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Registration number: 12562992

Addaptive Group Limited

Unaudited Financial Statements

for the Period from 31 August 2022 to 29 August 2023

 

Addaptive Group Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Addaptive Group Limited

(Registration number: 12562992)
Balance Sheet as at 29 August 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

2,841

3,193

Tangible assets

6

6,315

9,146

 

9,156

12,339

Current assets

 

Debtors

7

32,094

694

Cash at bank and in hand

 

8,982

112

 

41,076

806

Creditors: Amounts falling due within one year

8

(85,017)

(38,992)

Net current liabilities

 

(43,941)

(38,186)

Total assets less current liabilities

 

(34,785)

(25,847)

Provisions for liabilities

(3,089)

9,621

Net liabilities

 

(37,874)

(16,226)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(37,974)

(16,326)

Shareholders' deficit

 

(37,874)

(16,226)

For the financial period ending 29 August 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 period 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.

Approved and authorised by the director on 12 November 2024
 

.........................................
Mr J Mawer
Director

   
     
 

Addaptive Group Limited

Notes to the Unaudited Financial Statements for the Period from 31 August 2022 to 29 August 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unit 1 The Cam Centre
Wilbury Way
Hitchin
Hertfordshire
SG4 0TW
England

These financial statements were authorised for issue by the director on 12 November 2024.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

At the balance sheet date the company had net current liabilities of £43,941 (2022: £23,277) and retained losses of £37,974 (2022: £16,326). The directors have pledged to continue to financially support the company for the foreseeable future. On this basis, the directors feel it is appropriate to prepare these financial statements on a going concern basis.

 

Addaptive Group Limited

Notes to the Unaudited Financial Statements for the Period from 31 August 2022 to 29 August 2023

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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 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 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 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.

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

Motor vehicles

15% Straight line

Computer equipment

25% Reducing balance

Fixtures & fittings

25% Straight line

 

Addaptive Group Limited

Notes to the Unaudited Financial Statements for the Period from 31 August 2022 to 29 August 2023

Plant & machinery

25% Straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Other intangibles

10% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price.

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 at the transaction price.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1 (2022 - 1).

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

2,830

2,941

Amortisation expense

352

322

 

Addaptive Group Limited

Notes to the Unaudited Financial Statements for the Period from 31 August 2022 to 29 August 2023

5

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 31 August 2022

3,515

3,515

At 29 August 2023

3,515

3,515

Amortisation

At 31 August 2022

322

322

Amortisation charge

352

352

At 29 August 2023

674

674

Carrying amount

At 29 August 2023

2,841

2,841

At 30 August 2022

3,193

3,193

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 31 August 2022

4,875

4,000

5,000

13,875

At 29 August 2023

4,875

4,000

5,000

13,875

Depreciation

At 31 August 2022

2,089

1,000

1,640

4,729

Charge for the period

981

600

1,250

2,831

At 29 August 2023

3,070

1,600

2,890

7,560

Carrying amount

At 29 August 2023

1,805

2,400

2,110

6,315

At 30 August 2022

2,786

3,000

3,360

9,146

7

Debtors

 

Addaptive Group Limited

Notes to the Unaudited Financial Statements for the Period from 31 August 2022 to 29 August 2023

Current

Note

2023
£

2022
£

Trade debtors

 

6,000

694

Amounts owed by related parties

10

15,686

-

Other debtors

 

10,408

-

   

32,094

694

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

11,951

15,331

Taxation and social security

23,800

21,492

Accruals and deferred income

2,000

1,750

Other creditors

47,266

419

85,017

38,992

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

10

Related party transactions

At the balance sheet date the company owed Mr J Mawer, the director, £47,266 (2022: £417). There are no terms relating to the repayment of capital or payment of interest on this loan.

The company has an outstanding loan of £15,336 to Youlook Limited, a related party due to the shareholding by Jason Mawer. There is no interest being charged on this loan.

This loan is currently in legal dispute due to a potential contract breach. Despite the dispute, the director has assessed the loan as fully recoverable. Therefore, no impairment provision has been made in respect to the recoverability of the loan.

 

Addaptive Group Limited

Notes to the Unaudited Financial Statements for the Period from 31 August 2022 to 29 August 2023

11

Parent and ultimate parent undertaking

The company's immediate parent is Addaptive Group Holdings Limited, incorporated in the United Kingdom.

 The ultimate controlling party is is Mr J Mawer by virtue of his shareholdings in Addaptive Group Holdings Limited.