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COMPANY REGISTRATION NUMBER: 05993686
Redbite Solutions Limited
Filleted Unaudited Financial Statements
31 March 2024
Redbite Solutions Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
6
241,927
259,256
Tangible assets
7
5,006
4,954
---------
---------
246,933
264,210
Current assets
Debtors
8
148,456
146,040
Cash at bank and in hand
479,455
411,826
---------
---------
627,911
557,866
Creditors: amounts falling due within one year
9
198,851
185,415
---------
---------
Net current assets
429,060
372,451
---------
---------
Total assets less current liabilities
675,993
636,661
---------
---------
Net assets
675,993
636,661
---------
---------
Capital and reserves
Called up share capital
163
163
Share premium account
1,674,979
1,674,979
Revaluation reserve
4,371
Profit and loss account
( 1,003,520)
( 1,038,481)
------------
------------
Shareholders funds
675,993
636,661
------------
------------
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 March 2024 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 .
Redbite Solutions Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 19 June 2024 , and are signed on behalf of the board by:
C Y Wong Director
Company registration number: 05993686
Redbite Solutions Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is St Johns Innovation Centre, Cowley Road, Cambridge, CB4 0WS.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. Grants receivable have been recognised on an accruals basis and included within turnover in the year to which they relate.
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. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Intangible assets
Research and development costs are expensed at the time incurred. Development expenditure is capitalised when the cost of the asset can be identified and it is anticipated that future economic benefit to accrue to the company. The development costs are amortised over the anticipated period the asset will generate income.
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:
Development costs
-
20% straight line
Other intangible assets
-
20% straight line
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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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 & machinery
-
33% straight line
Fixtures & fittings
-
33% straight line
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 4 (2023: 6 ).
5. Tax on loss
The tax refund is made up as follows:
2024
2023
£
£
R & D Tax credit 2022
88,789
R & D Tax credit 2023
70,132
--------
--------
70,132
88,789
--------
--------
6. Intangible assets
Development costs
Other intangibles
Intangible asset user defined 2
Total
£
£
£
£
Cost
At 1 April 2023
1,308,536
26,966
1,335,502
Additions
Additions from internal developments
154,222
154,222
Revaluations
8,449
8,449
------------
--------
-------
------------
At 31 March 2024
1,462,758
26,966
8,449
1,498,173
------------
--------
-------
------------
Amortisation
At 1 April 2023
1,053,650
22,596
1,076,246
Charge for the year
180,000
180,000
------------
--------
-------
------------
At 31 March 2024
1,233,650
22,596
1,256,246
------------
--------
-------
------------
Carrying amount
At 31 March 2024
229,108
4,370
8,449
241,927
------------
--------
-------
------------
At 31 March 2023
254,886
4,370
259,256
------------
--------
-------
------------
7. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023
9,795
2,837
12,632
Additions
2,821
2,821
--------
-------
--------
At 31 March 2024
12,616
2,837
15,453
--------
-------
--------
Depreciation
At 1 April 2023
4,841
2,837
7,678
Charge for the year
2,769
2,769
--------
-------
--------
At 31 March 2024
7,610
2,837
10,447
--------
-------
--------
Carrying amount
At 31 March 2024
5,006
5,006
--------
-------
--------
At 31 March 2023
4,954
4,954
--------
-------
--------
8. Debtors
2024
2023
£
£
Trade debtors
96,039
75,907
Other debtors
52,417
70,133
---------
---------
148,456
146,040
---------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Social security and other taxes
10,647
19,281
Other creditors
188,204
166,134
---------
---------
198,851
185,415
---------
---------
10. Related party transactions
No individual shareholder is considered to have control of the company.