Retrace Group Limited - Accounts to registrar (filleted) - small 18.2
Retrace Group Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 30 June 2021 |
| for |
| Retrace Group Limited |
| Previously known as |
| QXE Industries Limited |
| Retrace Group Limited (Registered number: 10085815) |
| Contents of the Financial Statements |
| for the year ended 30 June 2021 |
| Page |
| Balance Sheet | 1 |
| Notes to the Financial Statements | 2 |
| Retrace Group Limited (Registered number: 10085815) |
| Balance Sheet |
| 30 June 2021 |
| 2021 | 2020 |
| as restated |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Property, plant and equipment | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| Retrace Group Limited (Registered number: 10085815) |
| Notes to the Financial Statements |
| for the year ended 30 June 2021 |
| 1. | STATUTORY INFORMATION |
| The entity is a private company, limited by shares, which was incorporated and registered in England. (company number 10085815). The address of the registered office is 4th Floor St James House, St James' Square, Cheltenham, England, GL50 3PR. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The company is reliant on additional funding from the director and he is prepared to provide these funds for the foreseeable future and for at least 12 months from the date of approval of these financial statements. The director therefore has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and continues to believe the going concern basis of accounting appropriate in preparing the annual financial statements. |
| Turnover |
| Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Intangible assets |
| Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. |
| For Intellectual Property, once the product has been successfully developed and is ready for production/licensing, then the useful economic life will be reviewed and the Intellectual Property amortised accordingly. |
| Tangible fixed assets |
| Tangible fixed assets under the cost model are stated at historical cost less accumulated |
| depreciation and any accumulated impairment losses. Historical cost includes expenditure that is |
| directly attributable to bringing the asset to the location and condition necessary for it to be capable of |
| operating in the manner intended by management. |
| Depreciation is charged so as to allocate the cost of assets less their residual value over their |
| estimated useful lives. |
| Depreciation is provided on the following basis: |
| Plant and machinery - 20% Straight line |
| Motor vehicles - 15% Reducing balance |
| Fixtures and fittings - 20% Straight line |
| Office equipment - 33% Straight line |
| Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to |
| determine whether there is any indication that the assets are impaired. Where there is any indication |
| that an asset may be impaired, the carrying value of the asset is tested for impairment. An |
| impairment loss is recognised for the amount by which the asset's carrying amount exceeds its |
| recoverable amount. |
| Non-financial assets that have been previously impaired are reviewed at each balance sheet date to |
| assess whether there is any indication that the impairment losses recognised in prior periods may no |
| longer exist or may have decreased. |
| Retrace Group Limited (Registered number: 10085815) |
| Notes to the Financial Statements - continued |
| for the year ended 30 June 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Government grants |
| Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit ir loss at the same rate as the depreciation on the assets to which the grant relates. The deferred elements of grants is included in creditors as deferred income. |
| Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure. |
| Investments in subsidiaries |
| Investments in subsidiaries are measured at cost less accumulated impairment. |
| Financial instruments |
| 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 from banks and other |
| third parties, loans to related parties and investments in ordinary shares. |
| Taxation |
| Tax is recognised in profit or loss except that a charge attributable to an item of income and expense |
| recognised as other comprehensive income or to an item recognised directly in equity is also |
| recognised in other comprehensive income or directly in equity respectively. |
| The current income tax charge is calculated on the basis of tax rates and laws that have been |
| enacted or substantively enacted by the balance sheet date in the countries where the Company |
| operates and generates income. |
| Cash and cash equivalents |
| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty |
| on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no |
| more than three months from the date of acquisition and that are readily convertible to known |
| amounts of cash with insignificant risk of change in value. |
| Foreign currency translation |
| The Company's functional and presentational currency is GBP. |
| Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
| At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
| Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. |
| Pensions |
| The Company operates a defined contribution plan for its employees. A defined contribution plan is a |
| pension plan under which the Company pays fixed contributions into a separate entity. Once the |
| contributions have been paid the Company has no further payment obligations. |
| The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid |
| are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately |
| from the Company in independently administered funds. |
| Prior year adjustment |
| During the year ended 30 June 2021 it was identified that amortisation had incorrectly been charged on the Intellectual Property as the intangible is not yet in use. |
| A prior year adjustment has been processed, which has increased the value of Intangible fixed assets by £342,771 and reduced amortisation costs by the same amount. |
| Retrace Group Limited (Registered number: 10085815) |
| Notes to the Financial Statements - continued |
| for the year ended 30 June 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Interest income |
| Interest income is recognised in profit or loss using the effective interest method. |
| Finance costs |
| Finance costs are charged to profit or loss over the term of the debt using the effective interest |
| method so that the amount charged is at a constant rate on the carrying amount. Issue costs are |
| initially recognised as a reduction in the proceeds of the associated capital instrument. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Intellectual |
| Property |
| £ |
| COST |
| At 1 July 2020 |
| and 30 June 2021 |
| NET BOOK VALUE |
| At 30 June 2021 |
| At 30 June 2020 |
| 5. | PROPERTY, PLANT AND EQUIPMENT |
| Fixtures |
| Plant and | and | Motor | Office |
| machinery | fittings | vehicles | Equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 July 2020 |
| Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
| At 30 June 2021 |
| DEPRECIATION |
| At 1 July 2020 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
| At 30 June 2021 |
| NET BOOK VALUE |
| At 30 June 2021 |
| At 30 June 2020 |
| Retrace Group Limited (Registered number: 10085815) |
| Notes to the Financial Statements - continued |
| for the year ended 30 June 2021 |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 July 2020 |
| Additions |
| Amounts written off | ( |
) |
| At 30 June 2021 |
| NET BOOK VALUE |
| At 30 June 2021 |
| At 30 June 2020 |
| The company holds 100% investment in Retrace AV Ltd (formally 171213 Limited). During the year the value of the investments has been impaired to £nil. |
| In the year the company has acquired 100% investment in Retrace AV Ltd (a company incorporated in Ireland). |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| as restated |
| £ | £ |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| as restated |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2021 | 2020 |
| as restated |
| £ | £ |
| Within one year |
| Between one and five years |
| 10. | RELATED PARTY DISCLOSURES |
| H Stevens, a director of the company has assigned £nil (2020 - £300,000) intellectual property rights to the company during the year. |
| During the year, Retrace Group paid £3,422 expenses (2020 - £nil) on behalf of Retrace AV Limited (Ireland), a subsidiary company. These have been written to the profit and loss in these accounts. |