Registered number:
FOR THE YEAR ENDED 30 APRIL 2024
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REMARKABLE INTERNET LIMITED
COMPANY INFORMATION
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REMARKABLE INTERNET LIMITED
CONTENTS
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REMARKABLE INTERNET LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
The directors present their strategic report for the year ended 30 April 2024.
Remarkable Internet Limited is on a mission to become the most customisable e-commerce platform provider in the UK. This is made possible by the constantly evolving technology stack and incredibly talented team delivering the company's unique proposition.
While Shopify has emerged as the leading e-commerce platform in the UK and many tailored e-commerce providers have diminished or disappeared entirely, Remarkable Internet Limited continues to shine by offering retail clients a unique blend of dedicated service and cutting-edge technology that delivers results year-on-year. This combination not only accelerates clients' e-commerce sales, but also enhances their infastructure through custom developed warehouse management systems, ERP solutions and more, alongside the primary Remarkable e-commerce platform. The board is pleased with the company's continued growth which has been due to a combination of new business and expansion of long-standing enterprise client teams. The company continues to strengthen its internal teams to sustain the current level of growth and forecast further increase into 2025 and beyond.
A continuous review of business risks and uncertainties is carried out by management throughout the year. The main risks to the busiess are the knock-on effects of any general economic downturn in the industry sectors served by the company.
Over the past year, the company has experienced significant growth across the board despite challenging market conditions that have impacted on consumer spending.
This report was approved by the board on 19 November 2024 and signed on its behalf.
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REMARKABLE INTERNET LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
The directors present their report and the financial statements for the year ended 30 April 2024.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £1,858,569 (2023 - £1,677,123).
Dividends of £668,041 (2023: £382,877) were paid during the year.
The directors who served during the year were:
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REMARKABLE INTERNET LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
In the coming year, the company will be focusing on the following priorities:
∙Continued pursuit of the latest e-commerce technologies and further strengthening of the core platform offering Remarkable Commerce Manager (RCM) with a particular focus on leveraging the latest AI capabilities.
∙Completion of the next phase of the warehouse management system development to include connectivity with automated warehousing and robotics.
∙Further extending the growing network of close partnerships with brands that compliment the technologies and approach offered by the company, to ultimately drive more growth and value for the customer base.
The company has built an incredibly solid foundation and is constantly innovating and finding new ways to help clients to grow. The future for the business continues to look very exciting.
There have been no significant events affecting the company since the year end.
The auditors, Barnett & Turner Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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REMARKABLE INTERNET LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REMARKABLE INTERNET LIMITED
We have audited the financial statements of Remarkable Internet Limited (the 'company') for the year ended 30 April 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice) applicable to smaller entities.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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REMARKABLE INTERNET LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REMARKABLE INTERNET LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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REMARKABLE INTERNET LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REMARKABLE INTERNET LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
As part of our planning process:
∙We enquired of management regarding the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud.
∙We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, the Companies Act 2006 and current tax legislation.
∙We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
∙Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
∙Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
∙Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
∙Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, particularly in relation to depreciation.
∙Testing key revenue lines, in particular cut-off, for evidence of management bias.
∙Performing a physical verification of key assets.
∙Obtaining third-party confirmation of material bank balances.
∙Reviewing documentation such as the company board minutes, correspondence with solicitors, for
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REMARKABLE INTERNET LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REMARKABLE INTERNET LIMITED (CONTINUED)
discussions of irregularities including fraud.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Registered Auditor
Cromwell House
68 West Gate
Nottinghamshire
NG18 1RR
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REMARKABLE INTERNET LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
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REMARKABLE INTERNET LIMITED
REGISTERED NUMBER: 04232998
BALANCE SHEET
AS AT 30 APRIL 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 22 form part of these financial statements.
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REMARKABLE INTERNET LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
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REMARKABLE INTERNET LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
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REMARKABLE INTERNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Remarkable Internet Limited is a private limited company incorporated and domiciled in England (registration number 04232998). Its registered office and principal place of business is situated at Newstead House, Lake View Drive, Annesley, Nottinghamshire NG15 0DT.
The principal activity of the company is the design and installation of web sites and web-based software solutions.
2.Accounting policies
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
At the time of signing the accounts there remains some uncertainty regarding the full econmic impact of the cost of living and wider geopolitical issues. The directors are aware that the company may be impacted in some way by general factors affecting the UK economy, however budgets show that the company is in a good position to react and adapt to future changes.
On the basis of their assessment of the company's financial position, the directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of preparation of the financial statements.
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REMARKABLE INTERNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Assets costing less than £250 are not capitalised and are treated as revenue expenditure.
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REMARKABLE INTERNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line or reducing balance basis.
Depreciation is provided on the following basis:
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.
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and
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REMARKABLE INTERNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Depreciation of tangible fixed assets Determining the appropriate rate of depreciation of tangible fixed assets requires an estimation of the useful economic life and ultimate net realisable value. The useful economic life is determined to be the period during which each asset will generate positive cash flows for the Company. Valuations of investments Investments are valued at market value at the balance sheet date. The value of listed investments is determined by reference to the quoted price for identical assets in an active market.
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REMARKABLE INTERNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Analysis of turnover by country of destination:
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REMARKABLE INTERNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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REMARKABLE INTERNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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REMARKABLE INTERNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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REMARKABLE INTERNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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REMARKABLE INTERNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Investment property revaluation reserve
Profit and loss account
The company operates a defined contributions 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 £152,274 (2023 - £53,448). Contributions totalling £102,978 (2023 - £21,726) were payable to the fund at the balance sheet date and are included in creditors.
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REMARKABLE INTERNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
During the year there continued to be interest free loans to a director. £509,443 (2023 - £509,443) was outstanding at the balance sheet date in respect of these loans, included within other debtors. The maximum amount outstanding during the year was £509,443. These loans have no fixed repayment terms.
M West holds the contolling interest in the company.
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