IRIS Accounts Production v24.3.2.46 07684366 Board of Directors 1.7.23 30.6.24 30.6.24 false true false false true false Ordinary 1.00000 Ordinary A 0.10000 Ordinary B 0.10000 Ordinary 1.00000 Ordinary A 0.10000 Ordinary B 0.10000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh076843662023-06-30076843662024-06-30076843662023-07-012024-06-30076843662022-06-30076843662022-07-012023-06-30076843662023-06-3007684366ns15:EnglandWales2023-07-012024-06-3007684366ns14:PoundSterling2023-07-012024-06-3007684366ns10:Director12023-07-012024-06-3007684366ns10:PrivateLimitedCompanyLtd2023-07-012024-06-3007684366ns10:SmallEntities2023-07-012024-06-3007684366ns10:AuditExempt-NoAccountantsReport2023-07-012024-06-3007684366ns10:SmallCompaniesRegimeForDirectorsReport2023-07-012024-06-3007684366ns10:SmallCompaniesRegimeForAccounts2023-07-012024-06-3007684366ns10:FullAccounts2023-07-012024-06-3007684366ns10:OrdinaryShareClass12023-07-012024-06-3007684366ns10:OrdinaryShareClass42023-07-012024-06-3007684366ns10:OrdinaryShareClass52023-07-012024-06-3007684366ns5:CurrentFinancialInstruments2024-06-3007684366ns5:CurrentFinancialInstruments2023-06-3007684366ns5:ShareCapital2024-06-3007684366ns5:ShareCapital2023-06-3007684366ns5:RetainedEarningsAccumulatedLosses2024-06-3007684366ns5:RetainedEarningsAccumulatedLosses2023-06-3007684366ns10:RegisteredOffice2023-07-012024-06-3007684366ns5:FurnitureFittings2023-07-012024-06-3007684366ns5:ComputerEquipment2023-07-012024-06-3007684366ns5:FurnitureFittings2023-06-3007684366ns5:MotorVehicles2023-06-3007684366ns5:ComputerEquipment2023-06-3007684366ns5:MotorVehicles2023-07-012024-06-3007684366ns5:FurnitureFittings2024-06-3007684366ns5:MotorVehicles2024-06-3007684366ns5:ComputerEquipment2024-06-3007684366ns5:FurnitureFittings2023-06-3007684366ns5:MotorVehicles2023-06-3007684366ns5:ComputerEquipment2023-06-3007684366ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-06-3007684366ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-06-3007684366ns10:OrdinaryShareClass42024-06-3007684366ns10:OrdinaryShareClass52024-06-30076843661ns10:Director12023-06-30076843661ns10:Director12022-06-30076843661ns10:Director12023-07-012024-06-30076843661ns10:Director12022-07-012023-06-30076843661ns10:Director12024-06-30076843661ns10:Director12023-06-3007684366ns10:Director22023-07-012024-06-3007684366ns10:Director222023-06-3007684366ns10:Director222022-06-3007684366ns10:Director222023-07-012024-06-3007684366ns10:Director222022-07-012023-06-3007684366ns10:Director222024-06-3007684366ns10:Director222023-06-30
REGISTERED NUMBER: 07684366 (England and Wales)


















ADAPPT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






ADAPPT LIMITED (REGISTERED NUMBER: 07684366)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Statement of Financial Position 1 to 2

Notes to the Financial Statements 3 to 7


ADAPPT LIMITED (REGISTERED NUMBER: 07684366)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 98,340 37,994

CURRENT ASSETS
Stocks 5 115,000 105,000
Debtors 6 1,073,021 2,093,903
Cash at bank and in hand 734,838 688,392
1,922,859 2,887,295
CREDITORS
Amounts falling due within one year 7 (146,673 ) (119,613 )
NET CURRENT ASSETS 1,776,186 2,767,682
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,874,526

2,805,676

PROVISIONS FOR LIABILITIES - (9,499 )
NET ASSETS 1,874,526 2,796,177

CAPITAL AND RESERVES
Called up share capital 8 1,256 1,000
Retained earnings 1,873,270 2,795,177
SHAREHOLDERS' FUNDS 1,874,526 2,796,177

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

ADAPPT LIMITED (REGISTERED NUMBER: 07684366)

STATEMENT OF FINANCIAL POSITION - continued
30 JUNE 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 February 2025 and were signed on its behalf by:





J J Jable - Director


ADAPPT LIMITED (REGISTERED NUMBER: 07684366)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

Adappt Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 07684366

Registered office: Unit 3
Ilex House
94 Holly Road
Twickenham
TW1 4HF

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned members within the group.

Turnover
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and the costs incurred
and the costs to complete the contract can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance
Computer equipment - 20% on reducing balance

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

ADAPPT LIMITED (REGISTERED NUMBER: 07684366)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Interest income
Interest income is recognised in profit or loss using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


ADAPPT LIMITED (REGISTERED NUMBER: 07684366)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Share-based payments
The company provides share-based payment arrangements to certain employees. Equity-settled arrangements are measured at fair value (excluding the effect of non- market based vesting conditions) at the date of the grant. The fair value is expensed on a straight-line basis over the vesting period. The amount recognised as an expense is adjusted to reflect the actual number of shares or options that will vest.

Where equity-settled arrangements are modified, and are of benefit to the employee, the incremental fair value is recognised over the period from the date of modification to date of vesting. Where a modification is not beneficial to the employee there is no change to the charge for share-based payment. Settlements and cancellations are treated as an acceleration of vesting and the unvested amount is recognised immediately in the income statement.

The company has no cash-settled arrangements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2023 - 14 ) .

ADAPPT LIMITED (REGISTERED NUMBER: 07684366)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2023 41,025 - 39,944 80,969
Additions 350 52,058 32,524 84,932
At 30 June 2024 41,375 52,058 72,468 165,901
DEPRECIATION
At 1 July 2023 31,340 - 11,635 42,975
Charge for year 2,007 10,412 12,167 24,586
At 30 June 2024 33,347 10,412 23,802 67,561
NET BOOK VALUE
At 30 June 2024 8,028 41,646 48,666 98,340
At 30 June 2023 9,685 - 28,309 37,994

5. STOCKS
2024 2023
£    £   
Work-in-progress 115,000 105,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 739,139 961,942
Other debtors 333,882 1,131,961
1,073,021 2,093,903

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,133 14,579
Amounts owed to group undertakings 230 -
Taxation and social security 130,310 92,534
Other creditors 15,000 12,500
146,673 119,613

ADAPPT LIMITED (REGISTERED NUMBER: 07684366)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
NIL Ordinary £1 - 1,000
5,000 Ordinary A 10p 500 -
5,000 Ordinary B 10p 500 -
2,562 VN Shares 10p 256 -
1,256 1,000

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
J J Jable
Balance outstanding at start of year 66,383 114,904
Amounts advanced 169,686 91,479
Amounts repaid (99,275 ) (140,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 136,794 66,383

J N Anthony
Balance outstanding at start of year 115,815 54,701
Amounts advanced 169,375 221,114
Amounts repaid (145,675 ) (160,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 139,515 115,815

10. RELATED PARTY DISCLOSURES

During the year, the loan of £900,000 which was granted to a related company was settled by the holding company. The related company was controlled by the same directors/shareholders. No interest was charged on this loan.

The company has taken advantage of the exemption provided in FRS 102 Section 1A from disclosing transactions with members of the same group that are wholly owned.

11. SHARE-BASED PAYMENT TRANSACTIONS

The company issued 2,562 VN shares during the year and these growth shares have a value no greater than their nominal value. The hurdle rate is set at £180.62 per share whereas the current share price is £150.52