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COMPANY REGISTRATION NUMBER: 4780858
Res Company Systems Limited
Filleted Unaudited Financial Statements
31 December 2022
Res Company Systems Limited
Financial Statements
Year ended 31 December 2022
Contents
Pages
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 7
Res Company Systems Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Res Company Systems Limited
Year ended 31 December 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Res Company Systems Limited for the year ended 31 December 2022, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Res Company Systems Limited, as a body, in accordance with the terms of our engagement letter dated 28 July 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Res Company Systems Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Res Company Systems Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Res Company Systems Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Res Company Systems Limited. You consider that Res Company Systems Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Res Company Systems Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
23 November 2023
Res Company Systems Limited
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
6
20,758
27,677
Current assets
Debtors
7
734,356
1,106,990
Cash at bank and in hand
375,695
297,988
------------
------------
1,110,051
1,404,978
Creditors: amounts falling due within one year
8
1,625,906
825,456
------------
------------
Net current (liabilities)/assets
( 515,855)
579,522
---------
---------
Total assets less current liabilities
( 495,097)
607,199
---------
---------
Net (liabilities)/assets
( 495,097)
607,199
---------
---------
Res Company Systems Limited
Statement of Financial Position (continued)
31 December 2022
2022
2021
Note
£
£
£
Capital and reserves
Called up share capital
999
999
Share premium account
149,700
149,700
Profit and loss account
( 645,796)
456,500
---------
---------
Shareholders (deficit)/funds
( 495,097)
607,199
---------
---------
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 December 2022 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 .
These financial statements were approved by the board of directors and authorised for issue on 22 November 2023 , and are signed on behalf of the board by:
Mr A P Winqvist
Director
Company registration number: 4780858
Res Company Systems Limited
Notes to the Financial Statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is c/o Hebblethwaites, 2 Westbrook Court, Sharrow Vale Road, Sheffield, S11 8YZ.
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
At the end of the accounting period, the Statement of Financial Position reflects both net current and net total liabilities. Despite this, the financial statements have been prepared on the going concern basis, this given the loan funding provided to the company which, in the opinion of the directors, provides sufficient financial resources to ratify the continued use of the going concern policy.
Revenue recognition
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods or the provision of services, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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:
Software
-
20% straight line
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.
Research and development
Research and development expenditure is written off in the period in which it is incurred.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 (2021: 2 ).
5. Intangible assets
Development costs
£
Cost
At 1 January 2022 and 31 December 2022
324,778
---------
Amortisation
At 1 January 2022 and 31 December 2022
324,778
---------
Carrying amount
At 31 December 2022
---------
At 31 December 2021
---------
6. Tangible assets
Equipment
Total
£
£
Cost
At 1 January 2022 and 31 December 2022
168,007
168,007
---------
---------
Depreciation
At 1 January 2022
140,330
140,330
Charge for the year
6,919
6,919
---------
---------
At 31 December 2022
147,249
147,249
---------
---------
Carrying amount
At 31 December 2022
20,758
20,758
---------
---------
At 31 December 2021
27,677
27,677
---------
---------
7. Debtors
2022
2021
£
£
Trade debtors
696,166
1,011,687
Amounts owed by related parties
8,089
68,417
Other debtors
30,101
26,886
---------
------------
734,356
1,106,990
---------
------------
Trade debtors are recorded net of bad debt provisions amounting to £301,006 (2021: £Nil).
8. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
406,210
349,148
Social security and other taxes
62,026
39,063
Other creditors
1,157,670
437,245
------------
---------
1,625,906
825,456
------------
---------
Included within other creditors is a loan balance of £947,795 provided to the company to support its' working capital requirements. The loan is subject to the terms of the lender, with an interest waiver now applied to the balance, ongoing and is subject to variable repayment terms which determine that the entire loan balance is repayable on demand, hence being included as a current liability.
9. Related party transactions
The company has no ultimate controlling party. During the year ended 31 December 2022, one of the directors, Mr T Hanczewski, provided consultancy services to Res Company Systems Ltd, on a commercial basis, in the sum of £Nil (2021: £141,024). At the balance sheet date of 31 December 2022, Resco Australia was indebted to the company by way of loan in the sum of £3,926 (2021: £68,417), and Resco DMCC was indebted to the company by way of loan in the sum of £4,163 (2021: £Nil).