Caseware UK (AP4) 2023.0.135 2023.0.135 2024-07-312024-07-312023-08-01falseNo description of principal activity44truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12726923 2023-08-01 2024-07-31 12726923 2022-08-01 2023-07-31 12726923 2024-07-31 12726923 2023-07-31 12726923 2022-08-01 12726923 c:Director1 2023-08-01 2024-07-31 12726923 c:Director2 2023-08-01 2024-07-31 12726923 d:OfficeEquipment 2023-08-01 2024-07-31 12726923 d:OfficeEquipment 2024-07-31 12726923 d:OfficeEquipment 2023-07-31 12726923 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 12726923 d:CurrentFinancialInstruments 2024-07-31 12726923 d:CurrentFinancialInstruments 2023-07-31 12726923 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 12726923 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 12726923 d:ShareCapital 2023-08-01 2024-07-31 12726923 d:ShareCapital 2024-07-31 12726923 d:ShareCapital 2022-08-01 2023-07-31 12726923 d:ShareCapital 2023-07-31 12726923 d:ShareCapital 2022-08-01 12726923 d:RetainedEarningsAccumulatedLosses 2023-08-01 2024-07-31 12726923 d:RetainedEarningsAccumulatedLosses 2024-07-31 12726923 d:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 12726923 d:RetainedEarningsAccumulatedLosses 2023-07-31 12726923 d:RetainedEarningsAccumulatedLosses 2022-08-01 12726923 c:FRS102 2023-08-01 2024-07-31 12726923 c:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 12726923 c:FullAccounts 2023-08-01 2024-07-31 12726923 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 12726923 e:PoundSterling 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure

Registered number: 12726923










ADJUSTECK LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024

 
ADJUSTECK LTD
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ADJUSTECK LTD
FOR THE YEAR ENDED 31 JULY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Adjusteck Ltd for the year ended 31 July 2024 which comprise  the Balance sheet, the Statement of changes in equity 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 Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Adjusteck Ltd, as a body, in accordance with the terms of our engagement letter dated 22 September 2020Our work has been undertaken solely to prepare for your approval the financial statements of Adjusteck Ltd and state those matters that we have agreed to state to the Board of directors of Adjusteck Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Adjusteck Ltd and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Adjusteck 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 Adjusteck Ltd. You consider that Adjusteck Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Adjusteck 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.

  



MWS
 
Chartered Accountants
  
4 Chester Court
Chester Hall Lane
Basildon
Essex
SS14 3WR
7 April 2025
Page 1

 
ADJUSTECK LTD
REGISTERED NUMBER: 12726923

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,022
1,805

  
1,022
1,805

Current assets
  

Stocks
 5 
239,411
179,635

Debtors: amounts falling due within one year
 6 
288,767
340,413

  
528,178
520,048

Creditors: amounts falling due within one year
 7 
(1,336,944)
(1,368,707)

Net current liabilities
  
 
 
(808,766)
 
 
(848,659)

Total assets less current liabilities
  
(807,744)
(846,854)

  

Net liabilities
  
(807,744)
(846,854)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(807,844)
(846,954)

  
(807,744)
(846,854)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 April 2025.




D J Bosley
D M Lowers
Director
Director

Page 2

 
ADJUSTECK LTD
REGISTERED NUMBER: 12726923

BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

The notes on pages 6 to 10 form part of these financial statements.

Page 3

 
ADJUSTECK LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 August 2023
100
(846,954)
(846,854)


Comprehensive income for the year

Profit for the year

-
39,110
39,110


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
39,110
39,110


Total transactions with owners
-
-
-


At 31 July 2024
100
(807,844)
(807,744)


The notes on pages 6 to 10 form part of these financial statements.

Page 4

 
ADJUSTECK LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 August 2022
100
(851,283)
(851,183)


Comprehensive income for the year

Profit for the year

-
4,329
4,329


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
4,329
4,329


Total transactions with owners
-
-
-


At 31 July 2023
100
(846,954)
(846,854)


The notes on pages 6 to 10 form part of these financial statements.

Page 5

 
ADJUSTECK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Adjusteck Limited is a private company limited by shares and incorporated in England. Its registered office is 70 Gracechurch Street, London, England, EC3V 0HR

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company had a deficit on shareholders' funds at 31.07.24 of £807,844.  However, the directors are of the opinion that the company has and will continue to have the support of its creditors and associated companies for the foreseeable future. In the light of these factors, the directors consider it appropriate to adopt the going concern basis in the preparation of these financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 6

 
ADJUSTECK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
20%
Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 7

 
ADJUSTECK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the 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.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
2
2



Employee
2
2

4
4

Page 8

 
ADJUSTECK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 August 2023
1,805



At 31 July 2024

1,805



Depreciation


Charge for the year on owned assets
783



At 31 July 2024

783



Net book value



At 31 July 2024
1,022



At 31 July 2023
1,805


5.


Stocks

2024
2023
£
£

Work in progress
239,411
179,635

239,411
179,635



6.


Debtors

2024
2023
£
£


Trade debtors
252,631
318,430

Amounts owed by joint ventures and associated undertakings
22,668
-

Other debtors
100
100

Prepayments and accrued income
13,368
21,883

288,767
340,413


Page 9

 
ADJUSTECK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
48,356
48,030

Amounts owed to group undertakings
752,457
749,948

Amounts owed to other participating interests
438,851
494,364

Other taxation and social security
50,519
28,551

Other creditors
2,416
2,415

Accruals and deferred income
44,345
45,399

1,336,944
1,368,707



8.


Pension commitments


9.


Related party transactions

At the year end the company had a creditor balance of £750,281 (2023 : £ 742,257) with Lowers Risk Group LLC, its ultimate controlling party.
At the year end the company had a creditor balance of £438,851 (2023 : £ 490,979) to Lowers & Associates, a partnership of which D M Lowers, the director, is a partner.
At the year end the company had a debtor of £2,436 (2023 creditor: £5,514) with Lowers Forensics International LLC, a company of which D M Lowers, a director, is a director and shareholder.
These balances arose where the businesses arranged and paid for transactions on behalf of the company.


10.


Controlling party

Adjusteck Ltd's parent company is Adjusteck US LLC. Its registered office is 125 Hirst Road, Purcellville, VA, 20132 - 6000, USA
The ultimate controlling party is Lowers Risk Group LLC. Its registered office is 125 E Hirst Road STE 3C, Purcellville, VA, 20132 - 0000, USA. Both companies are incorporated in the USA and do not produce accounts for public use.


Page 10