Company registration number 06372662 (England and Wales)
RADLEA LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
RADLEA LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
RADLEA LTD
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
246,885
120,710
Tangible assets
4
50,342
74,972
297,227
195,682
Current assets
Debtors
5
219,861
235,445
Cash at bank and in hand
15,759
230,401
235,620
465,846
Creditors: amounts falling due within one year
6
(69,017)
(103,975)
Net current assets
166,603
361,871
Total assets less current liabilities
463,830
557,553
Creditors: amounts falling due after more than one year
7
(28,241)
(33,796)
Provisions for liabilities
(1,260)
(5,340)
Net assets
434,329
518,417
Capital and reserves
Called up share capital
8
350
350
Profit and loss reserves
433,979
518,067
Total equity
434,329
518,417
The notes on pages 4 to 9 form part of these financial statements.
RADLEA LTD
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 2 -
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 24 February 2025 and are signed on its behalf by:
N Parkinson
Director
Company registration number 06372662 (England and Wales)
RADLEA LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
350
528,606
528,956
Year ended 30 September 2023:
Profit and total comprehensive income
-
22,461
22,461
Dividends
-
(33,000)
(33,000)
Balance at 30 September 2023
350
518,067
518,417
Year ended 30 September 2024:
Loss and total comprehensive income
-
(79,088)
(79,088)
Dividends
-
(5,000)
(5,000)
Balance at 30 September 2024
350
433,979
434,329
The notes on pages 4 to 9 form part of these financial statements.
RADLEA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
1
Accounting policies
Company information
Radlea Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Norfolk House, 4 Station Road, St Ives, Cambs, PE27 5AF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware due to the loss of significant customers this may cause doubt on the company's ability to continue as a going concern.
1.3
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs
20% straight line
RADLEA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
10% straight line
Plant and equipment
33.3% straight line
Motor vehicles
15% reducing balance
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.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
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.
Classification of financial liabilities
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.
RADLEA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 6 -
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.
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
RADLEA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
7
3
Intangible fixed assets
Development costs
£
Cost
At 1 October 2023
150,887
Additions - internally developed
195,440
At 30 September 2024
346,327
Amortisation and impairment
At 1 October 2023
30,177
Amortisation charged for the year
69,265
At 30 September 2024
99,442
Carrying amount
At 30 September 2024
246,885
At 30 September 2023
120,710
RADLEA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
4
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
5,983
189,207
79,653
274,843
Additions
7,731
7,731
Disposals
(110,530)
(10,995)
(121,525)
At 30 September 2024
5,983
86,408
68,658
161,049
Depreciation and impairment
At 1 October 2023
5,983
165,841
28,047
199,871
Depreciation charged in the year
18,717
6,700
25,417
Eliminated in respect of disposals
(110,530)
(4,051)
(114,581)
At 30 September 2024
5,983
74,028
30,696
110,707
Carrying amount
At 30 September 2024
12,380
37,962
50,342
At 30 September 2023
23,366
51,606
74,972
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
89,327
95,008
Amounts owed by group undertakings
2,860
2,000
Amounts due from connected parties
123,767
132,184
Prepayments
3,907
6,253
219,861
235,445
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,556
5,556
Trade creditors
17,239
11,516
Amounts owed to group undertakings
1,500
Corporation tax
3,947
23,059
Other taxation and social security
22,743
43,356
Other creditors
8,818
9,431
Accruals
9,214
11,057
69,017
103,975
RADLEA LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
28,241
33,796
Partial guarantees have been provided by the secretary of state under the Coronavirus business interruption loan scheme.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
150
150
150
150
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
A Class of £1 each
100
100
100
100
B Class of £1 each
100
100
100
100
200
200
200
200
Preference shares classified as equity
200
200
Total equity share capital
350
350
9
Related party transactions
Transactions with related parties
During the year, Radlea Ltd sold goods of £41,768 to related parties, of which £22,906 (2023 £32,385) is still outstanding at the year end.
At the year end, Radlea Ltd is owed £100,861 (2023 £99,799) in loans from related parties, which are interest free and repayable on demand.
Radlea Ltd has other related parties that do not require disclosure as they are 100% owned subsidiaries and all trading is completed on a commercial basis.
10
Parent company
The parent company of Radlea Ltd is Radlea Group Ltd and its registered office is Norfolk House, 4 Station Road, St Ives, Cambridgeshire, PE27 5AF.
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