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REGISTERED NUMBER: 06195287 (England and Wales)















Financial Statements for the Year Ended 31st March 2024

for

DEMO RTM Company Limited

DEMO RTM Company Limited (Registered number: 06195287)

Contents of the Financial Statements
for the Year Ended 31st March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


DEMO RTM Company Limited

Company Information
for the Year Ended 31st March 2024







DIRECTORS: Ms S M Barry
Ms M Barry
Ms N Dibba
Ms S Halpin
Miss H J Koroma
Ms V Matten
A P Morgan
Ms J M Nicholson
Ms P A Oforley
P Opendi
D A Roy
Ms N Yussif



REGISTERED OFFICE: 5 Kingsdown House
Amhurst Road
London
E8 2AS



REGISTERED NUMBER: 06195287 (England and Wales)



SENIOR STATUTORY AUDITOR: Anthony Armstrong FCA



AUDITORS: Armstrong & Co
Chartered Accountants & Statutory Auditors
4a Printing House Yard
Hackney Road
London
E2 7PR

DEMO RTM Company Limited (Registered number: 06195287)

Balance Sheet
31st March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,164 2,753

CURRENT ASSETS
Debtors 5 74,445 3,419
Cash at bank and in hand 284,471 332,786
358,916 336,205
CREDITORS
Amounts falling due within one year 6 137,483 123,380
NET CURRENT ASSETS 221,433 212,825
TOTAL ASSETS LESS CURRENT
LIABILITIES

224,597

215,578

PROVISIONS FOR LIABILITIES 602 524
NET ASSETS 223,995 215,054

RESERVES
Reserve fund 56,755 56,755
Retained earnings 167,240 158,299
223,995 215,054

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23rd September 2024 and were signed on its behalf by:




Ms J M Nicholson - Director



A P Morgan - Director


DEMO RTM Company Limited (Registered number: 06195287)

Notes to the Financial Statements
for the Year Ended 31st March 2024


1. STATUTORY INFORMATION

DEMO RTM Company Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

- the requirement of Section 7 Statement of Cash Flows.

Turnover
Turnover is measured at the fair value of the consideration receivable, excluding discounts and value added tax. Income from the London Borough of Hackney is recognised in the period to which it relates. Other income is recognised as it arises.

Tangible fixed assets
Tangible fixed assets are capitalised at cost and subsequently measured at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their residual value, over their expected useful lives on the following basis:

Plant and machinery - 20% straight line
Fixtures, fittings and ground works - 20% to 25% straight line
Office equipment - 20% to 25% straight line

Purchases of tangible fixed assets over the value of £500 are capitalised at cost. Assets of a lower amount are capitalised at the discretion of the directors.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income. Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

DEMO RTM Company Limited (Registered number: 06195287)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company contributes to employees personal pension schemes through Auto Enrolment and defined contributions. Contributions are charged to the profit and loss account in the period to which they relate.

Financial instruments
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of 3 months or less from the date of acquisition or opening of the deposit or similar account.

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discount due.

Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discount due.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 3 ).

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1st April 2023 1,020 23,921 16,707 41,648
Additions 170 437 1,122 1,729
At 31st March 2024 1,190 24,358 17,829 43,377
DEPRECIATION
At 1st April 2023 552 23,921 14,422 38,895
Charge for year 150 58 1,110 1,318
At 31st March 2024 702 23,979 15,532 40,213
NET BOOK VALUE
At 31st March 2024 488 379 2,297 3,164
At 31st March 2023 468 - 2,285 2,753

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 73,488 674
Other debtors 957 2,745
74,445 3,419

DEMO RTM Company Limited (Registered number: 06195287)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 21,893 15,748
Taxation and social security 9,853 10,418
Other creditors 105,737 97,214
137,483 123,380

Within trade creditors is an invoice for £8,730 (inc VAT) from the London Borough of Hackney (LBH) dated 22 April 2014 in relation to the void allowance paid to the company for the year ended 31 March 2014, when the allowance for refurbishing empty properties (voids) to the required standard for renting was overspent. The combination of high costs and the number of void properties led to this expenditure for the 9 months to December being £33,455 against funding of £29,101 per annum. LBH gave the company no support or indication of assistance and the directors were left with no alternative to handing this service back to LBH, who suggested that they may seek repayment of the funding for the fourth quarter of the funding year, but this invoice was not received by the company until May 2017. The directors obviously dispute this invoice and fully expect that it will be cancelled in due course.

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Anthony Armstrong FCA (Senior Statutory Auditor)
for and on behalf of Armstrong & Co

8. RELATED PARTY DISCLOSURES

All related party transactions relate to the London Borough of Hackney.

9. ULTIMATE CONTROLLING PARTY

The company is controlled by the directors.

10. CONVERTING FROM DEMO RTM LTD TO DEMO CIC

Having secured constitutional approval from its membership to convert to a CIC, DEMO RTM Ltd originally submitted documentation to Companies House to affect the conversion in 2020. This eventually had to be resubmitted in late 2022 following confirmation from Companies House that it could not trace the submission. The application has subsequently been received and reviewed by Companies House and DEMO RTM Ltd has been asked to resubmit a single form (CIC37) to certify that all company directors endorse the conversion to a CIC. This endorsement has been sent to Companies House in June 2024 and their response is awaited.