Company registration number 11991706 (England and Wales)
RADICAL IP LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
RADICAL IP LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
RADICAL IP LTD
BALANCE SHEET
AS AT
31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
13,000
2,613,000
Current assets
Debtors
5
173,101
-
0
Cash at bank and in hand
977
-
0
174,078
-
0
Creditors: amounts falling due within one year
6
(186,901)
(2,612,800)
Net current liabilities
(12,823)
(2,612,800)
Net assets
177
200
Capital and reserves
Called up share capital
7
200
200
Profit and loss reserves
(23)
-
0
Total equity
177
200

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

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.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 21 February 2024 and are signed on its behalf by:
Mr N Corlett
Director
Company registration number 11991706 (England and Wales)
RADICAL IP LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2021
2
-
0
2
Year ended 31 May 2022:
Profit and total comprehensive income
-
-
-
Issue of share capital
7
198
-
198
Balance at 31 May 2022
200
-
0
200
Year ended 31 May 2023:
Loss and total comprehensive income
-
(23)
(23)
Balance at 31 May 2023
200
(23)
177
RADICAL IP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
1
Accounting policies
Company information

Radical IP Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 10, Rassau Industrial Estate, Rassau, Ebbw Vale, NP23 5SD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.3
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.4
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

RADICAL IP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
13,000
2,613,000
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 June 2022
2,613,000
Disposals
(2,600,000)
At 31 May 2023
13,000
Carrying amount
At 31 May 2023
13,000
At 31 May 2022
2,613,000
4
Subsidiaries

Details of the company's subsidiaries at 31 May 2023 are as follows:

Name of undertaking
Nature of business
Class of
% Held
shares held
Direct
Radical Materials Ltd
Manufacture of other plastic products
Ordinary
100.00

The above subsidiary registered office address is Unit 10, Rassau Industrial Estate, Rassau, Ebbw Vale, NP23 5SD.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
173,101
-
0
RADICAL IP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
186,901
2,612,800
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
148
148
148
148
Ordinary B shares of £1 each
16
16
16
16
Ordinary C shares of £1 each
16
16
16
16
Ordinary D shares of £1 each
10
10
10
10
Ordinary E shares of £1 each
10
10
10
10
200
200
200
200
8
Directors' transactions

The directors operates a current loan amount with the company, which is debited with payments made by the company on behalf of the directors and credited with funds introduced and undrawn director's fees. At the year end the amount outstanding to the directors was £186,901 (2022 - £2,612,800); this amount being included in creditors: amounts falling due within one year.

2023-05-312022-06-01true21 February 2024CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr N CorlettMr H Durban119917062022-06-012023-05-31119917062023-05-31119917062022-05-3111991706core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3111991706core:CurrentFinancialInstrumentscore:WithinOneYear2022-05-3111991706core:ShareCapital2023-05-3111991706core:ShareCapital2022-05-3111991706core:RetainedEarningsAccumulatedLosses2023-05-3111991706core:RetainedEarningsAccumulatedLosses2022-05-3111991706core:ShareCapital2021-05-3111991706core:RetainedEarningsAccumulatedLosses2021-05-3111991706core:ShareCapitalOrdinaryShares2023-05-3111991706core:ShareCapitalOrdinaryShares2022-05-3111991706bus:Director12022-06-012023-05-3111991706core:RetainedEarningsAccumulatedLosses2021-06-012022-05-31119917062021-06-012022-05-3111991706core:RetainedEarningsAccumulatedLosses2022-06-012023-05-3111991706core:ShareCapital2021-06-012022-05-3111991706core:CurrentFinancialInstruments2022-05-3111991706core:CurrentFinancialInstruments2023-05-3111991706bus:EntityHasNeverTraded2022-06-012023-05-3111991706bus:PrivateLimitedCompanyLtd2022-06-012023-05-3111991706bus:SmallCompaniesRegimeForAccounts2022-06-012023-05-3111991706bus:FRS1022022-06-012023-05-3111991706bus:AuditExemptWithAccountantsReport2022-06-012023-05-3111991706bus:Director22022-06-012023-05-3111991706bus:FullAccounts2022-06-012023-05-31xbrli:purexbrli:sharesiso4217:GBP