Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Investments | 4 |
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827,023 | 827,023 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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700 | 4 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current liabilities | (427,202) | (420,100) | ||
Total assets less current liabilities | 399,821 | 406,923 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Share premium account |
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Other reserves |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of RTS Group Ltd (registered number:
M D Smith
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
RTS Group Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Level 0, Unit 4 Greenways Business Park, Bellinger Close, Chippenham, SN15 1BN, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors manage the working capital of the group of companies on a consolidated basis. They have assessed the balance sheets and likely future cash flows as the date of approving these financial statements. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of approving these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
Turnover is recognised when the dividends and management charges become payable to the company.
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.
Fair value is measured by use the the directors using a model which is considered by management to be the most appropriate method of valuation. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.
Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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 recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Equity-settled share-based payment schemes
Investments in subsidiaries
2024 | |
£ | |
Cost | |
At 01 July 2023 |
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At 30 June 2024 |
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Carrying value at 30 June 2024 |
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Carrying value at 30 June 2023 |
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The subsidiaries of RTS Group Ltd recognised in these accounts are as follows:
Fimtrac F&I and Compliance Limited
Level 0, Unit 4 Greenways Business Park, Bellinger Close, Chippenham, United Kingdom, SN15 1BN
RTS Consultants (UK) Ltd.
Level 0, Unit 4 Greenways Business Park, Bellinger Close, Chippenham, United Kingdom, SN15 1BN
2024 | 2023 | ||
£ | £ | ||
Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to Group undertakings |
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Other creditors |
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