Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falseEquipment hire and lease of the facility22truetruefalse 07078426 2023-01-01 2023-12-31 07078426 2022-01-01 2022-12-31 07078426 2023-12-31 07078426 2022-12-31 07078426 2022-01-01 07078426 c:Director1 2023-01-01 2023-12-31 07078426 d:PlantMachinery 2023-01-01 2023-12-31 07078426 d:PlantMachinery 2023-12-31 07078426 d:PlantMachinery 2022-12-31 07078426 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07078426 d:CurrentFinancialInstruments 2023-12-31 07078426 d:CurrentFinancialInstruments 2022-12-31 07078426 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07078426 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07078426 d:ShareCapital 2023-12-31 07078426 d:ShareCapital 2022-12-31 07078426 d:RetainedEarningsAccumulatedLosses 2023-12-31 07078426 d:RetainedEarningsAccumulatedLosses 2022-12-31 07078426 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 07078426 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 07078426 c:OrdinaryShareClass1 2023-01-01 2023-12-31 07078426 c:OrdinaryShareClass1 2023-12-31 07078426 c:OrdinaryShareClass1 2022-12-31 07078426 c:FRS102 2023-01-01 2023-12-31 07078426 c:Audited 2023-01-01 2023-12-31 07078426 c:FullAccounts 2023-01-01 2023-12-31 07078426 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07078426 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07078426 2 2023-01-01 2023-12-31 07078426 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 07078426









REM ASSET MANAGEMENT LIMITED







AUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
REM ASSET MANAGEMENT LIMITED
REGISTERED NUMBER: 07078426

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
43,298
57,731

Current assets
  

Debtors: amounts falling due within one year
 6 
138,324
101,827

Cash at bank and in hand
  
5,418
18,373

  
143,742
120,200

Creditors: amounts falling due within one year
 7 
(191,193)
(184,821)

Net current liabilities
  
 
 
(47,451)
 
 
(64,621)

Total assets less current liabilities
  
(4,153)
(6,890)

Provisions for liabilities
  

Deferred tax
 8 
(9,290)
(12,238)

  
 
 
(9,290)
 
 
(12,238)

Net liabilities
  
(13,443)
(19,128)


Capital and reserves
  

Called up share capital 
 9 
1,000
1,000

Profit and loss account
  
(14,443)
(20,128)

  
(13,443)
(19,128)


Page 1

 
REM ASSET MANAGEMENT LIMITED
REGISTERED NUMBER: 07078426
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J Michaud
Director

Date: 25 September 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
REM ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The principal activity of the company is that of equipment hire and lease of the facility.
The company is a private company limited by shares and is incorporated in England under registration number 07078426.
The address of its registered office is 35 Ballards Lane, London N3 1XW. The trading address is Alington Road, Little Barford, St Neots, Cambridgeshire PE19 6YH..

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis, which assumes that the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements and will be able to meet its debts as they fall due.
In the year ended 30 December 2023, the company made a profit before tax of £7,380 (2022: profit:  £4,251) and at the balance sheet date, there were net liabilities of £13,443 (2022: net liabilities: £19,128).
As with any business, the Company relies upon the availability of working capital and generation of profits and cash in future to meet its liabilities as they fall due. There are also borrowings of £176,700 due to its parent and other related party entities. The directors have confirmed that the parent company will provide funding when required.
As a result, the directors are confident that the Company's access to working capital and future profit generation will be sufficient to support the business in the foreseeable future, and accordingly, consider it appropriate to prepare the financial statements on a going concern basis.

Page 3

 
REM ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Rrevenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Rrevenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Revenue is recognised if it relates to the period under review.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 4

 
REM ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
REM ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Statement of Financial Position date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
i) Useful economic lives of tangible assets:
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See the tangible fixed asset for the carrying amount of the plant and machinery, and accounting policy note 2.8 for the useful economic lives for each class of assets.


4.


Employees









The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 6

 
REM ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 January 2023
308,376



At 31 December 2023

308,376



Depreciation


At 1 January 2023
250,645


Charge for the year on owned assets
14,433



At 31 December 2023

265,078



Net book value



At 31 December 2023
43,298



At 31 December 2022
57,731

Page 7

 
REM ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
138,324
101,827

138,324
101,827


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
176,700
170,820

Corporation tax
4,643
4,152

Other taxation and social security
5,450
5,449

Accruals and deferred income
4,400
4,400

191,193
184,821


Amounts owed to group undertakings are interest free and repayable on demand. Included in amounts owed to group undertakings is £139,500 (2022: £139,500) owed to REM Inc, holding company. This balance is secured by way of a fixed and floating charge on the assets of the company.


8.


Deferred taxation




2023
2022


£

£






At beginning of year
(12,238)
(16,486)


Charged to profit or loss
2,948
4,248



At end of year
(9,290)
(12,238)

Page 8

 
REM ASSET MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
8.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(9,290)
(12,238)

(9,290)
(12,238)


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



10.


Related party transactions

Where possible the Company has taken advantage of the exemption conferred by FRS 102 section 33.1A from the requirement to disclose transactions with other wholly owned group undertakings.


11.


Controlling party

The ultimate parent undertaking is REM Inc, incorporated in the state of Connecticut in the USA and its address is 325 West Queen Street, Southington, CT 06489, USA.


12.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 25 September 2024 by Ian Saunderson FCA (Senior Statutory Auditor) on behalf of BKL Audit LLP.

 
Page 9