Company registration number 04379226 (England and Wales)
RETAIL TECHNOLOGY SERVICES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
RETAIL TECHNOLOGY SERVICES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
RETAIL TECHNOLOGY SERVICES LTD
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
417,782
444,777
Current assets
Debtors
784,946
999,643
Cash at bank and in hand
355,834
224,187
1,140,780
1,223,830
Creditors: amounts falling due within one year
(1,090,425)
(1,068,818)
Net current assets
50,355
155,012
Total assets less current liabilities
468,137
599,789
Creditors: amounts falling due after more than one year
(146,817)
(264,084)
Provisions for liabilities
(16,589)
(20,414)
Net assets
304,731
315,291
RETAIL TECHNOLOGY SERVICES LTD
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2024
29 February 2024
2024
2023
Notes
£
£
£
£
- 2 -
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
304,631
315,191
Total equity
304,731
315,291
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 4 November 2024 and are signed on its behalf by:
J Michell
Director
Company Registration No. 04379226
RETAIL TECHNOLOGY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information
Retail Technology Services Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Brooke House, 4 The Lakes, Northampton, Northamptonshire, NN4 7YD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the balance sheet date of 2true9 February 2024, the company had net assets of £304,731 and had made a profit for the year. Since the year end the company has traded profitably and the directors expect turnover to be at a similar level as these accounts for the year ended 28 February 2025.
Management accounts to the end of October 2024 show that the company is profitable.
As a result, the directors believe that the company will be able to continue in business and meet it's liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from the sale of goods is recognised when title has passed to the customer under the contractual arrangements in respect of those goods.
Revenue from the provision of telephony and support services to customers is recognised with reference to the date of supply of those services.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Buildings Freehold
2% straight line
Plant and machinery
20% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Computer equipment
25% straight line
Motor vehicles
25% reducing balance
RETAIL TECHNOLOGY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
No depreciation is charged on freehold land.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities in the accounts. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities recognised on this basis in the balance sheet include trade and other debtors, cash and bank balances, trade, taxation and other creditors and a bank loan.
All basic financial instruments are initially measured at transaction price and then carried at that amount less any provision for impairment, where relevant.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled. Deferred tax is charged or credited in the profit and loss account.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
RETAIL TECHNOLOGY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In preparing these accounts the directors have given consideration to the effect on assets and liabilities at the balance sheet date. In respect of freehold property and plant, impairment and the depreciation policy were considered with no changes or adjustments necessary. Other assets have been reviewed at the year end and where needed provision has been made for impairment.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
42
38
RETAIL TECHNOLOGY SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
4
Tangible fixed assets
Total
£
Cost
At 1 March 2023
1,050,481
Additions
109,836
At 29 February 2024
1,160,317
Depreciation and impairment
At 1 March 2023
685,403
Depreciation charged in the year
57,132
At 29 February 2024
742,535
Carrying amount
At 29 February 2024
417,782
At 28 February 2023
444,777
5
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Director 1: £150 repaid and £25000 advanced in the year.
Director 2: £150 repaid and £25000 advanced in the year.
All advances are interest free and are repayable on demand.
Interest free loans have been granted by the company to its directors as follows:
6
Employee Ownership Trust
On 23 February 2024 the entire share capital of Retail Technology Services Limited was sold to RTS EOT Ltd as part of an Employee Ownership Trust.
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
55,906
167,719