RLK Technologies Limited SC773209 false 2023-06-20 2024-06-30 2024-06-30 The principal activity of the company is AI Software Development for Autonomous control systems and Systems for AI driven data capture analytics Digita Accounts Production Advanced 6.30.9574.0 true SC773209 2023-06-20 2024-06-30 SC773209 2024-06-30 SC773209 bus:Director1 1 2024-06-30 SC773209 bus:Director2 1 2024-06-30 SC773209 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2024-06-30 SC773209 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-06-30 SC773209 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-06-30 SC773209 core:CurrentFinancialInstruments 2024-06-30 SC773209 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 SC773209 core:Non-currentFinancialInstruments 2024-06-30 SC773209 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 SC773209 core:FurnitureFittingsToolsEquipment 2024-06-30 SC773209 core:MotorVehicles 2024-06-30 SC773209 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2024-06-30 SC773209 bus:SmallEntities 2023-06-20 2024-06-30 SC773209 bus:AuditExemptWithAccountantsReport 2023-06-20 2024-06-30 SC773209 bus:FullAccounts 2023-06-20 2024-06-30 SC773209 bus:SmallCompaniesRegimeForAccounts 2023-06-20 2024-06-30 SC773209 bus:RegisteredOffice 2023-06-20 2024-06-30 SC773209 bus:Director1 2023-06-20 2024-06-30 SC773209 bus:Director1 1 2023-06-20 2024-06-30 SC773209 bus:Director2 2023-06-20 2024-06-30 SC773209 bus:Director2 1 2023-06-20 2024-06-30 SC773209 bus:OrdinaryShareClass1 bus:Non-cumulativeShares 2023-06-20 2024-06-30 SC773209 bus:PrivateLimitedCompanyLtd 2023-06-20 2024-06-30 SC773209 core:FurnitureFittingsToolsEquipment 2023-06-20 2024-06-30 SC773209 core:MotorVehicles 2023-06-20 2024-06-30 SC773209 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-06-20 2024-06-30 SC773209 countries:Scotland 2023-06-20 2024-06-30 SC773209 bus:Director1 1 2023-06-19 SC773209 bus:Director2 1 2023-06-19 iso4217:GBP xbrli:pure xbrli:shares

RLK Technologies Limited

Annual Report and Unaudited Financial Statements

for the Period from 20 June 2023 to 30 June 2024

 

RLK Technologies Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

RLK Technologies Limited

Company Information

Director

C A Knox

Registered office

272 Bath Street
Glasgow
G2 4JR

 

RLK Technologies Limited

(Registration number: SC773209)
Balance Sheet as at 30 June 2024

Note

2024
£

Fixed assets

 

Tangible assets

5

62,551

Current assets

 

Stocks

6

7,207

Debtors

7

17,878

 

25,085

Creditors: Amounts falling due within one year

8

(79,762)

Net current liabilities

 

(54,677)

Total assets less current liabilities

 

7,874

Creditors: Amounts falling due after more than one year

8

(342,443)

Net liabilities

 

(334,569)

Capital and reserves

 

Called up share capital

9

1

Retained earnings

(334,570)

Shareholders' deficit

 

(334,569)

For the financial period ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the director on 12 March 2025
 

.........................................
C A Knox
Director

 

RLK Technologies Limited

Notes to the Unaudited Financial Statements for the Period from 20 June 2023 to 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
272 Bath Street
Glasgow
G2 4JR

These financial statements were authorised for issue by the director on 12 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

RLK Technologies Limited

Notes to the Unaudited Financial Statements for the Period from 20 June 2023 to 30 June 2024

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

RLK Technologies Limited

Notes to the Unaudited Financial Statements for the Period from 20 June 2023 to 30 June 2024

2

Accounting policies (continued)

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 5.

4

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

Depreciation expense

20,850

 

RLK Technologies Limited

Notes to the Unaudited Financial Statements for the Period from 20 June 2023 to 30 June 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

Additions

38,371

45,031

83,402

At 30 June 2024

38,371

45,031

83,402

Depreciation

Charge for the period

9,593

11,258

20,851

At 30 June 2024

9,593

11,258

20,851

Carrying amount

At 30 June 2024

28,778

33,773

62,551

6

Stocks

2024
£

Other inventories

7,207

7

Debtors

Current

2024
£

Other debtors

17,878

 

17,878

 

RLK Technologies Limited

Notes to the Unaudited Financial Statements for the Period from 20 June 2023 to 30 June 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

Due within one year

 

Loans and borrowings

10

4,698

Trade creditors

 

505

Amounts due to related parties

11

6,013

Social security and other taxes

 

34,905

Other payables

 

27,734

Accruals

 

5,907

 

79,762

Due after one year

 

Loans and borrowings

10

342,443

Creditors: amounts falling due after more than one year

Note

2024
£

Due after one year

 

Loans and borrowings

10

342,443

9

Share capital

Allotted, called up and fully paid shares

2024

No.

£

Ordinary of £1 each

1

1

   
 

RLK Technologies Limited

Notes to the Unaudited Financial Statements for the Period from 20 June 2023 to 30 June 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

Hire purchase contracts

16,433

Other borrowings

326,010

342,443

Current loans and borrowings

2024
£

Hire purchase contracts

4,698

 

RLK Technologies Limited

Notes to the Unaudited Financial Statements for the Period from 20 June 2023 to 30 June 2024

11

Related party transactions

Transactions with the director

2024

At 20 June 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

C A Knox

Director's loan account

-

127,447

(133,460)

(6,013)

G Moon

Former director's monies owed

-

31,284

(19,951)

11,333

Director's remuneration

The director's remuneration for the period was as follows:

2024
£

Remuneration

74,666

Loans from related parties

2024

Entities with joint control or significant influence
£

Total
£

Advanced

326,010

326,010

At end of period

326,010

326,010

Terms of loans from related parties

The above loan is owed to The RLK Group Limited and this entity became a subsidiary of The RLK Group Limited on 5th July 2024. Amounts owed are repayable on demand and are interest free.