Real Title Assured Limited
Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 11397673 (England and Wales)
Real Title Assured Limited
Company Information
Directors
R F Gamble
R McNally
Company number
11397673
Registered office
70 Upper Richmond Road
Putney
London
United Kingdom
SW15 2RP
Real Title Assured Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Real Title Assured Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
9,958
9,958
Current assets
Cash at bank and in hand
4,625
6,748
Creditors: amounts falling due within one year
4
(46,889)
(32,889)
Net current liabilities
(42,264)
(26,141)
Net liabilities
(32,306)
(16,183)
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
(32,406)
(16,283)
Total equity
(32,306)
(16,183)
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 31 December 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.
The financial statements were approved by the board of directors and authorised for issue on 21 August 2024 and are signed on its behalf by:
R F Gamble
Director
Company Registration No. 11397673
Real Title Assured Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 2
1
Accounting policies
Company information
Real Title Assured Limited is a private company limited by shares incorporated in England and Wales. The registered office is 70 Upper Richmond Road, Putney, London, United Kingdom, SW15 2RP.
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 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
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
If further support is needed, the shareholders/directors will provided those resources as necessary.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from rendering services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
1.4
Intangible fixed assets
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
1.5
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.
1.6
Financial instruments
Basic financial instruments are measured at cost. The company has no other financial instruments or basic financial instruments measured at fair value.
1.7
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.
Real Title Assured Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 3
1.8
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.
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.
2
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was:
2023
2022
Number
Number
Total
Real Title Assured Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 4
3
Intangible fixed assets
Software
£
Cost
At 1 January 2023 and 31 December 2023
9,958
Amortisation and impairment
At 1 January 2023 and 31 December 2023
Carrying amount
At 31 December 2023
9,958
At 31 December 2022
9,958
4
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
42,639
28,639
Accruals and deferred income
4,250
4,250
46,889
32,889
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
6
Related party transactions
The company received £9,300 (2022:£4,536) from Intelligent Real Estate Due Diligence Limited, a company under common ownership, in relation to title information provided by Real Title Assured Limited. At the year end £nil (2022:£nil) was owed by Intelligent Real Estate Due Diligence Limited to Real Title Assured Limited.
Included within other creditors is an amount of £36,639 (2022:£26,639) due from the Company on an interest free basis being comprised of loans from Robert McNally and Russell Frederick Gamble (the Shareholders). These loans are unsecured and interest-free.
Other creditors also includes an amount of £6,000 owed jointly to the directors.
7
Parent company
There is no single controlling party