Company registration number SC600094 (Scotland)
R.E.M.M.T. LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
R.E.M.M.T. LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
R.E.M.M.T. LTD
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
1,412,001
1,154,361
Current assets
Debtors
4
400
495
Cash at bank and in hand
12,829
21,316
13,229
21,811
Creditors: amounts falling due within one year
5
(315,329)
(277,241)
Net current liabilities
(302,100)
(255,430)
Total assets less current liabilities
1,109,901
898,931
Creditors: amounts falling due after more than one year
6
(796,671)
(668,422)
Provisions for liabilities
(70,450)
(38,925)
Net assets
242,780
191,584
Capital and reserves
Called up share capital
7
100
100
Fair value reserves
8
211,350
182,775
Profit and loss reserves
31,330
8,709
Total equity
242,780
191,584
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 June 2023 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.E.M.M.T. LTD
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 January 2024 and are signed on its behalf by:
Mr E Estelles
Mrs R Estelles
Director
Director
Company Registration No. SC600094
R.E.M.M.T. LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information
R.E.M.M.T. Ltd is a private company limited by shares incorporated in Scotland. The registered office is Titanium 1, King's Inch Place, Renfrew, Renfrewshire, United Kingdom, PA4 8WF.
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 net rental income receivable.
1.3
Investment properties
Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on revaluation is recognised in the income statement.
1.4
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.
1.5
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.E.M.M.T. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Investment property
2023
£
Fair value
At 1 July 2022
1,154,361
Additions
197,540
Revaluations
60,100
At 30 June 2023
1,412,001
Investment property comprises various properties. The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
R.E.M.M.T. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
400
495
5
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
5,672
2,684
Other creditors
309,657
274,557
315,329
277,241
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
796,671
668,422
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
8
Fair value reserves
2023
2022
£
£
At the beginning of the year
182,775
136,485
Non distributable profits in the year
28,575
46,290
At the end of the year
211,350
182,775
9
Financial commitments, guarantees and contingent liabilities
The Mortgage Works (UK) plc hold one fixed charge over each one of the following properties: 34 Lochlea Avenue, 11 Marr Drive, 27 Auchans Drive, 27 Buchan Road.
Paragon Bank plc holds one fixed charge over the following properties: 16 Dornal Drive, 128 Dixon Avenue and one floating charge expressed to cover all the property and undertaking of the company.
Paragon Bank plc also holds one standard security over the following properties: 2/2 469 Tantallon Road, 12 Willow Lane.
R.E.M.M.T. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
10
Related party transactions
Included in creditors at the year end is £206,640 (2022 - £171,640) owed to Spanishalleycat Limited, a company under common control with R.E.M.M.T. Ltd. Also included is an amount of £101,937 (2022 - £102,072) owed to the director E Estelles. These amounts are unsecured, interest free and have no fixed terms of repayment.