2 4 Relesys Ltd 13929809 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is to provide sales services for the parent company which is a software company. Digita Accounts Production Advanced 6.30.9574.0 true false true 13929809 2024-01-01 2024-12-31 13929809 2024-12-31 13929809 core:CurrentFinancialInstruments 2024-12-31 13929809 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 13929809 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 13929809 bus:SmallEntities 2024-01-01 2024-12-31 13929809 bus:Audited 2024-01-01 2024-12-31 13929809 bus:FilletedAccounts 2024-01-01 2024-12-31 13929809 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 13929809 bus:RegisteredOffice 2024-01-01 2024-12-31 13929809 bus:CompanySecretary1 2024-01-01 2024-12-31 13929809 bus:Director2 2024-01-01 2024-12-31 13929809 bus:Director3 2024-01-01 2024-12-31 13929809 bus:Director4 2024-01-01 2024-12-31 13929809 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 13929809 bus:Agent1 2024-01-01 2024-12-31 13929809 1 2024-01-01 2024-12-31 13929809 countries:UnitedKingdom 2024-01-01 2024-12-31 13929809 2023-01-01 2023-12-31 13929809 2023-12-31 13929809 core:CurrentFinancialInstruments 2023-12-31 13929809 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 13929809 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 xbrli:pure iso4217:GBP

Registration number: 13929809

Relesys Ltd
Filleted Financial Statements
for the Year Ended 31 December 2024

Relesys Ltd

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Financial Statements | 3 to 7

Relesys Ltd

Company Information

Directors | M S Larsen J O Lebeck J Roesgaard

Company secretary | Goodwille Limited

Registered office | 1 Chapel Street Warwick Warwickshire CV34 4HL

Auditors | Bourner Bullock Chartered Accountants 114 St Martin's Lane Covent Garden London WC2N 4BE

Relesys Ltd

(Registration number: 13929809)
Balance Sheet as at 31 December 2024

| Note | 2024 £ | 2023 £
Current assets |  |  |
Debtors | 6 | 47,329 | 13,667
Cash at bank and in hand |  | 30,874 | 152,562
|  | 78,203 | 166,229
Creditors: Amounts falling due within one year | 7 | (47,247) | (24,144)
Total assets less current liabilities |  | 30,956 | 142,085
Creditors: Amounts falling due after more than one year | 7 | - | (126,344)
Net assets |  | 30,956 | 15,741
Capital and reserves |  |  |
Called up share capital | 8 | 1 | 1
Retained earnings |  | 30,955 | 15,740
Shareholders' funds |  | 30,956 | 15,741

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 February 2025 and signed on its behalf by:

......................................... M S Larsen Director | ......................................... J O Lebeck Director | ......................................... J Roesgaard Director

Relesys Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

1 | General information

The Company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
1 Chapel Street
Warwick
Warwickshire
CV34 4HL
United Kingdom

Principal activity

The principal activity of the Company is to provide sales services for the parent company which is a software company.

These financial statements were authorised for issue by the Board on 17 February 2025.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company made a profit in the year and has net current assets. The company is dependent on the support from the shareholders to continue as a going concern.
The financial statements have been prepared on a going concern basis that assumes further funding will be obtained.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Relesys Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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.

Financial instruments

Classification
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 to and from related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet 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.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Relesys Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Relesys Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

3 | Significant judgements and key sources of estimation uncertainty

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.

4 | Summary audit opinion

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 17 February 2025 was David Wheeler, who signed for and on behalf of Bourner Bullock.

5 | Staff numbers

The average number of persons employed by the Company (including directors) during the year, was 2 (2023 - 4).

6 | Debtors

Current | Note | 2024 £ | 2023 £
Amounts owed by related parties |  | 46,835 | 12,868
Prepayments |  | - | 508
Other debtors |  | 494 | 291
|  | 47,329 | 13,667

7 | Creditors

Creditors: amounts falling due within one year

| 2024 £ | 2023 £
Due within one year |  |
Trade creditors | 465 | 94
Taxation and social security | 13,361 | 14,431
Accruals and deferred income | 32,235 | 9,619
Other creditors | 1,186 | -
| 47,247 | 24,144

Relesys Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Creditors: amounts falling due after more than one year

| 2024 £ | 2023 £
Due after one year |  |
Other non-current financial liabilities | - | 126,344

8 | Share capital

Allotted, called up and fully paid shares

| 2024 | 2023
| No. | £ | No. | £
Ordinary shares of £1 each | 1 | 1 | 1 | 1

9 | Dividends

|  | 2024 |  | 2023
|  | £ |  | £
Final dividend of £Nil (2023 - £Nil) per ordinary share |  | - |  | -

10 | Parent and ultimate parent undertaking

The Company's immediate parent is Relesys A/S, incorporated in Denmark.
These financial statements are available upon request from Orient Plads 1, 2nd floor, 2150 Nordhavn, Denmark.