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Registered number: 09616298










RETAIL STOREY LTD










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023



 
RETAIL STOREY LTD
REGISTERED NUMBER: 09616298

BALANCE SHEET
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 7 
-
688

  
-
688

Current assets
  

Debtors: amounts falling due within one year
 4 
302,303
116,660

Cash at bank and in hand
 5 
93,978
259,607

  
396,281
376,267

Creditors: amounts falling due within one year
 6 
(559,745)
(816,691)

Net current liabilities
  
 
 
(163,464)
 
 
(440,424)

Total assets less current liabilities
  
(163,464)
(439,736)

  

Net liabilities
  
(163,464)
(439,736)


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
(163,564)
(439,836)

  
(163,464)
(439,736)


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: 




W Richmond
Director

Date: 31 January 2025

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
RETAIL STOREY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Retail Storey Ltd (Previously known as Channel Engage Limited) is a company limited by its shares and incorporated in England & Wales. The registered office address is Lytchett House, 13 Freeland Park, Wareham Road, Poole, England, BH16 6FA. Its principal activity is to provide field marketing services.

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 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 following principal accounting policies have been applied:

 
2.2

Going concern

The company returned significant profits in 2023 but its balance sheet remains weak due to losses incurred during the startup phase, and the company remains reliant on the wider group for operational and financial support.   The directors of the parent company have confirmed the group’s intention to continue to provide such operational and financial support as may be necessary for the foreseeable future.  
The group as a whole continued to incur significant losses during 2023 as it continued its recovery from the impact of the COVID-19 pandemic on the retail sector. Significant restructuring and refocus of the business took place during 2022 and 2023 placing the group on a much stronger footing with a lower cost base and better adapted to the changing marketplace.
Trading in 2024 has been much improved and the group has generated strong profits through 2024 and is forecasting for this to continue into 2025 and beyond.
The balance sheet at 31 December 2023 was weak as a result of significant losses made in recent years but the profits generated in 2024 have enabled the group to pay down significant amounts of legacy creditors and while the balance sheet remains weak the group is trading profitably, generating cash and paying down its liabilities, and the directors expect this trend to continue for the foreseeable future.  
The directors are therefore satisfied that the preparation of the financial statements on a going concern basis is appropriate and that this is not subject to material uncertainty, despite the group’s reported losses and weak balance sheet.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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. Non-monetary 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.

Page 2

 
RETAIL STOREY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.4

Revenue

Turnover comprises revenue received or receivable for the provision of services in the ordinary course of business, net of VAT and discounts. Turnover is recognised when the service has been delivered, the amount of revenue and related cost can be reliably measured and the collectability of the amounts receivable is reasonably assured. Any amounts invoiced in advance of the above conditions being met are carried on the balance sheet as deferred income, and released to turnover when the conditions are met.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

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, .

Depreciation is provided on the following basis:

Computer equipment
-
33%
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.

 
2.7

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.

 
2.8

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.

Page 3

 
RETAIL STOREY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

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.

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2022 - 8).


4.


Debtors

2023
2022
£
£


Trade debtors
301,972
112,074

Other debtors
100
909

Prepayments and accrued income
231
3,677

302,303
116,660



5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
93,978
259,607


Page 4

 
RETAIL STOREY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Trade creditors
17,758
65,151

Amounts owed to group undertakings
132,425
521,638

Other taxation and social security
326,871
138,895

Other creditors
660
2,762

Accruals and deferred income
82,031
88,245

559,745
816,691



7.


Tangible fixed assets





Computer equipment

£





At 1 January 2023
987


Disposals
(987)



At 31 December 2023

-





At 1 January 2023
299


Charge for the year
247


Disposals
(546)



At 31 December 2023

-



Net book value



At 31 December 2023
-



At 31 December 2022
688


8.


Share capital

2023
2022
£
£
Allotted, called up and partly paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100


Page 5

 
RETAIL STOREY LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Prior year adjustment

A prior year adjustment has been recognised in respect of revenue, which had been incorrectly recognised in this entity in the year ended 31 December 2022. The impact of this adjustment is to decrease  revenue and to increase creditors by £85,657 in the year ended 31 December 2022. 


10.


Pension commitments

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 £9,187 (2022: £15,427). Contributions totalling £660 (2022: £2,384) were payable to the fund at the balance sheet date and are included in creditors.


11.


Related party transactions

The company is exempt from disclosing related party transactions with group companies by virtue of the provisions of FRS102 section 33.
Revium Group Holdings Limited is the largest and smallest group for which consolidated financial statements are drawn up of which the company is a member. Revium Group Holdings Limited is incorporated in England and the registered office is Reading Bridge House, George Street, Reading, Berkshire, RG1 8LS. 


12.


Controlling party

The Company's immediate parent undertaking is Retail Innovation Group Limited. The ultimate controlling party of the company is W J Richmond by virtue of his shareholding in the parent company, Revium Group Holdings Limited.


13.


Auditor's information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.
The audit report was signed on 03 February 2025 by Alan Poole BA (Hons) FCA (Senior statutory auditor) on behalf of James Cowper Kreston Audit.


Page 6