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Registered number: 13420611







 
 
 
RSGI LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
RSGI LIMITED
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Statement of Changes in Equity
 
3
Notes to the Financial Statements
 
4 - 8


 
RSGI LIMITED
REGISTERED NUMBER: 13420611

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
 £   

FIXED ASSETS
  

Tangible fixed assets
 4 
10,784
3,900

CURRENT ASSETS
  

Debtors
 5 
361,853
648,063

Cash at bank and in hand
  
853,665
295,513

  
1,215,518
943,576

Creditors: amounts falling due within one year
 6 
(333,736)
(382,014)

NET CURRENT ASSETS
  
 
 
881,782
 
 
561,562

PROVISIONS FOR LIABILITIES
  

Deferred tax
 7 
(1,222)
-

  
 
 
(1,222)
 
 
-

NET ASSETS
  
891,344
565,462


CAPITAL AND RESERVES
  

Allotted, called up and fully paid share capital
 8 
100
100

Profit and loss account
  
891,244
565,362

EQUITY SHAREHOLDER'S FUNDS
  
891,344
565,462


Page 1

 
RSGI LIMITED
REGISTERED NUMBER: 13420611

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the Directors' Report and the Statement of Comprehensive Income in accordance with provisions applicable to companies subject to the small companies regime, under section 444 of the Companies Act 2006.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 October 2024.




R Sengupta
Director

The notes on pages 4 to 8 form part of these financial statements.

Page 2

 
RSGI LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


AT 1 JANUARY 2022
1
106,267
106,268


COMPREHENSIVE INCOME FOR THE PERIOD

Profit for the period
-
464,095
464,095
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
-
464,095
464,095


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Dividends: Equity capital
-
(5,000)
(5,000)

Shares issued during the period
99
-
99


TOTAL TRANSACTIONS WITH OWNERS
99
(5,000)
(4,901)



AT 1 JANUARY 2023
100
565,362
565,462


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
421,274
421,274


CONTRIBUTIONS BY AND DISTRIBUTIONS TO OWNERS

Dividends: Equity capital
-
(95,392)
(95,392)


AT 31 DECEMBER 2023
100
891,244
891,344


The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
RSGI LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

RSGI Limited (company number: 13420611), having its registered office at 1st Floor Sackville House, 143-149 Fenchurch Street, London, EC3M 6BL, is a private limited company incorporated in England and Wales. 
The principal place of business of the Company is at 5 Kings Avenue, Muswell Hill, London, N10 1PA.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

  
2.2

STATEMENT OF CASH FLOWS

The Company has taken advantage of the exemption in Financial Reporting Standard 102, Section 1A.7 from the requirement to produce a Statement of Cash Flows on the grounds that is a small company.

 
2.3

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

DEBTORS

Short-term debtors are measured at transaction price, less any impairment.

 
2.5

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Page 4

 
RSGI LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

FINANCE COSTS

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

CREDITORS

Short-term creditors are measured at the transaction price.

 
2.8

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the Balance Sheet date.

 
2.9

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is British Pound Sterling (GBP).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.10

PENSIONS

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
RSGI LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.11

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of 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 Balance Sheet date in the United Kingdom where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

 
2.12

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

 
2.13

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
RSGI LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.14

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 10 (2022 - 8).


4.


TANGIBLE FIXED ASSETS





Office equipment

£



Cost or valuation


At 1 January 2023
4,800


Additions
8,706



At 31 December 2023

13,506



Depreciation


At 1 January 2023
900


Charge for the year
1,822



At 31 December 2023

2,722



Net book value



At 31 December 2023
10,784



At 31 December 2022
3,900


5.


DEBTORS

2023
2022
£
£

Due within one year

Trade debtors
359,788
641,964

Other debtors
2,065
99

Prepayments and accrued income
-
6,000

361,853
648,063


Page 7

 
RSGI LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


CREDITORS: Amounts falling due within one year

2023
2022
£
£

Trade creditors
3,600
8,625

Corporation tax
130,832
137,153

Other taxation and social security
118,902
116,475

Other creditors
63,402
113,761

Accruals and deferred income
17,000
6,000

333,736
382,014



7.


DEFERRED TAXATION




2023


£






At beginning of year
-


Charged to profit or loss
(1,222)



At end of year
(1,222)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(1,222)
-


8.


SHARE CAPITAL

2023
2022
£
£
Allotted, called up and fully paid



98 (2022 - 98) A Ordinary shares of £1 each
98
98
2 (2022 - 2) B Ordinary shares of £1 each
2
2

100

100



9.


RELATED PARTY TRANSACTIONS

Included within other creditors are amounts due to a director of the Company of £50,225 (2022: £106,533). No interest is accruing on the loan.


Page 8