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Registered number: 14897378 RGB MONSTER LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD 26 MAY 2023 TO 31 MAY 2024
RGB MONSTER LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF RGB MONSTER LIMITED FOR THE PERIOD ENDED 31 MAY 2024 In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of RGB Monster Limited for the period ended 31 May 2024 which comprise the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal .com/uk/en/about-us /regulation/ethics /acca-rulebook.html. This report is made solely to the Board of Directors of RGB Monster Limited, as a body, in accordance with the terms of our engagement letter dated 31 October 2023. Our work has been undertaken solely to prepare for your approval the financial statements of RGB Monster Limited and state those matters that we have agreed to state to the Board of Directors of RGB Monster Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal .com/content/dam/ACCA_Global /Technical /fact/technical-factsheet -163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than RGB Monster Limited and its Board of Directors, as a body, for our work or for this report. It is your duty to ensure that RGB Monster Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of RGB Monster Limited. You consider that RGB Monster Limited is exempt from the statutory audit requirement for the period. We have not been instructed to carry out an audit or review of the financial statements of RGB Monster Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. Wellers 8 King Edward Street Oxford OX1 4HL 24 May 2025 Page 1
RGB MONSTER LIMITED REGISTERED NUMBER:14897378
BALANCE SHEET AS AT 31 MAY 2024
|  | 2024
Note |  | £
Fixed assets |  |  |
Tangible assets |  |  | 11,839
|  |  | 11,839
Current assets |  |  |
Debtors: amounts falling due within one year |  | 24,381 |
Cash at bank and in hand |  | 2,378 |
|  | 26,759 |
Creditors: amounts falling due within one year |  | (110,294) |
Net current (liabilities)/assets |  |  | (83,535)
Total assets less current liabilities |  |  | (71,696)
Net (liabilities)/assets |  |  | (71,696)
Capital and reserves |  |  |
Called up share capital |  |  | 100
Profit and loss account |  |  | (71,796)
|  |  | (71,696)
Page 2
RGB MONSTER LIMITED REGISTERED NUMBER:14897378
BALANCE SHEET (CONTINUED) AS AT 31 MAY 2024 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006. 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. 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 income and retained earnings 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:
Oliver Capehorn | Toms Baugis
Director | Director
Date: 23 May 2025 | Date:23 May 2025
The notes on pages 4 to 10 form part of these financial statements. Page 3
RGB MONSTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MAY 2024
1. | General information
RGB Monster Limited is a private company limited by shares, incorporated in England and Wales, registration number 14897378. The registered office is 33 Foley Street, London, W1W 7TL. 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Going concern
At the balance sheet date, liabilities exceed assets by £71,696, however the directors are willing to support the growth of the business. The Directors of the company are of the opinion that the accounts have been prepared on a going concern. The Directors have a reasonable expectation that the Company has adequate resources to continue ioperations for a period of at least 12 months from the date that the financial statements are approved. The key method for assessing going concern is through the business planning process which considers profitability, liquidity and solvency. The business planning process considers the Company's business activities, together with factors likely to affect its future development, successful performance and position and key risks in the current economic climate. Page 4
RGB MONSTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MAY 2024 2.Accounting policies (continued)
| 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. 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 except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.4 | Revenue
Revenue 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 is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. Page 5
RGB MONSTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MAY 2024 2.Accounting policies (continued)
| 2.5 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | Current and deferred taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 6
RGB MONSTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MAY 2024 2.Accounting policies (continued)
| 2.9 | 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, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Office equipment | - | 25% | Reducing balance
|  |  |  | Computer equipment | - | 25% | 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.
| 2.10 | 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.
| 2.11 | 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.
| 2.12 | 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. Page 7
RGB MONSTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MAY 2024 2.Accounting policies (continued)
| 2.13 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation. Increases in provisions are generally charged as an expense to profit or loss.
3. | Employees
| The average monthly number of employees, including directors, during the period was 2.
4. | Tangible fixed assets
|  | Office equipment | Computer equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| Additions | 6,798 | 8,359 | 15,157
| At 31 May 2024 | 6,798 | 8,359 | 15,157
| Depreciation |  |  |
| Charge for the period on owned assets | 1,628 | 1,690 | 3,318
| At 31 May 2024 | 1,628 | 1,690 | 3,318
| Net book value |  |  |
| At 31 May 2024 | 5,170 | 6,669 | 11,839
Page 8
RGB MONSTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MAY 2024
5. | Debtors
|  |  |  |  | 2024
|  |  |  |  | £
| Trade debtors | 490
| Other debtors | 10
| Deferred taxation | 23,881
|  | 24,381
6. | Cash and cash equivalents
|  |  |  |  | 2024
|  |  |  |  | £
| Cash at bank and in hand | 2,378
|  | 2,378
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024
|  |  |  |  | £
| Trade creditors | 14,627
| Other creditors | 91,107
| Accruals and deferred income | 4,560
|  | 110,294
Page 9
RGB MONSTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MAY 2024
8. | Deferred taxation
|  | 2024
|  | £
| Charged to profit or loss | 23,881
| At end of year | 23,881
| The deferred tax asset is made up as follows:
|  |  |  |  | 2024
|  |  |  |  | £
| Accelerated capital allowances | (2,960)
| Tax losses carried forward | 26,841
|  | 23,881
9. | Related party transactions
| During the period, the company paid talent fees to a sole trader business of Oliver Capehorn's amounting to £12,939.
10. | Controlling party
The controlling party is Oliver Capehorn by virtue of his majority shareholding.
Page 10