Recursion Design Limited
Recursion Design Limited
Registered number: 08782295
Unaudited Financial Statements
For The Year Ended
31 March 2022
LAS Accountants LLP
Recursion Design Limited
Unaudited Financial Statements
For The Year Ended
31 March 2022
Unaudited Financial Statements
Contents | |
Page | |
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Statement of Financial Position | 1—2 |
Notes to the Financial Statements | 3—6 |
Recursion Design Limited
Statement of Financial Position
As at
31 March 2022
Statement of Financial Position
Registered number:
08782295
For the year ending 31 March 2022 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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.
2022 | 2021 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 3 |
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Investments | 4 |
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CURRENT ASSETS | |||||
Debtors | 5 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 6 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 7 |
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PROVISIONS FOR LIABILITIES | |||||
Deferred Taxation |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 8 |
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Income Statement |
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SHAREHOLDERS' FUNDS | 2,877 | 81,178 | |||
Recursion Design Limited
Statement of Financial Position (continued)
As at
31 March 2022
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
Director
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The notes on pages 3 to 6 form part of these financial statements.
Recursion Design Limited
Notes to the Financial Statements
For The Year Ended
31 March 2022
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.The financial statements have been prepared under the historical cost convention.
The financial statements are prepared in UK sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest UK pound.
The principle accounting polices adopted are set below.
1.2.
Going Concern Disclosure
The director has considered the prospect of the business for the next twelve months and beyond and has arrived at a reasonable expectation the company will continue to meet its obligations as they fall due. The director has also pledged their financial support to assist with this if required. On this basis, the director will continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.4.
Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant & Machinery |
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Fixtures & Fittings |
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Computer Equipment |
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Tangible assets are initially recorded at cost and subsequently stated at cost less accumulated depreciation and impairment losses.
1.5.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
1.6.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position 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.
Recursion Design Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2022
1.7.
Government Grant
Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income statement over the useful life of the asset concerned.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
Government Assistance
The company received assistance in the form of a government backed loan (including Coronavirus Business Interruption Loan Scheme (CBILS),Coronavirus Large Business Interruption Loan Scheme (CLBILS), Bounce Back Loan Scheme (BBLS) and Future Fund Scheme) of £35,741 during the year ended 31 March 2022. This is reported the current and long term liabilities of the balance sheet based on the allocation of payments due within 12 months and greater than 12 months.
1.8.
Investments in Subsidiaries
Investments in subsidiary undertakings are recognised at cost.
1.9.
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.
1.10.
Critical Accounting Judgements and Key Sources of Estimation Uncertainity
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.
The key areas of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Accrued Expenditure
The company includes a provision for invoices which are yet to be received from and amounts paid in advance to suppliers. These provisions are estimated based upon the expected values of the invoices which are issued and services received following the period end.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2022 | 2021 | ||
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Office and administration |
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Recursion Design Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2022
3.
Tangible Assets
Plant & Machinery | Fixtures & Fittings | Computer Equipment | Total | |
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£ | £ | £ | £ | |
Cost | ||||
As at
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As at
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Depreciation | ||||
As at
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Provided during the period |
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As at
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Net Book Value | ||||
As at
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As at
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4.
Investments
Listed | |
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£ | |
Cost | |
As at
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177,000 |
As at
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177,000 |
Provision | |
As at
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- |
As at
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- |
Net Book Value | |
As at
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177,000 |
As at
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177,000 |
5.
Debtors
2022 | 2021 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Prepayments and accrued income |
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Other debtors - CC Halifax 973 |
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Gospace AI Limited |
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Other debtors - Credit Card |
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VAT |
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- | |
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Recursion Design Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2022
6.
Creditors: Amounts Falling Due Within One Year
2022 | 2021 | ||
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£ | £ | ||
Trade creditors |
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Bank loans and overdrafts |
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Corporation tax |
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VAT | - |
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Other creditors - Elizabeth CC |
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Accruals and deferred income |
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Directors' loan accounts |
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7.
Creditors: Amounts Falling Due After More Than One Year
2022 | 2021 | ||
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£ | £ | ||
Bank loans |
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9.
Reserves
An adjustment has been made to reserves to include a dividend that should have been declared in the year ended 31/03/2018, but missed from the accounts. A dividend of £10,000 was reported on the Directors 2017-18 tax return but missed from the accounts in the year ended 31/03/2018. This has now been reconciled and included within the current year to rectify the brought forward balance.
10.
Related Party Transactions
The Director's loan account balance of Ms E E Tweedale of £58,558 as at the year end, is a current liability, interest free and repayable on demand.
The Director's loan account balance of Mr B F Davison of £40,001 as at the year end, is a current liability, interest free and repayable on demand.
11.
General Information
Recursion Design Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
08782295
. The registered office is C/O Las Accountants LLP, No.1 Royal Exchange, London, EC3V 3DG.