Registered number
11818726
RM NETWORK LTD
Filleted Accounts
28 February 2023
RM NETWORK LTD
Registered number: 11818726
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 2,100 2,450
Tangible assets 4 7,147 6,871
9,247 9,321
Current assets
Stocks 26,245 6,850
Cash at bank and in hand 64,280 78,594
90,525 85,444
Creditors: amounts falling due within one year 5 (32,020) (54,319)
Net current assets 58,505 31,125
Total assets less current liabilities 67,752 40,446
Creditors: amounts falling due after more than one year 6 (28,395) -
Net assets 39,357 40,446
Capital and reserves
Called up share capital 100 100
Profit and loss account 39,257 40,346
Shareholder's funds 39,357 40,446
The director is 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 director acknowledges his 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.
Mr Rahen Miah
Director
Approved by the board on 6 November 2023
RM NETWORK LTD
Notes to the Accounts
for the year ended 28 February 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Motor Vehicle 25% reducing balance
Plant and Machinery 15% 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.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 15 15
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2022 3,500
At 28 February 2023 3,500
Amortisation
At 1 March 2022 1,050
Provided during the year 350
At 28 February 2023 1,400
Net book value
At 28 February 2023 2,100
At 28 February 2022 2,450
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2022 7,975 2,100 10,075
Additions 1,676 - 1,676
At 28 February 2023 9,651 2,100 11,751
Depreciation
At 1 March 2022 2,285 919 3,204
Charge for the year 1,105 295 1,400
At 28 February 2023 3,390 1,214 4,604
Net book value
At 28 February 2023 6,261 886 7,147
At 28 February 2022 5,690 1,181 6,871
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 36,619 23,188
Other creditors (4,599) 31,131
32,020 54,319
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 28,395 -
7 Other information
RM NETWORK LTD is a private company limited by shares and incorporated in England. Its registered office is:
57 ALFRED STREET
SPARKBROOK
BIRMINGHAM
WEST MIDLANDS
B12 8JP
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