Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31REdirect, Ltd. ("the Company") is a private company limited by shares, registered and incorporated in England and Wales. Company number 11825368. Its registered office address is Tower Bridge House, St Katharine's Way, London, United Kingdom, E1W 1DD. The principal activity of the Company was that of information technology consultancy services. The functional currency of the Company is Pounds Sterling as this is the currency of the primary economic environment in which the Company operates. Monetary amounts in these financial statements are rounded to the nearest £. Information technology consultancy servicesDeferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.false2023-01-014false3truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11825368 2023-01-01 2023-12-31 11825368 2022-01-01 2022-12-31 11825368 2023-12-31 11825368 2022-12-31 11825368 c:RestatedAmount 2022-12-31 11825368 d:Director1 2023-01-01 2023-12-31 11825368 c:OfficeEquipment 2023-01-01 2023-12-31 11825368 c:OfficeEquipment 2023-12-31 11825368 c:OfficeEquipment 2022-12-31 11825368 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11825368 c:CurrentFinancialInstruments 2023-12-31 11825368 c:CurrentFinancialInstruments 2022-12-31 11825368 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 11825368 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 11825368 c:ShareCapital 2023-12-31 11825368 c:ShareCapital 2022-12-31 11825368 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 11825368 c:RetainedEarningsAccumulatedLosses 2023-12-31 11825368 c:RetainedEarningsAccumulatedLosses 2022-12-31 11825368 d:OrdinaryShareClass1 2023-01-01 2023-12-31 11825368 d:OrdinaryShareClass1 2023-12-31 11825368 d:OrdinaryShareClass1 2022-12-31 11825368 d:FRS102 2023-01-01 2023-12-31 11825368 d:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 11825368 d:FullAccounts 2023-01-01 2023-12-31 11825368 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11825368 c:Subsidiary1 2023-01-01 2023-12-31 11825368 c:Subsidiary1 1 2023-01-01 2023-12-31 11825368 6 2023-01-01 2023-12-31 11825368 c:AcceleratedTaxDepreciationDeferredTax 2023-12-31 11825368 c:AcceleratedTaxDepreciationDeferredTax 2022-12-31 11825368 c:TaxLossesCarry-forwardsDeferredTax 2023-12-31 11825368 c:TaxLossesCarry-forwardsDeferredTax 2022-12-31 11825368 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11825368









REDIRECT, LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
REDIRECT, LTD
REGISTERED NUMBER: 11825368

BALANCE SHEET
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 3 
330
989

Investments
 4 
54
54

  
384
1,043

Current assets
  

Debtors: amounts falling due within one year
 5 
13,070
93,136

Cash at bank and in hand
 6 
21,705
121,936

  
34,775
215,072

Creditors: amounts falling due within one year
 7 
(104,358)
(31,982)

Net current (liabilities)/assets
  
 
 
(69,583)
 
 
183,090

Total assets less current liabilities
  
(69,199)
184,133

  

Net (liabilities)/assets
  
(69,199)
184,133


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
 10 
(69,299)
184,033

  
(69,199)
184,133

Page 1

 
REDIRECT, LTD
REGISTERED NUMBER: 11825368
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question 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 financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



Robert T Crichlow
Director

Date: 25 July 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
REDIRECT, LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

REdirect, Ltd. ("the Company") is a private company limited by shares, registered and incorporated in England and Wales. Company number 11825368. Its registered office address is Tower Bridge House, St Katharine's Way, London, United Kingdom, E1W 1DD.
The principal activity of the Company was that of information technology consultancy services.
The functional currency of the Company is Pounds Sterling as this is the currency of the primary economic
environment in which the Company operates. Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
REDIRECT, LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Pensions

Defined contribution pension plan

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 payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
REDIRECT, LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 5

 
REDIRECT, LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

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.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.
 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Page 6

 
REDIRECT, LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2023
2,637



At 31 December 2023

2,637



Depreciation


At 1 January 2023
1,648


Charge for the year on owned assets
659



At 31 December 2023

2,307



Net book value



At 31 December 2023
330



At 31 December 2022
989


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
54



At 31 December 2023
54





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Class of shares

Holding

REdirect Australia Pty Ltd
ORD
100%

Page 7

 
REDIRECT, LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

As restated
2023
2022
£
£


Trade debtors
99
31,947

Amounts owed by group undertakings
-
60,003

Other debtors
8,033
-

Prepayments and accrued income
4,746
994

Deferred taxation
192
192

13,070
93,136


The amounts owed from group undertakings hold no fixed repayment terms and no interest chargeable, therefore deemed to be repayable on demand.


6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
21,705
121,936

21,705
121,936



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
2,942
-

Amounts owed to group undertakings
81,197
-

Corporation tax
-
6,387

Other taxation and social security
9,530
15,583

Other creditors
1,836
1,759

Accruals and deferred income
8,853
8,253

104,358
31,982


The amounts owed to group undertakings hold no fixed repayment terms and no interest chargeable, therefore deemed to be repayable on demand.

Page 8

 
REDIRECT, LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Deferred taxation




2023


£






At beginning of year
192



At end of year
192

The deferred tax asset is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(247)
(247)

Short term timing differences
439
439

192
192


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



10.


Reserves

Profit and loss account

This reserve represents cumulative profits and losses.


11.


Prior year adjustment

On 2 March 2022, REdirect Australia Pty Ltd was incorporated and 100% of the share capital was issued to REdirect Ltd on this date. Accordingly, an investment in subsidary has been included with the other side of the transaction being intercompany. There was no impact on the Profit and Loss Account.


12.


Related party transactions

The Company has taken advantage of the exemption available in accordance within FRS 102 Section 1A Appendix C.34-36 not to disclose transactions entered into between two or more members of a group that are wholly owned.

Page 9

 
REDIRECT, LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Parent undertaking

The Parent undertaking is REdirect, Inc. which holds 100% of the share capital. REdirect, Inc. is an entity incorporated in New York, USA.
 
Page 10