RGMG Associates Limited
Registered number: 03184401
Balance Sheet
at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,611 6,236
Current assets
Debtors 4 18,562 22,392
Cash at bank and in hand 18,090 17,889
36,652 40,281
Creditors: amounts falling due within one year 5 (29,069) (36,671)
Net current assets 7,583 3,610
Total assets less current liabilities 9,194 9,846
Creditors: amounts falling due after more than one year 6 (6,000) (9,000)
Net assets 3,194 846
Capital and reserves
Called up share capital 10 10
Profit and loss account 3,184 836
Shareholders' funds 3,194 846
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The financial statements have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Richard Graham McCall Gibb
Director
The financial statements were approved by the board of directors on 20 March 2024
RGMG Associates Limited
Notes to the Financial statements
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 – The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis and are presented in Sterling (£).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services and is recognised by reference to the stage of completion of the contract.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets over their expected useful lives, using the straight-line method.
Plant and machinery 10 - 25% per year
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred tax is calculated 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 and is recognised in respect of all timing differences at the reporting date, except as otherwise indicated. Deferred tax assets are only 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. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Employee benefits
Short-term employee benefits and contributions to defined contribution pension plans are recognised as an expense in the period in which they are incurred.
The company operates stakeholder defined contribution pension schemes for the benefit of the employees and directors. The assets of the pension schemes are administered by an independent pensions provider.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery
£
Cost
At 1 July 2022 33,421
Additions 148
At 30 June 2023 33,569
Depreciation
At 1 July 2022 27,185
Charge for the year 4,773
At 30 June 2023 31,958
Net book value
At 30 June 2023 1,611
At 30 June 2022 6,236
4 Debtors 2023 2022
£ £
Owed by connected company 10,007 18,035
Prepayments and accrued income 8,555 4,357
18,562 22,392
5 Creditors: amounts falling due within one year 2023 2022
£ £
Other creditors 21,006 24,786
Bank loans and overdrafts 3,000 3,000
Trade creditors 2 2
Corporation tax 2,641 6,428
Other taxes and social security costs 2,420 2,455
29,069 36,671
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 6,000 9,000
7 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 8,713 14,522
8 Other information
RGMG Associates Limited is a private company limited by shares and incorporated in England. Its registered office is:
186 Chesterton Road
Cambridge
CB4 1NE
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