Company registration number 08162636 (England and Wales)
RGMD WORLD LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
RGMD WORLD LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
RGMD WORLD LTD
BALANCE SHEET
AS AT 31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
171
342
Current assets
Cash at bank and in hand
38,005
33,439
Creditors: amounts falling due within one year
5
(25,161)
(25,180)
Net current assets
12,844
8,259
Total assets less current liabilities
13,015
8,601
Creditors: amounts falling due after more than one year
6
(210,093)
(194,700)
Net liabilities
(197,078)
(186,099)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(197,079)
(186,100)
Total equity
(197,078)
(186,099)

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

For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has 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.

The financial statements were approved and signed by the director and authorised for issue on 15 January 2024
Miss R Greenberg
Director
Company registration number 08162636 (England and Wales)
RGMD WORLD LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
1
Accounting policies
Company information

RGMD World Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, Hygeia House, 66 College Road, Harrow, Middlesex, United Kingdom, HA1 1BE.

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
Going concern

The financial statements have been prepared on a going concern basis which is dependent upon the company's director continuing to provide the necessary financial facilities to enable the company to continue in operation for the foreseeable future.

1.3
Turnover

Turnover is measured at the fair value of consideration received or receivable from net invoiced sales of

services, excluding value added tax.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Computers
33.33% on cost
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

RGMD WORLD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 3 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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 using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

RGMD WORLD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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 and subsequently measured at amortised cost using the effective interest method.

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
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2023
2022
Number
Number
Total
1
1
RGMD WORLD LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
4
Tangible fixed assets
Computers
£
Cost
At 1 August 2022 and 31 July 2023
7,644
Depreciation and impairment
At 1 August 2022
7,302
Depreciation charged in the year
171
At 31 July 2023
7,473
Carrying amount
At 31 July 2023
171
At 31 July 2022
342
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
3,001
3,200
Other creditors
22,160
21,980
25,161
25,180
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
6,332
9,338
Other creditors
203,761
185,362
210,093
194,700
7
Directors' transactions

As at the year end date, the director, Ms R Greenberg had a credit balance of £223,761 (2022: £205,362 ) on her director's current account. This is an interest free loan to the company and is included in other creditors due within one year and other creditors due within more than one year.

2023-07-312022-08-01false16 January 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMiss Rachel Greenbergfalse081626362022-08-012023-07-31081626362023-07-31081626362022-07-3108162636core:ComputerEquipment2023-07-3108162636core:ComputerEquipment2022-07-3108162636core:CurrentFinancialInstrumentscore:WithinOneYear2023-07-3108162636core:CurrentFinancialInstrumentscore:WithinOneYear2022-07-3108162636core:Non-currentFinancialInstrumentscore:AfterOneYear2023-07-3108162636core:Non-currentFinancialInstrumentscore:AfterOneYear2022-07-3108162636core:CurrentFinancialInstruments2023-07-3108162636core:CurrentFinancialInstruments2022-07-3108162636core:Non-currentFinancialInstruments2023-07-3108162636core:Non-currentFinancialInstruments2022-07-3108162636core:ShareCapital2023-07-3108162636core:ShareCapital2022-07-3108162636core:RetainedEarningsAccumulatedLosses2023-07-3108162636core:RetainedEarningsAccumulatedLosses2022-07-3108162636bus:Director12022-08-012023-07-3108162636core:ComputerEquipment2022-08-012023-07-31081626362021-08-012022-07-3108162636core:ComputerEquipment2022-07-3108162636bus:PrivateLimitedCompanyLtd2022-08-012023-07-3108162636bus:SmallCompaniesRegimeForAccounts2022-08-012023-07-3108162636bus:FRS1022022-08-012023-07-3108162636bus:AuditExemptWithAccountantsReport2022-08-012023-07-3108162636bus:FullAccounts2022-08-012023-07-31xbrli:purexbrli:sharesiso4217:GBP