REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
RTS CONSTRUCTION GROUP LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
RTS CONSTRUCTION GROUP LIMITED |
RTS CONSTRUCTION GROUP LIMITED (REGISTERED NUMBER: 09338216) |
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 GROUP LIMITED |
COMPANY INFORMATION |
for the year ended 30 April 2024 |
DIRECTORS: |
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 GROUP LIMITED (REGISTERED NUMBER: 09338216) |
BALANCE SHEET |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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 Board of Directors and authorised for issue on |
RTS CONSTRUCTION GROUP LIMITED (REGISTERED NUMBER: 09338216) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 April 2024 |
1. | STATUTORY INFORMATION |
RTS Construction Group 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 09338216. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The presentation currency of the financial statements is pound sterling (£) and figures are rounded to the nearest £1. |
Going concern |
At 30 April 2024 the company had net current liabilities of £429,072 (2023: £425,828) and net assets of £120,398 (2023: £123,642). The directors have considered this and has prepared the financial statements on a going concern basis. The directors are confident that the company will be able to meet its liabilities as they fall due for at least 12 months from the date of signing these accounts and confirms that support will be available if required. |
Preparation of consolidated financial statements |
The financial statements contain information about RTS Construction Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Tangible fixed assets |
Tangible fixed assets which represents freehold land and property is stated at cost. No provision for depreciation is made on freehold land and buildings. The policy of not providing for depreciation on freehold buildings is a departure from the requirement of the Companies Act 2006 concerning the depreciation of fixed assets. It is in the opinion of the directors that the useful economic life of these assets are of such a length and the residual values are such that they are not materially different from the carrying value and any depreciation would not be material. |
Any movement in the fair value of the freehold land and property is reflected within other comprehensive income and held within the Revaluation Reserve in the year, offset against any associated deferred tax liability. |
Investments in subsidiaries |
Investment in the subsidiary company is held at cost less accumulated impairment losses. |
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 GROUP LIMITED (REGISTERED NUMBER: 09338216) |
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. |
Income from shares in group undertakings |
Income from shares in group undertakings represents dividends receivable. Ordinary dividends are recognised when they are declared by the group company. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Freehold |
land & |
buildings |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
RTS CONSTRUCTION GROUP LIMITED (REGISTERED NUMBER: 09338216) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 April 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed to group undertakings |
Other creditors |
The Company has provided a guarantee over the overdraft and credit card facilities of a subsidiary, RTS Contracts Limited. This guarantee is limited to £200,000. |
8. | 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. |