Registration number:
Adtec Healthcare Limited
for the Year Ended 31 August 2024
Adtec Healthcare Limited
Contents
Company Information |
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Abridged Balance Sheet |
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Notes to the Unaudited Abridged Financial Statements |
Adtec Healthcare Limited
Company Information
Directors |
MP McGovern S Fujii H Morishita |
Company secretary |
Fieldfisher Secretaries Limited |
Registered office |
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Accountants |
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Adtec Healthcare Limited
(Registration number: 14320008)
Abridged Balance Sheet as at 31 August 2024
Note |
31 August |
31 August |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Retained earnings |
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Shareholders' deficit |
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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:
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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
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Adtec Healthcare Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Adtec Healthcare Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024 (continued)
Intangible assets |
Total |
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Cost or valuation |
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At 1 September 2023 |
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At 31 August 2024 |
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Amortisation |
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At 1 September 2023 |
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At 31 August 2024 |
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Carrying amount |
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At 31 August 2024 |
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The aggregate amount of research and development expenditure recognised as an expense during the period is £
Adtec Healthcare Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024 (continued)
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 September 2023 |
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Additions |
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At 31 August 2024 |
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Depreciation |
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At 1 September 2023 |
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Charge for the year |
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At 31 August 2024 |
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Carrying amount |
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At 31 August 2024 |
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At 31 August 2023 |
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Stocks |
31 August |
31 August |
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Finished goods and goods for resale |
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Share capital |
Allotted, called up and fully paid shares
31 August |
31 August |
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No. |
£ |
No. |
£ |
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13,000 |
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13,000 |
Adtec Healthcare Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024 (continued)
Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
31 August |
31 August |
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Remuneration |
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Summary of transactions with parent
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 |
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Amounts receivable from related party |
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2023 |
Parent |
Receipt of services |
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Amounts receivable from related party |
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Expenditure with and payables to related parties
2024 |
Parent |
Rendering of services |
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Amounts payable to related party |
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2023 |
Parent |
Rendering of services |
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Amounts payable to related party |
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Adtec Healthcare Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024 (continued)
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Related party transactions (continued) |
Loans from related parties
2024 |
Parent |
Total |
At start of period |
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Advanced |
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At end of period |
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2023 |
Parent |
Total |
Advanced |
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At end of period |
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Terms of loans from related parties
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is