Registered number
04217644
Real World Group Ltd
Filleted Accounts
31 March 2023
Real World Group Ltd
Registered number: 04217644
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 15,067 20,647
Tangible assets 4 4,782 4,958
Investments 5 1 1
19,850 25,606
Current assets
Debtors 6 137,080 160,394
Cash at bank and in hand 41,042 29,119
178,122 189,513
Creditors: amounts falling due within one year 7 (272,696) (288,168)
Net current liabilities (94,574) (98,655)
Total assets less current liabilities (74,724) (73,049)
Creditors: amounts falling due after more than one year 8 (23,333) (33,333)
Provisions for liabilities (909) (942)
Net liabilities (98,966) (107,324)
Capital and reserves
Called up share capital 1,290 1,290
Share premium 97,710 97,710
Profit and loss account (197,966) (206,324)
Shareholders' funds (98,966) (107,324)
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 members have 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.
S J Alban-Metcalfe
Director
Approved by the board on 16 October 2023
Real World Group Ltd
Notes to the Accounts
for the year ended 31 March 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:
Computer equipment over 3 years
Plant and machinery at 15% reducing balance
Fixtures, fittings, tools and equipment at 10% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 55,783
At 31 March 2023 55,783
Amortisation
At 1 April 2022 35,136
Provided during the year 5,580
At 31 March 2023 40,716
Net book value
At 31 March 2023 15,067
At 31 March 2022 20,647
Intangible assets are being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Computer
equipment
Plant and machinery etc Fixtures & fittings Total
£ £ £ £
Cost
At 1 April 2022 6,586 8,091 17,910 32,587
Additions 916 - 1,066 1,982
At 31 March 2023 7,502 8,091 18,976 34,569
Depreciation
At 1 April 2022 3,897 7,833 15,899 27,629
Charge for the year 1,811 39 308 2,158
At 31 March 2023 5,708 7,872 16,207 29,787
Net book value
At 31 March 2023 1,794 219 2,769 4,782
At 31 March 2022 2,689 258 2,011 4,958
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 April 2022 1
At 31 March 2023 1
6 Debtors 2023 2022
£ £
Trade debtors 128,553 154,540
Other debtors 8,527 5,854
137,080 160,394
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 20,079 1,963
Deferred Income 25,284 55,744
Taxation and social security costs 18,741 20,480
Other creditors 198,592 199,981
272,696 288,168
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 23,333 33,333
9 Pension commitments
These accounts have been prepared on a going concern basis as the Director's have agreed to support the business for the next accounting period.
10 Controlling party
The ultimate controlling party is SJ Alban-Metcalfe, a director.
11 Other information
Real World Group Ltd is a private company limited by shares and incorporated in England. Its registered office is:
2 The Calls
LEEDS
LS2 7JU
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