Caseware UK (AP4) 2023.0.135 2023.0.135 true2023-05-01falseNo description of principal activity67falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 06555718 2023-05-01 2024-04-30 06555718 2022-05-01 2023-04-30 06555718 2024-04-30 06555718 2023-04-30 06555718 2022-05-01 06555718 c:Director1 2023-05-01 2024-04-30 06555718 d:PlantMachinery 2023-05-01 2024-04-30 06555718 d:PlantMachinery 2024-04-30 06555718 d:PlantMachinery 2023-04-30 06555718 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 06555718 d:FurnitureFittings 2023-05-01 2024-04-30 06555718 d:FurnitureFittings 2024-04-30 06555718 d:FurnitureFittings 2023-04-30 06555718 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 06555718 d:OfficeEquipment 2023-05-01 2024-04-30 06555718 d:OfficeEquipment 2024-04-30 06555718 d:OfficeEquipment 2023-04-30 06555718 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 06555718 d:ComputerEquipment 2023-05-01 2024-04-30 06555718 d:ComputerEquipment 2024-04-30 06555718 d:ComputerEquipment 2023-04-30 06555718 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 06555718 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 06555718 d:PatentsTrademarksLicencesConcessionsSimilar 2024-04-30 06555718 d:PatentsTrademarksLicencesConcessionsSimilar 2023-04-30 06555718 d:CurrentFinancialInstruments 2024-04-30 06555718 d:CurrentFinancialInstruments 2023-04-30 06555718 d:Non-currentFinancialInstruments 2024-04-30 06555718 d:Non-currentFinancialInstruments 2023-04-30 06555718 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 06555718 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 06555718 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 06555718 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 06555718 d:ShareCapital 2024-04-30 06555718 d:ShareCapital 2023-04-30 06555718 d:ShareCapital 2022-05-01 06555718 d:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 06555718 d:RetainedEarningsAccumulatedLosses 2024-04-30 06555718 d:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 06555718 d:RetainedEarningsAccumulatedLosses 2023-04-30 06555718 d:RetainedEarningsAccumulatedLosses 2022-05-01 06555718 c:OrdinaryShareClass1 2023-05-01 2024-04-30 06555718 c:OrdinaryShareClass1 2024-04-30 06555718 c:OrdinaryShareClass1 2023-04-30 06555718 c:FRS102 2023-05-01 2024-04-30 06555718 c:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 06555718 c:FullAccounts 2023-05-01 2024-04-30 06555718 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 06555718 e:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 06555718










Retrotouch (UK) Ltd








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 30 April 2024

 
Retrotouch (UK) Ltd
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Retrotouch (UK) Ltd for the year ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Retrotouch (UK) Ltd for the year ended 30 April 2024 which comprise  the Balance sheet, the Statement of changes in equity and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Retrotouch (UK) Ltd, as a body, in accordance with the terms of our engagement letter dated 30 May 2024Our work has been undertaken solely to prepare for your approval the financial statements of Retrotouch (UK) Ltd and state those matters that we have agreed to state to the Board of directors of Retrotouch (UK) Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Retrotouch (UK) Ltd and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Retrotouch (UK) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Retrotouch (UK) Ltd. You consider that Retrotouch (UK) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Retrotouch (UK) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
Plus X Innovation Hub
Lewes Road
Brighton
East Sussex
BN2 4GL
29 January 2025
Page 1

 
Retrotouch (UK) Ltd
Registered number: 06555718

Balance sheet
As at 30 April 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
520
520

Tangible assets
 5 
91,919
18,246

  
92,439
18,766

Current assets
  

Stocks
 6 
269,389
275,920

Debtors: amounts falling due within one year
  
182,387
187,174

Cash at bank and in hand
  
26,171
14,039

  
477,947
477,133

Creditors: amounts falling due within one year
 8 
(193,043)
(348,135)

Net current assets
  
 
 
284,904
 
 
128,998

Total assets less current liabilities
  
377,343
147,764

Creditors: amounts falling due after more than one year
 9 
(257,867)
(9,166)

  

Net assets
  
119,476
138,598


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
119,474
138,596

  
119,476
138,598


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






Page 2

 
Retrotouch (UK) Ltd
Registered number: 06555718

Balance sheet (continued)
As at 30 April 2024




................................................
Mr W Siu
Director
Date: 29 January 2025

The notes on pages 5 to 11 form part of these financial statements.
Page 3

 
Retrotouch (UK) Ltd
 

Statement of changes in equity
For the year ended 30 April 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 May 2022
2
174,553
174,555


Comprehensive income for the year

Profit for the year
-
1,543
1,543

Dividends
-
(37,500)
(37,500)



At 1 May 2023
2
138,596
138,598


Comprehensive income for the year

Loss for the year
-
(17,012)
(17,012)

Dividends
-
(2,110)
(2,110)


At 30 April 2024
2
119,474
119,476


The notes on pages 5 to 11 form part of these financial statements.
Page 4

 
Retrotouch (UK) Ltd
 

 
Notes to the financial statements
For the year ended 30 April 2024

1.


General information

Retrotouch (UK) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06555718. The registered office is Unit 4 - 1o Centre Salbrook Road Industrial Estate, Salbrook Road, Salfords, Redhill, RH1 5GJ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
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 Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

Page 5

 
Retrotouch (UK) Ltd
 

 
Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 6

 
Retrotouch (UK) Ltd
 

 
Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
8%
 Reducing balance
Fixtures and fittings
-
25%
 Reducing balance
Office equipment
-
25%
 Reducing balance
Computer equipment
-
25%
 Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 7

 
Retrotouch (UK) Ltd
 

 
Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees


The average monthly number of employees, including directors, during the year was 6 (2023 - 7).


4.


Intangible assets




Patents

£



Cost


At 1 May 2023
520



At 30 April 2024

520






Net book value



At 30 April 2024
520



At 30 April 2023
520



Page 8

 
Retrotouch (UK) Ltd
 

 
Notes to the financial statements
For the year ended 30 April 2024

5.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
-
11,802
3,854
47,754
63,410


Additions
77,973
134
3,607
2,995
84,709


Disposals
-
(134)
-
(1,332)
(1,466)



At 30 April 2024

77,973
11,802
7,461
49,417
146,653



Depreciation


At 1 May 2023
-
9,713
-
35,451
45,164


Charge for the year on owned assets
4,186
522
1,481
3,381
9,570



At 30 April 2024

4,186
10,235
1,481
38,832
54,734



Net book value



At 30 April 2024
73,787
1,567
5,980
10,585
91,919



At 30 April 2023
-
2,089
3,854
12,303
18,246


6.


Stocks

2024
2023
£
£

Stock
269,389
275,920



7.


Debtors

2024
2023
£
£


Trade debtors
86,322
187,174

Other debtors
6,385
-

Prepayments
83,566
-

Deferred taxation
6,114
-

182,387
187,174


Page 9

 
Retrotouch (UK) Ltd
 

 
Notes to the financial statements
For the year ended 30 April 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
30,525
77,159

Bank overdrafts
142
-

Bank loans
65,308
245,741

Other taxation and social security
21,781
13,431

Other creditors
69,178
4,053

Accruals
6,109
7,751

193,043
348,135



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
68,043
-

Other creditors
-
274

Amounts owed to group undertakings
189,824
8,892

257,867
9,166



10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 (2023 - 2) Ordinary shares of £1.00 each
2
2



11.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,976 (2023: £Nil). Contributions totalling £Nil (2023: £Nil) were payable to the fund at the balance sheet date and are included in creditors.

Page 10

 
Retrotouch (UK) Ltd
 

 
Notes to the financial statements
For the year ended 30 April 2024

12.


Related party transactions

Mr A Ravat
(Director)
During the year the company provided the director with an interest free loan repayable on demand. At the balance sheet date the amount due from the director was £721 (2023: £Nil).
Mr W Siu
(Director)
During the year the company provided the director with an interest free loan repayable on demand. At the balance sheet date the amount due from/(to) the director was £5,664 (2023: £(274)).
Lithe Audio Ltd
(Associated company)
The company has an intercompany loan balance with Lithe Audio Ltd, a company under common control of the same shareholders. At the year end, the company owed £189,824 (2023: £8,892). The loan is interest free, unsecured and repayable on demand.


Page 11