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COMPANY REGISTRATION NUMBER: 11834438
RMS Heating Ltd
Unaudited Financial Statements
28 February 2023
RMS Heating Ltd
Financial Statements
Year ended 28 February 2023
Contents
Page
Director's report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
4
The following pages do not form part of the financial statements
Chartered certified accountants and registered auditors report to the director on the preparation of the unaudited statutory financial statements
8
RMS Heating Ltd
Director's Report
Year ended 28 February 2023
The director presents his report and the unaudited financial statements of the company for the year ended 28 February 2023 .
Director
The director who served the company during the year was as follows:
Mrs D Chana
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 22 November 2023 and signed on behalf of the board by:
Mrs D Chana
Director
Registered office:
7 Haggar Street
Wolverhampton
WV2 3ET
RMS Heating Ltd
Statement of Income and Retained Earnings
Year ended 28 February 2023
2023
2022
Note
£
£
Turnover
244,325
379,250
Cost of sales
236,079
370,314
---------
---------
Gross profit
8,246
8,936
Administrative expenses
5,097
6,459
-------
-------
Operating profit
3,149
2,477
-------
-------
Profit before taxation
3,149
2,477
Tax on profit
598
-------
-------
Profit for the financial year and total comprehensive income
2,551
2,477
-------
-------
Retained earnings/(losses) at the start of the year
2,223
( 254)
-------
-------
Retained earnings at the end of the year
4,774
2,223
-------
-------
All the activities of the company are from continuing operations.
RMS Heating Ltd
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
Current assets
Debtors
4
50,957
48,260
Cash at bank and in hand
479
1,638
--------
--------
51,436
49,898
Creditors: Amounts falling due within one year
5
4,016
4,007
--------
--------
Net current assets
47,420
45,891
--------
--------
Total assets less current liabilities
47,420
45,891
Creditors: Amounts falling due after more than one year
6
42,546
43,568
--------
--------
Net assets
4,874
2,323
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
4,774
2,223
-------
-------
Shareholders funds
4,874
2,323
-------
-------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 22 November 2023 , and are signed on behalf of the board by:
Mrs D Chana
Director
Company registration number: 11834438
RMS Heating Ltd
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 Haggar Street, Wolverhampton, WV2 3ET.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These accounts have been prepared on the going concern basis, on the understanding that the directors and shareholders will continue to financially support the company.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Debtors
2023
2022
£
£
Trade debtors
800
800
Other debtors
50,157
47,460
--------
--------
50,957
48,260
--------
--------
5. Creditors: Amounts falling due within one year
2023
2022
£
£
Trade creditors
3,118
1,701
Corporation tax
598
Social security and other taxes
406
Other creditors
300
1,900
-------
-------
4,016
4,007
-------
-------
6. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
42,546
43,568
--------
--------
7. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mrs D Chana
( 300)
( 300)
----
----
----
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mrs D Chana
----
----
----
RMS Heating Ltd
Management Information
Year ended 28 February 2023
The following pages do not form part of the financial statements.
RMS Heating Ltd
Chartered Certified Accountants and Registered Auditors Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of RMS Heating Ltd
Year ended 28 February 2023
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 28 February 2023, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
XL ASSOCIATES LTD Chartered Certified Accountants and Registered Auditors
HAZARA HOUSE 502 504 DUDLEY ROAD WOLVERHAMPTON WEST MIDLANDS WV2 3AA
22 November 2023