Registration number:
Adaptive Cooling Limited
for the Year Ended 31 October 2022
Adaptive Cooling Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Adaptive Cooling Limited
(Registration number: 05599935)
Balance Sheet as at 31 October 2022
Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
150 |
150 |
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Share premium reserve |
105,905 |
105,905 |
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Retained earnings |
737,754 |
325,625 |
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Shareholders' funds |
843,809 |
431,680 |
Adaptive Cooling Limited
(Registration number: 05599935)
Balance Sheet as at 31 October 2022
For the financial year ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Adaptive Cooling Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
Accounting policies |
Summary of significant accounting policies and key accounting estimates
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.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.
Tax
The tax expense for the period comprises current tax payable and deferred tax.
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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible 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 provided on tangible fixed assets so as to write off the cost or valuation, less any estimated
residual value, over their expected useful economic life as follows:
Adaptive Cooling Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
Asset class |
Depreciation method and rate |
Leasehold Improvements |
Straight line over five years |
Plant and Machinery |
25% straight line |
Computer Equipment |
33% straight line |
Fixtures and Fittings |
25% reducing balance |
Motor Vehicles |
25% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
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.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Adaptive Cooling Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
Taxation |
2022 |
2021 |
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£ |
£ |
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Corporation tax |
117,379 |
94,673 |
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Deferred tax |
2,937 |
(5,201) |
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120,316 |
89,472 |
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Adaptive Cooling Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
Tangible assets |
Land and buildings |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
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Cost or valuation |
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At 1 November 2021 |
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Additions |
- |
- |
- |
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Disposals |
- |
- |
- |
- |
( |
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At 31 October 2022 |
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Depreciation |
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At 1 November 2021 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
- |
- |
( |
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At 31 October 2022 |
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Carrying amount |
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At 31 October 2022 |
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At 31 October 2021 |
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Total |
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Cost or valuation |
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At 1 November 2021 |
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Additions |
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Disposals |
( |
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At 31 October 2022 |
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Depreciation |
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At 1 November 2021 |
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Charge for the year |
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Eliminated on disposal |
( |
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At 31 October 2022 |
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Carrying amount |
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At 31 October 2022 |
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At 31 October 2021 |
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Adaptive Cooling Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
Stocks |
2022 |
2021 |
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Other inventories |
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Debtors |
Current |
2022 |
2021 |
Trade debtors |
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Prepayments |
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Other debtors |
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Adaptive Cooling Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022
Creditors |
Creditors: amounts falling due within one year
2022 |
2021 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Other creditors |
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Related party transactions |
Summary of transactions with parent
Parent and ultimate parent undertaking |
The company's immediate parent is