1 false false false false false false false false false false true false false false false false false No description of principal activity 2023-11-01 Sage Accounts Production Advanced 2023 - FRS102_2023 2,936 2,936 166,060 125,560 40,500 40,500 xbrli:pure xbrli:shares iso4217:GBP 07046441 2023-11-01 2024-10-31 07046441 2024-10-31 07046441 2023-10-31 07046441 2022-11-01 2023-10-31 07046441 2023-10-31 07046441 2022-10-31 07046441 core:FurnitureFittings 2023-11-01 2024-10-31 07046441 bus:OrdinaryShareClass1 2023-11-01 2024-10-31 07046441 bus:Director1 2023-11-01 2024-10-31 07046441 core:FurnitureFittings 2024-10-31 07046441 core:WithinOneYear 2024-10-31 07046441 core:WithinOneYear 2023-10-31 07046441 core:ShareCapital 2024-10-31 07046441 core:ShareCapital 2023-10-31 07046441 core:SharePremium 2024-10-31 07046441 core:SharePremium 2023-10-31 07046441 core:RetainedEarningsAccumulatedLosses 2024-10-31 07046441 core:RetainedEarningsAccumulatedLosses 2023-10-31 07046441 core:CostValuation core:Non-currentFinancialInstruments 2024-10-31 07046441 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2024-10-31 07046441 core:Non-currentFinancialInstruments 2024-10-31 07046441 core:Non-currentFinancialInstruments 2023-10-31 07046441 bus:SmallEntities 2023-11-01 2024-10-31 07046441 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 07046441 bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 07046441 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 07046441 bus:FullAccounts 2023-11-01 2024-10-31 07046441 bus:OrdinaryShareClass1 2024-10-31 07046441 bus:OrdinaryShareClass1 2023-10-31
COMPANY REGISTRATION NUMBER: 07046441
RTC INNOVATION LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 October 2024
RTC INNOVATION LTD
STATEMENT OF FINANCIAL POSITION
31 October 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Investments
6
40,500
40,500
CURRENT ASSETS
Debtors
7
101
101
Cash at bank and in hand
66
169
----
----
167
270
CREDITORS: amounts falling due within one year
8
199,324
197,018
---------
---------
NET CURRENT LIABILITIES
199,157
196,748
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 158,657)
( 156,248)
---------
---------
NET LIABILITIES
( 158,657)
( 156,248)
---------
---------
CAPITAL AND RESERVES
Called up share capital
9
2
2
Share premium account
250,000
250,000
Profit and loss account
( 408,659)
( 406,250)
---------
---------
SHAREHOLDERS DEFICIT
( 158,657)
( 156,248)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
RTC INNOVATION LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 October 2024
These financial statements were approved by the board of directors and authorised for issue on 13 March 2025 , and are signed on behalf of the board by:
Dr J Cao
Director
Company registration number: 07046441
RTC INNOVATION LTD
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 October 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 87 Lockwood Road, Northfield, Birmingham, B31 1QE.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment, fixtures and fittings
-
33% straight line
Fixed asset investments
Fixed asset investments are in unquoted companies for which a reliable fair value is not readily available. They are therefore recorded at cost, less impairment.
Financial instruments
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 entity after deducting all of its financial liabilities .
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. TANGIBLE ASSETS
Equipment, fixtures and fittings
Total
£
£
Cost
At 1 November 2023 and 31 October 2024
2,936
2,936
-------
-------
Depreciation
At 1 November 2023 and 31 October 2024
2,936
2,936
-------
-------
Carrying amount
At 31 October 2024
-------
-------
At 31 October 2023
-------
-------
6. INVESTMENTS
Investment in Unquoted Companies
£
Cost
At 1 November 2023 and 31 October 2024
166,060
---------
Impairment
At 1 November 2023 and 31 October 2024
125,560
---------
Carrying amount
At 31 October 2024
40,500
---------
At 31 October 2023
40,500
---------
7. DEBTORS
2024
2023
£
£
Other debtors
101
101
----
----
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Other creditors
199,324
197,018
---------
---------
9. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.0001 each
24,840
2
24,840
2
--------
----
--------
----
10. GOING CONCERN
Included within creditors is an amount due to a director of £168,311. Were they to withdraw all of this loan account then this may render the basis upon which the accounts are prepared - the going concern basis - inappropriate. The director has given an understanding that it is not their intention to seek to withdraw this amount from their loan account, so the accounts are prepared on the going concern basis.