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Registered number: NI045728










RMA SYSTEMS & SERVICES LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
RMA SYSTEMS & SERVICES LIMITED
REGISTERED NUMBER: NI045728

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
363,126
270,096

Cash at bank and in hand
 5 
44,641
43,187

  
407,767
313,283

Creditors: amounts falling due within one year
 6 
(70,172)
(92,757)

Net current assets
  
 
 
337,595
 
 
220,526

Total assets less current liabilities
  
337,595
220,526

  

Net assets
  
337,595
220,526


Capital and reserves
  

Called up share capital 
 7 
200
200

Profit and loss account
  
337,395
220,326

  
337,595
220,526


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

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 comprehensive income 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: 




D Felicissimo
Director

Date: 26 September 2024

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
RMA SYSTEMS & SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

RMA Systems & Services Limited is a private company limited by shares (registered number NI045728), incorporated in Northern Ireland. The company's registered address is Forsyth House, Cromac Street, Belfast, Northern Ireland, BT2 8LA.


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.

In the prior year the company changed its year end from 30 April 2023 to 31 December 2022 to align with the group, therefore the figures are not entirely comparable.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue 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. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from software as a service (SaaS) is generally billled monthly and recognised pro-rata over the term of the contract.
Revenue from maintenance and service contracts are generally billed in monthly in arrears and are recognised in the period to which the services relate.

 
2.3

Taxation

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 balance sheet date in the countries where the Company operates and generates income.

 
2.4

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.

 
2.5

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.

Page 2

 
RMA SYSTEMS & SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Creditors

Short-term 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.

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 3

 
RMA SYSTEMS & SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees




The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).




4.


Debtors

2023
2022
£
£


Trade debtors
32,238
51,331

Amounts owed by group undertakings
330,888
200,000

Other debtors
-
414

Prepayments and accrued income
-
18,351

363,126
270,096



5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
44,641
43,187

44,641
43,187



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
12,108
39,330

Other taxation and social security
25,964
33,413

Other creditors
-
414

Accruals and deferred income
32,100
19,600

70,172
92,757


Page 4

 
RMA SYSTEMS & SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100
100 (2022 - 100) A Ordinary shares of £1.00 each
100
100

200

200



8.


Related party transactions

Exemption from disclosing transactions with other group companies has been claimed in accordance with Section 33 of FRS 102, where subsidiaries are wholly owned.


9.


Controlling party

The immediate parent undertaking is Fluent Technology Limited, a company incorporated and registered in Northern Ireland. The ultimate parent company is Valsoft Corporation Inc, a company incorporated in Canada. The smallest and largest group to prepare consolidated financial statements is that of Valsoft Corporation Inc.


10.


Auditors' information

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

The audit report was signed on 27 September 2024 by Jonathan Baillie BA (Hons) ACA FCCA (Senior statutory auditor) on behalf of James Cowper Kreston Audit.


Page 5