Adept Trading Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 09445739 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2022

FOR

ADEPT TRADING LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Ms A Hooper

Ms J V Newman

REGISTERED OFFICE:

c/o Michael Heaven & Associates Limited

47 Calthorpe Road

Edgbaston

BIRMINGHAM

West Midlands

B15 1TH

REGISTERED NUMBER:

09445739 (England and Wales)

ACCOUNTANTS:

Michael Heaven & Associates Limited

Chartered Certified Accountants

47 Calthorpe Road

Edgbaston

BIRMINGHAM

B15 1TH

BANKERS:

TSB Bank PLC

58 Poplar Road

Solihull

West Midlands

B91 3AB

INCORPORATED:

18th February 2015

FIXED ASSETS

Tangible assets

4

622

690

CURRENT ASSETS

Stocks

3,860

9,421

Debtors

2,641

3,400

Cash at bank

32,775

27,394

39,276

40,215

CREDITORS

Amounts falling due within one year

41,570

40,652

NET CURRENT LIABILITIES

(2,294

)

(437

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,672

)

253

PROVISIONS FOR LIABILITIES

5

118

131

NET (LIABILITIES)/ASSETS

(1,790

)

122

CAPITAL AND RESERVES

Called up share capital

6

100

100

Retained earnings

(1,890

)

22

SHAREHOLDERS' FUNDS

(1,790

)

122

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31st May 2022 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14th November 2022 and were signed on its behalf by:

Ms A Hooper - Director

Ms J V Newman - Director

1.	STATUTORY INFORMATION

Adept Trading Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern

At the year end the company shows an insolvent balance sheet. The company meets its day to day working capital requirements through the support of its directors who have undertaken that this support will not be withdrawn within twelve months from the date of signature of these financial statements. On this basis the directors consider it appropriate to prepare these accounts on a going concern basis.

Turnover

Turnover represents sales of goods and trade discounts. Turnover is recognised when the goods are physically delivered to the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

Stocks

Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and loans from related parties.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The directors operate a defined contribution pension scheme. Contributions payable to the directors pension scheme are charged to the profit and loss account in the period to which they relate.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st June 2021

2,318

Additions

778

Disposals

(2,318

)

At 31st May 2022

778

DEPRECIATION

At 1st June 2021

1,628

Charge for year

156

Eliminated on disposal

(1,628

)

At 31st May 2022

156

NET BOOK VALUE

At 31st May 2022

622

At 31st May 2021

690

5.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

118

131

Deferred

tax

£

Balance at 1st June 2021

131

Movement during the year

(13

)

Balance at 31st May 2022

118

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

75

Ordinary A

£1

75

75

25

Ordinary B

£1

25

25

100

100

7.	RELATED PARTY DISCLOSURES

At the year end the amount due to the directors totalled £40,136. The loans are interest free and repayable on demand.