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COMPANY REGISTRATION NUMBER: 05660452
RTS Wind Ltd
Filleted Financial Statements
31 December 2023
RTS Wind Ltd
Balance Sheet
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
806,993
710,863
Current assets
Debtors
7
1,273,642
3,075,667
Cash at bank and in hand
2,296,376
48,706
------------
------------
3,570,018
3,124,373
Creditors: amounts falling due within one year
8
( 1,261,346)
( 1,564,614)
------------
------------
Net current assets
2,308,672
1,559,759
------------
------------
Total assets less current liabilities
3,115,665
2,270,622
Creditors: amounts falling due after more than one year
9
( 10,481)
Provisions
10
( 201,748)
( 177,716)
------------
------------
Net assets
2,903,436
2,092,906
------------
------------
Capital and reserves
Called up share capital
12
100
100
Profit and loss account
2,903,336
2,092,806
------------
------------
Shareholders funds
2,903,436
2,092,906
------------
------------
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 profit and loss account has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 17 May 2024 , and are signed on behalf of the board by:
Mr K McBride
Director
Company registration number: 05660452
RTS Wind Ltd
Notes to the Financial Statements
Year ended 31 December 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 110-112 Cleveland Business Centre, 1 Watson Street, Middlesbrough, TS1 2RQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Disclosure exemptions
No disclosure has been given for the aggregate remuneration of key management personnel as they are the same as the directors.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered in the normal course of business, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
20% straight line
Equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 24 (2022: 26 ).
5. Tax on profit
2023
2022
£
£
Corporation tax charge
169,331
Over provision in prior year
(14,158)
Deferred tax
24,032
177,716
Double taxation relief
(9,273)
Foreign tax - current period
9,273
Foreign tax - prior periods
572
---------
---------
Tax on profit
193,935
163,558
---------
---------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
793,081
5,085
43,548
841,714
Additions
133,267
7,540
67,614
9,740
218,161
---------
--------
--------
--------
------------
At 31 December 2023
926,348
12,625
67,614
53,288
1,059,875
---------
--------
--------
--------
------------
Depreciation
At 1 January 2023
118,962
2,064
9,825
130,851
Charge for the year
106,608
1,100
9,015
5,308
122,031
---------
--------
--------
--------
------------
At 31 December 2023
225,570
3,164
9,015
15,133
252,882
---------
--------
--------
--------
------------
Carrying amount
At 31 December 2023
700,778
9,461
58,599
38,155
806,993
---------
--------
--------
--------
------------
At 31 December 2022
674,119
3,021
33,723
710,863
---------
--------
--------
--------
------------
7. Debtors
2023
2022
£
£
Trade debtors
1,181,664
2,254,756
Amounts owed by group undertakings
10,622
791,074
Other debtors
81,356
29,837
------------
------------
1,273,642
3,075,667
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
333,896
345,573
Amounts owed to group undertakings
328,097
1,056,373
Corporation tax
149,947
Social security and other taxes
28,272
38,733
Other creditors
421,134
123,935
------------
------------
1,261,346
1,564,614
------------
------------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
10,481
--------
----
10. Provisions
Deferred tax (note 11)
£
At 1 January 2023
177,716
Additions
24,032
---------
At 31 December 2023
201,748
---------
11. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions (note 10)
201,748
177,716
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
201,748
177,716
---------
---------
12. Called up share capital
Authorised share capital
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
13. Summary audit opinion
The auditor's report for the year dated 17 May 2024 was unqualified .
The senior statutory auditor was Graeme Richard Boagey BA FCA CTA , for and on behalf of Chipchase Manners .
14. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Amounts written off
Balance outstanding
£
£
£
Mr K McBride
----
----
----
2022
Balance brought forward
Amounts written off
Balance outstanding
£
£
£
Mr K McBride
31,280
(31,280)
--------
--------
----
15. Related party transactions
All related party transactions are undertaken under normal commercial terms and on an arms-length basis.
16. Controlling party
The ultimate parent company is Topp Holdings GmbH, a company registered in Germany.