Company registration number 02373630 (England and Wales)
RTC NORTH LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
RTC NORTH LIMITED
CONTENTS
Page
Balance sheet
6
Statement of changes in equity
7
Notes to the financial statements
8 - 12
RTC NORTH LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Review of Business

The company retained strong links with national Government and expanded its delivery of advisory services across new areas of the North of England. During the year, the team worked with over 3,000 small businesses on projects designed to help them innovate, increase productivity, and grow through coaching and access to new market opportunities.

 

During the year, the company also engaged over 80,000 young people and remains committed, through its work in schools, to encouraging the uptake of STEM subjects. This activity is designed to steer them towards careers and rewarding roles in the industries of the future, which longer-term will also support UK economic growth.  

 

The company achieved its financial targets for the period and exceeded its operational improvement goals.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr J Ollivere
Mr T Delange
Ms S Hart
Mr JJ Harrison
Mr CA Jones
(Resigned 29 February 2024)
Mr MA Smith
Mrs Maxine Adam
(Appointed 1 June 2024)
Future developments

The company maintains a strong portfolio of services and will look to add to this by designing solutions for businesses that meet the needs of an everchanging economic environment. As well as building its reputation with national policy bodies, the company is also looking to raise its profile with newly devolved authorities to ensure its services reflect regional priorities and local funding regimes.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Financial Risks

Financial risks could arise from failure to achieve required targets or compliance issues arising in relation to some public contracts. Strong internal controls are in place to mitigate these risks.

Political Risks

Public policy on support for small business is a key driver of RTC business activity and the UK's Governments’ response to Brexit, Covid-19, as well as the Cost of Energy and Climate Emergency will be important to the future trading environment.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

RTC NORTH LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
On behalf of the board
Mr J Ollivere
Director
21 October 2024
RTC NORTH LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RTC NORTH LIMITED
- 3 -
Opinion

We have audited the financial statements of RTC North Limited (the 'company') for the year ended 31 March 2024 which comprise , the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

RTC NORTH LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RTC NORTH LIMITED (CONTINUED)
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

The risk of material misstatement due to error or fraud has been assessed in conjunction with internal controls to mitigate any such risk. These controls are reviewed as part of the audit by performing systems walkthroughs to ensure they are operating effectively. Other substantive testing is also performed on all material balances and therefore any instances of non-compliance should be identified or considered as insignificant.

 

Manual journal entries are scrutinised by data analytics software used as part of the audit.

 

The laws and regulations which are considered to be significant to the entity relate to general health & safety and employment laws. Discussions are held with management to determine whether any breaches have occurred as well as legal expenditure being scrutinised for any evidence on non-compliance.

 

The audit was considered capable of identifying irregularities only to the extent of the substantive testing performed and from discussions with management.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

RTC NORTH LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RTC NORTH LIMITED (CONTINUED)
- 5 -

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Michael T Moran BA FCA
Senior Statutory Auditor
For and on behalf of Robson Laidler Accountants Limited
11 November 2024
Accountants
Statutory Auditor
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
RTC NORTH LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 6 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
118,700
129,968
Investments
4
167
167
118,867
130,135
Current assets
Debtors
5
2,072,514
2,445,253
Cash at bank and in hand
3,374,239
1,895,062
5,446,753
4,340,315
Creditors: amounts falling due within one year
6
(2,534,626)
(1,797,694)
Net current assets
2,912,127
2,542,621
Total assets less current liabilities
3,030,994
2,672,756
Provisions for liabilities
(27,734)
-
0
Net assets
3,003,260
2,672,756
Capital and reserves
Called up share capital
-
0
-
0
Profit and loss reserves
3,003,260
2,672,756
Total equity
3,003,260
2,672,756

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 12 October 2024 and are signed on its behalf by:
Mr J Ollivere
Director
Company registration number 02373630 (England and Wales)
RTC NORTH LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
-
0
2,568,688
2,568,688
Year ended 31 March 2023:
Profit and total comprehensive income
-
104,068
104,068
Balance at 31 March 2023
-
0
2,672,756
2,672,756
Year ended 31 March 2024:
Profit and total comprehensive income
-
330,504
330,504
Balance at 31 March 2024
-
0
3,003,260
3,003,260
RTC NORTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
1
Accounting policies
Company information

RTC North Limited is a private company limited by shares incorporated in England and Wales. The registered office is Loftus House, Colima Avenue, Sunderland Entreprise Park, Sunderland, Tyne and Wear, England, SR5 3XB.

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
Turnover

Income is recognised on an accruals basis over the life of the projects undertaken by the company, together with grants receivable from various sources.

1.3
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:

Fixtures and fittings
Varied rates
Computers
20% on cost

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.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

RTC NORTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 9 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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 and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

1.9

Preparation of consolidated financial statements

The financial statements contain information about RTC North Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under Section 402 of the Companies Act 2006 not to prepare consolidated financial statements as the company's subsidiaries are considered to be immaterial.

1.10

Hire purchase and leasing commitments

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.

 

Rent paid under operating leases is recognised on a straight line basis over the term of the relevant lease.

 

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

1.11

Short term debtors and creditors

Debtors and creditors with no interest rate which are receivable or payable within one year are

recorded at transaction price. Any loss arising from impairment are recognised immediately in profit and loss.

RTC NORTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
95
88
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
1,055,707
Additions
47,136
At 31 March 2024
1,102,843
Depreciation and impairment
At 1 April 2023
925,739
Depreciation charged in the year
58,404
At 31 March 2024
984,143
Carrying amount
At 31 March 2024
118,700
At 31 March 2023
129,968
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
167
167

Of the above investments, £2 are shares in group undertakings (2023: £2) and £165 are interests in other participating interests (2023: £165).

RTC NORTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,951,709
2,295,106
Corporation tax recoverable
-
0
3,280
Other debtors
19,052
39,355
Prepayments and accrued income
101,753
93,296
2,072,514
2,431,037
Deferred tax asset (note 7)
-
0
14,216
2,072,514
2,445,253
6
Creditors: amounts falling due within one year
2024
2023
£
£
Payments received on account
1,551,778
1,095,100
Trade creditors
158,149
159,634
Corporation tax
68,319
-
0
Other taxation and social security
198,515
98,822
Other creditors
209,406
129,770
Accruals and deferred income
348,459
314,368
2,534,626
1,797,694
7
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
27,734
-
-
14,216
2024
Movements in the year:
£
Asset at 1 April 2023
(14,216)
Charge to profit or loss
41,950
Liability at 31 March 2024
27,734
RTC NORTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
8
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
313,936
470,904
9
Company Limited by Guarantee

The company is limited by guarantee. The members have each undertaken to contribute an amount not exceeding £1 in the event of winding up.

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