsTrademarksLicencesConcessionsSimilar 2024-02-29 SC689486 core:OtherPropertyPlantEquipment 2023-02-28 SC689486 core:OtherPropertyPlantEquipment 2024-02-29 SC689486 bus:OrdinaryShareClass1 2024-02-29 SC689486 bus:OrdinaryShareClass2 2024-02-29 SC689486 2023-03-01 2024-02-29 SC689486 bus:FilletedAccounts 2023-03-01 2024-02-29 SC689486 bus:SmallEntities 2023-03-01 2024-02-29 SC689486 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 SC689486 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 SC689486 bus:Director1 2023-03-01 2024-02-29 SC689486 bus:Director2 2023-03-01 2024-02-29 SC689486 bus:Director3 2023-03-01 2024-02-29 SC689486 bus:Director4 2023-03-01 2024-02-29 SC689486 bus:Director5 2023-03-01 2024-02-29 SC689486 bus:Director6 2023-03-01 2024-02-29 SC689486 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2023-03-01 2024-02-29 SC689486 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-01 2024-02-29 SC689486 core:OtherPropertyPlantEquipment core:BottomRangeValue 2023-03-01 2024-02-29 SC689486 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-03-01 2024-02-29 SC689486 2022-03-01 2023-02-28 SC689486 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-01 2024-02-29 SC689486 core:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 SC689486 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 SC689486 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 SC689486 bus:OrdinaryShareClass2 2023-03-01 2024-02-29 SC689486 bus:OrdinaryShareClass2 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC689486 (Scotland)

ADAPTIVE PROCESS SOLUTIONS LTD

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

ADAPTIVE PROCESS SOLUTIONS LTD

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

ADAPTIVE PROCESS SOLUTIONS LTD

BALANCE SHEET

As at 29 February 2024
ADAPTIVE PROCESS SOLUTIONS LTD

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 10,934 5,253
Tangible assets 4 455,970 72,839
466,904 78,092
Current assets
Debtors 5 247,007 218,713
Cash at bank and in hand 228,484 354,585
475,491 573,298
Creditors: amounts falling due within one year 6 ( 283,498) ( 49,950)
Net current assets 191,993 523,348
Total assets less current liabilities 658,897 601,440
Creditors: amounts falling due after more than one year 7 ( 125,000) ( 200,000)
Net assets 533,897 401,440
Capital and reserves
Called-up share capital 8 404 404
Share premium account 494,899 499,899
Profit and loss account 38,594 ( 98,863 )
Total shareholders' funds 533,897 401,440

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Adaptive Process Solutions Ltd (registered number: SC689486) were approved and authorised for issue by the Board of Directors on 11 October 2024. They were signed on its behalf by:

David Walker
Director
ADAPTIVE PROCESS SOLUTIONS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
ADAPTIVE PROCESS SOLUTIONS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Adaptive Process Solutions Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the company's registered office is 6 & 7 Queens Terrace, Aberdeen, AB10 1XL, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.

Revenue for the provision of services is recognised by reference to the date on which services were rendered.

Employee benefits

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

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

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal 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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences 10 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 - 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

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 creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 8 6

3. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 01 March 2023 5,253 5,253
Additions 6,906 6,906
At 29 February 2024 12,159 12,159
Accumulated amortisation
At 01 March 2023 0 0
Charge for the financial year 1,225 1,225
At 29 February 2024 1,225 1,225
Net book value
At 29 February 2024 10,934 10,934
At 28 February 2023 5,253 5,253

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 March 2023 86,396 86,396
Additions 439,412 439,412
At 29 February 2024 525,808 525,808
Accumulated depreciation
At 01 March 2023 13,557 13,557
Charge for the financial year 56,281 56,281
At 29 February 2024 69,838 69,838
Net book value
At 29 February 2024 455,970 455,970
At 28 February 2023 72,839 72,839

5. Debtors

2024 2023
£ £
Trade debtors 180,605 42,730
Corporation tax 23,489 0
Other debtors 42,913 175,983
247,007 218,713

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 117,379 3,508
Other taxation and social security 20,296 8,973
Other creditors 145,823 37,469
283,498 49,950

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 125,000 200,000

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
3,030 A ordinary shares of £ 0.10 each 303 303
1,010 B ordinary shares of £ 0.10 each 101 101
404 404

9. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 226,027 0

10. Related party transactions

Transactions with the entity's directors

As at 29 February 2024, the company was due the directors amounts totalling £209,588 (2023 - £175,265). These loans have interest charged at 5% above the Bank of England base rate with interest accrued in the year amounting to £18,331 (2023 - £13,112) on these loans during the year. These loans have no set repayment terms.