6
31 January 2025
false
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2024-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
00377015
2024-01-01
2024-12-31
00377015
2024-12-31
00377015
2023-12-31
00377015
2023-01-01
2023-12-31
00377015
2023-12-31
00377015
2022-12-31
00377015
bus:RegisteredOffice
2024-01-01
2024-12-31
00377015
bus:OrdinaryShareClass1
2024-01-01
2024-12-31
00377015
bus:LeadAgentIfApplicable
2024-01-01
2024-12-31
00377015
bus:Director1
2024-01-01
2024-12-31
00377015
bus:Director2
2024-01-01
2024-12-31
00377015
bus:CompanySecretary1
2024-01-01
2024-12-31
00377015
core:WithinOneYear
2024-12-31
00377015
core:WithinOneYear
2023-12-31
00377015
core:FurnitureFittings
2023-12-31
00377015
core:FurnitureFittings
2024-12-31
00377015
core:FurnitureFittings
2024-01-01
2024-12-31
00377015
core:ShareCapital
2024-12-31
00377015
core:ShareCapital
2023-12-31
00377015
core:RetainedEarningsAccumulatedLosses
2024-12-31
00377015
core:RetainedEarningsAccumulatedLosses
2023-12-31
00377015
core:BetweenOneFiveYears
2023-12-31
00377015
bus:SmallEntities
2024-01-01
2024-12-31
00377015
bus:Audited
2024-01-01
2024-12-31
00377015
bus:SmallCompaniesRegimeForAccounts
2024-01-01
2024-12-31
00377015
bus:PrivateLimitedCompanyLtd
2024-01-01
2024-12-31
00377015
bus:FullAccounts
2024-01-01
2024-12-31
00377015
bus:OrdinaryShareClass1
2024-12-31
00377015
bus:OrdinaryShareClass1
2023-12-31
00377015
core:ComputerEquipment
2023-12-31
00377015
core:ComputerEquipment
2024-01-01
2024-12-31
00377015
core:ComputerEquipment
2024-12-31
COMPANY REGISTRATION NUMBER:
00377015
FILLETED FINANCIAL STATEMENTS |
|
YEAR ENDED 31 DECEMBER 2024
Officers and professional advisers |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
3 |
|
|
OFFICERS AND PROFESSIONAL ADVISERS |
|
The board of directors |
Mr L H C M Kaes |
|
Mr S D Maldonado |
|
|
Company secretary |
Mr S J Cotta |
|
|
Registered office |
3rd Floor Profile West |
|
950 Great West Road |
|
Brentford |
|
Middlesex |
|
TW8 9ES |
|
|
Auditor |
UHY Hacker Young (S.E.) Limited |
|
Chartered accountants & statutory auditor |
|
168 Church Road |
|
Hove |
|
East Sussex |
|
BN3 2DL |
|
|
STATEMENT OF FINANCIAL POSITION |
|
31 December 2024
Fixed assets
Tangible assets |
5 |
|
487 |
1,493 |
|
|
|
|
|
Current assets
Debtors |
6 |
1,008,320 |
|
972,666 |
Cash at bank and in hand |
123,452 |
|
101,957 |
|
------------- |
|
------------- |
|
1,131,772 |
|
1,074,623 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
80,008 |
|
82,627 |
|
------------- |
|
------------- |
Net current assets |
|
1,051,764 |
991,996 |
|
|
------------- |
---------- |
Total assets less current liabilities |
|
1,052,251 |
993,489 |
|
|
------------- |
---------- |
Net assets |
|
1,052,251 |
993,489 |
|
|
------------- |
---------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
8 |
|
223,385 |
223,385 |
Profit and loss account |
|
828,866 |
770,104 |
|
|
------------- |
---------- |
Shareholders funds |
|
1,052,251 |
993,489 |
|
|
------------- |
---------- |
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
31 January 2025
, and are signed on behalf of the board by:
Mr S D Maldonado |
Director |
|
Company registration number:
00377015
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 DECEMBER 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3rd Floor Profile West, 950 Great West Road, Brentford, Middlesex, TW8 9ES.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, unless otherwise specified in within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102,the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on the going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Turnover 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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible 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. At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings |
- |
3 to 5 years |
|
Equipment |
- |
3 years |
|
|
|
|
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 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. 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. 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.
Defined contribution plans
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 Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
6
(2023:
6
).
5.
Tangible assets
|
Fixtures and fittings |
Equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 January 2024 |
4,271 |
18,446 |
22,717 |
Additions |
– |
794 |
794 |
|
------- |
--------- |
--------- |
At 31 December 2024 |
4,271 |
19,240 |
23,511 |
|
------- |
--------- |
--------- |
Depreciation |
|
|
|
At 1 January 2024 |
4,271 |
16,953 |
21,224 |
Charge for the year |
– |
1,800 |
1,800 |
|
------- |
--------- |
--------- |
At 31 December 2024 |
4,271 |
18,753 |
23,024 |
|
------- |
--------- |
--------- |
Carrying amount |
|
|
|
At 31 December 2024 |
– |
487 |
487 |
|
------- |
--------- |
--------- |
At 31 December 2023 |
– |
1,493 |
1,493 |
|
------- |
--------- |
--------- |
|
|
|
|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Amounts owed by group undertakings |
974,244 |
955,578 |
Deferred tax asset |
5,304 |
4,742 |
Prepayments and accrued income |
20,905 |
7,066 |
Other debtors |
7,867 |
5,280 |
|
------------- |
---------- |
|
1,008,320 |
972,666 |
|
------------- |
---------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
4,146 |
7,445 |
Accruals and deferred income |
14,137 |
15,408 |
Corporation tax |
18,162 |
15,981 |
Social security and other taxes |
8,963 |
9,193 |
Other creditors |
34,600 |
34,600 |
|
--------- |
--------- |
|
80,008 |
82,627 |
|
--------- |
--------- |
|
|
|
8.
Called up share capital
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 0.10 each |
2,233,850 |
223,385 |
2,233,850 |
223,385 |
|
------------- |
---------- |
------------- |
---------- |
|
|
|
|
|
9.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
£ |
£ |
Not later than 1 year |
4,172 |
25,031 |
Later than 1 year and not later than 5 years |
– |
389 |
|
------- |
--------- |
|
4,172 |
25,420 |
|
------- |
--------- |
|
|
|
10.
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. Contributions totalling £Nil (2023: £Nil) were payable to the fund at the reporting date and are included in creditors.
11.
Summary audit opinion
The auditor's report dated
31 January 2025
was
unqualified
.
The senior statutory auditor was
Mr David A Guest FCA
, for and on behalf of
UHY Hacker Young (S.E.) Limited
.
12.
Related party transactions
At 31 December 2024 an amount of £974,244 (2023: £955,578) was due from Radiall SA, the parent company. This amount is shown under amounts owed by group companies.
13.
Controlling party
The ultimate parent company and controlling party of Radiall Ltd is Radiall SA, a company incorporated in France.