REGISTERED NUMBER: |
Financial Statements for the Year Ended 31st March 2024 |
for |
DEMO RTM Company Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
RESERVES |
Reserve fund |
Retained earnings |
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 |
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 |
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 - |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st April 2023 |
Additions |
At 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
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 |
Taxation and social security |
Other creditors |
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. |
for and on behalf of |
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. |