RADICAL HQ LIMITED Filleted Accounts Cover |
Company No. 12580247 | |||||||||
RADICAL HQ LIMITED Directors Report Registrar |
The Directors present their report and the accounts for the year ended 30 April 2023. | |||||||||
Principal activities | |||||||||
Directors | |||||||||
The Directors who served at any time during the year were as follows: | |||||||||
J.I. Gabbard | |||||||||
N. Priell | |||||||||
H.A.M. Stebbings | (Resigned 13 March 2023) | ||||||||
Signed on behalf of the board | |||||||||
N. Priell | |||||||||
Director | |||||||||
19 April 2024 |
RADICAL HQ LIMITED Balance Sheet Registrar |
at | ||||||||||
Company No. | Notes | 2023 | 2022 | |||||||
£ | £ | |||||||||
Fixed assets | ||||||||||
Intangible assets | 4 | |||||||||
Tangible assets | 5 | |||||||||
Current assets | ||||||||||
Debtors | 6 | |||||||||
Cash at bank and in hand | ||||||||||
Creditors: Amount falling due within one year | 7 | ( | ( | |||||||
Net current assets | ||||||||||
Total assets less current liabilities | ||||||||||
Net assets | ||||||||||
Capital and reserves | ||||||||||
Called up share capital | ||||||||||
Share premium account | 9 | |||||||||
Other reserve | 8 | |||||||||
Profit and loss account | 9 | ( | ( | |||||||
Total equity | ||||||||||
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account. | ||||||||||
Approved by the board on 19 April 2024 | ||||||||||
And signed on its behalf by: | ||||||||||
N. Priell | ||||||||||
Director | ||||||||||
19 April 2024 |
RADICAL HQ LIMITED Notes to the Accounts Registrar |
for the year ended 30 April 2023 | ||||||||||||||
1 | General information | |||||||||||||
Its registered number is: 12580247 | ||||||||||||||
Its registered office is: | ||||||||||||||
2 | Accounting policies |
Going concern | ||||||||||||||
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. | ||||||||||||||
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. | ||||||||||||||
Turnover | ||||||||||||||
Revenue from the sale of goods is recognised when all the following conditions are satisfied: • the Company has transferred to the buyer the significant risks and rewards of ownership of the goods; • the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; • the amount of revenue can be measured reliably; • it is probable that the economic benefits associated with the transaction will flow to the Company; and • the costs incurred or to be incurred in respect of the transaction can be measured reliably. Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed. | ||||||||||||||
Share based payments | ||||||||||||||
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the Profit and Loss Account over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Balance Sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a marketing vesting condition. | ||||||||||||||
The fair value of the award also takes into account non-vesting conditions. There are either factors beyond the control of either party (such as the company keeping the scheme open or the employee maintaining any contributions required by the scheme). | ||||||||||||||
Where the terms and conditions of options are modified before they vest, the increase in the fair value of options, measured immediately before and after the modification, is also charged to the Profit and Loss Account over the remaining vesting period. | ||||||||||||||
Intangible fixed assets | ||||||||||||||
Tangible fixed assets and depreciation | ||||||||||||||
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. | ||||||||||||||
Plant and machinery | ||||||||||||||
Taxation | ||||||||||||||
Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period. Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. | ||||||||||||||
Freehold investment property | ||||||||||||||
No depreciation is provided in respect of investment properties. | ||||||||||||||
Investments | ||||||||||||||
Stocks | ||||||||||||||
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs. Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses. | ||||||||||||||
Trade and other debtors | ||||||||||||||
Trade and other creditors | ||||||||||||||
Foreign currencies | ||||||||||||||
Leased assets | ||||||||||||||
Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases. Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above). Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis. | ||||||||||||||
Defined contribution pensions | ||||||||||||||
The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. | ||||||||||||||
Post balance sheet events | ||||||||||||||
On 24 February 2022 Russian Forces entered Ukraine, resulting in Western Nation reactions including announcements of sanctions against Russia and Russian interests worldwide and an economic ripple effect on the global economy. The Directors have carried out an assessment of the potential impact of Russian Forces entering Ukraine on the business, including the impact of mitigation measures and uncertainties, and have concluded that this is a non-adjusting post balance sheet event with the greatest impact on the business expected to be from the economic ripple effect on the global economy. The Directors have taken account of these potential impacts in their going concern assessment. | ||||||||||||||
Provisions | ||||||||||||||
Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet. | ||||||||||||||
3 | Employees | |||||||||||||
2023 | 2022 | |||||||||||||
Number | Number | |||||||||||||
The average monthly number of employees (including directors) during the year was: | ||||||||||||||
4 | Intangible fixed assets | |||||||||||||
Other | Total | |||||||||||||
£ | £ | |||||||||||||
Cost | ||||||||||||||
At 1 May 2022 | ||||||||||||||
At 30 April 2023 | ||||||||||||||
Amortisation and impairment | ||||||||||||||
At 1 May 2022 | ||||||||||||||
Charge for the year | ||||||||||||||
At 30 April 2023 | ||||||||||||||
Net book values | ||||||||||||||
At 30 April 2023 | ||||||||||||||
At 30 April 2022 | ||||||||||||||
5 | Tangible fixed assets | |||||||||||||
Plant and machinery | Total | |||||||||||||
£ | £ | |||||||||||||
Cost or revaluation | ||||||||||||||
At 1 May 2022 | ||||||||||||||
Additions | ||||||||||||||
At 30 April 2023 | ||||||||||||||
Depreciation | ||||||||||||||
At 1 May 2022 | ||||||||||||||
Charge for the year | ||||||||||||||
At 30 April 2023 | ||||||||||||||
Net book values | ||||||||||||||
At 30 April 2023 | ||||||||||||||
At 30 April 2022 | ||||||||||||||
6 | Debtors | |||||||||||||
2023 | 2022 | |||||||||||||
£ | £ | |||||||||||||
Trade debtors | ||||||||||||||
Corporation tax recoverable | ||||||||||||||
VAT recoverable | ||||||||||||||
Other debtors | ||||||||||||||
Prepayments and accrued income | ||||||||||||||
7 | Creditors: | |||||||||||||
amounts falling due within one year | ||||||||||||||
2023 | 2022 | |||||||||||||
£ | £ | |||||||||||||
Bank loans and overdrafts | ||||||||||||||
Trade creditors | ||||||||||||||
Other taxes and social security | ||||||||||||||
Other creditors | ||||||||||||||
Accruals and deferred income | ||||||||||||||
8 | Share based payments | |||||||||||||
The company operates an employee share option plan, 1,268,541 options have been granted in 2023 (2022: 461,554) | ||||||||||||||
Details of the share options outstanding during the year are as follows: | ||||||||||||||
Weighted average exercise price 2023 | Number 2023 | Weighted average exercise price 2022 | Number 2022 | |||||||||||
Outstanding as at beginning of year | 0.22 | 798,595 | 0.22 | 511,000 | ||||||||||
Granted during the year | 0.22 | 1,268,541 | 0.22 | 461,554 | ||||||||||
Cancelled during the year | 0.22 | (594,213) | 0.22 | (173,959) | ||||||||||
Outstanding as the end of the year | 0.22 | 1,472,923 | 0.22 | 798,595 | ||||||||||
2023 | 2022 | |||||||||||||
£ | £ | |||||||||||||
Option pricing model used | Black and Scholes | Black and Scholes | ||||||||||||
Share price | 0.01 | 0.01 | ||||||||||||
Excercise price | 0.01 | 0.01 | ||||||||||||
Contractual life (years) | 4 | 4 | ||||||||||||
Expected volatility | 70% | 70% | ||||||||||||
Risk-free interest rate | 0.2% | 0.2% | ||||||||||||
2023 | 2022 | |||||||||||||
£ | £ | |||||||||||||
Equity-settled schemes | 50,500 | |||||||||||||
9 | Reserves | |||||||||||||
Other reserve | Total other reserves | |||||||||||||
£ | £ | |||||||||||||
Movement on other reserve | ||||||||||||||
At 30 April 2022 and 1 May 2022 | ||||||||||||||
Movement in other reserve | ||||||||||||||
At 30 April 2023 | ||||||||||||||
10 | Advances and credits to directors | |||||||||||||
Included within Other debtors are the following loans to directors: | ||||||||||||||
Director | Description | At 1 May 2022 | Advanced | Repaid | At 30 April 2023 | |||||||||
£ | £ | £ | £ | |||||||||||
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