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Registered Number: 11629921
England and Wales

 

 

 


Filleted Accounts

for the period ended 30 April 2023

for

RTS EUROPE LTD

 
 
Notes
 
2023
£
  2021
£
Fixed assets      
Intangible fixed assets 3 26,292   
Tangible fixed assets 4 203,024    30,968 
229,316    30,968 
Current assets      
Stocks 5 294,562    196,062 
Cash at bank and in hand 10,582    12,815 
305,144    208,877 
Creditors: amount falling due within one year 6 (436,211)   (167,313)
Net current assets (131,067)   41,564 
 
Total assets less current liabilities 98,249    72,532 
Creditors: amount falling due after more than one year 7 (28,876)   (45,330)
Provisions for liabilities 8 (27,395)  
Net assets 41,978    27,202 
 

Capital and reserves
     
Called up share capital 9 2    2 
Profit and loss account 41,976    27,200 
Shareholder's funds 41,978    27,202 
 


For the period ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 08 April 2024 and were signed on its behalf by:


-------------------------------
Mark Kelly
Director
1
General Information
RTS Europe Ltd is a private company, limited by shares, registered in England and Wales, registration number 11629921, registration address Penny Lane Business Centre, 374 Smithdown Road, Liverpool, Merseyside, L15 5AN.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees


Average number of employees during the period was 4 (2021 : 5).
3.

Intangible fixed assets

Cost Other   Total
  £   £
At 01 November 2021  
Additions 26,292    26,292 
Disposals  
At 30 April 2023 26,292    26,292 
Amortisation
At 01 November 2021  
Charge for period  
On disposals  
At 30 April 2023  
Net book values
At 30 April 2023 26,292    26,292 
At 31 October 2021  


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Total
  £   £   £   £
At 01 November 2021 35,550    7,656      43,206 
Additions     183,669    183,669 
Disposals      
At 30 April 2023 35,550    7,656    183,669    226,875 
Depreciation
At 01 November 2021 8,888    3,350      12,238 
Charge for period 9,998    1,615      11,613 
On disposals      
At 30 April 2023 18,886    4,965      23,851 
Net book values
Closing balance as at 30 April 2023 16,664    2,691    183,669    203,024 
Opening balance as at 01 November 2021 26,662    4,306      30,968 


5.

Stocks

2023
£
  2021
£
Stocks 294,562    196,062 
294,562    196,062 

6.

Creditors: amount falling due within one year

2023
£
  2021
£
Trade Creditors 236,426    48,756 
Bank Loans & Overdrafts 10,846   
Corporation Tax 15,440    15,440 
PAYE & Social Security 198    436 
Directors' Current Accounts 166,921    85,503 
VAT 6,380    17,178 
436,211    167,313 

7.

Creditors: amount falling due after more than one year

2023
£
  2021
£
Bank Loans & Overdrafts 28,876    45,330 
28,876    45,330 

8.

Provisions for liabilities

2023
£
  2021
£
Deferred Tax 27,395   
27,395   

9.

Share Capital

Authorised
2 Ordinary shares of £1.00 each
Allotted, called up and fully paid
2023
£
  2021
£
2 Ordinary shares of £1.00 each  
 

2