Company registration number SC706567 (Scotland)
ADC AI Ltd
Unaudited financial statements
for the year ended 30 April 2024
Pages for filing with registrar
ADC AI Ltd
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of ADC AI Ltd
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of ADC AI Ltd for the year ended 30 April 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the board of directors of ADC AI Ltd, as a body, in accordance with the terms of our engagement letter dated 13 September 2021. Our work has been undertaken solely to prepare for your approval the financial statements of ADC AI Ltd and state those matters that we have agreed to state to the board of directors of ADC AI Ltd, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ADC AI Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that ADC AI Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of ADC AI Ltd. You consider that ADC AI Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of ADC AI Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
James Milne
Chartered Accountants
5 Bon Accord Square
Aberdeen
AB11 6XZ
28 January 2025
ADC AI Ltd
Balance sheet
as at 30 April 2024
2
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,470
Current assets
Debtors
100
55
Creditors: amounts falling due within one year
(71,590)
Net current assets/(liabilities)
100
(71,535)
Net assets/(liabilities)
100
(68,065)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(68,165)
Total equity
100
(68,065)
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 January 2025 and are signed on its behalf by:
Austin Hay
Director
Company registration number SC706567 (Scotland)
ADC AI Ltd
Notes to the financial statements
for the year ended 30 April 2024
3
1
Accounting policies
Company information
ADC AI Ltd is a private company limited by shares incorporated in Scotland. The registered office is 32-34 Queens Road, Aberdeen, AB15 4YF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents revenue recognised in the accounts. Revenue is recognised when the company fulfils its contractual obligations to customers by supplying goods and services and excludes value added tax. Where services are performed gradually over time revenue is recognised as activity progresses by reference to the value of work performed.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
33% straight line
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.
1.4
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
ADC AI Ltd
Notes to the financial statements (continued)
for the year ended 30 April 2024
4
3
Tangible fixed assets
Total
£
Cost
At 1 May 2023
5,204
Disposals
(5,204)
At 30 April 2024
Depreciation and impairment
At 1 May 2023
1,734
Eliminated in respect of disposals
(1,734)
At 30 April 2024
Carrying amount
At 30 April 2024
At 30 April 2023
3,470
4
Related party transactions
ADC Energy Limited is a company of which Mr A. D. Hay and Mr D. G. Hay are directors. At 30th April 2024 a balance of £100 was outstanding by ADC Energy Limited.