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Registration number: 04160475

RMC Managers Limited

Unaudited Financial Statements

for the Year Ended 30 April 2024

 

RMC Managers Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

RMC Managers Limited

(Registration number: 04160475)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

70,313

70,313

Current assets

 

Debtors

5

3,723

1,472

Cash at bank and in hand

 

16,103

13,693

 

19,826

15,165

Creditors: Amounts falling due within one year

6

(19,577)

(15,047)

Net current assets

 

249

118

Total assets less current liabilities

 

70,562

70,431

Provisions for liabilities

(17,578)

(17,578)

Net assets

 

52,984

52,853

Capital and reserves

 

Called up share capital

2

2

Retained earnings

52,982

52,851

Shareholders' funds

 

52,984

52,853

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 September 2024 and signed on its behalf by:
 

 

RMC Managers Limited

(Registration number: 04160475)
Balance Sheet as at 30 April 2024

.........................................
I J Harvey
Company secretary and director

 

RMC Managers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Chequers House
162 High Street
Stevenage
Hertfordshire
SG1 3LL
England

These financial statements were authorised for issue by the Board on 26 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

RMC Managers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises management fee income and insurance commission from its investment property, recognised on the accrual basis with any necessary amounts deffered or accrued.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Investment property

Investment property is carried at fair value and represents leasehold interests, derived from the current market prices for comparable real estate. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.
Deferred tax is recognised accordingly, tax only arises when crystallised.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

 

RMC Managers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold, insurance commission or management fees performed in the ordinary course of business.

Trade debtors are recognised at the transaction price.

Trade debtors are reviewed for bad debts on an annual basis. Any adjustment is made accordingly
through the profit and loss account.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 3).

4

Investment properties

2024
£

At 1 May

70,313

At 30 April

70,313


The Directors consider that the above value is the fair value of the property held at the balance sheet date.

 

RMC Managers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Debtors

Current

2024
£

2023
£

Trade debtors

3,723

1,472

 

3,723

1,472

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

12,010

8,196

Accruals and deferred income

-

1

Other creditors

7,567

6,850

19,577

15,047

 

RMC Managers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2

         

8

Dividends

2024

2023

£

£

Interim dividend of £17,950.00 (2023 - £16,875.00) per ordinary share

35,900

33,750

 

 

9

Ultimate controlling party

The ultimate controlling party is Mr I Harvey, director of Red Brick (Stevenage) Limited, the holding company.