RADICAL HQ LIMITED Filleted Accounts Cover |
Company No. 12580247 | |||||||||
RADICAL HQ LIMITED Directors Report Registrar |
The Directors present their report and the accounts for the year ended 30 April 2024. | |||||||||
Principal activities | |||||||||
Directors | |||||||||
The Directors who served at any time during the year were as follows: | |||||||||
J.I. Gabbard | |||||||||
J. Hammer | (Resigned 13 June 2024) | ||||||||
N. Priell | |||||||||
Signed on behalf of the board | |||||||||
N. Priell | |||||||||
Director | |||||||||
09 January 2025 |
RADICAL HQ LIMITED Balance Sheet Registrar |
at | ||||||||||
Company No. | Notes | 2024 | 2023 | |||||||
£ | £ | |||||||||
Fixed assets | ||||||||||
Intangible assets | 4 | |||||||||
Tangible assets | 5 | |||||||||
Current assets | ||||||||||
Debtors | 6 | |||||||||
Cash at bank and in hand | ||||||||||
Creditors: Amount falling due within one year | 7 | ( | ( | |||||||
Net current assets | ||||||||||
Total assets less current liabilities | ||||||||||
Net assets | ||||||||||
Capital and reserves | ||||||||||
Called up share capital | ||||||||||
Share premium account | 10 | |||||||||
Other reserve | 10 | |||||||||
Profit and loss account | 10 | ( | ( | |||||||
Total equity | ||||||||||
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account. | ||||||||||
Approved by the board on 09 January 2025 | ||||||||||
And signed on its behalf by: | ||||||||||
N. Priell | ||||||||||
Director | ||||||||||
09 January 2025 |
RADICAL HQ LIMITED Notes to the Accounts Registrar |
for the year ended 30 April 2024 | ||||||||||||||
1 | General information | |||||||||||||
Its registered number is: 12580247 | ||||||||||||||
Its registered office is: | ||||||||||||||
Going concern | ||||||||||||||
2 | Accounting policies |
Turnover | ||||||||||||||
Revenue from the sale of goods is recognised when all the following conditions are satisfied: • the Company has transferred to the buyer the significant risks and rewards of ownership of the goods; • the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; • 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 transaction can be measured reliably. Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed. | ||||||||||||||
Intangible fixed assets | ||||||||||||||
Tangible fixed assets and depreciation | ||||||||||||||
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. | ||||||||||||||
Plant and machinery | ||||||||||||||
Research and development costs | ||||||||||||||
Expenditure on research and development is written off in the year it is incurred unless it meets the criteria to allow it to be capitalised. Costs of research are always written off in the year in which they are incurred. Where development costs are recognised as an asset, they are amortised over the period expected to benefit from them. Amortisation of the capitalised costs begins once the developed product comes into use, typically at rate of 33.33% straight line. | ||||||||||||||
Taxation | ||||||||||||||
Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period. Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. | ||||||||||||||
Foreign currencies | ||||||||||||||
Share based payments | ||||||||||||||
Share-based payment arrangements in which the entity receives goods or services as consideration for its own equity instruments are accounted for as equity-settled share-based payment transactions, regardless of how the equity instruments are obtained by the entity. | ||||||||||||||
The grant date fair value of share-based payments awards granted to employees is recognised as an employee expense, with a corresponding increase in equity, over the period in which the employees become unconditionally entitled to the awards. The fair value of the awards granted is measured based on an using an option valuation model, taking into account the terms and conditions upon which the awards were granted. The amount recognised as an expense is adjusted to reflect the actual number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that do meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes. | ||||||||||||||
Where the terms and conditions of options are modified before they vest, the increase in the fair value of options, measured immediately before and after the modification, is also charged to the Profit and Loss account over the remaining vesting period. | ||||||||||||||
Provisions | ||||||||||||||
Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet. | ||||||||||||||
3 | Employees | |||||||||||||
2024 | 2023 | |||||||||||||
Number | Number | |||||||||||||
The average monthly number of employees (including directors) during the year was: | ||||||||||||||
4 | Intangible fixed assets | |||||||||||||
Other | Total | |||||||||||||
£ | £ | |||||||||||||
Cost | ||||||||||||||
At 1 May 2023 | ||||||||||||||
At 30 April 2024 | ||||||||||||||
Amortisation and impairment | ||||||||||||||
At 1 May 2023 | ||||||||||||||
Charge for the year | ||||||||||||||
At 30 April 2024 | ||||||||||||||
Net book values | ||||||||||||||
At 30 April 2024 | ||||||||||||||
At 30 April 2023 | ||||||||||||||
5 | Tangible fixed assets | |||||||||||||
Plant and machinery | Total | |||||||||||||
£ | £ | |||||||||||||
Cost or revaluation | ||||||||||||||
At 1 May 2023 | ||||||||||||||
Additions | ||||||||||||||
Disposals | ( | ( | ||||||||||||
At 30 April 2024 | ||||||||||||||
Depreciation | ||||||||||||||
At 1 May 2023 | ||||||||||||||
Charge for the year | ||||||||||||||
Disposals | ( | ( | ||||||||||||
At 30 April 2024 | ||||||||||||||
Net book values | ||||||||||||||
At 30 April 2024 | ||||||||||||||
At 30 April 2023 | 178,907 | |||||||||||||
6 | Debtors | |||||||||||||
2024 | 2023 | |||||||||||||
£ | £ | |||||||||||||
Trade debtors | ||||||||||||||
Corporation tax recoverable | ||||||||||||||
VAT recoverable | ||||||||||||||
Other debtors | ||||||||||||||
Prepayments and accrued income | ||||||||||||||
7 | Creditors: | |||||||||||||
amounts falling due within one year | ||||||||||||||
2024 | 2023 | |||||||||||||
£ | £ | |||||||||||||
Trade creditors | ||||||||||||||
Taxes and social security | ||||||||||||||
Other creditors | ||||||||||||||
Accruals and deferred income | ||||||||||||||
8 | Share based payments | |||||||||||||
The company operates an employee share option plan, 318800 options have been granted in 2024 (2023: 1268541) for shares in the company. | ||||||||||||||
Details of the share options outstanding during the year are as follows, presented in GBP: | ||||||||||||||
Weighted average exercise price (USD) 2024 | Number 2024 | Weighted average exercise price (USD) 2023 | Number 2023 | |||||||||||
Outstanding as at beginning of year | 0.22 | 1,472,923 | 0.22 | 798,595 | ||||||||||
Granted during the year | 0.22 | 318,800 | 0.22 | 1,268,541 | ||||||||||
Cancelled during the year | 0.22 | (604,819) | 0.22 | (594,213) | ||||||||||
Outstanding as at the end of the year | - | 1,186,904 | - | 1,472,923 | ||||||||||
0.22 | 1,186,904 | 0.22 | 1,472,923 | |||||||||||
2024 | 2023 | |||||||||||||
Option pricing model used | Black and Scholes | Black and Scholes | ||||||||||||
Share price (USD) | 0.01 | 0.01 | ||||||||||||
Exercise price (USD) | 0.01 | 0.01 | ||||||||||||
Contractual life (years) | 4.00 | 4.00 | ||||||||||||
Expected volatility | 70.00% | 70.00% | ||||||||||||
Risk-free interest rate | 0.20% | 0.20% | ||||||||||||
2024 | 2023 | |||||||||||||
£ | £ | |||||||||||||
Equity-settled schemes | 160,429 | 124,011 | ||||||||||||
9 | Share Capital | |||||||||||||
10,811,916 ordinary shares and 3,079,680 seed preference shares at a nominal price of £0.000001 and 5,226,481 A preferred shares at a nominal price of $0.000001. | ||||||||||||||
10 | Reserves | |||||||||||||
Other Reserve | Total other reserves | |||||||||||||
£ | £ | |||||||||||||
At 1 May 2022 | ||||||||||||||
Movement on other reserve | ||||||||||||||
At 30 April 2023 and 1 May 2023 | ||||||||||||||
Movement on other reserve | ||||||||||||||
At 30 April 2024 | ||||||||||||||