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Company registration number: 07302874
Running Man Two Limited
Unaudited filleted financial statements
31 July 2023
Running Man Two Limited
Contents
Statement of financial position
Notes to the financial statements
Running Man Two Limited
Statement of financial position
31 July 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 14,943 18,474
_______ _______
14,943 18,474
Current assets
Debtors 6 936,235 721,159
Cash at bank and in hand 265,071 247,186
_______ _______
1,201,306 968,345
Creditors: amounts falling due
within one year 7 ( 444,454) ( 341,361)
_______ _______
Net current assets 756,852 626,984
_______ _______
Total assets less current liabilities 771,795 645,458
Creditors: amounts falling due
after more than one year 8 ( 777,154) ( 927,154)
_______ _______
Net liabilities ( 5,359) ( 281,696)
_______ _______
Capital and reserves
Called up share capital 302 302
Profit and loss account ( 5,661) ( 281,998)
_______ _______
Shareholders deficit ( 5,359) ( 281,696)
_______ _______
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 April 2024 , and are signed on behalf of the board by:
J W Tutton
Director
Company registration number: 07302874
Running Man Two Limited
Notes to the financial statements
Year ended 31 July 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 Unicorn House, 221-222 Shoreditch High Steet, Shoreditch, London, E1 6PJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Financial instruments
The company only enters into basic financial instruments that result in recognition if financial assets and liabilities like trade and other debtors and creditors and loans from related parties.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 7 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 August 2022 30,178 33,393 63,571
Additions - 1,451 1,451
_______ _______ _______
At 31 July 2023 30,178 34,844 65,022
_______ _______ _______
Depreciation
At 1 August 2022 23,636 21,461 45,097
Charge for the year 1,636 3,346 4,982
_______ _______ _______
At 31 July 2023 25,272 24,807 50,079
_______ _______ _______
Carrying amount
At 31 July 2023 4,906 10,037 14,943
_______ _______ _______
At 31 July 2022 6,542 11,932 18,474
_______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 325,853 111,666
Other debtors 610,382 609,493
_______ _______
936,235 721,159
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 66,028 17,220
Corporation tax 108,182 74,481
Social security and other taxes 84,218 89,110
Other creditors 186,026 160,550
_______ _______
444,454 341,361
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 777,154 927,154
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
T E Turner 258,071 473 258,544
J W Tutton 201,384 - 201,384
_______ _______ _______
459,455 473 459,928
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
T E Turner 336,364 ( 78,293) 258,071
J W Tutton 262,400 ( 61,016) 201,384
_______ _______ _______
598,764 ( 139,309) 459,455
_______ _______ _______
10. Related party transactions
During the year Running Man Two Limited as sponsor of the RM2L Employees Trustees Limited made payments of £108,128 (2022:£157,598) to the Trustee company.