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REGISTERED NUMBER: 08693188 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 May 2024

for

Realtime Civil Engineering London
Limited

Realtime Civil Engineering London
Limited (Registered number: 08693188)






Contents of the Consolidated Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Consolidated Income Statement 11

Consolidated Other Comprehensive Income 12

Consolidated Balance Sheet 13

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Cash Flow Statement 17

Notes to the Consolidated Cash Flow Statement 18

Notes to the Consolidated Financial Statements 19


Realtime Civil Engineering London
Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: D Gallagher
M Comiskey





SECRETARY: E McGrath





REGISTERED OFFICE: Swanley Bar Lane
Potters Bar
Hertfordshire
EN6 1NU





REGISTERED NUMBER: 08693188 (England and Wales)





AUDITORS: Evolve Accountancy and Tax Solutions Limited
Congress House
14 Lyon Road
Harrow
Middlesex
HA1 2EN

Realtime Civil Engineering London
Limited (Registered number: 08693188)

Group Strategic Report
for the Year Ended 31 May 2024

The directors present their strategic report of the company and the group for the year ended 31 May 2024.

REVIEW OF BUSINESS
The directors are satisfied with the performance of the group during the period, which has seen turnover grow by nearly 17%.

The group continues to make a profit and as a result, the net asset value of the company has grown by just over 1%

The directors maintain good relations with the group's existing clients which has enabled it to achieve success in tendering for new contract work. Further new contracts are expected to be awarded to the company in the near future as the market stabilises.

Some key financial highlights are shown below:


2024 2023 2022

Turnover £15.9 million £13.6 million £13.8 million

Turnover movement £2.3 million (£0.2 million ) £6.7 million

Gross profit margin 21% 26.5% 25.7%

Profit before tax 3.2% 6.7% 7.9%

Net assets £7.6 million £7.5 million £6.8 million


Realtime Civil Engineering London
Limited (Registered number: 08693188)

Group Strategic Report
for the Year Ended 31 May 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Operational Risk
The Board recognises the risks associated with delivering complex projects for client, risk analysis and the management of these risks are monitored throughout all processes, from estimating to project delivery.

Detailed budgets and resourced planning tools are established prior to project commencement and project management software is utilised throughout each element of the project.
CVR's are monitored monthly, and contract conditions are managed throughout the project capturing change, including any loss, expense, or time delay.

Inflationary Risk
Inflationary pressures being experienced globally are having a volatile effect of the construction industry. The industry has seen an unprecedented year on year inflation effecting the vast majority of material costs and continued increases in labour costs. Labour inflation has also been compounded by a shrinking labour force.

The majority of construction sub-contracts are fixed price lump sum contracts, and as such increased contingencies are being utilised to best manage the inflationary risk for the business and clients.

Market & Economy Risk
Domestic market and economic conditions are a key factor to construction industry growth and trading opportunities. This coupled with global issues and war in Europe, the market has remained quite soft with growth stagnant over the past 12 months. The business is focused on maintaining existing clients and on delivering high-quality products to ensure repeat opportunities going forward. The company maintains strong liquidity and has the agility to not overextend in a challenging market.

Liquidity Risk
The company maintains a strong and liquid balance sheet and finances its operations through its cash reserves and trade debtors.

Cashflow forecasts are periodically monitored with work in progress and P&L reporting.

Health & Safety Risk
Management believes that the most important asset that the group has, are the staff it employs. Therefore, the group strives to retain and recruit superior quality staff who in turn satisfy the group's customers. In order that the best staff are attracted and want to remain working for the group, investment in training and Health and Safety is paramount.

The group will not compromise on the safety and well-being of its staff and endorses the United Declaration on Human Rights. It has developed a number of standards and procedures supporting diversity, non-discrimination, and equal opportunities. Management aim to foster working conditions that are safe and considerate towards its staff and the wider community in which the business works.

With the nature of the work in which the group operates, there is a risk that there could be an adverse impact on the environment. Management has a formalised Environmental Policy which seeks to limit any negative effect on the environment and endeavours to achieve sustainable development by setting standards in environmental care.

Group position
The management of the group maintain their commitment to conducting its business to high ethical, professional, and legal standards, showing consideration to the communities in which it operates. Management believes a responsible approach to developing relationships with the communities that it serves, both nationally and locally is a crucial factor in delivering business success.

The directors are mindful of the way the group operates in the industry and consider this when adopting its operational policies.

The changes to the law regarding IR35 could have a major impact on the margins on which the group operates. In order to reduce the risk of non-compliance, a review has been conducted of the contracts which the group has with its contractors, to ensure compliance with government legislation.


Realtime Civil Engineering London
Limited (Registered number: 08693188)

Group Strategic Report
for the Year Ended 31 May 2024

The directors maintain a healthy balance of liquid funds which will enable the group to take advantage of investment opportunities as they arise. They believe that the group can continue to tender for contracts at a competitive rate and trade within its means in the long term without the need for additional financial support from outside the group.

ON BEHALF OF THE BOARD:





D Gallagher - Director


11 November 2024

Realtime Civil Engineering London
Limited (Registered number: 08693188)

Report of the Directors
for the Year Ended 31 May 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 May 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of groundwork construction and engineering.

DIVIDENDS
Dividends totalling £240,000 were paid during the period as follows:

Share type £ per share

A Ordinary shares 12
B Ordinary shares 18
C Ordinary shares 18
D Ordinary shares -



RESEARCH AND DEVELOPMENT
The group was engaged in several projects which were separately identified as containing research and development activities. Where technical issues were encountered during a construction project beyond the existing knowledge or capability within the industry, the group allocated specific staff resources to design, develop and test and advancement to that build process.

The research and development costs are recognised in the income statement within cost of sales.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report.

D Gallagher
M Comiskey

Other changes in directors holding office are as follows:

M A Keane - resigned 9 December 2023

CHARITABLE DONATIONS AND EXPENDITURE
The group made charitable donations during the year as follows:


Name £

Paralympics GB 2,250
Story of Christmas Appeal 1,200
Maggie's 1,000
Save The Children 1,050
Helping Homeless Veterans UK 250
Construction Industry Trust For Youth 115
Cancer Research UK 1,000
Tommy's 100

6,965


Realtime Civil Engineering London
Limited (Registered number: 08693188)

Report of the Directors
for the Year Ended 31 May 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Evolve Accountancy and Tax Solutions Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D Gallagher - Director


11 November 2024

Report of the Independent Auditors to the Members of
Realtime Civil Engineering London
Limited

Opinion
We have audited the financial statements of Realtime Civil Engineering London Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 May 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Realtime Civil Engineering London
Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page six, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Realtime Civil Engineering London
Limited


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
the laws and regulations applicable to the company were identified through discussions with directors and other management, and from our commercial knowledge and experience of the building sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to consider instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Realtime Civil Engineering London
Limited


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 a Report of the Auditors 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.




Paul O'Rourke FCA (Senior Statutory Auditor)
for and on behalf of Evolve Accountancy and Tax Solutions Limited
Congress House
14 Lyon Road
Harrow
Middlesex
HA1 2EN

11 November 2024

Realtime Civil Engineering London
Limited (Registered number: 08693188)

Consolidated Income Statement
for the Year Ended 31 May 2024

31.5.24 31.5.23
Notes £    £   

TURNOVER 15,859,561 13,591,443

Cost of sales 12,525,195 9,993,551
GROSS PROFIT 3,334,366 3,597,892

Administrative expenses 2,905,344 2,704,082
429,022 893,810

Other operating income 3 82 -
OPERATING PROFIT 5 429,104 893,810

Interest receivable and similar income 97,779 37,777
526,883 931,587

Interest payable and similar expenses 6 15,970 15,405
PROFIT BEFORE TAXATION 510,913 916,182

Tax on profit 7 158,188 (45,550 )
PROFIT FOR THE FINANCIAL YEAR 352,725 961,732
Profit attributable to:
Owners of the parent 352,725 961,732

Realtime Civil Engineering London
Limited (Registered number: 08693188)

Consolidated Other Comprehensive Income
for the Year Ended 31 May 2024

31.5.24 31.5.23
Notes £    £   

PROFIT FOR THE YEAR 352,725 961,732


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

352,725

961,732

Total comprehensive income attributable to:
Owners of the parent 352,725 961,732

Realtime Civil Engineering London
Limited (Registered number: 08693188)

Consolidated Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 447,829 492,007
Investments 11 - -
447,829 492,007

CURRENT ASSETS
Debtors 12 3,257,255 1,229,235
Cash at bank and in hand 5,231,549 6,826,367
8,488,804 8,055,602
CREDITORS
Amounts falling due within one year 13 1,093,669 808,714
NET CURRENT ASSETS 7,395,135 7,246,888
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,842,964

7,738,895

CREDITORS
Amounts falling due after more than one
year

14

(111,815

)

(128,422

)

PROVISIONS FOR LIABILITIES 17 (115,847 ) (107,896 )
NET ASSETS 7,615,302 7,502,577

CAPITAL AND RESERVES
Called up share capital 18 17,000 17,000
Capital redemption reserve 19 10,000 10,000
Other reserves 19 134,000 134,000
Retained earnings 19 7,454,302 7,341,577
SHAREHOLDERS' FUNDS 7,615,302 7,502,577

The financial statements were approved by the Board of Directors and authorised for issue on 11 November 2024 and were signed on its behalf by:





D Gallagher - Director


Realtime Civil Engineering London
Limited (Registered number: 08693188)

Company Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 - -
Investments 11 17,000 17,000
17,000 17,000

CURRENT ASSETS
Cash in hand 4,389,058 6,090,355

CREDITORS
Amounts falling due within one year 13 48,650 1,576,450
NET CURRENT ASSETS 4,340,408 4,513,905
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,357,408

4,530,905

CAPITAL AND RESERVES
Called up share capital 18 17,000 17,000
Capital redemption reserve 19 5,000 5,000
Retained earnings 19 4,335,408 4,508,905
SHAREHOLDERS' FUNDS 4,357,408 4,530,905

Company's profit for the financial year 66,503 295,554

The financial statements were approved by the Board of Directors and authorised for issue on 11 November 2024 and were signed on its behalf by:





D Gallagher - Director


Realtime Civil Engineering London
Limited (Registered number: 08693188)

Consolidated Statement of Changes in Equity
for the Year Ended 31 May 2024

Called up Capital
share Retained redemption Other Total
capital earnings reserve reserves equity
£    £    £    £    £   
Balance at 1 June 2022 17,000 6,649,845 10,000 134,000 6,810,845

Changes in equity
Dividends - (270,000 ) - - (270,000 )
Total comprehensive income - 961,732 - - 961,732
Balance at 31 May 2023 17,000 7,341,577 10,000 134,000 7,502,577

Changes in equity
Dividends - (240,000 ) - - (240,000 )
Total comprehensive income - 352,725 - - 352,725
Balance at 31 May 2024 17,000 7,454,302 10,000 134,000 7,615,302

Realtime Civil Engineering London
Limited (Registered number: 08693188)

Company Statement of Changes in Equity
for the Year Ended 31 May 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 June 2022 17,000 4,483,351 5,000 4,505,351

Changes in equity
Dividends - (270,000 ) - (270,000 )
Total comprehensive income - 295,554 - 295,554
Balance at 31 May 2023 17,000 4,508,905 5,000 4,530,905

Changes in equity
Dividends - (240,000 ) - (240,000 )
Total comprehensive income - 66,503 - 66,503
Balance at 31 May 2024 17,000 4,335,408 5,000 4,357,408

Realtime Civil Engineering London
Limited (Registered number: 08693188)

Consolidated Cash Flow Statement
for the Year Ended 31 May 2024

31.5.24 31.5.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (1,080,695 ) 741,017
Interest element of hire purchase payments
paid

(15,970

)

(15,405

)
Tax paid (161,754 ) 137,999
Net cash from operating activities (1,258,419 ) 863,611

Cash flows from investing activities
Purchase of tangible fixed assets (195,503 ) (335,598 )
Sale of tangible fixed assets 45,161 174,186
Interest received 97,779 37,777
Net cash from investing activities (52,563 ) (123,635 )

Cash flows from financing activities
Capital repayments in year (43,836 ) 62,841
Equity dividends paid (240,000 ) (270,000 )
Net cash from financing activities (283,836 ) (207,159 )

(Decrease)/increase in cash and cash equivalents (1,594,818 ) 532,817
Cash and cash equivalents at beginning of
year

2

6,826,367

6,293,550

Cash and cash equivalents at end of year 2 5,231,549 6,826,367

Realtime Civil Engineering London
Limited (Registered number: 08693188)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 May 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.5.24 31.5.23
£    £   
Profit before taxation 510,913 916,182
Depreciation charges 190,317 200,917
Loss/(profit) on disposal of fixed assets 4,203 (162,619 )
Amounts recoverable on contracts change (553,716 ) 206,683
Finance costs 15,970 15,405
Finance income (97,779 ) (37,777 )
69,908 1,138,791
(Increase)/decrease in trade and other debtors (1,474,304 ) 291,650
Increase/(decrease) in trade and other creditors 323,701 (689,424 )
Cash generated from operations (1,080,695 ) 741,017

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 May 2024
31.5.24 1.6.23
£    £   
Cash and cash equivalents 5,231,549 6,826,367
Year ended 31 May 2023
31.5.23 1.6.22
£    £   
Cash and cash equivalents 6,826,367 6,293,550


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.6.23 Cash flow At 31.5.24
£    £    £   
Net cash
Cash at bank and in hand 6,826,367 (1,594,818 ) 5,231,549
6,826,367 (1,594,818 ) 5,231,549
Debt
Finance leases (266,208 ) 43,836 (222,372 )
(266,208 ) 43,836 (222,372 )
Total 6,560,159 (1,550,982 ) 5,009,177

Realtime Civil Engineering London
Limited (Registered number: 08693188)

Notes to the Consolidated Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Realtime Civil Engineering London Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Basis of consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings made up to 31 May 2020 as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of the business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical evidence and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results may differ from those estimates.

In preparing these financial statements, the directors have had to make the following judgements:

- Determine whether there are indicators of impairment to the group's tangible assets. Factors taken into consideration in reaching such a decision include economic viability and expected future financial performance of the asset.

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Realtime Civil Engineering London
Limited (Registered number: 08693188)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and that such revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services:
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when al of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably;
and
- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

Plant and machinery25% straight line
Motor vehicles25% straight line
Fixtures and fittings25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the sales proceeds with the carrying amount and are recognised in the income statement.

Realtime Civil Engineering London
Limited (Registered number: 08693188)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

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 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 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 debtors and cash and bank balances, are initially measured at transaction cost. Financial assets classified as receivable within one year are not amortised.

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.


Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors and loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction price.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. OTHER OPERATING INCOME
31.5.24 31.5.23
£    £   
Interest on overpaid tax 82 -

Realtime Civil Engineering London
Limited (Registered number: 08693188)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

4. EMPLOYEES AND DIRECTORS
31.5.24 31.5.23
£    £   
Wages and salaries 1,068,403 1,147,136
Social security costs 29,758 28,664
Other pension costs 257,496 289,640
1,355,657 1,465,440

The average number of employees during the year was as follows:
31.5.24 31.5.23

Administration 3 3
Development 3 3
Logistics and procurement 5 10
Marketing and sales 3 3
14 19

31.5.24 31.5.23
£    £   
Directors' remuneration 250,000 241,667

Information regarding the highest paid director is as follows:
31.5.24 31.5.23
£    £   
Emoluments etc 113,333 101,667

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.5.24 31.5.23
£    £   
Other operating leases 40,052 26,707
Depreciation - owned assets 88,592 129,309
Depreciation - assets on hire purchase contracts 101,725 71,608
Loss/(profit) on disposal of fixed assets 4,203 (162,619 )
Auditors' remuneration 22,000 22,000

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.5.24 31.5.23
£    £   
Hire purchase 15,970 15,405

Realtime Civil Engineering London
Limited (Registered number: 08693188)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
31.5.24 31.5.23
£    £   
Current tax:
UK corporation tax 149,913 161,725
Corporation tax misprovided in previous years 324 1,341
Tax credit re R&D claim - (256,349 )
Total current tax 150,237 (93,283 )

Deferred tax 7,951 47,733
Tax on profit 158,188 (45,550 )

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.5.24 31.5.23
£    £   
Profit before tax 510,913 916,182
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 25 %)

127,728

229,046

Effects of:
Expenses not deductible for tax purposes 17,406 14,727
Income not taxable for tax purposes (21 ) (40,655 )
Depreciation in excess of capital allowances 9,189 6
Adjustments to tax charge in respect of previous periods 324 1,341
Movement on deferred taxation 7,951 47,733
Effect of marginal relief on change in tax rate (4,389 ) (41,399 )
Tax credit re R&D claim - (256,349 )
Total tax charge/(credit) 158,188 (45,550 )

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Realtime Civil Engineering London
Limited (Registered number: 08693188)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

9. DIVIDENDS
31.5.24 31.5.23
£    £   
Ordinary A shares of £1 each
Final 60,000 60,000
Ordinary B shares of £1 each
Final 90,000 60,000
Ordinary C shares of £1 each
Final 90,000 150,000
240,000 270,000

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 June 2023 1,812,280 10,056 1,822,336
Additions 195,503 - 195,503
Disposals (310,867 ) - (310,867 )
At 31 May 2024 1,696,916 10,056 1,706,972
DEPRECIATION
At 1 June 2023 1,320,312 10,017 1,330,329
Charge for year 190,284 33 190,317
Eliminated on disposal (261,503 ) - (261,503 )
At 31 May 2024 1,249,093 10,050 1,259,143
NET BOOK VALUE
At 31 May 2024 447,823 6 447,829
At 31 May 2023 491,968 39 492,007

Realtime Civil Engineering London
Limited (Registered number: 08693188)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

10. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 June 2023 550,133
Additions 161,953
Disposals (51,063 )
Transfer to ownership (203,231 )
At 31 May 2024 457,792
DEPRECIATION
At 1 June 2023 229,088
Charge for year 101,725
Eliminated on disposal (1,703 )
Transfer to ownership (202,134 )
At 31 May 2024 126,976
NET BOOK VALUE
At 31 May 2024 330,816
At 31 May 2023 321,045

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 June 2023
and 31 May 2024 17,000
NET BOOK VALUE
At 31 May 2024 17,000
At 31 May 2023 17,000

Realtime Civil Engineering London
Limited (Registered number: 08693188)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

11. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Realtime Civil Engineering Limited
Registered office: Swanley Bar Lane, Potters Bar, Hertfordshire EN6 1NU
Nature of business: Construction
%
Class of shares: holding
Ordinary 100.00
31.5.24 31.5.23
£    £   
Aggregate capital and reserves 3,053,673 2,793,383
Profit for the year 260,290 891,625

Realtime Technical Services Limited
Registered office: Swanley Bar Lane, Potters Bar, Hertfordshire EN6 1NU
Nature of business: Construction
%
Class of shares: holding
Ordinary 100.00
31.5.24 31.5.23
£    £   
Aggregate capital and reserves 221,220 195,289
Profit for the year 25,931 44,553


12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
31.5.24 31.5.23
£    £   
Trade debtors 1,786,545 557,015
Amounts recoverable on contract 1,046,750 493,034
Other debtors 28,567 2,000
VAT 326,763 162,104
Prepayments and accrued income 68,630 15,082
3,257,255 1,229,235

Realtime Civil Engineering London
Limited (Registered number: 08693188)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.5.24 31.5.23 31.5.24 31.5.23
£    £    £    £   
Hire purchase contracts (see note 15) 110,557 137,786 - -
Trade creditors 494,314 241,336 - -
Amounts owed to group undertakings - - 27,687 1,568,751
Tax 149,913 161,430 18,963 5,699
Social security and other taxes 158,159 115,525 - -
Other creditors 141,730 120,637 - -
Accrued expenses 38,996 32,000 2,000 2,000
1,093,669 808,714 48,650 1,576,450

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
31.5.24 31.5.23
£    £   
Hire purchase contracts (see note 15) 111,815 128,422

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.5.24 31.5.23
£    £   
Net obligations repayable:
Within one year 110,557 137,786
Between one and five years 111,815 128,422
222,372 266,208

Group
Non-cancellable operating leases
31.5.24 31.5.23
£    £   
Between one and five years - 45,065

Realtime Civil Engineering London
Limited (Registered number: 08693188)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

16. SECURED DEBTS

The following secured debts are included within creditors:

Group
31.5.24 31.5.23
£    £   
Hire purchase contracts 222,372 266,208

Hire purchase liabilities are secured on the assets that they finance.

17. PROVISIONS FOR LIABILITIES

Group
31.5.24 31.5.23
£    £   
Deferred tax 115,847 107,896

Group
Deferred
tax
£   
Balance at 1 June 2023 107,896
Provided during year 7,951
Balance at 31 May 2024 115,847

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully
paid:


2023

2022

Number:

Class:

Nominal
value:

£   

£   

5,000 A Ordinary £1 5,000 5,000
5,000 B Ordinary £1 5,000 5,000
5,000 C Ordinary £1 5,000 5,000
2,000 D Ordinary £1 2,000 2,000
17,000 17,000

The holders of the A Ordinary shares rank equally in relation to voting rights, dividends and other distributions (including on winding up) and may be redeemed at the option of the company or shareholder on such terms as the company may determine.

The holders of the B Ordinary shares rank pari passu, save in relation to dividend entitlement.

The holders of the C Ordinary shares rank equally in relation to voting rights, dividends from profits post 1 June 2016 and other distributions (including on winding up) and may be redeemed at the option of the company or shareholder on such terms as the company may determine.

The holders of the D Ordinary shares carry no rights to dividends, apart from entitlement to a dividend at the discretion of the holders of the A B and C Ordinary shares.

Realtime Civil Engineering London
Limited (Registered number: 08693188)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 May 2024

19. RESERVES

Group
Capital
Retained redemption Other
earnings reserve reserves Totals
£    £    £    £   

At 1 June 2023 7,341,577 10,000 134,000 7,485,577
Profit for the year 352,725 352,725
Dividends (240,000 ) (240,000 )
At 31 May 2024 7,454,302 10,000 134,000 7,598,302

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 June 2023 4,508,905 5,000 4,513,905
Profit for the year 66,503 66,503
Dividends (240,000 ) (240,000 )
At 31 May 2024 4,335,408 5,000 4,340,408


20. RELATED PARTY DISCLOSURES

During the year the group paid rent to a pension scheme of which 1 of the directors is a beneficiary. Rent was charged on an arm's length basis.

21. ULTIMATE CONTROLLING PARTY

In the opinion of the directors there is no overall controlling party.