Company Registration No. 05497388 (England and Wales)
ADVENTIQ LIMITED
ANNUAL REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2020
PAGES FOR FILING WITH REGISTRAR
ADVENTIQ LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
ADVENTIQ LIMITED
BALANCE SHEET
AS AT
30 JUNE 2020
30 June 2020
- 1 -
2020
2019
Notes
£
£
£
£
Current assets
Debtors
5
568,726
430,997
Cash at bank and in hand
4,622
19,229
573,348
450,226
Creditors: amounts falling due within one year
6
(141,036)
(135,387)
Total assets less current liabilities
432,312
314,839
Capital and reserves
Called up share capital
7
965,000
965,000
Profit and loss reserves
(532,688)
(650,161)
Total equity
432,312
314,839
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 26 March 2021 and are signed on its behalf by:
A C Dickens
Director
Company Registration No. 05497388
ADVENTIQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
- 2 -
1
Accounting policies
Company information
Adventiq Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Saxon Way, Bar Hill, Cambridge, CB23 8SL.
1.1
Basis of preparation
These financial statements have been prepared in accordance with applicable accounting standards including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for
subcontract research and development work and supply of KVM over IP technology and by reference to the period in which it is earned.
1.3
Research and development expenditure
Research and development expenditure is written off to the profit and loss account in the year in which it is incurred.
1.4
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
ADVENTIQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 3 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.6
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
6
6
3
Intangible fixed assets
Licences
£
Cost
At 1 July 2019 and 30 June 2020
600,000
Amortisation and impairment
At 1 July 2019 and 30 June 2020
600,000
Carrying amount
At 30 June 2020
-
At 30 June 2019
-
ADVENTIQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 4 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2019 and 30 June 2020
22,628
Depreciation and impairment
At 1 July 2019 and 30 June 2020
22,628
Carrying amount
At 30 June 2020
-
At 30 June 2019
-
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Amounts due from parent undertaking
567,829
430,113
Deferred tax asset
897
884
568,726
430,997
6
Creditors: amounts falling due within one year
2020
2019
£
£
Taxation and social security
121,000
126,983
Accruals and deferred income
20,036
8,404
141,036
135,387
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
965,000 Ordinary shares of of £1 each
965,000
965,000
ADVENTIQ LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 5 -
8
Audit report information
As the
profit and loss account
has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
.
The auditor's report was unqualified.
The senior statutory auditor was Christopher Castleman FCA.
The auditor was Newby Castleman LLP.
9
Related party transactions
Sales include £524,374 (2019: £560,950
) in respect of amounts charged to the parent undertaking for subcontract research and development work and supply of KVM over IP technology.
10
Parent company
The parent undertaking is Adder Technology Limited
, the registered office address of which is West Walk Building, 110 Regent Road, Leicester. The company is included in the consolidated financial statements of Adder Technology Limited, which are publicly available from Companies House, Cardiff.