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Registration number: 06965937

Adept Consultancy UK Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 July 2024

 

Adept Consultancy UK Limited
(Registration number: 06965937)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Adept Consultancy UK Limited
(Registration number: 06965937)

Company Information

Directors

P J MacLauchlan

R MacLauchlan

Registered office

1 Colleton Crescent
Exeter
Devon
EX2 4DG

Bankers

Santander UK PLC

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Adept Consultancy UK Limited
(Registration number: 06965937)

Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

125,269

72,364

Current assets

 

Debtors

6

25,715

99,227

Cash at bank and in hand

 

1,490,938

1,904,352

 

1,516,653

2,003,579

Creditors: Amounts falling due within one year

7

(92,649)

(126,686)

Net current assets

 

1,424,004

1,876,893

Total assets less current liabilities

 

1,549,273

1,949,257

Creditors: Amounts falling due after more than one year

7

(74,132)

-

Provisions for liabilities

(31,317)

(18,091)

Net assets

 

1,443,824

1,931,166

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

1,443,724

1,931,066

Total equity

 

1,443,824

1,931,166

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

 

Adept Consultancy UK Limited
(Registration number: 06965937)

Balance Sheet as at 31 July 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 19 January 2025 and signed on its behalf by:
 

.........................................
P J MacLauchlan
Director

 

Adept Consultancy UK Limited
(Registration number: 06965937)

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

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

The address of its registered office is:
1 Colleton Crescent
Exeter
Devon
EX2 4DG

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 except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

Tax

The tax expense for the period comprises current and 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.

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.

 

Adept Consultancy UK Limited
(Registration number: 06965937)

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Property improvements

10% reducing balance basis

Office equipment

25% straight line basis

Computer equipment

33% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

straight line over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Adept Consultancy UK Limited
(Registration number: 06965937)

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Trade debtors

Trade debtors are amounts due from customers for 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Adept Consultancy UK Limited
(Registration number: 06965937)

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

10,000

10,000

At 31 July 2024

10,000

10,000

Amortisation

At 1 August 2023

10,000

10,000

At 31 July 2024

10,000

10,000

Carrying amount

At 31 July 2024

-

-

 

Adept Consultancy UK Limited
(Registration number: 06965937)

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Tangible assets

Property Improvements
£

Computer equipment
 £

Motor vehicles
 £

Office equipment
 £

Total
£

Cost or valuation

At 1 August 2023

61,417

17,148

73,464

8,299

160,328

Additions

-

-

110,990

4,238

115,228

Disposals

-

(528)

(73,464)

-

(73,992)

At 31 July 2024

61,417

16,620

110,990

12,537

201,564

Depreciation

At 1 August 2023

28,912

13,381

38,263

7,408

87,964

Charge for the year

3,251

1,891

29,994

1,169

36,305

Eliminated on disposal

-

(528)

(47,446)

-

(47,974)

At 31 July 2024

32,163

14,744

20,811

8,577

76,295

Carrying amount

At 31 July 2024

29,254

1,876

90,179

3,960

125,269

At 31 July 2023

32,505

3,767

35,201

891

72,364

 

Adept Consultancy UK Limited
(Registration number: 06965937)

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Debtors

2024
£

2023
£

Trade debtors

8,640

71,680

Other debtors

16,489

26,795

Prepayments and accrued income

586

752

Total current trade and other debtors

25,715

99,227

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

20,368

22,448

Taxation and social security

 

18,204

38,122

Directors' current accounts

 

5,318

-

Other creditors

 

-

6,198

Accrued expenses

 

3,000

3,000

Corporation tax liability

 

45,759

56,918

 

92,649

126,686

Due after one year

 

Loans and borrowings

8

74,132

-

Creditors due within one year includes net obligations under finance lease and hire purchase contracts which are secured on the assets to which they relate of £20,368 (2023 - £22,448).

Creditors due after one year includes net obligations under finance lease and hire purchase contracts which are secured on the assets to which they relate of £74,132 (2023 - £Nil).

 

Adept Consultancy UK Limited
(Registration number: 06965937)

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Hire purchase and finance lease liabilities

20,368

22,448

2024
£

2023
£

Non-current loans and borrowings

Hire purchase and finance lease liabilities

74,132

-

9

Related party transactions

Transactions with directors

2024

At 1 August 2023
£

Repayments by director
£

At 31 July 2024
£

Director 1 - Interest free loan repayable on demand

3,859

(3,859)

-

Director 2 - Interest free loan repayable on demand

3,858

(3,858)

-

 

7,717

(7,717)

-

     

 

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

Director 1 - Interest free loan repayable on demand

-

9,952

(6,093)

3,859

Director 2 - Interest free loan repayable on demand

-

9,951

(6,093)

3,858

 

-

19,903

(12,186)

7,717