Company Registration No. 11869157 (England and Wales)
Restronauts Inc. Limited
Unaudited accounts
for the period from 8 March 2019 to 31 March 2020
Restronauts Inc. Limited
Unaudited accounts
Contents
Restronauts Inc. Limited
Company Information
for the period from 8 March 2019 to 31 March 2020
Directors
Mr Riyan Durrani
Mr Anas Ali
Company Number
11869157 (England and Wales)
Registered Office
C/o Accountancy Managers Limited
164 New Cavendish Street
London
W1W 6YT
United Kingdom
Accountants
Accountancy Managers Limited
164 New Cavendish Street
London
W1W 6YT
Restronauts Inc. Limited
Statement of financial position
as at
31 March 2020
Cash at bank and in hand
7,217
Creditors: amounts falling due within one year
(14,092)
Net current liabilities
(6,413)
Total assets less current liabilities
5,212
Creditors: amounts falling due after more than one year
(10,000)
Called up share capital
100
Profit and loss account
(4,888)
Shareholders' funds
(4,788)
For the period ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 9 December 2020 and were signed on its behalf by
Mr Riyan Durrani
Director
Company Registration No. 11869157
Restronauts Inc. Limited
Notes to the Accounts
for the period from 8 March 2019 to 31 March 2020
Restronauts Inc. Limited is a private company, limited by shares, registered in England and Wales, registration number 11869157. The registered office is C/o Accountancy Managers Limited, 164 New Cavendish Street, London, W1W 6YT, United Kingdom.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation to be amortised over the 10 years equally.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
25% on costs
Restronauts Inc. Limited
Notes to the Accounts
for the period from 8 March 2019 to 31 March 2020
These financial statements have been prepared on a going concern basis which assumes that the company will continue to trade. The validity of this assumption is dependent upon the continued support from its shareholders and other creditors. If the company were unable to trade, adjustments would have to be made to reduce the value of the assets to their recoverable amounts and to provide further liabilities that might arise.
The directors believe that with support from the shareholders and creditors continued funding will be provided to support the company whilst it moves towards profitability and to enable it to meet its day-to-day commitments from cashflows. As a consequence, the directors believe that the company is well placed to manage its business risks successfully. As such, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the 12 months period. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
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Intangible fixed assets
Other
Charge for the period
1,250
5
Tangible fixed assets
Computer equipment
Cost or valuation
At cost
Charge for the period
125
Restronauts Inc. Limited
Notes to the Accounts
for the period from 8 March 2019 to 31 March 2020
7
Creditors: amounts falling due within one year
2020
8
Creditors: amounts falling due after more than one year
2020
Creditors amount falling due more than one year includes a net sum of £10,000 invested by the directors;
Riyan Durrani's loan account:
Mr Riyan Durrani, the director of the company has invested £5,000 via director's loans up to the period ended 31 March 2020 other than the share capital. The loan is interest-free, unsecured & subordinated in favour of third-party creditors of the company.
Anas Ali's loan account:
Mr Anas Ali, the director of the company has invested £5,000 via director's loans up to the period ended 31 March 2020 other than the share capital. The loan is interest-free, unsecured & subordinated in favour of third-party creditors of the company.
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Transactions with related parties
Included in other creditors due less than a year are the amounts of £346 and £346 owed to Mr Riyan Durrani and Mr Anas Ali respectively.
Included in other creditors due more than a year are the amounts of £5,000 and £5,000 owed to Mr Riyan Durrani and Mr Anas Ali respectively.
Both directors are regarded as the ultimate controlling party for the period and as such, there is no single controlling party.
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Average number of employees
During the period the average number of employees was 0.