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Registration number: 06199372

Runloop Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Runloop Ltd

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5

Notes to the Unaudited Financial Statements

6 to 10

Detailed Profit and Loss Account

11

 

Runloop Ltd

Company Information

Directors

Mr D Wood

Mrs H J Wood

Registered office

86-90 Paul Street
Southsea
London
EC2A 4NE

Accountants

Numeric Accounting
Chartered Certified Accountants
Suite 1 The Portway Centre
Old Sarum Park
Old Sarum
Salisbury
Wiltshire
SP4 6EB

 

Runloop Ltd

Directors' Report for the Year Ended 30 April 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr D Wood

Mrs H J Wood

Principal activity

The principal activity of the company is business and domestic software development.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 8 August 2024 and signed on its behalf by:
 

.........................................
Mr D Wood
Director

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Runloop Ltd
for the Year Ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Runloop Ltd for the year ended 30 April 2024 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/
standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Runloop Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Runloop Ltd and state those matters that we have agreed to state to the Board of Directors of Runloop Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-
activities/technical-resources-search/2009/october/factsheet-163-audit-exempt-companies.html.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Runloop Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Runloop Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Runloop Ltd. You consider that Runloop Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Runloop Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Numeric Accounting
Chartered Certified Accountants
Suite 1 The Portway Centre
Old Sarum Park
Old Sarum
Salisbury
Wiltshire
SP4 6EB

8 August 2024

 

Runloop Ltd

Profit and Loss Account for the Year Ended 30 April 2024

Note

2024
£

2023
£

Turnover

 

253,701

154,839

Cost of sales

 

(9,347)

(15,880)

Gross profit

 

244,354

138,959

Administrative expenses

 

(80,968)

(64,920)

Operating profit

 

163,386

74,039

Profit before tax

4

163,386

74,039

Tax on profit

 

(34,965)

(14,329)

Profit for the financial year

 

128,421

59,710

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Runloop Ltd

(Registration number: 06199372)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

29,553

12,259

Current assets

 

Cash at bank and in hand

 

167,041

129,438

Creditors: Amounts falling due within one year

6

(37,455)

(18,479)

Net current assets

 

129,586

110,959

Total assets less current liabilities

 

159,139

123,218

Provisions for liabilities

(2,655)

(2,655)

Net assets

 

156,484

120,563

Capital and reserves

 

Called up share capital

7

1,000

1,000

Retained earnings

155,484

119,563

Shareholders' funds

 

156,484

120,563

For the financial year ending 30 April 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 8 August 2024 and signed on its behalf by:
 

.........................................
Mr D Wood
Director

 

Runloop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
86-90 Paul Street
Southsea
London
EC2A 4NE

These financial statements were authorised for issue by the Board on 8 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Runloop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

Straight Line at 25%

Fixtures & Fittings

Straight Line at 25%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Runloop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Provisions

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to
the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

8,614

8,470

 

Runloop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 May 2023

3,512

40,749

44,261

Additions

978

29,783

30,761

Disposals

-

(4,854)

(4,854)

At 30 April 2024

4,490

65,678

70,168

Depreciation

At 1 May 2023

3,480

28,522

32,002

Charge for the year

368

8,245

8,613

At 30 April 2024

3,848

36,767

40,615

Carrying amount

At 30 April 2024

642

28,911

29,553

At 30 April 2023

32

12,227

12,259

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

VAT Control account

1,280

2,955

Director's Loan account

1,210

639

Corporation tax control

34,965

14,885

37,455

18,479

 

Runloop Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Share Capital of £1 each

1,000

1,000

1,000

1,000

       

8

Dividends

2024

2023

£

£

Interim dividend of £92,500.00 (2023 - £112,800.00) per ordinary share

92,500

122,800

 

 

9

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

At 30 April 2024
£

Directors Loan

639

1,209

 

2023

At 1 May 2022
£

At 30 April 2023
£

Directors Loan

154

639

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

18,763

18,192

 

Runloop Ltd

Detailed Profit and Loss Account for the Year Ended 30 April 2024

2024
£

2023
£

Turnover

Sale of goods, UK

253,701

154,839

Raw materials and consumables used

Purchases

(9,347)

(15,880)

Employee benefits expense

Directors remuneration

(18,763)

(18,192)

Directors pensions (Other)

(36,000)

(30,000)

(54,763)

(48,192)

Depreciation and amortisation expense

Depreciation of fixtures and fittings (owned)

(368)

(125)

Depreciation of Computer equipment

(8,246)

(8,345)

(8,614)

(8,470)

Other expenses

Use of home as office

(312)

(312)

Telephone and fax

(2,420)

(2,362)

Computer software and maintenance costs

(12,822)

(5,844)

Printing, postage and stationery

(40)

(190)

Trade subscriptions

(35)

(35)

Accountancy fees

(1,860)

(1,560)

Bank charges

(102)

(102)

(17,591)

(10,405)

Other gains/(losses)

Profit/(loss) on disposal of tangible fixed assets

-

2,147

Operating profit

163,386

74,039

Profit before tax

163,386

74,039