13 false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 60,000 59,999 1 1 22,795 2,282 25,077 17,598 2,163 19,761 5,316 5,197 79,997 79,997 79,997 xbrli:pure xbrli:shares iso4217:GBP 07056079 2023-01-01 2023-12-31 07056079 2023-12-31 07056079 2022-12-31 07056079 2022-01-01 2022-12-31 07056079 2022-12-31 07056079 core:NetGoodwill 2023-01-01 2023-12-31 07056079 bus:Director1 2023-01-01 2023-12-31 07056079 core:NetGoodwill 2023-12-31 07056079 core:PlantMachinery 2022-12-31 07056079 core:PlantMachinery 2023-12-31 07056079 core:PlantMachinery 2023-01-01 2023-12-31 07056079 core:WithinOneYear 2023-12-31 07056079 core:WithinOneYear 2022-12-31 07056079 core:AfterOneYear 2023-12-31 07056079 core:AfterOneYear 2022-12-31 07056079 core:ShareCapital 2023-12-31 07056079 core:ShareCapital 2022-12-31 07056079 core:RetainedEarningsAccumulatedLosses 2023-12-31 07056079 core:RetainedEarningsAccumulatedLosses 2022-12-31 07056079 core:NetGoodwill 2022-12-31 07056079 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 07056079 core:Non-currentFinancialInstruments 2023-12-31 07056079 core:Non-currentFinancialInstruments 2022-12-31 07056079 core:PlantMachinery 2022-12-31 07056079 bus:SmallEntities 2023-01-01 2023-12-31 07056079 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 07056079 bus:FullAccounts 2023-01-01 2023-12-31 07056079 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07056079 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 07056079
Research Europe Ltd
Filleted Unaudited Reports and Accounts
31 December 2023
Research Europe Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
1
1
Tangible assets
6
5,316
5,197
Investments
7
79,997
79,997
--------
--------
85,314
85,195
Current assets
Debtors
8
548,885
370,664
Cash at bank and in hand
408,003
768,825
---------
------------
956,888
1,139,489
Creditors: amounts falling due within one year
9
100,483
293,496
---------
------------
Net current assets
856,405
845,993
---------
---------
Total assets less current liabilities
941,719
931,188
Creditors: amounts falling due after more than one year
10
14,167
24,167
---------
---------
Net assets
927,552
907,021
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
927,551
907,020
---------
---------
Shareholders funds
927,552
907,021
---------
---------
These Reports and Accounts 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 income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its Reports and Accounts for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of Reports and Accounts .
Research Europe Ltd
Statement of Financial Position (continued)
31 December 2023
These Reports and Accounts were approved by the board of directors and authorised for issue on 11 September 2024 , and are signed on behalf of the board by:
Mr S Buchanan
Director
Company registration number: 07056079
Research Europe Ltd
Notes to the Reports and Accounts
Year ended 31 December 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 Earlsfield Business Centre, 9 Lydden Road, London, SW178 4LT.
2. Statement of compliance
These Reports and Accounts 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 Reports and Accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The Reports and Accounts are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Corporation tax
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Over 5 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Plant and machinery
-
Over 5 years
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2022: 9 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
60,000
--------
Amortisation
At 1 January 2023 and 31 December 2023
59,999
--------
Carrying amount
At 31 December 2023
1
--------
At 31 December 2022
1
--------
6. Tangible assets
Plant and machinery
£
Cost
At 1 January 2023
22,795
Additions
2,282
--------
At 31 December 2023
25,077
--------
Depreciation
At 1 January 2023
17,598
Charge for the year
2,163
--------
At 31 December 2023
19,761
--------
Carrying amount
At 31 December 2023
5,316
--------
At 31 December 2022
5,197
--------
7. Investments
Other investments other than loans
£
Cost
At 1 January 2023 and 31 December 2023
79,997
--------
Impairment
At 1 January 2023 and 31 December 2023
--------
Carrying amount
At 31 December 2023
79,997
--------
At 31 December 2022
79,997
--------
8. Debtors
2023
2022
£
£
Trade debtors
241,560
341,405
Other debtors
307,325
29,259
---------
---------
548,885
370,664
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Corporation tax
29,358
74,461
Social security and other taxes
53,389
104,270
Other creditors
7,736
104,765
---------
---------
100,483
293,496
---------
---------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
14,167
24,167
--------
--------