REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
RTS CONSTRUCTION LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
RTS CONSTRUCTION LIMITED |
RTS CONSTRUCTION LIMITED (REGISTERED NUMBER: 08349925) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 April 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
RTS CONSTRUCTION LIMITED |
COMPANY INFORMATION |
for the year ended 30 April 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
16 Davy Court |
Castle Mound Way |
Rugby, CV23 0UZ |
Magma Audit LLP is part |
Of the Dains Group |
RTS CONSTRUCTION LIMITED (REGISTERED NUMBER: 08349925) |
BALANCE SHEET |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the director and authorised for issue on |
RTS CONSTRUCTION LIMITED (REGISTERED NUMBER: 08349925) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 April 2024 |
1. | STATUTORY INFORMATION |
RTS Construction Limited is a limited company, registered in England and Wales. Its registered office address is 13 St. Johns Business Park, Lutterworth, England, LE17 4HB and the registered number is 08349925. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The Company's functional and presentational currency is Pound Sterling (£) and figures have been rounded to the nearest £1. |
Going Concern |
At the year end the company had net current and net liabilities of £202,261 (2023: £155,586). The director has considered this and prepared the financial statements on a going concern basis. The director has confirmed that he will continue to support the company financially for the foreseeable future. |
Turnover |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as 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 all 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. |
Contracts in progress |
The policy used to determine the contract revenue recognised in the period is the percentage of completion method. The method used to determine the percentage of completion is to obtain third party surveys of the work performed. |
Short-term contract work in progress is stated at cost. |
Attributable profit is taken when the outcome of long-term contracts can be assessed with reasonable certainty and is included within amounts recoverable on contracts. Profit is then attributed on the basis of the percentage of work completed. Provisions are made in full for any foreseeable losses on contracts. Advance payments received from customers are shown as payments received on account and are included in creditors until there is a right to set off against the value of work undertaken. |
Financial instruments |
(i) Financial assets |
Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Such assets are subsequently carried at amortised cost using the effective interest rate method. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors 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. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
RTS CONSTRUCTION LIMITED (REGISTERED NUMBER: 08349925) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
The tax expense for the year comprises current and deferred tax. |
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. |
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that: |
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and |
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. |
Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Pension costs and other post-retirement benefits |
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. |
The contributions are recognised as an expense in the Profit and Loss Account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
6. | CONTINGENT LIABILITIES |
The company is part of a group VAT registration with other related party companies under common control. The company is jointly and severally liable for the liabilities of the VAT group to which it belongs. At 30 April 2024, the group VAT liability amounted to £311,559 (2023: £169,962) of which £1,236 refund (2023: £35,184) is due to RTS Construction Limited. |
RTS CONSTRUCTION LIMITED (REGISTERED NUMBER: 08349925) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 April 2024 |
7. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |