2022-11-012023-10-312023-10-31false08255937Rational IP 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Rational IP Limited

Registered Number
08255937
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2023

Rational IP Limited
Company Information
for the year from 1 November 2022 to 31 October 2023

Director

G F Chandrahasen

Registered Address

81 Rivington Street
London
EC2A 3AY

Registered Number

08255937 (England and Wales)
Rational IP Limited
Statement of Financial Position
31 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets37301,396
7301,396
Current assets
Debtors4172,697168,870
Cash at bank and on hand317,767488,873
490,464657,743
Creditors amounts falling due within one year5(93,081)(184,469)
Net current assets (liabilities)397,383473,274
Total assets less current liabilities398,113474,670
Creditors amounts falling due after one year6(25,190)(34,837)
Provisions for liabilities7-(265)
Net assets372,923439,568
Capital and reserves
Called up share capital11
Profit and loss account372,922439,567
Shareholders' funds372,923439,568
The financial statements were approved and authorised for issue by the Director on 24 October 2024, and are signed on its behalf by:
G F Chandrahasen
Director
Registered Company No. 08255937
Rational IP Limited
Notes to the Financial Statements
for the year ended 31 October 2023

1.Accounting policies
Statutory information
Rational IP Limited is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
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.
Basis of preparation
The financial statements have been prepared under the historical cost convention.
Functional and presentation currency
The financial statements are presented in pound sterling (£), which is the company’s functional currency, and figures are rounded to the nearest whole pound.
Going concern
The director has a reasonable expectation that the company will continue to trade profitably and have adequate resources to continue in operational existence for the foreseeable future. On this basis, the director is therefore of the opinion that he should continue to adopt the going concern basis in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
There are no significant judgements or estimates applied to the numbers contained within these financial statements.
Turnover policy
Turnover represents net invoiced sales of services, excluding value added tax.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the transaction providing that; the amount of revenue associated with the transaction can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company, the stage of completion of the transaction can be measured reliably and the costs incurred or to be incurred in respect of completing the transaction can be measured reliably.
Operating leases
Rentals payable under operating leases are charged to the income statement account on a straight-line basis over the period of the lease.
Employee benefits
Contributions to defined contribution pension plans are expensed in the period to which they relate.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the statement of financial position. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each reporting 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. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.
Current taxation
Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Tangible fixed assets and depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: Computer equipment - 3 years (straight line)
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the income statement. Where the asset is showing indicators of impairment, the recoverable amount of the asset is estimated and then compared to the carrying value in the financial statements. Where the carrying amount is in excess of recoverable amount, an impairment loss is recognised in the income statement.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes in value.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
The Company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. The Company only enters into basic financial instruments 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, loans to related parties and investments in non puttable ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out right short term loan not at market rate, the financial asset or liability is measured, initially,at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.
Government grants or assistance
Government grant income represents grant income received from the government under the Business Interruption Relief Scheme. A grant that does not impose specified future performance-related conditions is recognised in income when the grant proceeds are received or receivable. In the case of performance-related grants, income is recognised only when the performance-related conditions are met.
2.Average number of employees

20232022
Average number of employees during the year22
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 November 2218,11918,119
Disposals(1,470)(1,470)
At 31 October 2316,64916,649
Depreciation and impairment
At 01 November 2216,72316,723
Charge for year666666
On disposals(1,470)(1,470)
At 31 October 2315,91915,919
Net book value
At 31 October 23730730
At 31 October 221,3961,396
4.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables166,779163,409
Other debtors4,7645,354
Prepayments and accrued income1,154107
Total172,697168,870
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables2,97526,558
Bank borrowings and overdrafts9,6569,650
Taxation and social security80,389147,460
Other creditors61801
Total93,081184,469
6.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts25,19034,837
Total25,19034,837
The company's bank borrowings relate to a bank loan obtained under the Bounce Back Loan scheme. The loan is guaranteed by the UK government under the Coronavirus Business Support scheme.
7.Provisions for liabilities

2023

2022

££
Other provisions-265
Total-265
8.Operating lease commitments
Minimum lease payments under non-cancellable operating leases fall due as follows: Within one year: £7,473 (2022: £25,732) Between two to five years: £22,419 (2022: £18,800)
9.Related party transactions
During the year, the company made advances to the director totalling £173,758 (2022: £230,000) and received repayments from the director totalling £173,758 (2022: £230,000). At the statement of financial position date, the company owed the director £Nil (2022: £Nil). All loans are repayable on demand and do not bear interest.