Company registration number 13393111 (England and Wales)
REACT SUPPORT LTD
Unaudited Financial Statements
for the Year Ended 31 May 2024
REACT SUPPORT LTD
STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
6,014
7,517
Current assets
Trade and other receivables
4
9,301
2,771
Cash and cash equivalents
3,070
66
12,371
2,837
Current liabilities
5
(58,947)
(34,874)
Net current liabilities
(46,576)
(32,037)
Net liabilities
(40,562)
(24,520)
Equity
Called up share capital
1
1
Retained earnings
(40,563)
(24,521)
Total equity
(40,562)
(24,520)

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 20 November 2024 and are signed on its behalf by:
Mr R J Miles
Director
Company registration number 13393111 (England and Wales)
REACT SUPPORT LTD
Notes to the Financial Statements
For the Year Ended 31 May 2024
- 2 -
1
Accounting policies
Company information

React Support Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Business Park, Triangle Business Centre, Merthyr Tydfil, CF48 4TQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts.

 

The company recognises Revenue when:

The amount of Revenue can be reliably measured;

it is probable that future economic benefits will flow to the entity;

and specific criteria have been met for each of the company's activities.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
20% reducing balance
Motor vehicles
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

REACT SUPPORT LTD
Notes to the Financial Statements
For the Year Ended 31 May 2024
1
Accounting policies
- 3 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
6
2
REACT SUPPORT LTD
Notes to the Financial Statements
For the Year Ended 31 May 2024
- 4 -
3
Property, plant and equipment
Computers
Motor vehicles
Total
£
£
£
Cost
At 1 June 2023 and 31 May 2024
339
9,550
9,889
Depreciation and impairment
At 1 June 2023
79
2,292
2,371
Depreciation charged in the year
52
1,452
1,504
At 31 May 2024
131
3,744
3,875
Carrying amount
At 31 May 2024
208
5,806
6,014
At 31 May 2023
260
7,257
7,517
4
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
9,040
-
0
Other receivables
261
2,771
9,301
2,771
5
Current liabilities
2024
2023
£
£
Trade payables
1,569
-
0
Taxation and social security
7,553
-
0
Other payables
49,825
34,874
58,947
34,874
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