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REGISTERED NUMBER: SC279287 (Scotland)












Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Research Relay Limited

Research Relay Limited (Registered number: SC279287)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Research Relay Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: D S Gowland





REGISTERED OFFICE: New Horries
Deerness
Orkney
KW17 2QL





REGISTERED NUMBER: SC279287 (Scotland)





ACCOUNTANTS: Orcadia
Chartered Accountants
1 - 3 East Road
Kirkwall
Orkney
KW15 1HZ

Research Relay Limited (Registered number: SC279287)

Abridged Balance Sheet
31 December 2023

2022 2023
£    £    Notes £    £   
FIXED ASSETS
606 Tangible assets 4 462

CURRENT ASSETS
31,055 Debtors 25,191
97 Cash at bank 17
31,152 25,208
CREDITORS
34,242 Amounts falling due within one year 32,767
(3,090 ) NET CURRENT LIABILITIES (7,559 )
(2,484 ) TOTAL ASSETS LESS CURRENT
LIABILITIES

(7,097

)

CREDITORS
7,378 Amounts falling due after more than one
year

6,673
(9,862 ) NET LIABILITIES (13,770 )

CAPITAL AND RESERVES
1 Called up share capital 1
(9,863 ) Retained earnings (13,771 )
(9,862 ) SHAREHOLDERS' FUNDS (13,770 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Research Relay Limited (Registered number: SC279287)

Abridged Balance Sheet - continued
31 December 2023


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 May 2024 and were signed by:





D S Gowland - Director


Research Relay Limited (Registered number: SC279287)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Research Relay Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of services, excluding VAT and the receipt of European Union grant aid.

Revenue is recoginsed when it is certain that the company will receive it any any conditions of any grant aid have been satisfied.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Research Relay Limited (Registered number: SC279287)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors re initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Foreign currencies
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

Research Relay Limited (Registered number: SC279287)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023
and 31 December 2023 4,475
DEPRECIATION
At 1 January 2023 3,869
Charge for year 144
At 31 December 2023 4,013
NET BOOK VALUE
At 31 December 2023 462
At 31 December 2022 606

5. RELATED PARTY DISCLOSURES

The following companies are related parties:
Fairwind (Orkney) Limited - a company in which D Gowland owns shares
Northbay Innovations Limited - a company in which D Gowland owns shares

The following balances were due from/(to) the related parties at the balance sheet date:
Fairwind (Orkney) Limited £1,466 (2022: £1,466)
Northbay Innovations Limited £22,845 (2022: £22,545)

Director's loan due to DS Gowland was £21,788 (2022: £22,301)

The controlling party is D S Gowland.