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COMPANY REGISTRATION NUMBER: 07191990
Reed Technology Limited
Filleted Unaudited Financial Statements
30 September 2023
Reed Technology Limited
Financial Statements
Period from 1 April 2022 to 30 September 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Reed Technology Limited
Statement of Financial Position
30 September 2023
30 Sep 23
31 Mar 22
Note
£
£
£
£
Fixed assets
Tangible assets
5
2,255
Current assets
Debtors
6
868
3,279
Cash at bank and in hand
35,131
40,577
--------
--------
35,999
43,856
Creditors: amounts falling due within one year
7
5,891
4,277
--------
--------
Net current assets
30,108
39,579
--------
--------
Total assets less current liabilities
30,108
41,834
Provisions
Taxation including deferred tax
429
--------
--------
Net assets
30,108
41,405
--------
--------
Capital and reserves
Called up share capital
8
2
2
Profit and loss account
30,106
41,403
--------
--------
Shareholders funds
30,108
41,405
--------
--------
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 period ending 30 September 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 period 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 .
Reed Technology Limited
Statement of Financial Position (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 5 April 2024 , and are signed on behalf of the board by:
Mr M Reed
Director
Company registration number: 07191990
Reed Technology Limited
Notes to the Financial Statements
Period from 1 April 2022 to 30 September 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 29 Redmayne Drive, Chelmsford, Essex, CM2 9XF. The company ceased trading 30 September 2023.
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. The company extended the year end from 31 March 2023 to 30 September 2023. The period was extended as the company was ceasing to trade. The comparative information is therefore not entirely comparable.
Going concern
The accounts have been prepared using a basis other than going concern. This is because the company ceased trading on 30 September 2023. No material adjustments arose as a result of ceasing to apply the going concern basis.
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.
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.
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.
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:
Fixtures and fittings
-
25% straight line
Equipment
-
25 % straight line
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.
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 period amounted to 2 (2022: 2 ).
This consisted of the directors only.
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 April 2022
1,949
8,602
10,551
Disposals
( 1,949)
( 8,602)
( 10,551)
-------
-------
--------
At 30 September 2023
-------
-------
--------
Depreciation
At 1 April 2022
1,423
6,873
8,296
Disposals
( 1,423)
( 6,873)
( 8,296)
-------
-------
--------
At 30 September 2023
-------
-------
--------
Carrying amount
At 30 September 2023
-------
-------
--------
At 31 March 2022
526
1,729
2,255
-------
-------
--------
6. Debtors
30 Sep 23
31 Mar 22
£
£
Prepayments and accrued income
868
1,040
Other debtors
2,239
----
-------
868
3,279
----
-------
7. Creditors: amounts falling due within one year
30 Sep 23
31 Mar 22
£
£
Trade creditors
31
Accruals and deferred income
5,285
3,640
Director loan accounts
606
606
-------
-------
5,891
4,277
-------
-------
8. Called up share capital
Issued, called up and fully paid
30 Sep 23
31 Mar 22
No.
£
No.
£
Ordinary A shares of £ 1 each
1
1
1
1
Ordinary B shares of £ 1 each
1
1
1
1
----
----
----
----
2
2
2
2
----
----
----
----
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
30 Sep 23
31 Mar 22
£
£
Not later than 1 year
4,939
Later than 1 year and not later than 5 years
1,235
----
-------
6,174
----
-------
10. Events after the end of the reporting period
The company declared dividends totalling £10,000 in February 2024.
11. Related party transactions
During the period the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
30 Sep 23
31 Mar 22
30 Sep 23
31 Mar 22
£
£
£
£
Directors Loan Account
100
( 606)
( 606)
----
----
----
----