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Registered number: 00899244 ADJUSTOFORM PRODUCTS LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
ADJUSTOFORM PRODUCTS LIMITED REGISTERED NUMBER: 00899244 STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 4 |  | 10,926 |  | 14,435
Tangible assets | 5 |  | 105,923 |  | 136,667
Investments | 6 |  | 650 |  | 650
|  |  | 117,499 |  | 151,752
Current assets |  |  |  |  |
Stocks |  | 564,676 |  | 656,681 |
Debtors: amounts falling due within one year | 7 | 558,352 |  | 390,573 |
Cash at bank and in hand | 8 | 888,477 |  | 877,099 |
|  | 2,011,505 |  | 1,924,353 |
Creditors: amounts falling due within one year | 9 | (335,332) |  | (307,905) |
Net current assets |  |  | 1,676,173 |  | 1,616,448
Total assets less current liabilities |  |  | 1,793,672 |  | 1,768,200
Provisions for liabilities |  |  |  |  |
Deferred tax | 10 | (2,200) |  | (7,956) |
|  |  | (2,200) |  | (7,956)
Net assets |  |  | 1,791,472 |  | 1,760,244
Capital and reserves |  |  |  |  |
Called up share capital | 11 |  | 14 |  | 14
Capital redemption reserve |  |  | 18 |  | 18
Profit and loss account |  |  | 1,791,440 |  | 1,760,212
|  |  | 1,791,472 |  | 1,760,244
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ADJUSTOFORM PRODUCTS LIMITED REGISTERED NUMBER: 00899244 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 30 JUNE 2025 The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. 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 income statement 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 by:
M W Squillaci
Director
Date: 25 March 2026
The notes on pages 3 to 11 form part of these financial statements. Page 2
ADJUSTOFORM PRODUCTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1. | General information
Adjustoform Products Limited, is a private company limited by shares incorporated in the United Kingdom whose registered office is Unit 4, Connect 10, Foster Road, Servington, Ashford, Kent, United Kingdom, TN24 0FE. 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The accounts have been prepared on a going concern basis. The following principal accounting policies have been applied:
| 2.2 | 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 3
ADJUSTOFORM PRODUCTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.3 | Revenue
Turnover 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. Turnover 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: Sale of goods Turnover from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.4 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.5 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the accrual method. Page 4
ADJUSTOFORM PRODUCTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.7 | Pensions
Defined contribution pension plan The Company contributes to 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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.8 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. 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 income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.9 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. Page 5
ADJUSTOFORM PRODUCTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.10 | 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:
|  |  |  | Leasehold Improvements | - | over the length of the lease
|  |  |  | Plant and machinery | - | between 5 and 15 years
|  |  |  | Motor vehicles | - | between 3 and 4 years
|  |  |  | Fixtures and fittings & equipment | - | between 2 and 12.5 years
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.
| 2.11 | 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 comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting 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.
| 2.12 | 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.
| 2.13 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Page 6
ADJUSTOFORM PRODUCTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.14 | 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.
| 2.15 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
3. | Employees
| The average monthly number of employees, including directors, during the year was 24 (2024 - 32).
4. | Intangible assets
|  | Patents
|  | £
| Cost |
| At 1 July 2024 | 27,068
| At 30 June 2025 | 27,068
| Amortisation |
| At 1 July 2024 | 12,633
| Charge for the year on owned assets | 3,509
| At 30 June 2025 | 16,142
| Net book value |
| At 30 June 2025 | 10,926
| At 30 June 2024 | 14,435
Page 7
ADJUSTOFORM PRODUCTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 4.Intangible assets (continued)
| The aggregate amount of research and development recognised as an expense during the period was £Nil (2024: £Nil).
5. | Tangible fixed assets
|  | Plant and machinery | Motor vehicles | Fixtures and fittings | Leasehold Improvements | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 July 2024 | 519,503 | 46,996 | 97,295 | 152,047 | 815,841
| Additions | 3,414 | - | - | - | 3,414
| At 30 June 2025 | 522,917 | 46,996 | 97,295 | 152,047 | 819,255
| Depreciation |  |  |  |  |
| At 1 July 2024 | 479,138 | 17,934 | 86,748 | 95,354 | 679,174
| Charge for the year on owned assets | 8,831 | 7,750 | 2,372 | 15,205 | 34,158
| At 30 June 2025 | 487,969 | 25,684 | 89,120 | 110,559 | 713,332
| Net book value |  |  |  |  |
| At 30 June 2025 | 34,948 | 21,312 | 8,175 | 41,488 | 105,923
| At 30 June 2024 | 40,364 | 29,062 | 10,547 | 56,694 | 136,667
6. | Fixed asset investments
|  | Trade investments
|  | £
| At 1 July 2024 | 650
| At 30 June 2025 | 650
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ADJUSTOFORM PRODUCTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
7. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 420,305 | 237,484
| Other debtors | 6,342 | 5,004
| Prepayments and accrued income | 131,705 | 148,085
|  | 558,352 | 390,573
8. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 888,477 | 877,099
|  | 888,477 | 877,099
9. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 249,307 | 214,015
| Corporation tax | 17,049 | 21,531
| Other taxation and social security | 16,614 | 12,861
| Obligations under finance lease and hire purchase contracts | 153 | 153
| Other creditors | 32,283 | -
| Accruals and deferred income | 19,926 | 59,345
|  | 335,332 | 307,905
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ADJUSTOFORM PRODUCTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
10. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (7,956)
| Charged to profit or loss | 5,756
| At end of year | (2,200)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (2,200) | (7,956)
|  | (2,200) | (7,956)
11. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 2 (2024 - 2) Ordinary A shares of £1.00 each | 2 | 2
|  | 12 (2024 - 12) Ordinary B shares of £1.00 each | 12 | 12
|  |  | 14 | 14
12. | Pension commitments
The company contributes to a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £21,443 (2024: £21,646).
13. | Related party transactions
| The company has made use of the exemption in FRS102 paragraph 33.1A not to disclose transactions with 100% group companies.
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ADJUSTOFORM PRODUCTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
14. | Controlling party
The parent company of Adjustoform Products Limited is Groves of Thame (Holdings) Limited and its registered office is 73 Southern Road, Thame, Oxfordshire, OX9 2ED.
15. | Auditors' information
The auditors' report on the financial statements for the year ended 30 June 2025 was unqualified. The audit report was signed on 26 March 2026 by Mr Matthew Wyatt (Senior Statutory Auditor) on behalf of Wellers.
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