Adtec Europe Limited 04052640 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is the development and sale of medical equipment. Digita Accounts Production Advanced 6.30.9574.0 true false true true 04052640 2023-09-01 2024-08-31 04052640 2024-08-31 04052640 bus:OrdinaryShareClass1 2024-08-31 04052640 core:RetainedEarningsAccumulatedLosses 2024-08-31 04052640 core:ShareCapital 2024-08-31 04052640 core:CurrentFinancialInstruments 2024-08-31 04052640 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 04052640 core:Non-currentFinancialInstruments 2024-08-31 04052640 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 04052640 core:FurnitureFittingsToolsEquipment 2024-08-31 04052640 core:LandBuildings 2024-08-31 04052640 core:AllSubsidiaries 2024-08-31 04052640 core:ParentEntities 2024-08-31 04052640 bus:SmallEntities 2023-09-01 2024-08-31 04052640 bus:Audited 2023-09-01 2024-08-31 04052640 bus:FilletedAccounts 2023-09-01 2024-08-31 04052640 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 04052640 bus:RegisteredOffice 2023-09-01 2024-08-31 04052640 bus:Director4 2023-09-01 2024-08-31 04052640 bus:Director6 2023-09-01 2024-08-31 04052640 bus:Director7 2023-09-01 2024-08-31 04052640 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 04052640 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 04052640 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 04052640 core:LandBuildings 2023-09-01 2024-08-31 04052640 core:PlantMachinery 2023-09-01 2024-08-31 04052640 core:AllSubsidiaries 2023-09-01 2024-08-31 04052640 core:AllSubsidiaries core:RenderingOrReceivingServices 2023-09-01 2024-08-31 04052640 core:AllSubsidiaries core:SaleOrPurchaseGoods 2023-09-01 2024-08-31 04052640 core:ParentEntities 2023-09-01 2024-08-31 04052640 core:ParentEntities core:RenderingOrReceivingServices 2023-09-01 2024-08-31 04052640 core:ParentEntities core:SaleOrPurchaseGoods 2023-09-01 2024-08-31 04052640 core:Subsidiary1 2023-09-01 2024-08-31 04052640 core:Subsidiary1 1 2023-09-01 2024-08-31 04052640 core:Subsidiary1 countries:EnglandWales 2023-09-01 2024-08-31 04052640 1 2023-09-01 2024-08-31 04052640 countries:EnglandWales 2023-09-01 2024-08-31 04052640 2023-08-31 04052640 core:CostValuation core:Non-currentFinancialInstruments 2023-08-31 04052640 core:FurnitureFittingsToolsEquipment 2023-08-31 04052640 core:LandBuildings 2023-08-31 04052640 core:AllSubsidiaries 2023-08-31 04052640 core:ParentEntities 2023-08-31 04052640 2022-09-01 2023-08-31 04052640 2023-08-31 04052640 bus:OrdinaryShareClass1 2023-08-31 04052640 core:RetainedEarningsAccumulatedLosses 2023-08-31 04052640 core:ShareCapital 2023-08-31 04052640 core:CurrentFinancialInstruments 2023-08-31 04052640 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 04052640 core:Non-currentFinancialInstruments 2023-08-31 04052640 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 04052640 core:FurnitureFittingsToolsEquipment 2023-08-31 04052640 core:LandBuildings 2023-08-31 04052640 core:AllSubsidiaries 2023-08-31 04052640 core:ParentEntities 2023-08-31 04052640 core:AllSubsidiaries 2022-09-01 2023-08-31 04052640 core:AllSubsidiaries core:RenderingOrReceivingServices 2022-09-01 2023-08-31 04052640 core:AllSubsidiaries core:SaleOrPurchaseGoods 2022-09-01 2023-08-31 04052640 core:ParentEntities 2022-09-01 2023-08-31 04052640 core:ParentEntities core:RenderingOrReceivingServices 2022-09-01 2023-08-31 04052640 core:ParentEntities core:SaleOrPurchaseGoods 2022-09-01 2023-08-31 04052640 core:Subsidiary1 1 2022-09-01 2023-08-31 04052640 2022-08-31 04052640 core:ParentEntities 2022-08-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04052640

Adtec Europe Limited

Filleted Abridged Financial Statements

for the Year Ended 31 August 2024

 

Adtec Europe Limited

Contents

Company Information

1

Abridged Balance Sheet

2

Notes to the Abridged Financial Statements

3 to 14

 

Adtec Europe Limited

Company Information

Directors

S Fujii

T Takahara

MP McGovern

Registered office

Unit 8 Heathlands Industrial Estate
Heathlands Close
Twickenham
TW1 4BP

Auditors

Churchills
Chartered Accountants
16 Copse Wood Way
Northwood
Middlesex
HA6 2UE

 

Adtec Europe Limited

(Registration number: 04052640)
Abridged Balance Sheet as at 31 August 2024

Note

31 August
2024
£

31 August
2023
£

Fixed assets

 

Tangible assets

4

51,630

76,852

Investments

5

128,655

128,655

 

180,285

205,507

Current assets

 

Stocks

6

74,920

196,659

Debtors

7

1,153,016

804,629

Cash at bank and in hand

 

134,041

243,598

 

1,361,977

1,244,886

Creditors: Amounts falling due within one year

8.1

(735,583)

(1,048,761)

Net current assets

 

626,394

196,125

Total assets less current liabilities

 

806,679

401,632

Creditors: Amounts falling due after more than one year

8.2

(5,000,000)

(4,700,000)

Net liabilities

 

(4,193,321)

(4,298,368)

Capital and reserves

 

Called up share capital

9

330,000

330,000

Retained earnings

(4,523,321)

(4,628,368)

Shareholders' deficit

 

(4,193,321)

(4,298,368)

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 Europe Limited

Notes to the 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:
Unit 8 Heathlands Industrial Estate
Heathlands Close
Twickenham
TW1 4BP
England

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

On the basis of their assessment of the company’s financial position and of the enquiries made of the directors of its parent, Adtec Plasma Technology Corp Lt,d, 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.

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.

 

Adtec Europe Limited

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

2

Accounting policies (continued)

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 4 March 2025 was Bryan Stevens FCA, who signed for and on behalf of Churchills.

.........................................

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.

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.

 

Adtec Europe Limited

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

2

Accounting policies (continued)

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

Land and buildings

20% on cost

Plant and machinery

20% on cost

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.

 

Adtec Europe Limited

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

2

Accounting policies (continued)

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.

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.

 

Adtec Europe Limited

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

2

Accounting policies (continued)

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.

Research & Development

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 7).

 

Adtec Europe Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2023

102,657

306,372

409,029

Additions

-

833

833

Disposals

-

(12,405)

(12,405)

At 31 August 2024

102,657

294,800

397,457

Depreciation

At 1 September 2023

39,357

292,820

332,177

Charge for the year

20,531

5,524

26,055

Eliminated on disposal

-

(12,405)

(12,405)

At 31 August 2024

59,888

285,939

345,827

Carrying amount

At 31 August 2024

42,769

8,861

51,630

At 31 August 2023

63,300

13,552

76,852

Included within the net book value of land and buildings above is £42,768 (2023 - £63,299) in respect of short leasehold land and buildings.
 

 

Adtec Europe Limited

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

5

Investments

Total
£

Cost or valuation

At 1 September 2023

128,655

Provision

Carrying amount

At 31 August 2024

128,655

At 31 August 2023

128,655

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Adtec Healthcare Limited

C/O Fieldfisher Riverbank House, 2 Swan Lane, London, United Kingdom, EC4R 3TT

England and Wales

Ordinary 1p

100%

100%

Subsidiary undertakings

Adtec Healthcare Limited

The principal activity of Adtec Healthcare Limited is manufacture of medical instruments and supplies.

6

Stocks

31 August
2024
£

31 August
2023
£

Finished goods and goods for resale

74,920

196,659

 

Adtec Europe Limited

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

7

Debtors

Details of non-current trade and other debtors

£600,000 (2023 -£200,000) of Adtec Healthcare Limited is classified as non current.

8

Creditors

Creditors: amounts falling due within one year

Creditors include a credit card facility which is secured by a fixed and floating charge of £2,022 (2023 - £6,613).

HSBC Bank plc has a debenture dated 7 February 2005 which gives security for all money due by way of a fixed and floating charge over the undertaking and all property and assets present and future.

Creditors: amounts falling due after more than one year

Creditors include loans from parent company repayable by instalments of £2,499,840 (2023 - £2,349,840) due more than one year and less than five years.

Creditors: amounts falling due after more than five years

Creditors include loans from parent company repayable by instalments of £2,000,192.00 (2023 - £1,880,192) due after more than five years.

9

Share capital

Allotted, called up and fully paid shares

31 August
2024

31 August
2023

No.

£

No.

£

Ordinary shares of £1 each

330,000

330,000

330,000

330,000

       

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Retained earnings
£

Total
£

Unrealised gain/loss due to reclassification adjustments adjusted in foreign exchange differences

5,209

5,209

 

Adtec Europe Limited

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

10

Reserves (continued)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Retained earnings
£

Total
£

Unrealised gain/loss due to reclassification adjustments adjusted in foreign exchange differences

5,488

5,488

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £93,331 (2023 - £144,239).

12

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

31 August
2024
£

31 August
2023
£

Remuneration

-

108,937

Contributions paid to money purchase schemes

-

3,237

-

112,174

 

Adtec Europe Limited

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

12

Related party transactions (continued)

Summary of transactions with parent

Adtec Plasma Technology Corp Ltd.
 Sales of goods to and purchase of goods from parent. Interest paid to parent on loans from parent.
 Transactions are on normal commercial terms.
 

Summary of transactions with subsidiaries

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

Income and receivables from related parties

2024

Parent
£

Subsidiary
£

Sale of goods

3,045,240

-

Receipt of services

-

40,008

3,045,240

40,008

Amounts receivable from related party

2,180

27,073

2023

Parent
£

Subsidiary
£

Sale of goods

3,515,908

-

Receipt of services

-

7,283

3,515,908

7,283

Amounts receivable from related party

264,735

40,609

Expenditure with and payables to related parties

2024

Parent
£

Subsidiary
£

Purchase of goods

1,331,704

-

Rendering of services

-

82,336

1,331,704

82,336

Amounts payable to related party

576,714

5,934

2023

Parent
£

Subsidiary
£

Purchase of goods

1,672,806

-

Rendering of services

-

14,669

1,672,806

14,669

Amounts payable to related party

724,680

11,272

 

Adtec Europe Limited

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

12

Related party transactions (continued)

Loans to related parties

2024

Subsidiary
£

Total
£

At start of period

200,000

200,000

Advanced

600,000

600,000

At end of period

800,000

800,000

2023

Subsidiary
£

Total
£

Advanced

200,000

200,000

At end of period

200,000

200,000

Terms of loans to related parties

Unsecured interest-free working capital loan repayable in its entirety or in instalments before redemption date.
 

Loans from related parties

2024

Parent
£

Total
£

At start of period

4,700,000

4,700,000

Advanced

300,000

300,000

Repaid

(181,944)

(181,944)

Interest transactions

181,944

181,944

At end of period

5,000,000

5,000,000

2023

Parent
£

Total
£

At start of period

4,200,000

4,200,000

Advanced

500,000

500,000

Repaid

(113,424)

(113,424)

Interest transactions

113,424

113,424

At end of period

4,700,000

4,700,000

Terms of loans from related parties

The company's parent has made a number of loans to the company, with repayment terms by monthly repayments from March 2025 to February 2035 and interest rates varying from LIBOR + 0.5% to UK Government 10 year fixed rate bond + 5%. However, the terms of the loans are frequently reviewed and revised, depending on the company's working capital requiremenrts.
 

 

Adtec Europe Limited

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

13

Parent and ultimate parent undertaking

Adtec Europe Ltd is a wholly owned subsidiary of Adtec Plasma Technology Corp Ltd.

 The company's immediate parent is Adtec Plasma Technology Corp Ltd, incorporated in Japan.

 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.