REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2022 |
for |
REaD Group (Data) Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2022 |
for |
REaD Group (Data) Limited |
REaD Group (Data) Limited (Registered number: 03332669) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Statement of Financial Position | 3 |
Notes to the Financial Statements | 4 | to | 5 |
REaD Group (Data) Limited |
Company Information |
for the Year Ended 31 December 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
5 West Court |
Enterprise Road |
Maidstone |
Kent |
ME15 6JD |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
REaD Group (Data) Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of REaD Group (Data) Limited for the year ended 31 December 2022 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of REaD Group (Data) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of REaD Group (Data) Limited and state those matters that we have agreed to state to the Board of Directors of REaD Group (Data) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than REaD Group (Data) Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that REaD Group (Data) 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 REaD Group (Data) Limited. You consider that REaD Group (Data) 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 REaD Group (Data) 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. |
Chartered Accountants |
5 West Court |
Enterprise Road |
Maidstone |
Kent |
ME15 6JD |
REaD Group (Data) Limited (Registered number: 03332669) |
Statement of Financial Position |
31 December 2022 |
2022 | 2021 |
£ | £ |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
REaD Group (Data) Limited (Registered number: 03332669) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
REaD Group (Data) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Judgements in applying accounting policies and estimation uncertainty |
There is a judgement required in setting the amortisation rates for intangible assets. The directors have selected amortisation rates based on their cumulative knowledge of the business and via reference to industry competitors. Please refer to the intangibles accounting policy for the rates selected. |
Research and development |
Development expenditure is carried forward when its future recoverability can be foreseen with reasonable assurance and is amortised on a straight line basis over a period of 3-4 years. All research and other development costs are written off as incurred. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Finance costs |
Finance costs are charged to the income statement 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. |
Borrowing costs |
All borrowing costs are recognised in the income statement in the year in which they are incurred. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2021 - NIL). |
4. | CONTINGENT LIABILITIES |
The company is part of a VAT liability group and therefore has a group contingent liability at the year end of £292,594 (2021: £386,527). |
5. | RELATED PARTY DISCLOSURES |
The Largest and smallest group in which the results of the company are consolidated is that of Sagacity Holdings Limited, incorporated in England and Wales. The consolidated accounts of this company are available on public record and may be obtained from Companies House. No other group accounts include the results of the company. |
REaD Group (Data) Limited (Registered number: 03332669) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
6. | ULTIMATE CONTROLLING PARTY |
On 11th October 2022, the immediate parent company, Sagacity Data Limited (Formerly REaD Group Limited), was acquired by Sagacity Group Limited. |
The ultimate controlling party is Queen's Park Equity Gp Co Limited, a company registered in Guernsey. |