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
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
Raycast Technologies Ltd.
Statement of financial position
as at 31 January 2024
Tangible assets
26,974
39,766
Cash at bank and in hand
2,193,813
298,510
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)
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
Raycast Technologies Ltd.
Notes to the Accounts
for the year ended 31 January 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 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
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.
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.
Raycast Technologies Ltd.
Notes to the Accounts
for the year ended 31 January 2024
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.
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.
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.
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
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
At 31 January 2024
9,173
17,801
26,974
At 31 January 2023
6,867
32,899
39,766
Amounts falling due within one year
Accrued income and prepayments
36,094
6,257
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)
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%.
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).