| ROBOSAVVY LIMITED |
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| Notes to the financial statements - 31 December 2024 |
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COMPANY INFORMATION |
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| 1. |
Company Information |
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Robosavvy Limited is a private limited company incorporated and domiciled in the England & Wales. The address of its registered office is 5.2 Central House, 1 Ballards Lane, N3 1LQ. |
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| 2. |
Accounting Policies |
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| 2.1 |
Basis of accounting |
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The financial statements have been prepared on a going concern basis, under historical cost convention. |
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The financial statements are presented in sterling (£). |
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The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
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| 2.2 |
Financial instruments |
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The company has chosen to adapt the sections 11 & 12 of FRS 102 in respect of financial instruments: |
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(i) Financial assets |
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Basic financial assets including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at present value of the future receipts discounted at the market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method and are assess for objective evidence of impairment at the end of each reporting period. |
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(ii) Financial liabilities |
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Basic financial liabilities including trade and other payable are initially recognised at transaction price unless arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts discounted at a market value of interest debt instruments are subsequently carried at amortised costs using the effective interest rate method. |
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| 2.3 |
Going concern |
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The company is profitable and expects to be profitable in the future. The company also has net current asset position. In the period of 12 months from the date of the financial statements, the company has positive cash flow. |
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Taking the above into account the directors are of the opinion that the financial statements can be prepared on a going concern basis. |
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| 2.4 |
Turnover |
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Turnover represents net invoiced value of goods and services excluding VAT. |
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| ROBOSAVVY LIMITED |
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| Notes to the financial statements - 31 December 2024 |
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| 2. |
Accounting Policies (continued) |
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| 2.5 |
Revenue recognition |
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Revenue comprises the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of the company’s activities. Revenue is shown net of value-added tax, returns, rebates and discounts. |
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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 the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
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Revenue from the sale of goods is recognised when all the significant risks and rewards of ownership of the goods have passed to the buyer and the seller no longer retains continual managerial involvement. The delivery date is usually the date on which ownership passes. |
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| 2.6 |
Inventory |
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Inventory is valued at the lower of cost and net resalable value, after making due allowances for damaged and slow moving stock. Inventory includes all direct expenses that incurred on the stock up to the arrival at the warehouse. |
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| 2.7 |
Debtors |
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Short term debtors that includes trade and other receivables are measured at transaction price, less any impairment. |
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| 2.8 |
Creditors |
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Basic financial liabilities including trade and other payable are measured at transaction price. |
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| 2.9 |
Current & deferred taxation |
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Deferred taxation is provided using the liability method to take into account timing from the inclusion of items of expenditure in taxation computations in periods that differ from those differences arising in which they are included in the financial statements to the extent that it is probably that an or assets will crystallize in the future. |
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Provision for deferred taxation is set off against debit balance of deferred taxation. |
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The current income tax charged is calculated on the basis of the tax rate and laws that have been enacted or substantially enacted by the reporting date in the countries where the company operated and generates income. |
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| 3. |
Employees |
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2024 |
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2023 |
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No of employees during the year |
1 |
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0 |
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No of paid directors during the year |
1 |
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- |
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Directors remuneration |
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£ |
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£ |
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Salary and National Insurance |
4,256 |
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- |
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4,256 |
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- |
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