2023-03-072024-03-312024-03-31false14713644Root Cause Insights 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Root Cause Insights Limited

Registered Number
14713644
(England and Wales)

Unaudited Financial Statements for the Period ended
31 March 2024

Root Cause Insights Limited
Company Information
for the period from 7 March 2023 to 31 March 2024

Director

Reece Knight

Registered Address

1 Main Street
Swanland
North Ferriby
HU14 3QP

Registered Number

14713644 (England and Wales)
Root Cause Insights Limited
Statement of Financial Position
31 March 2024

Notes

2024

£

£

Fixed assets
Tangible assets34,361
4,361
Current assets
Debtors423,206
Cash at bank and on hand59,493
82,699
Creditors amounts falling due within one year5(49,729)
Net current assets (liabilities)32,970
Total assets less current liabilities37,331
Provisions for liabilities6(1,046)
Net assets36,285
Capital and reserves
Called up share capital1
Profit and loss account36,284
Shareholders' funds36,285
The financial statements were approved and authorised for issue by the Director on 21 November 2024, and are signed on its behalf by:
Reece Knight
Director
Registered Company No. 14713644
Root Cause Insights Limited
Notes to the Financial Statements
for the period ended 31 March 2024

1.Accounting policies
Statutory information
The company 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
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
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 balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Office Equipment4
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

2024
Average number of employees during the year2
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
Additions4,9204,920
At 31 March 244,9204,920
Depreciation and impairment
Charge for year559559
At 31 March 24559559
Net book value
At 31 March 244,3614,361
At 06 March 23--
4.Debtors: amounts due within one year

2024

£
Amounts owed by associates and joint ventures / participating interests3,900
Other debtors1,064
Prepayments and accrued income18,242
Total23,206
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Included within amounts owed by associates and joint ventures / participating interests is £3,900 due from Nightknight Ltd, a company partly owned by Reece Knight, the director of this company.
5.Creditors: amounts due within one year

2024

£
Trade creditors / trade payables6,788
Amounts owed to related parties18,338
Taxation and social security22,865
Other creditors838
Accrued liabilities and deferred income900
Total49,729
6.Provisions for liabilities

2024

£
Net deferred tax liability (asset)1,046
Total1,046
7.Related party transactions
During the year, the company incurred fees from Nightknight Limited of £40,000 for services provided. Nightknight is a company partly owned by Reece Knight, the director of this company.