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Company Registration No. 12394678 (England and Wales)
Raycast Technologies Ltd. Unaudited accounts for the year ended 31 January 2024
Raycast Technologies Ltd. Unaudited accounts Contents
Page
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Raycast Technologies Ltd. Company Information for the year ended 31 January 2024
Directors
Thomas Paul Mann Petr Nikolaev
Secretary
Oakwood Corporate Secretary Limited
Company Number
12394678 (England and Wales)
Registered Office
3rd Floor 1 Ashley Road Altrincham Cheshire WA14 2DT United Kingdom
Accountants
The Accountancy Cloud 1 Fore Street Avenue London EC2Y 9DT
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Raycast Technologies Ltd. Statement of financial position as at 31 January 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
26,974 
39,766 
Current assets
Inventories
26,477 
- 
Debtors
44,942 
6,257 
Cash at bank and in hand
2,193,813 
298,510 
2,265,232 
304,767 
Creditors: amounts falling due within one year
(462,349)
(22,158)
Net current assets
1,802,883 
282,609 
Total assets less current liabilities
1,829,857 
322,375 
Creditors: amounts falling due after more than one year
(9,796,790)
(5,311,741)
Net liabilities
(7,966,933)
(4,989,366)
Capital and reserves
Called up share capital
10 
10 
Profit and loss account
(7,966,943)
(4,989,376)
Shareholders' funds
(7,966,933)
(4,989,366)
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2024 and were signed on its behalf by
Thomas Paul Mann Director Company Registration No. 12394678
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Raycast Technologies Ltd. Notes to the Accounts for the year ended 31 January 2024
1
Statutory information
Raycast Technologies Ltd. is a private company, limited by shares, registered in England and Wales, registration number 12394678. The registered office is 3rd Floor, 1 Ashley Road, Altrincham, Cheshire, WA14 2DT, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Going concern
The accounts have been prepared on the assumption that the company is able to carry on business as a going concern for the foreseeable future.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
4 years straight line
Computer equipment
3 years straight line
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Research and development tax credit
During the financial year, Raycast Technologies Ltd received a tax credit for qualifying research and development expenditure under the Research and Development tax relief scheme. This is presented as a tax repayment in the Statement of Profit or Loss in line with disclosure requirements under FRS 102.
Foreign exchange
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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Raycast Technologies Ltd. Notes to the Accounts for the year ended 31 January 2024
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Prior year restatement
Amounts due to related parties were reviewed during the current year and it was noted that interest had not been accrued on the loan, resulting in the following adjustment for the financial year ended 31 January 2023: - Increase in interest paid of £87,883. - Increase in amounts owed to group undertakings of £165,040. - Decrease in retained earnings of £165,040.
4
Tangible fixed assets
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 February 2023
10,632 
73,752 
84,384 
Additions
5,599 
6,067 
11,666 
Disposals
- 
(3,870)
(3,870)
At 31 January 2024
16,231 
75,949 
92,180 
Depreciation
At 1 February 2023
3,765 
40,853 
44,618 
Charge for the year
3,293 
18,910 
22,203 
On disposals
- 
(1,615)
(1,615)
At 31 January 2024
7,058 
58,148 
65,206 
Net book value
At 31 January 2024
9,173 
17,801 
26,974 
At 31 January 2023
6,867 
32,899 
39,766 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
8,848 
- 
Accrued income and prepayments
36,094 
6,257 
44,942 
6,257 
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Raycast Technologies Ltd. Notes to the Accounts for the year ended 31 January 2024
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Trade creditors
49,750 
5,354 
Taxes and social security
24,613 
13,677 
Other creditors
11,728 
3,137 
Loans from directors
35 
(10)
Accruals
14,508 
- 
Deferred income
361,715 
- 
462,349 
22,158 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Amounts owed to group undertakings and other participating interests
9,796,790 
5,311,741 
8
Transactions with related parties
Raycast Technologies Limited is 100% owned by Raycast Technologies Inc. At the year end, Raycast Technologies Limited owed its parent £9,796,790 (2023: £5,335,616. The balance accrues interest at a rate of 2.49%.
9
Controlling party
Raycast Technologies Limited is 100% owned by its parent, Raycast Technologies Inc. Their registered office and principal place of business is 1209 Orange Street, Wilmington, New Castle, 19801.
10
Average number of employees
During the year the average number of employees was 6 (2023: 5).
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