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Company No: 13588507 (England and Wales)

RASCAL VENTURES LTD

Unaudited Financial Statements
For the financial year ended 31 March 2025
Pages for filing with the registrar

RASCAL VENTURES LTD

Unaudited Financial Statements

For the financial year ended 31 March 2025

Contents

RASCAL VENTURES LTD

BALANCE SHEET

As at 31 March 2025
RASCAL VENTURES LTD

BALANCE SHEET (continued)

As at 31 March 2025
Note 2025 2024
£ £
Fixed assets
Tangible assets 3 346 3,642
346 3,642
Current assets
Debtors 4 115,656 59,570
Cash at bank and in hand 77,387 3,156
193,043 62,726
Creditors: amounts falling due within one year 5 ( 165,540) ( 236,840)
Net current assets/(liabilities) 27,503 (174,114)
Total assets less current liabilities 27,849 (170,472)
Net assets/(liabilities) 27,849 ( 170,472)
Capital and reserves
Called-up share capital 6 121 143
Capital redemption reserve 8 22 0
Profit and loss account 9 27,706 ( 170,615 )
Total shareholder's funds/(deficit) 27,849 ( 170,472)

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Rascal Ventures Ltd (registered number: 13588507) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

J R Wright
Director

22 May 2025

RASCAL VENTURES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
RASCAL VENTURES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2025
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Rascal Ventures Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 8th Floor Becket House, 36 Old Jewry, London, EC2R 8DD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Research and development expenditure

Research and development expenditure is written off against profits in the year which it is incurred.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 8

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2024 9,888 9,888
Disposals ( 3,125) ( 3,125)
At 31 March 2025 6,763 6,763
Accumulated depreciation
At 01 April 2024 6,246 6,246
Charge for the financial year 3,296 3,296
Disposals ( 3,125) ( 3,125)
At 31 March 2025 6,417 6,417
Net book value
At 31 March 2025 346 346
At 31 March 2024 3,642 3,642

4. Debtors

2025 2024
£ £
Trade debtors 90,702 300
Other debtors 24,954 59,270
115,656 59,570

5. Creditors: amounts falling due within one year

2025 2024
£ £
Trade creditors 5,217 8,680
Taxation and social security 61,620 3,948
Other creditors 98,703 224,212
165,540 236,840

6. Called-up share capital

2025 2024
£ £
Allotted, called-up and fully-paid
12,143 Ordinary shares of £ 0.01 each (2024: 14,286 shares of £ 0.01 each) 121 143

During the year the company repurchased 2,143 Ordinary shares out of retained profits at a price of £2.80 per share.

7. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2025 2024
£ £
Unpaid contributions due to the fund (inc. in other creditors) 2,194 3,003

8. Capital redemption reserve

The capital redemption reserve arises from a transfer from the profit and loss account to maintain the Company's capital following the redemption and distribution of share capital.

9. Profit and loss account

This reserve relates to the cumulative retained earnings less amounts distributed to shareholders.