Root-5 Solutions Limited Filleted accounts for Companies House (small and micro)

ROOT-5 SOLUTIONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC306363

ROOT-5 SOLUTIONS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

28 February 2021

ROOT-5 SOLUTIONS LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 28 FEBRUARY 2021

Contents	Page

Officers and professional advisers	1

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

ROOT-5 SOLUTIONS LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors	Mr D Austin
	Mrs S Austin

Company secretary	Mrs S Austin

Registered office	11 Bon Accord Crescent
	Aberdeen Business Centre
	Aberdeen
	Scotland
	AB11 6DE

Accountants	Ritsons
	Chartered Accountants
	26-30 Marine Place
	Buckie
	Moray
	AB56 1UT

Bankers	Bank of Scotland
	39 Albyn Place,
	ABERDEEN,
	AB1 1YN

ROOT-5 SOLUTIONS LIMITED

CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ROOT-5 SOLUTIONS LIMITED

YEAR ENDED 28 FEBRUARY 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 Root-5 Solutions Limited for the year ended 28 February 2021, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Root-5 Solutions Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Root-5 Solutions Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Root-5 Solutions Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Root-5 Solutions 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 Root-5 Solutions Limited. You consider that Root-5 Solutions 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 Root-5 Solutions 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.

Ritsons Chartered Accountants

26-30 Marine Place Buckie Moray AB56 1UT

30 November 2021

ROOT-5 SOLUTIONS LIMITED

STATEMENT OF FINANCIAL POSITION

28 February 2021

	2021	2020
Note	£	£

FIXED ASSETS

Tangible assets	5	21	32

CURRENT ASSETS

Debtors	6	174,367	64,291
Cash at bank and in hand		11,087	4,793
		---------	--------
		185,454	69,084

CREDITORS: amounts falling due within one year	7	221,735	162,050
		---------	---------
NET CURRENT LIABILITIES		36,281	92,966
		--------	--------
TOTAL ASSETS LESS CURRENT LIABILITIES		( 36,260)	( 92,934)

CREDITORS: amounts falling due after more than one year	8	40,000	–
		--------	--------
NET LIABILITIES		( 76,260)	( 92,934)
		--------	--------

CAPITAL AND RESERVES

Called up share capital	1,000	1,000
Share premium account	400	400
Profit and loss account	( 77,660)	( 94,334)
	--------	--------
SHAREHOLDERS DEFICIT	( 76,260)	( 92,934)
	--------	--------

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 income statement has not been delivered.

For the year ending 28 February 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 .

ROOT-5 SOLUTIONS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

28 February 2021

These financial statements were approved by the board of directors and authorised for issue on 30 November 2021 , and are signed on behalf of the board by:

Mr D Austin	Mrs S Austin
Director	Director

Company registration number: SC306363

ROOT-5 SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 28 FEBRUARY 2021

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 11 Bon Accord Crescent, Aberdeen Business Centre, Aberdeen, AB11 6DE, Scotland.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Tangible assets

Tangible assets are initially recorded at cost less depreciation and impairment.

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:

	Computer Equipment	-	33% reducing balance

Financial instruments

The following assets and liabilities are classified as financial instruments - bank, trade debtors, trade creditors, bank loans, directors' loans to the company.

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 as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2020: 4 ).

5. Tangible assets

	Equipment	Total
	£	£
Cost
At 29 February 2020 and 28 February 2021	6,460	6,460
	-------	-------
Depreciation
At 29 February 2020	6,428	6,428
Charge for the year	11	11
	-------	-------
At 28 February 2021	6,439	6,439
	-------	-------
Carrying amount
At 28 February 2021	21	21
	-------	-------
At 28 February 2020	32	32
	-------	-------

6. Debtors

	2021	2020
	£	£
Trade debtors	148,512	32,356
Amounts owed by group undertakings and undertakings in which the company has a participating interest	21,000	21,000
Other debtors	4,855	10,935
	---------	--------
	174,367	64,291
	---------	--------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	40,793	54,139
Amounts owed to group undertakings and undertakings in which the company has a participating interest	19,921	19,921
Social security and other taxes	20,104	7,240
Other creditors	140,917	80,750
	---------	---------
	221,735	162,050
	---------	---------

8. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	40,000	–
	--------	----