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Registered number: 11345359
Re-Universe Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
Potts & Co
Accountancy and Business Advice
6 Jacobs Yard
Middle Barton
Oxfordshire
OX7 7BY
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11345359
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 (1,377 ) 16,734
Tangible Assets 5 14,497 8,234
13,120 24,968
CURRENT ASSETS
Debtors 6 583 18,108
Cash at bank and in hand 11,173 1,627
11,756 19,735
Creditors: Amounts Falling Due Within One Year 7 (808,764 ) (599,944 )
NET CURRENT ASSETS (LIABILITIES) (797,008 ) (580,209 )
TOTAL ASSETS LESS CURRENT LIABILITIES (783,888 ) (555,241 )
NET LIABILITIES (783,888 ) (555,241 )
CAPITAL AND RESERVES
Called up share capital 8 1,990 1,990
Profit and Loss Account (785,878 ) (557,231 )
SHAREHOLDERS' FUNDS (783,888) (555,241)
Page 1
Page 2
For the year ending 31 May 2024 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 Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Anthony McGurk
Director
14/09/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Re-Universe Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11345359 . The registered office is The Eco Business Centre, Charlotte Avenue, Bicester, OX27 8BL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are .... It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised to ... on a straight line basis over their expected useful economic lives, which range from ... to ... years.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25%
Computer Equipment 25%
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
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Page 4
4. Intangible Assets
Other Development Costs Total
£ £ £
Cost
As at 1 June 2023 1,381 65,755 67,136
Additions - 4,759 4,759
As at 31 May 2024 1,381 70,514 71,895
Amortisation
As at 1 June 2023 1,381 49,021 50,402
Impairment losses - 22,870 22,870
As at 31 May 2024 1,381 71,891 73,272
Net Book Value
As at 31 May 2024 - (1,377 ) (1,377 )
As at 1 June 2023 - 16,734 16,734
5. Tangible Assets
Plant & Machinery
£
Cost
As at 1 June 2023 12,439
Additions 11,095
As at 31 May 2024 23,534
Depreciation
As at 1 June 2023 4,205
Provided during the period 4,832
As at 31 May 2024 9,037
Net Book Value
As at 31 May 2024 14,497
As at 1 June 2023 8,234
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 12,600
Other debtors 583 5,508
583 18,108
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Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 35,804 20,599
Other loans 635,541 484,141
Other creditors 81,283 77,601
Taxation and social security 56,136 17,603
808,764 599,944
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,990 1,990
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