Company Registration No. SC620410 (Scotland)
ADSR LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
PAGES FOR FILING WITH REGISTRAR
ADSR LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ADSR LTD
BALANCE SHEET
AS AT
28 FEBRUARY 2021
28 February 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
78,372
9,304
Current assets
Debtors
4
7,602
Cash at bank and in hand
992
4,550
992
12,152
Creditors: amounts falling due within one year
5
(88,525)
(25,607)
Net current liabilities
(87,533)
(13,455)
Total assets less current liabilities
(9,161)
(4,151)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(9,261)
(4,251)
Total equity
(9,161)
(4,151)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 28 February 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
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 and signed by the director and authorised for issue on 13 August 2021
S FOULDS
S Foulds
Director
Company Registration No. SC620410
ADSR LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 2 -
1
Accounting policies
Company information
ADSR Ltd is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
C/O Morton Fraser LLP, 5th Floor, Quartermile Two, 2 Lister Square, Edinburgh, Scotland, EH3 9GL.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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.
1.2
Going concern
The director, having made due and careful enquiry, is of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The company has net current liabilities of £
true
87,533
and included within other creditors is an amount due to the director of £
78,523
. The director does not intend to seek repayment of the loan amounts until there is adequate funds available.
The
director
is therefore of the opinion
that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the director has continued to adopt the going concern basis of accounting in preparing the annual financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Research and development expenditure (intangibles)
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised
as an intangible asset
to the extent that the technical, commercial and financial feasibility can be demonstrated
. The development costs which are capitalised at cost are reviewed annually by the director to ensure fair value is accurate. No amortisation is applied until intangible assets are brought into use.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
ADSR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
1.7
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. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Retirement benefits
The company operates a defined contribution plan for it's 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 the Statement of comprehensive income 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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
2
2
ADSR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2021
- 4 -
3
Intangible fixed assets
Software
£
Cost
At 1 March 2020
9,304
Additions
69,068
At 28 February 2021
78,372
Amortisation and impairment
At 1 March 2020 and 28 February 2021
Carrying amount
At 28 February 2021
78,372
At 29 February 2020
9,304
Intangible assets comprises of software developed internally. The fair value of £
78,372
has been arrived at on a cost basis.
The director consider
s
the value held in the accounts is an accurate fair value for the software.
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Prepayments and accrued income
7,602
5
Creditors: amounts falling due within one year
2021
2020
£
£
Taxation and social security
2,612
2,624
Other creditors
78,523
15,963
Accruals and deferred income
7,390
7,020
88,525
25,607
6
Related party transactions
During the
year
, credits were received from the director of
£62,560
which resulted amounts due by the company of £78,523
(2020:
£
15
,
963)
. The loan is unsecured and interest free with no fixed repayment terms in place.