Registration number:
Addaptive Group Limited
for the Period from 31 August 2022 to 29 August 2023
Addaptive Group Limited
(Registration number: 12562992)
Balance Sheet as at 29 August 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Provisions for liabilities |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
(37,974) |
(16,326) |
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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:
• |
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• |
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
......................................... |
Addaptive Group Limited
Notes to the Unaudited Financial Statements for the Period from 31 August 2022 to 29 August 2023
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Loss before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
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Depreciation expense |
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Amortisation expense |
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Addaptive Group Limited
Notes to the Unaudited Financial Statements for the Period from 31 August 2022 to 29 August 2023
Intangible assets |
Other intangible assets |
Total |
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Cost or valuation |
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At 31 August 2022 |
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At 29 August 2023 |
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Amortisation |
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At 31 August 2022 |
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Amortisation charge |
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At 29 August 2023 |
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Carrying amount |
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At 29 August 2023 |
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At 30 August 2022 |
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Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 31 August 2022 |
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At 29 August 2023 |
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Depreciation |
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At 31 August 2022 |
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Charge for the period |
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At 29 August 2023 |
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Carrying amount |
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At 29 August 2023 |
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At 30 August 2022 |
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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 |
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Amounts owed by related parties |
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- |
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Other debtors |
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- |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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|
100 |
|
100 |
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
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is