Company registration number 02995964 (England and Wales)
RTC SAFETY SURFACES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
RTC SAFETY SURFACES LIMITED
COMPANY INFORMATION
Directors
H Jones
G Hall
D Jones
Secretary
H Jones
Company number
02995964
Registered office
Woodland House
Chestnut Business Park
Smallshaw Lane
Burnley
Lancashire
BB11 5SQ
Auditor
Pierce C A Limited
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
Business address
Woodland House
Chestnut Business Park
Smallshaw Lane
Burnley
Lancashire
BB11 5SQ
Bankers
Natwest Bank Plc
2 Howe Walk
Burnley
Lancashire
BB11 1TR
RTC SAFETY SURFACES LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 18
RTC SAFETY SURFACES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 1 -
The directors present the strategic report for the year ended 28 February 2024.
Review of the business
The company trades as a supplier and installer of resin bound safety surfaces. The product is installed in situ, throughout the whole of the UK with occasional international applications.
The directors are pleased with the results for the year which have shown a small growth in respect of both of the company's key performance indicators, being turnover (1.5%) and gross profit (1.6%), following a very successful year ended 28 February 2023. Net profit continues to be strong.
Post year end the company has continued the trend of controlled growth and has invested in increasing capacity to allow for stronger growth and greater economies of scale.
Principal risks and uncertainties
The company operates in a very competitive, price driven market. High customer retention is achieved with excellent customer relationships maintained through the exceptional customer service provided by the office team. Market prices are constantly monitored and the sales team ensures that pricing is competitive.
The company continues to be funded by retained profits and holds good cash reserves, therefore interest rate change does not pose any significant risk.
The company is exposed to the usual credit risks associated with selling on credit and manages this through rigorous credit control procedures. The directors undertake monthly credit searches on their repeat customers and are willing to adjust credit terms accordingly. All new customers are credit checked before any credit is issued. The company has a history of very few bad debts and is able to recover its debts in a timely manner.
Development and performance
Following the year end the company will look to continue the strategy of controlled growth expanding the customer base and increasing market share.
Staff retention is a key performance indicator and the directors are committed to retaining the many long serving employees and developing all staff to ensure career progression for them and continuity of quality for the company. To enable this, the company has invested in staff training and increased salaries.
The company continues to nurture strong relationships with a trustworthy network of suppliers who provide consistency of raw material quality and logistics.
Since the year end the company has recruited in all departments to expand our contracts, sales and installation teams to support our growth through increased market share.
The directors are confident that the company will continue its path of organic growth and improved efficiencies.
G Hall
Director
28 November 2024
RTC SAFETY SURFACES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 2 -
The directors present their annual report and financial statements for the year ended 28 February 2024.
Principal activities
The principal activity of the company continued to be that of laying childrens playground safety surfaces.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
H Jones
G Hall
D Jones
Auditor
In accordance with the company's articles, a resolution proposing that Pierce C A Limited be reappointed as auditor of the company will be put at a General Meeting.
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.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
H Jones
Director
28 November 2024
RTC SAFETY SURFACES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
The directors are responsible for preparing the annual report 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 of the profit or loss of the company 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;
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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
RTC SAFETY SURFACES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF RTC SAFETY SURFACES LIMITED
- 4 -
Opinion
We have audited the financial statements of RTC Safety Surfaces Limited (the 'company') for the year ended 28 February 2024 which comprise the profit and loss account, 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:
give a true and fair view of the state of the company's affairs as at 28 February 2024 and of its 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.
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.
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:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
RTC SAFETY SURFACES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF RTC SAFETY SURFACES LIMITED (CONTINUED)
- 5 -
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 strategic report and 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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
In identifying and assessing risks of material misstatements in respect of irregularities (including fraud) we considered the following:
The nature of the industry, the company’s control environment, the significant laws and regulations relevant to the company, and the company’s policies on detection of fraud;
Results of our enquiries of management and of those charged with governance;
Our review of disclosures included in the financial statements; and
Engagement team discussions in respect of any potential indicators of non-compliance or fraud.
We have also performed specific procedures to consider the risk of management override and of fraud arising in significant transactions outside the normal course of business.
We did not identify a material risk of non-compliance with laws and regulations or of fraud.
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.
Other matters which we are required to address
In the previous accounting period the directors of the company took advantage of audit exemption under section 477 of the Companies Act 2006.
RTC SAFETY SURFACES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF RTC SAFETY SURFACES LIMITED (CONTINUED)
- 6 -
This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.
Jane Smith
Senior Statutory Auditor
For and on behalf of Pierce C A Limited
28 November 2024
Statutory Auditor
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
RTC SAFETY SURFACES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
11,483,591
11,308,795
Cost of sales
(7,951,147)
(8,006,535)
Gross profit
3,532,444
3,302,260
Administrative expenses
(2,787,931)
(1,551,853)
Operating profit
744,513
1,750,407
Interest receivable and similar income
49,618
13,479
Interest payable and similar expenses
(284)
(281)
Profit before taxation
793,847
1,763,605
Tax on profit
7
(200,051)
(329,612)
Profit for the financial year
593,796
1,433,993
The profit and loss account has been prepared on the basis that all operations are continuing operations.
RTC SAFETY SURFACES LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
8
260,259
313,834
Current assets
Stocks
181,759
186,150
Debtors
9
1,695,875
1,285,084
Cash at bank and in hand
2,612,506
1,967,979
4,490,140
3,439,213
Creditors: amounts falling due within one year
10
(3,486,550)
(2,456,793)
Net current assets
1,003,590
982,420
Total assets less current liabilities
1,263,849
1,296,254
Provisions for liabilities
11
(118,446)
(169,647)
Net assets
1,145,403
1,126,607
Capital and reserves
Called up share capital
13
490
490
Capital redemption reserve
510
510
Profit and loss reserves
1,144,403
1,125,607
Total equity
1,145,403
1,126,607
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 28 November 2024 and are signed on its behalf by:
H Jones
Director
Company registration number 02995964 (England and Wales)
RTC SAFETY SURFACES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 9 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 March 2022
490
510
1,058,614
1,059,614
Year ended 28 February 2023:
Profit and total comprehensive income
-
-
1,433,993
1,433,993
Dividends
-
-
(1,367,000)
(1,367,000)
Balance at 28 February 2023
490
510
1,125,607
1,126,607
Year ended 28 February 2024:
Profit and total comprehensive income
-
-
593,796
593,796
Dividends
-
-
(575,000)
(575,000)
Balance at 28 February 2024
490
510
1,144,403
1,145,403
RTC SAFETY SURFACES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 10 -
1
Accounting policies
Company information
RTC Safety Surfaces Limited is a private company limited by shares incorporated in England and Wales. The registered office is Woodland House, Chestnut Business Park, Smallshaw Lane, Burnley, Lancashire, BB11 5SQ.
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 medium companies regime.
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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
The financial statements of the company are consolidated in the financial statements of RTC Safety Surfaces Holdings Limited. These consolidated financial statements are available from its registered office: Mentor House, Ainsworth Street, Blackburn, BB1 6AY.
1.2
Going concern
The directors are not aware of any material uncertainties affecting the company and consider that the company will have sufficient resources to continue trading for the foreseeable future. As a result the directors have continued to adopt the going concern basis in preparing the financial statements.true
1.3
Turnover
Turnover represents amounts receivable for services net of VAT and trade discounts.
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:
Plant and machinery
15-33% reducing balance
Fixtures, fittings & equipment
15-33% reducing balance
Motor vehicles
25% & 33% straight line
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.
RTC SAFETY SURFACES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 11 -
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.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
RTC SAFETY SURFACES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 12 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
RTC SAFETY SURFACES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 13 -
1.8
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.
1.9
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.
1.10
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Remedial works
The company provides a guarantee to its customers in respect of any remedial works which may be required. A provision is made in the accounts for the estimated cost of remedial works to be incurred on the sales arising in a particular accounting year.
RTC SAFETY SURFACES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 14 -
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.
3
Turnover
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Principal activity
11,483,591
11,308,795
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
10,000
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
58
58
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
3,263,485
2,155,958
Pension costs
172,327
55,098
3,435,812
2,211,056
RTC SAFETY SURFACES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 15 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
1,299,151
258,665
Company pension contributions to defined contribution schemes
19,732
10,964
1,318,883
269,629
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 3).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
888,646
157,927
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
213,097
321,700
Deferred tax
Origination and reversal of timing differences
(13,046)
7,912
Total tax charge
200,051
329,612
2024
2023
£
£
Profit before taxation
793,847
1,763,605
Expected tax charge based on the standard rate of corporation tax in the UK of 24.49% (2023: 19.00%)
194,416
335,085
Tax effect of expenses that are not deductible in determining taxable profit
5,893
7,754
Group relief
(20)
(2,263)
Other movements
(238)
(10,964)
Taxation charge for the year
200,051
329,612
RTC SAFETY SURFACES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 16 -
8
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023
776,661
Additions
119,003
Disposals
(117,550)
At 28 February 2024
778,114
Depreciation and impairment
At 1 March 2023
462,827
Depreciation charged in the year
171,458
Eliminated in respect of disposals
(116,430)
At 28 February 2024
517,855
Carrying amount
At 28 February 2024
260,259
At 28 February 2023
313,834
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
825,130
910,502
Other debtors
870,745
374,582
1,695,875
1,285,084
Other debtors includes amounts loaned to the directors of £466,088 (2023: £668 owed to the directors).
10
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,138,886
1,179,758
Amounts owed to group undertakings
1,081,900
883,477
Taxation and social security
34,677
171,887
Other creditors
1,231,087
221,671
3,486,550
2,456,793
RTC SAFETY SURFACES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 17 -
11
Provisions for liabilities
2024
2023
£
£
Remedial costs
53,538
91,693
Deferred tax liabilities
12
64,908
77,954
118,446
169,647
12
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
64,908
77,954
2024
Movements in the year:
£
Liability at 1 March 2023
77,954
Credit to profit or loss
(13,046)
Liability at 28 February 2024
64,908
The deferred tax liability set out above is expected to reverse over the useful life of the assets concerned and relates to accelerated capital allowances that are expected to mature within the same period.
13
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
490
490
490
490
RTC SAFETY SURFACES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 18 -
14
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
£
£
Within one year
72,943
52,996
Between two and five years
87,809
69,642
160,752
122,638
15
Related party transactions
During the year a pension contribution was made on behalf of a director of the company's parent company.
16
Parent company
The company's parent company is RTC Safety Surfaces Holdings Limited, a company incorporated in England and Wales.
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