Research Relay Limited

	Page
Accountant's Report	1
Statement of Financial Position	2—3
Notes to the Financial Statements	4—6

Report to the director on the preparation of the unaudited statutory accounts of Research Relay Limited for the year ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Research Relay Limited for the year ended 31 December 2024 which comprise the Income Statement, the Statement of Financial Position and the related notes, from the company's accounting records and from information and explanations you have given to us.

As a practising member of ICAS, we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-presentation-of-accounts.

This report is made solely to the director of Research Relay Limited , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Research Relay Limited and state those matters that we have agreed to state to the director of Research Relay Limited , as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-presentation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Research Relay Limited and its director, as a body, for our work or for this report.

It is your duty to ensure that Research Relay Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Research Relay Limited . You consider that Research Relay Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Research Relay 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 accounts.

Signed

17 July 2025

Orcadia

Chartered Accountants

1-3 East Road

Kirkwall

Orkney

KW15 1HZ

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Research Relay Limited

Statement of Financial Position

As At 31 December 2024

Statement of Financial Position

Registered number: SC279287

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		347		462

			347		462
CURRENT ASSETS
Debtors	5	25,065		25,191
Cash at bank and in hand		23		17

		25,088		25,208
Creditors: Amounts Falling Due Within One Year	6	(32,999 )		(32,767 )

NET CURRENT ASSETS (LIABILITIES)			(7,911 )		(7,559 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(7,564 )		(7,097 )

Creditors: Amounts Falling Due After More Than One Year	7		(5,707 )		(6,673 )

NET LIABILITIES			(13,271 )		(13,770 )

CAPITAL AND RESERVES
Called up share capital	8		1		1
Income Statement			(13,272 )		(13,771 )

SHAREHOLDERS' FUNDS			(13,271)		(13,770)

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Research Relay Limited

Statement of Financial Position (continued)

As At 31 December 2024

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

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 Dennis Gowland

Director

17 July 2025

The notes on pages 4 to 6 form part of these financial statements.

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Research Relay Limited

Notes to the Financial Statements

For The Year Ended 31 December 2024

Notes to the Financial Statements

1. General Information

Research Relay Limited is a private company, limited by shares, incorporated in Scotland, registered number SC279287 . The registered office is New Horries, Deerness, Orkney, KW17 2QL.

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.

2.2. Turnover

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.

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:

Plant & Machinery

25% on reducing balance

2.4. Financial Instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' 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 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.

Basic financial liabilities

Basic financial liabilities, including creditors re 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.

...CONTINUED

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Research Relay Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.4. Financial Instruments - continued

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.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 1 (2023: 1)

4. Tangible Assets

	Plant & Machinery
	£
Cost
As at 1 January 2024	4,475

As at 31 December 2024	4,475

Depreciation
As at 1 January 2024	4,013
Provided during the period	115

As at 31 December 2024	4,128

Net Book Value
As at 31 December 2024	347

As at 1 January 2024	462

5. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	2,220	880
Other debtors	22,845	22,845
Amounts owed by associates	-	1,466

	25,065	25,191

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Research Relay Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

6. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	138	263
Bank loans and overdrafts	700	4,545
Other taxes and social security	-	112
VAT	806	669
Other creditors	1,015	1,000
Company Credit Card	355	4,390
Director's loan account	29,985	21,788

	32,999	32,767

7. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Other loans	5,707	6,673

8. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	1	1

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