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Registered number: 08876399
Renewalsdesk Limited
Financial Statements
For The Year Ended 31 December 2023
Paul Beare Ltd
Contents
Page
Statement of Financial Position 1
Notes to the Financial Statements 2—5
Page 1
Statement of Financial Position
Registered number: 08876399
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 4,136 1,437
4,136 1,437
CURRENT ASSETS
Debtors 5 462,300 250,161
Cash at bank and in hand 384,164 657,557
846,464 907,718
Creditors: Amounts Falling Due Within One Year 6 (619,069 ) (496,686 )
NET CURRENT ASSETS (LIABILITIES) 227,395 411,032
TOTAL ASSETS LESS CURRENT LIABILITIES 231,531 412,469
NET ASSETS 231,531 412,469
CAPITAL AND RESERVES
Called up share capital 7 50 50
Income Statement 231,481 412,419
SHAREHOLDERS' FUNDS 231,531 412,469
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Miguel Iglesias
Director
28/03/2025
The notes on pages 2 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Renewalsdesk Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08876399 . The registered office is 63 Hatton Garden, Fifth Floor, Suite 23, London, EC1N 8LE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The Company’s operational and functional currency is GBP. The financial statements are presented in Sterling (£) and all amounts have been rounded to the nearest £.
2.2. Turnover
Turnover consists of fees received for services provide in relation to the renewal of patents.
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases
Fixtures & Fittings Reducing Balance 33%
Computer Equipment Reducing Balance 33%
2.4. 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.
2.5. 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.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial position when there is an 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.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
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.
2.9. 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.
2.10. 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
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2022: 2)
3 2
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 January 2023 2,578 7,220 9,798
Additions - 3,988 3,988
As at 31 December 2023 2,578 11,208 13,786
...CONTINUED
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Depreciation
As at 1 January 2023 2,559 5,802 8,361
Provided during the period - 1,289 1,289
As at 31 December 2023 2,559 7,091 9,650
Net Book Value
As at 31 December 2023 19 4,117 4,136
As at 1 January 2023 19 1,418 1,437
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 446,387 248,212
Prepayments and accrued income 4,610 1,949
Other debtors 11,303 -
462,300 250,161
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 122,319 105,005
Corporation tax 70,107 97,087
VAT 8,015 7,500
Other creditors 1 1
Accruals and deferred income 418,627 287,093
619,069 496,686
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 50 50
8. 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 £4,782 (2022: £4,565). Contributions totalling £nil (2022: £nil) were payable to the fund at the balance sheet date and are included in creditors.
9. Related Party Disclosures
The Company has taken advantage of the exemption in paragraph 33.1A of FRS 102 from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared by the ultimate parent company.
10. Controlling Parties
The company’s ultimate parent undertaking is Questel Unite SAS, a company incorporated in France. Questel United SAS is the parent undertaking of the largest and smallest group of undertakings to consolidate in these financial statements as at 31 December 2023. A copy of the consolidated financial statements can be requested from 23 rue d’Antin, 75002 Paris. 
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11. Audit Information
The auditor's report on the accounts of Renewalsdesk Limited for the year ended 31 December 2023 was unqualified.
The auditor's report was signed by Mohammad Sakib ACA (Senior Statutory Auditor) for and on behalf of RPG Crouch Chapman LLP , Statutory Auditor.
RPG Crouch Chapman LLP
Chartered Accountants and Statutory Auditor
40 Gracechurch Street
London
EC3V 0BT
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