RADICAL HQ LIMITED Filleted Accounts Cover
RADICAL HQ LIMITED
Company No. 12580247
Information for Filing with The Registrar
30 April 2023
RADICAL HQ LIMITED Directors Report Registrar
The Directors present their report and the accounts for the year ended 30 April 2023.
Principal activities
The principal activity of the company during the year under review was business and domestic software development.
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)
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
N. Priell
Director
19 April 2024
RADICAL HQ LIMITED Balance Sheet Registrar
at
30 April 2023
Company No.
12580247
Notes
2023
2022
£
£
Fixed assets
Intangible assets
4
38,11842,883
Tangible assets
5
178,907192,643
217,025235,526
Current assets
Debtors
6
820,047631,688
Cash at bank and in hand
8,132,08310,693,182
8,952,13011,324,870
Creditors: Amount falling due within one year
7
(123,426)
(95,670)
Net current assets
8,828,70411,229,200
Total assets less current liabilities
9,045,72911,464,726
Net assets
9,045,72911,464,726
Capital and reserves
Called up share capital
1818
Share premium account
9
13,150,20513,150,060
Other reserve
8
124,01150,500
Profit and loss account
9
(4,228,505)
(1,735,852)
Total equity
9,045,72911,464,726
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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:
48 Wilson Grove
London
England
SE16 4PN
The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.
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
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

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
Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

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.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Plant and machinery
25% Straight line
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
Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.

No depreciation is provided in respect of investment properties.
Investments
Unlisted investments are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, any changes in fair value are recognised in profit and loss.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

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 debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Foreign currencies
The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.
Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.
Leased assets
Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

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 Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
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 made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

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:
1818
4
Intangible fixed assets
Other
Total
£
£
Cost
At 1 May 2022
47,64847,648
At 30 April 2023
47,64847,648
Amortisation and impairment
At 1 May 2022
4,7654,765
Charge for the year
4,7654,765
At 30 April 2023
9,5309,530
Net book values
At 30 April 2023
38,11838,118
At 30 April 2022
42,88342,883
5
Tangible fixed assets
Plant and machinery
Total
£
£
Cost or revaluation
At 1 May 2022
219,066219,066
Additions
47,57647,576
At 30 April 2023
266,642266,642
Depreciation
At 1 May 2022
26,42326,423
Charge for the year
61,31261,312
At 30 April 2023
87,73587,735
Net book values
At 30 April 2023
178,907178,907
At 30 April 2022
192,643192,643
6
Debtors
2023
2022
£
£
Trade debtors
11,696-
Corporation tax recoverable
641,401452,143
VAT recoverable
40,39349,846
Other debtors
72,45072,723
Prepayments and accrued income
54,10756,976
820,047631,688
7
Creditors:
amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
-4,681
Trade creditors
13,03114,803
Other taxes and social security
2,38168,750
Other creditors
8,5894,623
Accruals and deferred income
99,4252,813
123,42695,670
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
124,011
50,500
9
Reserves
Other reserve
Total other reserves
£
£
Movement on other reserve
50,500
50,500
At 30 April 2022 and 1 May 2022
50,500
50,500
Movement in other reserve
73,511
73,511
At 30 April 2023
124,011124,011
Other reserve - movement in equity-settled schemes.
Share premium account - includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.
Profit and loss account - includes all current and prior period retained profits and losses.
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
£
£
£
£
N. PriellDirector loan273-
(273)
-
273-
(273)
-
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