Company registration number 04996264 (England and Wales)
RADICAL MATERIALS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
RADICAL MATERIALS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
RADICAL MATERIALS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
5
250,079
14,427
Tangible assets
3
115,829
518,562
Investments
4
50,191
50,191
416,099
583,180
Current assets
Stocks
108,824
278,485
Debtors
6
179,629
74,578
Cash at bank and in hand
68,421
600,595
356,874
953,658
Creditors: amounts falling due within one year
7
(453,588)
(899,470)
Net current (liabilities)/assets
(96,714)
54,188
Total assets less current liabilities
319,385
637,368
Creditors: amounts falling due after more than one year
9
(34,767)
(199,574)
Provisions for liabilities
(90,707)
(52,792)
Net assets
193,911
385,002
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
192,911
384,002
Total equity
193,911
385,002

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 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small 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 H Durban
Director
Company Registration No. 04996264
RADICAL MATERIALS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Radical Materials 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
Turnover

Turnover is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for goods provided. Turnover represents amounts receivable for goods and services provided in the normal course of business, net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Research and development expenditure

Development costs incurred on specific projects are capitalised when recoverability can be assessed with reasonable certainty and amortised in line with expected sales arising from the project which is usually a 5 year cycle. All other development costs are written off in the year of expenditure.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
20% straight line
1.5
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

RADICAL MATERIALS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
over 50 years
Plant and machinery
20% on reducing balance
Fixtures, fittings & equipment
20% on reducing balance
Computer equipment
20% on reducing balance
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

1.7
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.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

RADICAL MATERIALS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.13

Deferred government grants

Deferred government grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 11 (2022 - 15).

2023
2022
Number
Number
Total
11
15
RADICAL MATERIALS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
357,226
297,523
80,661
39,922
775,332
Additions
-
0
161
592
379
1,132
Disposals
(357,226)
(84,183)
(30,957)
(24,639)
(497,005)
At 31 December 2023
-
0
213,501
50,296
15,662
279,459
Depreciation and impairment
At 1 January 2023
38,241
145,429
51,422
21,678
256,770
Depreciation charged in the year
5,287
29,517
6,065
3,583
44,452
Eliminated in respect of disposals
(43,528)
(51,439)
(25,162)
(17,463)
(137,592)
At 31 December 2023
-
0
123,507
32,325
7,798
163,630
Carrying amount
At 31 December 2023
-
0
89,994
17,971
7,864
115,829
At 31 December 2022
318,985
152,094
29,239
18,244
518,562
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
50,191
50,191
RADICAL MATERIALS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Intangible fixed assets
Development costs
£
Cost
At 1 January 2023
22,627
Additions
238,658
At 31 December 2023
261,285
Amortisation and impairment
At 1 January 2023
8,200
Amortisation charged for the year
3,006
At 31 December 2023
11,206
Carrying amount
At 31 December 2023
250,079
At 31 December 2022
14,427
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
12,222
53,814
Other debtors
167,407
20,764
179,629
74,578
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
18,387
22,330
Trade creditors
20,765
78,151
Amounts owed to group undertakings
184,800
373,101
Taxation and social security
200,837
412,304
Other creditors
28,799
13,584
453,588
899,470

The finance lease of £4,355 (2022 - £5,800) is secured by a fixed charge over the asset.

RADICAL MATERIALS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,000
1,000
1,000
1,000
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
34,767
195,219
Other creditors
-
0
4,355
34,767
199,574
10
Ultimate controlling party

The ultimate controlling party of Radical Materials Limited is Radical IP Limited and its registered office is Unit 10 Rassau Industrial Estate, Rassau, Ebbw Vale, Gwent, United Kingdom, NP23 5SD.

 

2023-12-312023-01-01false21 February 2024CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr N CorlettMr H DurbanMs S L GittingsMr C M VinceMr N Corlett049962642023-01-012023-12-31049962642023-12-31049962642022-01-012022-12-3104996264core:DiscontinuedOperations2022-01-012022-12-31049962642022-12-3104996264core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-3104996264core:PlantMachinery2023-12-3104996264core:FurnitureFittings2023-12-3104996264core:ComputerEquipment2023-12-3104996264core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-3104996264core:PlantMachinery2022-12-3104996264core:FurnitureFittings2022-12-3104996264core:ComputerEquipment2022-12-3104996264core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3104996264core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3104996264core:CurrentFinancialInstruments2023-12-3104996264core:CurrentFinancialInstruments2022-12-3104996264core:Non-currentFinancialInstruments2023-12-3104996264core:Non-currentFinancialInstruments2022-12-3104996264core:ShareCapital2023-12-3104996264core:ShareCapital2022-12-3104996264core:RetainedEarningsAccumulatedLosses2023-12-3104996264core:RetainedEarningsAccumulatedLosses2022-12-3104996264bus:Director12023-01-012023-12-3104996264core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3104996264core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-012023-12-3104996264core:PlantMachinery2023-01-012023-12-3104996264core:FurnitureFittings2023-01-012023-12-3104996264core:ComputerEquipment2023-01-012023-12-3104996264core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-3104996264core:PlantMachinery2022-12-3104996264core:FurnitureFittings2022-12-3104996264core:ComputerEquipment2022-12-31049962642022-12-3104996264core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-12-3104996264core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-12-3104996264core:DevelopmentCostsCapitalisedDevelopmentExpenditurecore:ExternallyAcquiredIntangibleAssets2023-01-012023-12-3104996264core:DevelopmentCostsCapitalisedDevelopmentExpenditure2023-01-012023-12-3104996264core:DevelopmentCostsCapitalisedDevelopmentExpenditure2022-12-3104996264core:WithinOneYear2023-12-3104996264core:WithinOneYear2022-12-3104996264bus:PrivateLimitedCompanyLtd2023-01-012023-12-3104996264bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3104996264bus:FRS1022023-01-012023-12-3104996264bus:AuditExemptWithAccountantsReport2023-01-012023-12-3104996264bus:Director22023-01-012023-12-3104996264bus:Director32023-01-012023-12-3104996264bus:Director42023-01-012023-12-3104996264bus:CompanySecretary12023-01-012023-12-3104996264bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP