REGISTERED NUMBER: |
RED Scientific Limited |
Financial Statements for the Year Ended 31st August 2024 |
REGISTERED NUMBER: |
RED Scientific Limited |
Financial Statements for the Year Ended 31st August 2024 |
RED Scientific Limited (Registered number: 02462121) |
Contents of the Financial Statements |
for the Year Ended 31st August 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
RED Scientific Limited |
Company Information |
for the Year Ended 31st August 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
The Engine House |
77 Station Road |
Petersfield |
Hampshire |
GU32 3FQ |
RED Scientific Limited (Registered number: 02462121) |
Balance Sheet |
31st August 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
RED Scientific Limited (Registered number: 02462121) |
Balance Sheet - continued |
31st August 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Share-based payment reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
RED Scientific Limited (Registered number: 02462121) |
Notes to the Financial Statements |
for the Year Ended 31st August 2024 |
1. | STATUTORY INFORMATION |
RED Scientific Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents invoiced services, net of value added tax, together with the percentage of associated revenue on work not invoiced but in progress at the year end. |
Tangible fixed assets |
Plant and machinery etc | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
RED Scientific Limited (Registered number: 02462121) |
Notes to the Financial Statements - continued |
for the Year Ended 31st August 2024 |
2. | ACCOUNTING POLICIES - continued |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Research and development tax credits are recognised in the year that they accrue. Deferred tax credits are recognised only to the extent that it is probable that they will be recovered against future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Share-based payments for employee share schemes |
The company has granted share options to certain directors and employees, all of whom are based in the UK. Options granted after the FRS 102 transition date must be measured at fair value and recognised as an expense in the profit and loss account with a corresponding increase in shareholders' funds. The fair value of the options has been estimated at the date of grant using the Black-Scholes option-pricing model. The fair value will be charged as an expense in the profit and loss account over the vesting period. The charge is adjusted each year to reflect the expected and actual level of vesting. The credit entry is contained within a separate reserve called the Share-Based Payment Reserve in the company's reserves and is shown in the Statement of Changes in Equity. |
The expense calculation for the options granted on 1st April 2016 using the Black-Scholes option-pricing valuation model, is based on the following assumptions: |
Assumptions | Grant on 1st April 2016 |
Annualised volatility | 30% |
Expected dividend yield | 0% |
Option price | 1.00p |
Share price | 8.00p |
Time to maturity | 4 years |
Annual risk-free interest rate | 1.0% |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
RED Scientific Limited (Registered number: 02462121) |
Notes to the Financial Statements - continued |
for the Year Ended 31st August 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1st September 2023 |
Additions |
At 31st August 2024 |
DEPRECIATION |
At 1st September 2023 |
Charge for year |
At 31st August 2024 |
NET BOOK VALUE |
At 31st August 2024 |
At 31st August 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
RED Scientific Limited (Registered number: 02462121) |
Notes to the Financial Statements - continued |
for the Year Ended 31st August 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans | 28,333 | 40,843 |
The company is repaying a loan granted under the Coronavirus Business Interruption Loan Scheme. In the event of default by the company, repayment of the loan and interest is backed by an 80% UK government guarantee. |
RED Scientific Limited (Registered number: 02462121) |
Notes to the Financial Statements - continued |
for the Year Ended 31st August 2024 |
9. | SHARE-BASED PAYMENT TRANSACTIONS |
The company's policy is to grant share options as considered appropriate by the Board of Directors as a basis for employee involvement, motivation and incentive, recruitment and retention. The policy is for options that are granted under the Enterprise Management Incentives share option schemes to be held by the employees to whom they are granted until the options are either exercised or lapse. Any share options that remain unexercised after a period of ten years from the date of grant lapse anyway. In the event that an employee leaves the company, then the exercise of the option is at the discretion of the Board of Directors who must notify the optionholder of their decision within three months of the date of leaving and, in the event that the Board of Directors does not within the period of three months give the optionholder the permission to exercise, the option will lapse immediately. |
Since the company introduced this policy, the company has granted options that remain in place over 608,000 shares through a scheme, which is an equity-settled scheme as follows: |
On 1st April 2016, the company granted options over 608,000 shares through an Enterprise Management Incentives share option scheme to UK employees at an option price of £0.01 per share. Four of the employees were directors of the company at the date of grant. The period over which the options are capable of subsisting and be exercised is the period from April 2016 to April 2026. |
The involvement of the employees in the share scheme arrangements is as follows: |
No. of shares subject to total options | Grant on 1st April 2016 |
Option Price £0.01 |
Outstanding as at 1st September 2023 | 135,000 | 135,000 |
Granted during the year | 0 | 0 |
Forfeited during the year | 0 | 0 |
Surrendered during the year | 0 | 0 |
Exercised during the year | 0 | 0 |
Expired during the year | 0 | 0 |
Outstanding as at 31st August 2024 | 135,000 | 135,000 |
2024 | 2023 |
£ | £ |
Charge to profit and loss during the period | - | (1,407 | ) |
Balance arising from share-based payments at end of the period | 9,503 | 9,503 |