Riot Labs Limited 31/12/2021 iXBRL

Riot Labs Limited 31/12/2021 iXBRL

RIOT LABS LTD - Company Information

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39 31/12/2021 2021-12-31 false false false false false false false false false false true false false true false false false false true false false No description of principal activities is disclosed 2021-01-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 11078580 2021-01-01 2021-12-31 11078580 2021-12-31 11078580 2020-12-31 11078580 2020-01-01 2020-12-31 11078580 2020-12-31 11078580 bus:RegisteredOffice 2021-01-01 2021-12-31 11078580 bus:LeadAgentIfApplicable 2021-01-01 2021-12-31 11078580 bus:Director1 2021-01-01 2021-12-31 11078580 core:IntangibleAssetsOtherThanGoodwill 2020-12-31 11078580 core:IntangibleAssetsOtherThanGoodwill 2021-12-31 11078580 core:LandBuildings core:OwnedOrFreeholdAssets 2020-12-31 11078580 core:LandBuildings core:ShortLeaseholdAssets 2020-12-31 11078580 core:PlantMachinery 2020-12-31 11078580 core:FurnitureFittingsToolsEquipment 2020-12-31 11078580 core:MotorVehicles 2020-12-31 11078580 core:LandBuildings core:OwnedOrFreeholdAssets 2021-12-31 11078580 core:LandBuildings core:ShortLeaseholdAssets 2021-12-31 11078580 core:PlantMachinery 2021-12-31 11078580 core:FurnitureFittingsToolsEquipment 2021-12-31 11078580 core:MotorVehicles 2021-12-31 11078580 core:WithinOneYear 2021-12-31 11078580 core:WithinOneYear 2020-12-31 11078580 core:AfterOneYear 2021-12-31 11078580 core:AfterOneYear 2020-12-31 11078580 core:ShareCapital 2021-12-31 11078580 core:ShareCapital 2020-12-31 11078580 core:RetainedEarningsAccumulatedLosses 2021-12-31 11078580 core:RetainedEarningsAccumulatedLosses 2020-12-31 11078580 core:IntangibleAssetsOtherThanGoodwill 2021-01-01 2021-12-31 11078580 core:LandBuildings core:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 11078580 core:LandBuildings core:ShortLeaseholdAssets 2021-01-01 2021-12-31 11078580 core:PlantMachinery 2021-01-01 2021-12-31 11078580 core:FurnitureFittingsToolsEquipment 2021-01-01 2021-12-31 11078580 core:MotorVehicles 2021-01-01 2021-12-31 11078580 core:IntangibleAssetsOtherThanGoodwill 2020-12-31 11078580 core:LandBuildings core:OwnedOrFreeholdAssets 2020-12-31 11078580 core:LandBuildings core:ShortLeaseholdAssets 2020-12-31 11078580 core:PlantMachinery 2020-12-31 11078580 core:FurnitureFittingsToolsEquipment 2020-12-31 11078580 core:MotorVehicles 2020-12-31 11078580 bus:SmallEntities 2021-01-01 2021-12-31 11078580 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 11078580 bus:FullAccounts 2021-01-01 2021-12-31 11078580 bus:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 11078580 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31
Company registration number: 11078580
Riot Labs Limited
Unaudited filleted financial statements
31 December 2021
Riot Labs Limited
Contents
Directors and other information
Directors report
Accountants report
Statement of financial position
Notes to the financial statements
Riot Labs Limited
Directors and other information
Directors Benjamin Johnson
Company number 11078580
Registered office 6 Saxon Park
Holdom Avenue
Milton Keynes
Buckinghamshire
MK1 1QU
Accountants Jenner Accountants Limited
1 South House
Bond Avenue
Milton Keynes
Buckinghamshire
MK1 1SW
Riot Labs Limited
Directors report
Year ended 31 December 2021
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2021.
Directors
The directors who served the company during the year were as follows:
Benjamin Johnson
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on .............................. and signed on behalf of the board by:
Benjamin Johnson
Director
Riot Labs Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Riot Labs Limited
Year ended 31 December 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Riot Labs Limited for the year ended 31 December 2021 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Riot Labs Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Riot Labs Limited and state those matters that we have agreed to state to the board of directors of Riot Labs Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Riot Labs Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Riot Labs Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Riot Labs Limited. You consider that Riot Labs 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 financial statements of Riot Labs 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 financial statements.
Jenner Accountants Limited
Chartered Accountants
1 South House
Bond Avenue
Milton Keynes
Buckinghamshire
MK1 1SW
Date:
Riot Labs Limited
Statement of financial position
31 December 2021
2021 2020
Note £ £ £ £
Fixed assets
Intangible assets 5 20,933 17,288
Tangible assets 6 927,626 712,855
_______ _______
948,559 730,143
Current assets
Stocks 1,709,076 953,104
Debtors 7 994,178 480,397
Cash at bank and in hand 441,000 339,907
_______ _______
3,144,254 1,773,408
Creditors: amounts falling due
within one year 8 ( 1,380,462) ( 810,614)
_______ _______
Net current assets 1,763,792 962,794
_______ _______
Total assets less current liabilities 2,712,351 1,692,937
Creditors: amounts falling due
after more than one year 9 ( 522,320) ( 172,263)
Provisions for liabilities ( 131,622) ( 94,399)
_______ _______
Net assets 2,058,409 1,426,275
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 2,058,309 1,426,175
_______ _______
Shareholders funds 2,058,409 1,426,275
_______ _______
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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 Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 September 2022 , and are signed on behalf of the board by:
Benjamin Johnson
Director
Company registration number: 11078580
Riot Labs Limited
Notes to the financial statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in Engalnd and Wales. The address of the registered office is 6 Saxon Park, Holdom Avenue, Milton Keynes, Buckinghamshire, MK1 1QU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 39 (2020: 30 ).
The aggregate payroll costs incurred during the year were:
2021 2020
£ £
Wages and salaries 1,201,974 772,171
Social security costs 101,559 70,413
Other pension costs 24,393 16,734
_______ _______
1,327,926 859,318
_______ _______
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 January 2021 21,360 21,360
Additions 6,424 6,424
_______ _______
At 31 December 2021 27,784 27,784
_______ _______
Amortisation
At 1 January 2021 4,072 4,072
Charge for the year 2,779 2,779
_______ _______
At 31 December 2021 6,851 6,851
_______ _______
Carrying amount
At 31 December 2021 20,933 20,933
_______ _______
At 31 December 2020 17,288 17,288
_______ _______
6. Tangible assets
Freehold property Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £ £
Cost
At 1 January 2021 140,980 104,133 221,506 145,045 270,755 882,419
Additions - 12,165 323,035 58,814 43,333 437,347
_______ _______ _______ _______ _______ _______
At 31 December 2021 140,980 116,298 544,541 203,859 314,088 1,319,766
_______ _______ _______ _______ _______ _______
Depreciation
At 1 January 2021 14,098 14,993 47,350 37,948 55,175 169,564
Charge for the year 14,098 11,630 102,306 35,230 59,312 222,576
_______ _______ _______ _______ _______ _______
At 31 December 2021 28,196 26,623 149,656 73,178 114,487 392,140
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 December 2021 112,784 89,675 394,885 130,681 199,601 927,626
_______ _______ _______ _______ _______ _______
At 31 December 2020 126,882 89,140 174,156 107,097 215,580 712,855
_______ _______ _______ _______ _______ _______
7. Debtors
2021 2020
£ £
Trade debtors 597,489 318,993
Other debtors 396,689 161,404
_______ _______
994,178 480,397
_______ _______
8. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 123,321 6,667
Trade creditors 837,876 475,032
Social security and other taxes 248,953 171,597
Other creditors 170,312 157,318
_______ _______
1,380,462 810,614
_______ _______
9. Creditors: amounts falling due after more than one year
2021 2020
£ £
Other creditors 522,320 172,263
_______ _______
10. Other financial commitments
The company had total guarantees and commitments at the balance sheet date of £433,449 (2020: £412,575).