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Registration number: 14320008

Adtec Healthcare Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 August 2024

 

Adtec Healthcare Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 11

 

Adtec Healthcare Limited

Company Information

Directors

MP McGovern

S Fujii

H Morishita

Company secretary

Fieldfisher Secretaries Limited

Registered office

C/o Fieldfisher Riverbank House
2 Swan Lane
London
EC4R 3TT

Accountants

Churchills
16 Copse Wood Way
Northwood
Middlesex
HA6 2UE

 

Adtec Healthcare Limited

(Registration number: 14320008)
Abridged Balance Sheet as at 31 August 2024

Note

31 August
2024
£

31 August
2023
£

Fixed assets

 

Tangible assets

5

36,574

40,114

Current assets

 

Stocks

6

35,651

112,271

Debtors

111,502

53,563

Cash at bank and in hand

 

18,605

25,436

 

165,758

191,270

Creditors: Amounts falling due within one year

(107,902)

(77,196)

Net current assets

 

57,856

114,074

Total assets less current liabilities

 

94,430

154,188

Creditors: Amounts falling due after more than one year

(800,000)

(200,000)

Net liabilities

 

(705,570)

(45,812)

Capital and reserves

 

Called up share capital

7

13,000

13,000

Share premium reserve

116,955

116,955

Retained earnings

(835,525)

(175,767)

Shareholders' deficit

 

(705,570)

(45,812)

 

Adtec Healthcare Limited

(Registration number: 14320008)
Abridged Balance Sheet as at 31 August 2024 (continued)

For the financial year ending 31 August 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 February 2025 and signed on its behalf by:
 

.........................................
MP McGovern
Director

 

Adtec Healthcare Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
C/o Fieldfisher Riverbank House
2 Swan Lane
London
EC4R 3TT
United Kingdom

These financial statements were authorised for issue by the Board on 28 February 2025.

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 abridged 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 abridged 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.

Going concern

On the basis of their assessment of the company's financial position and of the enquiries of the directors of the ultimate parent, Adtec Plasma Technology Corp Ltd, who have indicated that the parent will continue to provide financial support to its UK subsidiaries. The company's directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

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.

 

Adtec Healthcare Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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

Plant and machinery

20% on cost

 

Adtec Healthcare Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is
measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed,
and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly
attributable to the business combination. When a business combination agreement provides for an
adjustment to the cost of the combination contingent on future events, the group includes the estimated
amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable
and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are
initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity
shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost
less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest
method. Dividends on equity securities are recognised in income when receivable.

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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Adtec Healthcare Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

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.

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.

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.

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 8 (2023 - 5).

 

Adtec Healthcare Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024 (continued)

4

Intangible assets

Total
£

Cost or valuation

At 1 September 2023

7

At 31 August 2024

7

Amortisation

At 1 September 2023

7

At 31 August 2024

7

Carrying amount

At 31 August 2024

-

The aggregate amount of research and development expenditure recognised as an expense during the period is £8,275 (2023 - £2,845).
 

 

Adtec Healthcare Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024 (continued)

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2023

41,607

41,607

Additions

2,786

2,786

At 31 August 2024

44,393

44,393

Depreciation

At 1 September 2023

1,493

1,493

Charge for the year

6,326

6,326

At 31 August 2024

7,819

7,819

Carrying amount

At 31 August 2024

36,574

36,574

At 31 August 2023

40,114

40,114

6

Stocks

31 August
2024
£

31 August
2023
£

Finished goods and goods for resale

35,651

112,271

7

Share capital

Allotted, called up and fully paid shares

31 August
2024

31 August
2023

No.

£

No.

£

Ordinary of £0.001 each

13,000,000

13,000

13,000,000

13,000

       
 

Adtec Healthcare Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024 (continued)

8

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

31 August
2024
£

31 August
2023
£

Remuneration

133,646

26,615

Summary of transactions with parent

Adtec Europe Limited.
Provision of services managed on behalf of subsidiary.
Transactions are on normal commercial terms.

 

Income and receivables from related parties

2024

Parent
£

Receipt of services

82,336

Amounts receivable from related party

5,935

2023

Parent
£

Receipt of services

14,669

Amounts receivable from related party

11,272

Expenditure with and payables to related parties

2024

Parent
£

Rendering of services

14,414

Amounts payable to related party

27,073

2023

Parent
£

Rendering of services

190

Amounts payable to related party

40,609

 

Adtec Healthcare Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024 (continued)

8

Related party transactions (continued)

Loans from related parties

2024

Parent
£

Total
£

At start of period

200,000

200,000

Advanced

600,000

600,000

At end of period

800,000

800,000

2023

Parent
£

Total
£

Advanced

200,000

200,000

At end of period

200,000

200,000

Terms of loans from related parties

The company's parent has made unsecured interest-free working capital loans to the company, repayable in its entirety or in instalments before redemption date.
 

9

Parent and ultimate parent undertaking

Adtec Healthcare Limited is a wholly owned subsidiary of Adtec Europe Limited.

 The company's immediate parent is Adtec Europe Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is Adtec Plasma Technology Corp Ltd.. These financial statements are available upon request from 6-10-5 Chome, Hikino, Fukayama-city, Hiroshima, 721-0942, Japan.