Redcloud IP Limited
Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 09493154 (England and Wales)
RedCloud IP Limited
Redcloud IP Limited
Company Information
Director
J Floyd
Secretary
J P Fletcher
Company number
09493154
Registered office
50 Liverpool Street
London
EC2M 7PY
RedCloud IP Limited
Redcloud IP Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Redcloud IP Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
3,414,138
2,998,209
Creditors: amounts falling due within one year
5
-
0
(10,507)
Net current assets
3,414,138
2,987,702
Capital and reserves
Called up share capital
6
1
1
Capital redemption reserve
-
0
823,773
Profit and loss reserves
3,414,137
2,163,928
Total equity
3,414,138
2,987,702

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 27 December 2024
J Floyd
Director
Company Registration No. 09493154
Redcloud IP Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 2
1
Accounting policies
Company information

RedCloud IP Limited is a private company limited by shares incorporated in England and Wales. The registered office is 50 Liverpool Street, London, EC2M 7PY.

1.1
Accounting convention

These financial statements have been prepared in accordance with section 1A of 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 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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for gateway and IP licence fees.

1.3
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

The Company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

Redcloud IP Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 3
1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8

Intangible assets

Intangible assets represent intellectual property development expenditure for technical, commercial and financial viability of projects at cost. Intangible assets and amortised over the period during which the company is expected to benefit from them.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 5 (2022: 5).

 

3
Intangible fixed assets
Other
£
Cost
At 1 January 2023
823,773
Disposals
(823,773)
At 31 December 2023
-
0
Amortisation and impairment
At 1 January 2023
823,773
Disposals
(823,773)
At 31 December 2023
-
0
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
Redcloud IP Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 4
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
3,414,138
2,998,209
5
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
-
0
3,208
Other creditors
-
257
Accruals and deferred income
-
0
7,042
-
10,507
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.1p each
1,000
1,000
1
1
7
Related party transactions

The company has taken advantage of the exemption available in accordance with FRS 102 section 33 'Related Party Disclosures' not to disclose transactions entered into between two or more members of the group, as the company is a wholly owned subsidiary undertaking of the group with which it is party to the transactions.

8
Control

The company is controlled by RedCloud Technologies Limited, a company registered in the United Kingdom, by virtue of its 100% shareholding.

 

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