IRIS Accounts Production v24.3.0.553 08173910 Board of Directors Board of Directors 1.3.23 29.2.24 29.2.24 false true false false false true false Ordinary shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh081739102023-02-28081739102024-02-29081739102023-03-012024-02-29081739102022-02-28081739102022-03-012023-02-28081739102023-02-2808173910ns15:EnglandWales2023-03-012024-02-2908173910ns14:PoundSterling2023-03-012024-02-2908173910ns10:Director12023-03-012024-02-2908173910ns10:Director22023-03-012024-02-2908173910ns10:PrivateLimitedCompanyLtd2023-03-012024-02-2908173910ns10:SmallEntities2023-03-012024-02-2908173910ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-2908173910ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-2908173910ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-2908173910ns10:FullAccounts2023-03-012024-02-290817391012023-03-012024-02-2908173910ns10:OrdinaryShareClass12023-03-012024-02-2908173910ns10:Director32023-03-012024-02-2908173910ns10:RegisteredOffice2023-03-012024-02-2908173910ns5:CurrentFinancialInstruments2024-02-2908173910ns5:CurrentFinancialInstruments2023-02-2808173910ns5:Non-currentFinancialInstruments2024-02-2908173910ns5:Non-currentFinancialInstruments2023-02-2808173910ns5:ShareCapital2024-02-2908173910ns5:ShareCapital2023-02-2808173910ns5:RetainedEarningsAccumulatedLosses2024-02-2908173910ns5:RetainedEarningsAccumulatedLosses2023-02-2808173910ns5:ComputerSoftware2023-03-012024-02-2908173910ns5:IntangibleAssetsOtherThanGoodwill2023-02-2808173910ns5:IntangibleAssetsOtherThanGoodwill2023-03-012024-02-2908173910ns5:IntangibleAssetsOtherThanGoodwill2024-02-2908173910ns5:IntangibleAssetsOtherThanGoodwill2023-02-2808173910ns5:PlantMachinery2023-02-2808173910ns5:FurnitureFittings2023-02-2808173910ns5:MotorVehicles2023-02-2808173910ns5:PlantMachinery2023-03-012024-02-2908173910ns5:FurnitureFittings2023-03-012024-02-2908173910ns5:MotorVehicles2023-03-012024-02-2908173910ns5:PlantMachinery2024-02-2908173910ns5:FurnitureFittings2024-02-2908173910ns5:MotorVehicles2024-02-2908173910ns5:PlantMachinery2023-02-2808173910ns5:FurnitureFittings2023-02-2808173910ns5:MotorVehicles2023-02-2808173910ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-2908173910ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2808173910ns10:OrdinaryShareClass12024-02-29081739101ns10:Director12023-02-28081739101ns10:Director12022-02-28081739101ns10:Director12023-03-012024-02-29081739101ns10:Director12022-03-012023-02-28081739101ns10:Director12024-02-29081739101ns10:Director12023-02-2808173910ns10:Director222023-02-2808173910ns10:Director222022-02-2808173910ns10:Director222023-03-012024-02-2908173910ns10:Director222022-03-012023-02-2808173910ns10:Director222024-02-2908173910ns10:Director222023-02-28
REGISTERED NUMBER: 08173910 (England and Wales)






















Adact Medical Ltd

Unaudited Financial Statements for the Year Ended 29 February 2024






Adact Medical Ltd (Registered number: 08173910)






Contents of the Financial Statements
for the year ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Adact Medical Ltd

Company Information
for the year ended 29 February 2024







DIRECTORS: Mrs M H Bove
D J Bove
J Wragg





REGISTERED OFFICE: Unit 2 Crompton Business Park
Crompton Road
Doncaster
South Yorkshire
DN2 4PA





REGISTERED NUMBER: 08173910 (England and Wales)





ACCOUNTANTS: Smailes Goldie
Chartered Accountants
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

Adact Medical Ltd (Registered number: 08173910)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 22,793 30,658
Tangible assets 5 321,372 416,519
344,165 447,177

CURRENT ASSETS
Stocks 6 41,785 38,508
Debtors 7 209,501 221,973
Cash at bank and in hand 303,701 232,458
554,987 492,939
CREDITORS
Amounts falling due within one year 8 158,592 124,965
NET CURRENT ASSETS 396,395 367,974
TOTAL ASSETS LESS CURRENT
LIABILITIES

740,560

815,151

CREDITORS
Amounts falling due after more than one
year

9

(33,547

)

(38,527

)

PROVISIONS FOR LIABILITIES (149 ) (149 )
NET ASSETS 706,864 776,475

CAPITAL AND RESERVES
Called up share capital 10 2 2
Retained earnings 706,862 776,473
SHAREHOLDERS' FUNDS 706,864 776,475

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

Adact Medical Ltd (Registered number: 08173910)

Balance Sheet - continued
29 February 2024


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 November 2024 and were signed on its behalf by:




D J Bove - Director



Mrs M H Bove - Director


Adact Medical Ltd (Registered number: 08173910)

Notes to the Financial Statements
for the year ended 29 February 2024

1. STATUTORY INFORMATION

Adact Medical Ltd 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 preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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.

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 sales/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.

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.

Leasehold improvements b/f is being amortised straight line for the length of the lease.

Adact Medical Ltd (Registered number: 08173910)

Notes to the Financial Statements - continued
for the year ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 classDepreciation method and rate
Office EquipmentStraight line 33% & 50%
Furniture and FixturesStraight line 25% & 50%

Plant and machinery
Reducing balance 33% Straight line
20%

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 classAmortisation method and rate
Leasehold improvementsStraight line for length of lease

Tax
The tax expense for the period comprises current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Adact Medical Ltd (Registered number: 08173910)

Notes to the Financial Statements - continued
for the year ended 29 February 2024

2. ACCOUNTING POLICIES - continued

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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

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.

Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 11 ) .

Adact Medical Ltd (Registered number: 08173910)

Notes to the Financial Statements - continued
for the year ended 29 February 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 March 2023
and 29 February 2024 35,831
AMORTISATION
At 1 March 2023 5,173
Charge for year 7,865
At 29 February 2024 13,038
NET BOOK VALUE
At 29 February 2024 22,793
At 28 February 2023 30,658

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 March 2023 693,746 32,938 12,430 739,114
Additions 7,786 5,802 - 13,588
Disposals (375 ) (1,029 ) - (1,404 )
At 29 February 2024 701,157 37,711 12,430 751,298
DEPRECIATION
At 1 March 2023 299,757 18,217 4,621 322,595
Charge for year 101,931 5,000 1,562 108,493
Eliminated on disposal (133 ) (1,029 ) - (1,162 )
At 29 February 2024 401,555 22,188 6,183 429,926
NET BOOK VALUE
At 29 February 2024 299,602 15,523 6,247 321,372
At 28 February 2023 393,989 14,721 7,809 416,519

6. STOCKS
2024 2023
£    £   
Stocks 22,619 17,575
Work-in-progress 19,166 20,933
41,785 38,508

Adact Medical Ltd (Registered number: 08173910)

Notes to the Financial Statements - continued
for the year ended 29 February 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 117,160 122,241
Other debtors 5,057 9,441
Directors' current accounts - 43,470
Prepayments 87,284 46,821
209,501 221,973

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 85,673 58,197
Taxation and social security 48,661 49,162
Other creditors 24,258 17,606
158,592 124,965

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other creditors 33,547 38,527

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary shares £1 2 2

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
D J Bove
Balance outstanding at start of year 21,735 51,571
Amounts advanced 25,406 27,469
Amounts repaid (47,141 ) (57,305 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 21,735

Adact Medical Ltd (Registered number: 08173910)

Notes to the Financial Statements - continued
for the year ended 29 February 2024

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mrs M H Bove
Balance outstanding at start of year 21,735 51,571
Amounts advanced 17,387 27,469
Amounts repaid (39,122 ) (57,305 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 21,735

12. RELATED PARTY DISCLOSURES

During the year, total dividends of £70,000 (2023 - £110,000) were paid to the directors .