Registered number
04149711
RTG Developments Limited
Filleted Accounts
31 January 2023
RTG Developments Limited
Registered number: 04149711
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 535,928 536,803
Current assets
Stocks 132,293 132,293
Debtors 4 - 1,843
Cash at bank and in hand 229,135 154,759
361,428 288,895
Creditors: amounts falling due within one year 5 (156,040) (140,964)
Net current assets 205,388 147,931
Net assets 741,316 684,734
Capital and reserves
Called up share capital 15,002 15,002
Profit and loss account 726,314 669,732
Shareholder's funds 741,316 684,734
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R T Garlick
Director
Approved by the board on 15 September 2023
RTG Developments Limited
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings No deprciation provided
Leasehold land and buildings over the lease term
Plant and machinery 25% pa reducing balance
Fixtures, fittings, tools and equipment 25% pa reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 February 2022 533,559 62,584 596,143
At 31 January 2023 533,559 62,584 596,143
Depreciation
At 1 February 2022 - 59,340 59,340
Charge for the year - 875 875
At 31 January 2023 - 60,215 60,215
Net book value
At 31 January 2023 533,559 2,369 535,928
At 31 January 2022 533,559 3,244 536,803
Freehold land and buildings: 2023 2022
£ £
Historical cost 533,558 533,558
Cumulative depreciation based on historical cost - -
533,558 533,558
4 Debtors 2023 2022
£ £
Other debtors - 1,843
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 39 1,626
Taxation and social security costs 20,786 22,261
Other creditors 135,215 117,077
156,040 140,964
6 Other information
RTG Developments Limited is a private company limited by shares and incorporated in England. Its registered office is:
Montgomery Chambers
22 Hardwick Street
Buxton
Derbyshire
SK17 6DH
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