24 false false false false false false false false false false true false false false false false false 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 136,000 81,600 27,200 136,000 54,400 6,820,000 2,720,000 2,720,000 4,100,000 6,820,000 xbrli:pure xbrli:shares iso4217:GBP 09698320 2022-04-01 2023-03-31 09698320 2023-03-31 09698320 2022-03-31 09698320 2021-04-01 2022-03-31 09698320 2022-03-31 09698320 2021-03-31 09698320 core:NetGoodwill 2022-04-01 2023-03-31 09698320 core:LandBuildings core:LongLeaseholdAssets 2022-04-01 2023-03-31 09698320 core:PlantMachinery 2022-04-01 2023-03-31 09698320 core:FurnitureFittings 2022-04-01 2023-03-31 09698320 core:MotorVehicles 2022-04-01 2023-03-31 09698320 bus:Director2 2022-04-01 2023-03-31 09698320 core:NetGoodwill 2022-03-31 09698320 core:NetGoodwill 2023-03-31 09698320 core:PlantMachinery 2022-03-31 09698320 core:FurnitureFittings 2022-03-31 09698320 core:MotorVehicles 2022-03-31 09698320 core:LandBuildings 2023-03-31 09698320 core:PlantMachinery 2023-03-31 09698320 core:FurnitureFittings 2023-03-31 09698320 core:MotorVehicles 2023-03-31 09698320 core:LandBuildings 2022-04-01 2023-03-31 09698320 core:AfterOneYear 2023-03-31 09698320 core:AfterOneYear 2022-03-31 09698320 core:WithinOneYear 2023-03-31 09698320 core:WithinOneYear 2022-03-31 09698320 core:ShareCapital 2023-03-31 09698320 core:ShareCapital 2022-03-31 09698320 core:RetainedEarningsAccumulatedLosses 2023-03-31 09698320 core:RetainedEarningsAccumulatedLosses 2022-03-31 09698320 core:NetGoodwill 2022-03-31 09698320 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 09698320 core:FurtherSpecificIncreaseDecreaseInProvisionsForImpairmentInvestments1ComponentCorrespondingTotal core:Non-currentFinancialInstruments 2023-03-31 09698320 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2023-03-31 09698320 core:Non-currentFinancialInstruments 2023-03-31 09698320 core:Non-currentFinancialInstruments 2022-03-31 09698320 core:PlantMachinery 2022-03-31 09698320 core:FurnitureFittings 2022-03-31 09698320 core:MotorVehicles 2022-03-31 09698320 bus:SmallEntities 2022-04-01 2023-03-31 09698320 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 09698320 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 09698320 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 09698320 bus:FullAccounts 2022-04-01 2023-03-31 09698320 core:ComputerEquipment 2022-04-01 2023-03-31 09698320 core:ComputerEquipment 2022-03-31 09698320 core:ComputerEquipment 2023-03-31
COMPANY REGISTRATION NUMBER: 09698320
React Industrial Solutions Ltd
Filleted Unaudited Financial Statements
31 March 2023
React Industrial Solutions Ltd
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
54,400
Tangible assets
6
924,638
376,256
Investments
7
4,100,000
6,820,000
------------
------------
5,024,638
7,250,656
Current assets
Stocks
500,000
500,000
Debtors
8
3,823,941
3,530,095
Cash at bank and in hand
1,311,968
1,568,532
------------
------------
5,635,909
5,598,627
Creditors: amounts falling due within one year
9
5,205,788
7,341,902
------------
------------
Net current assets/(liabilities)
430,121
( 1,743,275)
------------
------------
Total assets less current liabilities
5,454,759
5,507,381
Creditors: amounts falling due after more than one year
10
2,401,326
3,257,168
Provisions
Taxation including deferred tax
106,918
71,489
------------
------------
Net assets
2,946,515
2,178,724
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
2,946,415
2,178,624
------------
------------
Shareholders funds
2,946,515
2,178,724
------------
------------
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 31 March 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 .
React Industrial Solutions Ltd
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 9 February 2024 , and are signed on behalf of the board by:
Mr M Simpkins
Director
Company registration number: 09698320
React Industrial Solutions Ltd
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 Unit B8, Telford Road, Bicester, OX26 4LD.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); 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.
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.
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:
Goodwill
-
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.
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:
Leasehold improvements
-
10% straight line
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
20% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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.
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. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 24 (2022: 26 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
136,000
---------
Amortisation
At 1 April 2022
81,600
Charge for the year
27,200
Impairment losses
27,200
---------
At 31 March 2023
136,000
---------
Carrying amount
At 31 March 2023
---------
At 31 March 2022
54,400
---------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Apr 2022
350,777
151,750
96,189
38,638
637,354
Additions
402,123
221,541
4,651
48,348
82,305
758,968
---------
---------
---------
---------
---------
------------
At 31 Mar 2023
402,123
572,318
156,401
144,537
120,943
1,396,322
---------
---------
---------
---------
---------
------------
Depreciation
At 1 Apr 2022
186,193
2,928
55,609
16,368
261,098
Charge for the year
40,212
96,532
30,695
22,232
20,915
210,586
---------
---------
---------
---------
---------
------------
At 31 Mar 2023
40,212
282,725
33,623
77,841
37,283
471,684
---------
---------
---------
---------
---------
------------
Carrying amount
At 31 Mar 2023
361,911
289,593
122,778
66,696
83,660
924,638
---------
---------
---------
---------
---------
------------
At 31 Mar 2022
164,584
148,822
40,580
22,270
376,256
---------
---------
---------
---------
---------
------------
7. Investments
Shares in group undertakings
£
Cost
At 1 April 2022 and 31 March 2023
6,820,000
------------
Impairment
At 1 April 2022
Revaluations
2,720,000
------------
At 31 March 2023
2,720,000
------------
Carrying amount
At 31 March 2023
4,100,000
------------
At 31 March 2022
6,820,000
------------
8. Debtors
2023
2022
£
£
Trade debtors
3,449,038
3,156,926
Amounts owed by group undertakings and undertakings in which the company has a participating interest
373,999
90,000
Other debtors
904
283,169
------------
------------
3,823,941
3,530,095
------------
------------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
689,123
75,000
Trade creditors
1,258,739
1,548,912
Corporation tax
250,350
129,081
Social security and other taxes
55,848
32,108
Other creditors
2,951,728
5,556,801
------------
------------
5,205,788
7,341,902
------------
------------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
114,848
43,490
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,328,886
1,325,886
Loan note
957,592
1,887,792
------------
------------
2,401,326
3,257,168
------------
------------