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COMPANY REGISTRATION NUMBER: 09548906
Relish Technologies Limited
Filleted Unaudited Financial Statements
30 April 2023
Relish Technologies Limited
Financial Statements
Year ended 30 April 2023
Contents
Page
Officers and professional advisers
1
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Relish Technologies Limited
Officers and Professional Advisers
The board of directors
M J Jenner
T D M Putnam
Registered office
Unit 211
164-180 Union Street
London
SE1 0LH
Accountants
Complete Accounting Solutions
Chartered Certified Accountants
727-729 High Road
London
N12 0BP
Relish Technologies Limited
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Relish Technologies Limited
Year ended 30 April 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 30 April 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Complete Accounting Solutions Chartered Certified Accountants
727-729 High Road London N12 0BP
21 July 2023
Relish Technologies Limited
Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
25,691
18,000
Current assets
Stocks
1,010,736
525,694
Debtors
6
568,542
530,003
Cash at bank and in hand
372,424
502,016
------------
------------
1,951,702
1,557,713
Creditors: amounts falling due within one year
7
532,202
759,715
------------
------------
Net current assets
1,419,500
797,998
------------
---------
Total assets less current liabilities
1,445,191
815,998
Creditors: amounts falling due after more than one year
8
158,334
204,167
------------
---------
Net assets
1,286,857
611,831
------------
---------
Capital and reserves
Called up share capital
10
211
184
Share premium account
2,241,650
1,201,005
Share Options reserve
82
Profit and loss account
( 955,086)
( 589,358)
------------
------------
Shareholders funds
1,286,857
611,831
------------
------------
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 comprehensive income has not been delivered.
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Relish Technologies Limited
Statement of Financial Position (continued)
30 April 2023
These financial statements were approved by the board of directors and authorised for issue on 2 November 2023 , and are signed on behalf of the board by:
M J Jenner
Director
Company registration number: 09548906
Relish Technologies Limited
Notes to the Financial Statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 211, 164-180 Union Street, London, SE1 0LH.
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. The financial statements are prepared in sterling, which is the functional currency of the entity .
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date .
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Plant and machinery
-
33% straight line
Motor vehicles
-
20% straight line
Computer Equipment
-
33% straight line
Equipment and Tooling
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
Share-based payments
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value is expensed on a straight-line basis over the vesting period, with a corresponding increase in equity. This is based upon the company's estimate of the shares or share options that will eventually vest which takes into account all vesting conditions and non-market performance conditions, with adjustments being made where new information indicates the number of shares or share options expected to vest differs from previous estimates. Fair value is determined using an appropriate pricing model. All market conditions and non-vesting conditions are taken into account when estimating the fair value of the shares or share options. As long as all other vesting conditions are satisfied, no adjustment is made irrespective of whether market or non-vesting conditions are met. Where the terms of an equity-settled transaction are modified, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the fair value of the transaction, as measured at the date of modification. Where an equity-settled transaction is cancelled or settled, it is treated as if it had vested on the date of cancellation or settlement, and any expense not yet recognised in profit or loss is expensed immediately. Cash-settled share-based payment transactions are measured at the fair value of the liability. Until the liability is settled, the fair value of the liability is re-measured at each reporting date and at the date of settlement, with any changes in fair value recognised in profit or loss for the period.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2022: 18 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Equipment and tooling
Total
£
£
£
£
£
Cost
At 1 May 2022
1,254
7,507
15,755
24,516
Additions
2,650
1,898
21,557
26,105
-------
-------
-------
--------
--------
At 30 April 2023
1,254
2,650
9,405
37,312
50,621
-------
-------
-------
--------
--------
Depreciation
At 1 May 2022
1,150
5,090
275
6,515
Charge for the year
96
309
1,882
16,128
18,415
-------
-------
-------
--------
--------
At 30 April 2023
1,246
309
6,972
16,403
24,930
-------
-------
-------
--------
--------
Carrying amount
At 30 April 2023
8
2,341
2,433
20,909
25,691
-------
-------
-------
--------
--------
At 30 April 2022
104
2,417
15,480
18,001
-------
-------
-------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
199,187
217,498
Other debtors
369,355
312,505
---------
---------
568,542
530,003
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
45,833
45,833
Trade creditors
335,638
97,971
Social security and other taxes
48,415
28,996
Other creditors
102,316
586,915
---------
---------
532,202
759,715
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
158,334
204,167
---------
---------
9. Share-based payments
The company operates an Enterprise Management Investment qualifying share options scheme for employees. As at the date of the statement of financial position, the company had granted 13,058 (2022 : 10,198) Enterprise Management Investment qualifying share options with an exercise price of £0.01 (2022 : £1) per share. As at the year end 10,851 (2022 : 9,205) share options vested of which 2,635 (2022 : 2,548) have been exercised. Share options vest over 4 years from the date of grant. The share options are exercisable on the share capital of the company.
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 0.001525 each
138,008
210
120,501
184
---------
----
---------
----
During the year, the company issued 17,507 Ordinary shares of £0.00152555301 each for a total consideration of £1,040,672.
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
7,799
9,655
Later than 1 year and not later than 5 years
2,881
--------
-------
10,680
9,655
--------
-------