5 22 December 2023 false false false false false false false false false true true false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 3,918 2,346 6,264 3,918 364 4,282 1,982 xbrli:pure xbrli:shares iso4217:GBP 11170617 2022-04-01 2023-03-31 11170617 2023-03-31 11170617 2022-03-31 11170617 2021-04-01 2022-03-31 11170617 2022-03-31 11170617 bus:Director4 2022-04-01 2023-03-31 11170617 core:WithinOneYear 2023-03-31 11170617 core:WithinOneYear 2022-03-31 11170617 core:ShareCapital 2023-03-31 11170617 core:ShareCapital 2022-03-31 11170617 core:RetainedEarningsAccumulatedLosses 2023-03-31 11170617 core:RetainedEarningsAccumulatedLosses 2022-03-31 11170617 bus:SmallEntities 2022-04-01 2023-03-31 11170617 bus:Audited 2022-04-01 2023-03-31 11170617 bus:FullAccounts 2022-04-01 2023-03-31 11170617 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 11170617 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11170617 core:ComputerEquipment 2022-04-01 2023-03-31 11170617 core:ComputerEquipment 2022-03-31 11170617 core:ComputerEquipment 2023-03-31
COMPANY REGISTRATION NUMBER: 11170617
rfxcel Limited
Filleted Financial Statements
For the year ended
31 March 2023
rfxcel Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,982
Current assets
Debtors
6
2,377
1,967
Cash at bank and in hand
56,412
79,848
--------
--------
58,789
81,815
Creditors: amounts falling due within one year
7
3,903,214
3,148,005
------------
------------
Net current liabilities
3,844,425
3,066,190
------------
------------
Total assets less current liabilities
( 3,842,443)
( 3,066,190)
------------
------------
Net liabilities
( 3,842,443)
( 3,066,190)
------------
------------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 3,842,444)
( 3,066,191)
------------
------------
Shareholders deficit
( 3,842,443)
( 3,066,190)
------------
------------
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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 20 December 2023 , and are signed on behalf of the board by:
Mr M R Sherman
Director
Company registration number: 11170617
rfxcel Limited
Notes to the Financial Statements
Year ended 31 March 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 3 Wellbrook Court, Girton, Cambridge, CB3 0NA, United Kingdom.
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.
Going concern
The company has made a loss this financial year and has net liabilities as at the balance sheet date. However, the directors of the company have received a letter of support from the parent company, rfxcel Corporation, in which financial support has been pledged to the company for the foreseeable future which would provide sufficient working capital to ensure that the company can meet its obligations as and when they fall due. The pledge covers at least the next 12 months from the approval of these financial statements. On this basis the directors do not consider there to be any material uncertainty with regards to the company continuing as a going concern.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable. Turnover in respect of maintenance is recognised evenly over the contract term.
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. 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.
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:
Equipment
-
33% straight line
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Tangible assets
Equipment
£
Cost
At 1 April 2022
3,918
Additions
2,346
-------
At 31 March 2023
6,264
-------
Depreciation
At 1 April 2022
3,918
Charge for the year
364
-------
At 31 March 2023
4,282
-------
Carrying amount
At 31 March 2023
1,982
-------
At 31 March 2022
-------
6. Debtors
2023
2022
£
£
Other debtors
2,377
1,967
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
355
264
Amounts owed to group undertakings
3,867,805
3,094,850
Social security and other taxes
21,266
Other creditors
35,054
31,625
------------
------------
3,903,214
3,148,005
------------
------------
8. Deferred tax
A deferred tax asset of £960,858 (2022: £766,570) arising due to the existence of tax losses has not been provided for as its recovery is not certain.
9. Summary audit opinion
The auditor's report for the year dated 22 December 2023 was unqualified .
The senior statutory auditor was Alan Blake , for and on behalf of Streets Audit LLP .
10. Related party transactions
The company has taken advantage of the exemption conferred under FRS 102 section 33.1A not to disclose related party transactions with group companies. There were no other transactions with related parties requiring disclosure.
11. Controlling party
The immediate parent undertaking of the company is rfxcel Corporation, a company incorporated in the United States of America. The ultimate parent undertaking of the company is Antares Vision S.p.A., a company incorporated in Italy. Copies of the consolidated financial statements of Antares Vision S.p.A. can be obtained from Via Del Ferro, 16, 25039 Travagliato, Brescia, Italy.