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COMPANY REGISTRATION NUMBER: 12132947
Retreev Limited
Filleted Unaudited Financial Statements
31 August 2023
Retreev Limited
Financial Statements
Year ended 31 August 2023
Contents
Page
Officers and professional advisers
1
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Retreev Limited
Officers and Professional Advisers
The board of directors
D R Black
S L Stein
M S Stern
Registered office
727-729 High Road
London
N12 0BP
Accountants
Complete Accounting Solutions
Chartered Certified Accountants
727-729 High Road
London
N12 0BP
Retreev Limited
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Retreev Limited
Year ended 31 August 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 August 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Complete Accounting Solutions Chartered Certified Accountants
727-729 High Road London N12 0BP
Retreev Limited
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
1,175
Current assets
Stocks
28,497
165,962
Debtors
6
98,280
40,256
Cash at bank and in hand
1,154
10,785
---------
---------
127,931
217,003
Creditors: amounts falling due within one year
7
127,055
19,144
---------
---------
Net current assets
876
197,859
-------
---------
Total assets less current liabilities
2,051
197,859
Creditors: amounts falling due after more than one year
8
880,558
805,699
---------
---------
Net liabilities
( 878,507)
( 607,840)
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 878,607)
( 607,940)
---------
---------
Shareholders deficit
( 878,507)
( 607,840)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 August 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Retreev Limited
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 29 August 2024 , and are signed on behalf of the board by:
S L Stein
Director
Company registration number: 12132947
Retreev Limited
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 727-729 High Road, London, N12 0BP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis .
Going concern
In my opinion, on the basis of information and enquiries that are pertinent to the company's circumstances and which I believe to be adequate, it is appropriate to continue to treat the company as a going concern. In particular I believe that adequate cash resources will be available to cover the company's requirements for working capital for at least twelve months from the date of signing the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date .
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer Equipment
-
33% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 1 ).
5. Tangible assets
Equipment
£
Cost
At 1 September 2022
Additions
1,692
-------
At 31 August 2023
1,692
-------
Depreciation
At 1 September 2022
Charge for the year
517
-------
At 31 August 2023
517
-------
Carrying amount
At 31 August 2023
1,175
-------
At 31 August 2022
-------
6. Debtors
2023
2022
£
£
Trade debtors
75,295
29,319
Other debtors
22,985
10,937
--------
--------
98,280
40,256
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
11,071
9,226
Trade creditors
72,554
2,920
Social security and other taxes
1,019
Other creditors
43,430
5,979
---------
--------
127,055
19,144
---------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
36,853
40,774
Other creditors
843,705
764,925
---------
---------
880,558
805,699
---------
---------