Reason Digital Limited - Accounts to registrar (filleted) - small 18.2
Reason Digital Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| REASON DIGITAL LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2021 |
| REASON DIGITAL LIMITED (REGISTERED NUMBER: 06517726) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| REASON DIGITAL LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 JANUARY 2021 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Clarke Nicklin House |
| Brooks Drive |
| Cheadle Royal Business Park |
| Cheadle |
| Cheshire |
| SK8 3TD |
| REASON DIGITAL LIMITED (REGISTERED NUMBER: 06517726) |
| BALANCE SHEET |
| 31 JANUARY 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their 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. |
| REASON DIGITAL LIMITED (REGISTERED NUMBER: 06517726) |
| BALANCE SHEET - continued |
| 31 JANUARY 2021 |
| 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 Board of Directors and authorised for issue on |
| REASON DIGITAL LIMITED (REGISTERED NUMBER: 06517726) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 JANUARY 2021 |
| 1. | STATUTORY INFORMATION |
| Reason Digital Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have reached this conclusion giving due consideration to the projected future performance of the company, any potential risk that might impact the company's ability to meet its required solvency levels. For this reason, they continue to adopt the going concern basis in preparing the financial statements. |
| Preparation of consolidated financial statements |
| The financial statements contain information about Reason Digital Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| Turnover |
| Turnover represents income receivable for work done, excluding value added tax. For longer-term contracts revenue is recognised on the accruals basis as each contract progresses. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Leasehold improvements | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| Government grants |
| Grant income receivable under the Coronavirus Job Retention Scheme ("CJRS") is recognised in the Income Statement on a straight line basis over the furlough period for each relevant employee. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| REASON DIGITAL LIMITED (REGISTERED NUMBER: 06517726) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Other operating income |
| Other operating income includes grants to develop specific products. Grant income is recognised in the period to which the expense is incurred. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Developme |
| costs |
| £ |
| COST |
| At 1 February 2020 |
| Disposals | ( |
) |
| At 31 January 2021 |
| NET BOOK VALUE |
| At 31 January 2021 |
| At 31 January 2020 |
| Included in Development costs is £10,000 (2020: £10,000) of assets not yet brought in to use on which no amortisation is charged. |
| REASON DIGITAL LIMITED (REGISTERED NUMBER: 06517726) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2021 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Leasehold | and | Computer |
| improvements | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 February 2020 |
| Additions |
| At 31 January 2021 |
| DEPRECIATION |
| At 1 February 2020 |
| Charge for year |
| At 31 January 2021 |
| NET BOOK VALUE |
| At 31 January 2021 |
| At 31 January 2020 |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertaking |
| £ |
| COST |
| At 1 February 2020 |
| and 31 January 2021 |
| NET BOOK VALUE |
| At 31 January 2021 |
| At 31 January 2020 |
| The company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Registered office: 2nd Floor 26 Lever Street, Manchester, United Kingdom, M1 1DW |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2021 | 2020 |
| £ | £ |
| Aggregate capital and reserves |
| REASON DIGITAL LIMITED (REGISTERED NUMBER: 06517726) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2021 |
| 6. | FIXED ASSET INVESTMENTS - continued |
| Registered office: 2nd Floor, 24/26 Lever Street, Manchester, England, M1 1DW |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2021 | 2020 |
| £ | £ |
| Aggregate capital and reserves |
| Registered office: 2nd Floor, 24/26 Lever Street, Manchester, England, M1 1DW |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2021 | 2020 |
| £ | £ |
| Aggregate capital and reserves |
| Registered office: 2nd Floor, 24/26 Lever Street, Manchester, England, M1 1DW |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2021 | 2020 |
| £ | £ |
| Aggregate capital and reserves |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Corporation tax recoverable |
| Deferred tax asset |
| Prepayments and accrued income |
| REASON DIGITAL LIMITED (REGISTERED NUMBER: 06517726) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2021 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to group undertakings |
| Social security and other taxes |
| Value added tax | 140,325 | 93,059 |
| Other creditors |
| Directors' current accounts | 64,676 | 60,954 |
| Accruals and deferred income |
| Other creditors include unpaid pension contributions of £3,946 (2020: £11,545). |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Bank loans - 1-5 years |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2021 | 2020 |
| £ | £ |
| Bank loans |
| Lloyds Bank plc holds a fixed and floating charge over the company's assets. |
| 11. | DEFERRED TAX |
| £ |
| Balance at 1 February 2020 | ( |
) |
| Provided during year | ( |
) |
| Balance at 31 January 2021 | ( |
) |
| The provision for deferred taxation is made up as follows |
| 2021 | 2020 |
| £ | £ |
| Accelerated capital allowances | (7,760 | ) | (10,312 | ) |
| Taxation losses carried forward | 30,456 | 30,456 |
| Other timing differences | 750 | 2,194 |
| 23,446 | 22,338 |
| REASON DIGITAL LIMITED (REGISTERED NUMBER: 06517726) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 JANUARY 2021 |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2021 | 2020 |
| value: | £ | £ |
| Ordinary | £1 | 2 | 2 |
| 13. | RELATED PARTY DISCLOSURES |
| Impact Social Value Reporting Limited |
| A company in which Mr E D Cox and Mr M J Haworth are shareholders |
| 2021 | 2020 |
| £ | £ |
| Amount due to related party at the balance sheet date | 542 | 6,445 |
| 14. | ULTIMATE CONTROLLING PARTY |
| There is no overall ultimate controlling party. |