Company registration number 02543192 (England and Wales)
R.M.D ENTERPRISES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
PAGES FOR FILING WITH REGISTRAR
R.M.D ENTERPRISES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
R.M.D ENTERPRISES LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2022
30 September 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,108,090
2,099,479
Current assets
Stocks
5,000
5,000
Debtors
5
3,211,819
2,475,982
Cash at bank and in hand
1,857,754
2,242,228
5,074,573
4,723,210
Creditors: amounts falling due within one year
6
(1,213,029)
(1,135,715)
Net current assets
3,861,544
3,587,495
Total assets less current liabilities
5,969,634
5,686,974
Creditors: amounts falling due after more than one year
7
(525,386)
(562,279)
Provisions for liabilities
(33,097)
(31,067)
Net assets
5,411,151
5,093,628
Capital and reserves
Called up share capital
50,000
50,000
Profit and loss reserves
5,361,151
5,043,628
Total equity
5,411,151
5,093,628

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

R.M.D ENTERPRISES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2022
30 September 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 November 2023 and are signed on its behalf by:
R. Merali
Director
Company Registration No. 02543192
R.M.D ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 3 -
1
Accounting policies
Company information

R.M.D Enterprises Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Mildred Avenue, Watford, Hertfordshire, WD18 7DY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for residential nursing care.

 

Turnover is recognised in the profit and loss account in the year in which care is provided.

1.3
Intangible fixed assets - goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of twenty years.

1.4
Tangible fixed assets

Tangible fixed assets other than freehold land are stated at cost less depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Land and buildings freehold
Nil
Fixtures, fittings and equipment
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

No depreciation is provided in respect of freehold property on the basis that the depreciation charge and accumulated depreciation are immaterial due to the freehold properties having very long useful lives and high residual values.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

 

1.6
Stocks

Stocks are valued at the lower of cost and net realisable value.

R.M.D ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

R.M.D ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

1.11
Retirement benefits

The company contributes to a defined contribution pension scheme for the benefit of its employees. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases are charged to income on a straight line basis over the term of the relevant lease.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
55
48
R.M.D ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2021
137,906
Disposals
(137,906)
At 30 September 2022
-
0
Amortisation and impairment
At 1 October 2021
137,906
Disposals
(137,906)
At 30 September 2022
-
0
Carrying amount
At 30 September 2022
-
0
At 30 September 2021
-
0
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2021
1,948,063
583,276
2,531,339
Additions
-
0
31,803
31,803
At 30 September 2022
1,948,063
615,079
2,563,142
Depreciation and impairment
At 1 October 2021
-
0
431,860
431,860
Depreciation charged in the year
-
0
23,192
23,192
At 30 September 2022
-
0
455,052
455,052
Carrying amount
At 30 September 2022
1,948,063
160,027
2,108,090
At 30 September 2021
1,948,063
151,416
2,099,479
R.M.D ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 7 -
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
9,297
41,662
Corporation tax recoverable
757,506
562,791
Other debtors
2,445,016
1,871,529
3,211,819
2,475,982

Included in other debtors is a secured loan to an investment company of £78,750 for property development. Once the property has been developed and sold the loan will be settled with any profits being distributed as interest.

6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
639
41,778
Amounts owed to group undertakings and undertakings in which the company has a participating interest
499,282
499,282
Corporation tax
265,743
171,269
Other taxation and social security
26,429
22,357
Other creditors
420,936
401,029
1,213,029
1,135,715
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
525,386
562,279

The bank loan attracts interest at 2% above base and is due to mature in September 2024. The loan is secured by a legal charge over Stanborough Lodge Care Home.

8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2022
2021
£
£
34,357
40,083
9
Related party transactions
R.M.D ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
9
Related party transactions
(Continued)
- 8 -

At 30 September 2022 a balance of £351,765 (2021: £351,765) was owed to a connected company. This loan is non-interest bearing and repayable on demand.

 

At 30 September 2022 a balance of £499,282 (2021: £499,282) was owed by a connected company. This loan is non-interest bearing and repayable on demand.

 

At 30 September 2022 a balance of £652,016 (2021: £414,467) was owed to the company by a director. The loan is interest bearing and repayable on demand. This amount is included within other debtors and attracts interest at an average rate of 2.00% per annum.

 

At 30 September 2022 a balance of £1,161,610 (2021: £888,513) was owed to the company by a director. The loan is interest bearing and repayable on demand. This amount is included within other debtors and attracts interest at an average rate of 2.00% per annum.

 

At 30 September 2022 a balance of £467,111 (2021: £402,105) was owed to the company by a director. The loan is interest bearing and repayable on demand. This amount is included within other debtors and attracts interest at an average rate of 2.00% per annum.

 

At 30 September 2022 a balance of £65,643 (2021: £64,356) was owed to the company by a director. The loan is interest bearing and repayable on demand. This amount is included within other debtors and attracts interest at an average rate of 2.00% per annum.

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