REDPLEXUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Redplexus Limited (registered number 05502222) is a private limited company registered in England and Wales. The registered office is Suite 1, 3rd floor, 11-12 St James Square, London, SW1Y 4LB.
During the year the Company was dormant.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The Directors have prepared forecasts and projections using what they consider to be reasonable assumptions relating to the Company’s financial performance, current financial position and existing financial resources for a period of at least 12 months from signing of the financial statements which show the Company to be a going concern.
The Group has bank borrowings subject to various covenants. During the year, the Group incurred exceptional expenditure at its discretion which would have caused the financial covenants to be breached. However, the Group obtained a waiver from the lender prior to incurring the exceptional expenditure confirming that it could be excluded from the financial covenants. The Group has prepared forecasts that show the Group will meet its financial covenants for a period of at least 12 months from the date of signing the financial statements.
The Directors are, therefore, of the opinion that the Company has the necessary resources to continue as a going concern for the foreseeable future and have therefore prepared the financial statements on a going concern basis.
Investments in subsidiaries are measured at cost less accumulated impairment.
|
|
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.
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.
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.
Page 2
|