Adroit-e Research Technologies Limited Filleted accounts for Companies House (small and micro)

Adroit-e Research Technologies Limited Filleted accounts for Companies House (small and micro)

ADROIT-E RESEARCH TECHNOLOGIES LIMITED - Company Information

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1 false false false false false false false false false true false false false false false false No description of principal activity 2019-06-01 Sage Accounts Production Advanced 2020 - FRS102_2019 106,699 106,699 31,913 28,171 936 29,107 2,806 3,742 xbrli:pure xbrli:shares iso4217:GBP 05140075 2019-06-01 2020-05-31 05140075 2020-05-31 05140075 2019-05-31 05140075 2018-06-01 2019-05-31 05140075 2019-05-31 05140075 bus:Director1 2019-06-01 2020-05-31 05140075 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2020-05-31 05140075 core:WithinOneYear 2020-05-31 05140075 core:WithinOneYear 2019-05-31 05140075 core:ShareCapital 2020-05-31 05140075 core:ShareCapital 2019-05-31 05140075 core:SharePremium 2020-05-31 05140075 core:SharePremium 2019-05-31 05140075 core:RetainedEarningsAccumulatedLosses 2020-05-31 05140075 core:RetainedEarningsAccumulatedLosses 2019-05-31 05140075 bus:SmallEntities 2019-06-01 2020-05-31 05140075 bus:AuditExemptWithAccountantsReport 2019-06-01 2020-05-31 05140075 bus:FullAccounts 2019-06-01 2020-05-31 05140075 bus:SmallCompaniesRegimeForAccounts 2019-06-01 2020-05-31 05140075 bus:PrivateLimitedCompanyLtd 2019-06-01 2020-05-31 05140075 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2019-06-01 2020-05-31 05140075 core:OfficeEquipment 2019-06-01 2020-05-31 05140075 core:OfficeEquipment 2020-05-31 05140075 core:OfficeEquipment 2019-05-31
COMPANY REGISTRATION NUMBER: 05140075
Adroit-e Research Technologies Limited
Filleted Unaudited Financial Statements
31 May 2020
Adroit-e Research Technologies Limited
Statement of Financial Position
31 May 2020
2020
2019
Note
£
£
£
Fixed assets
Tangible assets
6
2,806
3,742
Current assets
Debtors
7
36,196
36,738
Cash at bank and in hand
582
–
--------
--------
36,778
36,738
Creditors: amounts falling due within one year
8
122,922
136,176
---------
---------
Net current liabilities
86,144
99,438
--------
--------
Total assets less current liabilities
( 83,338)
( 95,696)
--------
--------
Net liabilities
( 83,338)
( 95,696)
--------
--------
Capital and reserves
Called up share capital
100
100
Share premium account
124,985
124,985
Profit and loss account
( 208,423)
( 220,781)
---------
---------
Shareholders deficit
( 83,338)
( 95,696)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Adroit-e Research Technologies Limited
Statement of Financial Position (continued)
31 May 2020
These financial statements were approved by the board of directors and authorised for issue on 21 April 2021 , and are signed on behalf of the board by:
Mr J B Brill
Director
Company registration number: 05140075
Adroit-e Research Technologies Limited
Notes to the Financial Statements
Year ended 31 May 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 40 Kimbolton Road, Bedford, Beds, MK40 NR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director considers that the going concern basis is appropriate for the preparation of the accounts, as he confirms he will not withdraw his support for the foreseeable future.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Research & development
-
Over the economic life of 5 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% reducing balance
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2019: 1 ).
5. Intangible assets
Development costs
£
Cost
At 1 June 2019 and 31 May 2020
106,699
---------
Amortisation
At 1 June 2019 and 31 May 2020
106,699
---------
Carrying amount
At 31 May 2020
–
---------
At 31 May 2019
–
---------
Research and development costs have been written off in equal annual instalments over their estimated economic life of five years .
6. Tangible assets
Equipment
Total
£
£
Cost
At 1 June 2019 and 31 May 2020
31,913
31,913
--------
--------
Depreciation
At 1 June 2019
28,171
28,171
Charge for the year
936
936
--------
--------
At 31 May 2020
29,107
29,107
--------
--------
Carrying amount
At 31 May 2020
2,806
2,806
--------
--------
At 31 May 2019
3,742
3,742
--------
--------
7. Debtors
2020
2019
£
£
Other debtors
36,196
36,738
--------
--------
8. Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
–
1,553
Trade creditors
1,351
1,182
Social security and other taxes
3,029
13
Other creditors
118,542
133,428
---------
---------
122,922
136,176
---------
---------