| REGISTERED NUMBER: |
| Adact Medical Ltd |
| Unaudited Financial Statements for the Year Ended 28th February 2025 |
| REGISTERED NUMBER: |
| Adact Medical Ltd |
| Unaudited Financial Statements for the Year Ended 28th February 2025 |
| Adact Medical Ltd (Registered number: 08173910) |
| Contents of the Financial Statements |
| for the year ended 28th February 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Adact Medical Ltd |
| Company Information |
| for the year ended 28th February 2025 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Regent's Court |
| Princess Street |
| Hull |
| East Yorkshire |
| HU2 8BA |
| Adact Medical Ltd (Registered number: 08173910) |
| Balance Sheet |
| 28th February 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| Adact Medical Ltd (Registered number: 08173910) |
| Balance Sheet - continued |
| 28th February 2025 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Adact Medical Ltd (Registered number: 08173910) |
| Notes to the Financial Statements |
| for the year ended 28th February 2025 |
| 1. | STATUTORY INFORMATION |
| Adact Medical Ltd is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparation |
| These 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. |
| 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. |
| 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. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Leasehold improvements b/f is being amortised straight line for the length of the lease. |
| Tangible fixed 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 |
| Office Equipment | Straight line 33% & 50% |
| Furniture and Fixtures | Straight line 25% & 50% |
Plant and machinery | Reducing balance 33% Straight line 20% |
| Amortisation |
| Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows: |
| Asset class | Amortisation method and rate |
| Leasehold improvements | Straight line for length of lease |
| Adact Medical Ltd (Registered number: 08173910) |
| Notes to the Financial Statements - continued |
| for the year ended 28th February 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 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. |
| 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. |
| 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. |
| Stocks |
| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| 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. |
| Dividends |
| Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Adact Medical Ltd (Registered number: 08173910) |
| Notes to the Financial Statements - continued |
| for the year ended 28th February 2025 |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 1st March 2024 |
| and 28th February 2025 |
| AMORTISATION |
| At 1st March 2024 |
| Charge for year |
| At 28th February 2025 |
| NET BOOK VALUE |
| At 28th February 2025 |
| At 29th February 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor |
| machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1st March 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 28th February 2025 |
| DEPRECIATION |
| At 1st March 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 28th February 2025 |
| NET BOOK VALUE |
| At 28th February 2025 |
| At 29th February 2024 |
| 6. | STOCKS |
| 2025 | 2024 |
| £ | £ |
| Stocks |
| Work-in-progress |
| Adact Medical Ltd (Registered number: 08173910) |
| Notes to the Financial Statements - continued |
| for the year ended 28th February 2025 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Other creditors |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2025 | 2024 |
| £ | £ |
| Within one year |
| Between one and five years |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2025 | 2024 |
| value: | £ | £ |
| Ordinary shares | £1 | 2 | 2 |
| Adact Medical Ltd (Registered number: 08173910) |
| Notes to the Financial Statements - continued |
| for the year ended 28th February 2025 |
| 12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 28th February 2025 and 29th February 2024: |
| 2025 | 2024 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) |
| 13. | RELATED PARTY DISCLOSURES |
| During the year, total dividends of £81,000 (2024 - £70,000) were paid to the directors . |