6 false false false false false false false false false false true false false false false false false No description of principal activity 2024-01-01 Sage Accounts Production Advanced 2024 - FRS102_2024 3,363,035 232,868 3,595,903 2,954,563 255,294 3,209,857 386,046 408,472 xbrli:pure xbrli:shares iso4217:GBP 04222785 2024-01-01 2024-12-31 04222785 2024-12-31 04222785 2023-12-31 04222785 2023-01-01 2023-12-31 04222785 2023-12-31 04222785 2022-12-31 04222785 core:NetGoodwill 2024-01-01 2024-12-31 04222785 core:FurnitureFittings 2024-01-01 2024-12-31 04222785 bus:Director7 2024-01-01 2024-12-31 04222785 core:NetGoodwill 2023-12-31 04222785 core:NetGoodwill 2024-12-31 04222785 core:FurnitureFittings 2023-12-31 04222785 core:FurnitureFittings 2024-12-31 04222785 core:WithinOneYear 2024-12-31 04222785 core:WithinOneYear 2023-12-31 04222785 core:AfterOneYear 2024-12-31 04222785 core:AfterOneYear 2023-12-31 04222785 core:ShareCapital 2024-12-31 04222785 core:ShareCapital 2023-12-31 04222785 core:SharePremium 2024-12-31 04222785 core:SharePremium 2023-12-31 04222785 core:RetainedEarningsAccumulatedLosses 2024-12-31 04222785 core:RetainedEarningsAccumulatedLosses 2023-12-31 04222785 core:NetGoodwill 2023-12-31 04222785 core:FurnitureFittings 2023-12-31 04222785 bus:Director1 2024-01-01 2024-12-31 04222785 bus:SmallEntities 2024-01-01 2024-12-31 04222785 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 04222785 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 04222785 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 04222785 bus:FullAccounts 2024-01-01 2024-12-31 04222785 core:MotorVehicles 2024-01-01 2024-12-31 04222785 core:MotorVehicles 2023-12-31 04222785 core:MotorVehicles 2024-12-31
COMPANY REGISTRATION NUMBER: 04222785
RTMS Limited
Filleted Unaudited Financial Statements
31 December 2024
RTMS Limited
Financial Statements
Year ended 31 December 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
RTMS Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
386,046
408,472
Tangible assets
6
28,248
46,762
---------
---------
414,294
455,234
Current assets
Stocks
3,589
3,977
Debtors
7
232,844
178,783
Cash at bank and in hand
18,541
66,962
---------
---------
254,974
249,722
Creditors: amounts falling due within one year
8
244,490
204,289
---------
---------
Net current assets
10,484
45,433
---------
---------
Total assets less current liabilities
424,778
500,667
Creditors: amounts falling due after more than one year
9
2,973,717
3,089,617
------------
------------
Net liabilities
( 2,548,939)
( 2,588,950)
------------
------------
Capital and reserves
Called up share capital
125
125
Share premium account
14,736,773
14,736,773
Profit and loss account
( 17,285,837)
( 17,325,848)
-------------
-------------
Shareholders deficit
( 2,548,939)
( 2,588,950)
-------------
-------------
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 comprehensive income has not been delivered.
For the year ending 31 December 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 .
RTMS Limited
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 7 March 2025 , and are signed on behalf of the board by:
J S Farr
Director
Company registration number: 04222785
RTMS Limited
Notes to the Financial Statements
Year ended 31 December 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 Ground Floor Unit 15-16 Royal Star Arcade, High Street, Maidstone, Kent, United Kingdom, ME14 1JL.
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.
Going concern
The directors have prepared detailed financial projections including a cash flow forecast that indicate the company will return to profit and build up suitable cash reserves in the following year. The directors therefore believe the company will continue to be able to operate as a going concern and as a result they have prepared the accounts on this basis.
Judgements and key sources of estimation uncertainty
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 (1) the fair value of the sale of equipment and services to external customers, (2) operating lease income relating to business equipment on operating leases to external customers and (3) maintenance service contracts. These are adjusted for rebates, discounts and returns, net of value added tax. (1) Sales of equipment and services - turnover is recognised at the time of shipment or customer acceptance respectively, with the exception of sales of equipment requiring installation before it can be used by the customer, where turnover is recognised following delivery, installation and customer acceptance. (2) Operating lease income - turnover is recognised on a straight line basis over the term of the lease contract. The rental of the asset also acts as a warranty enabling the customer to receive a replacement if the equipment fails under normal working conditions. (3) Maintenance service contracts - turnover is recognised based on expected usage over the term of the underlying maintenance contract, which generally has a term of between three to five years. Deferred income consists of invoiced unearned maintenance contract turnover. Related costs are charged to the profit and loss account as incurred.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Software development
-
25% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Fixtures and fittings
-
33% straight line
Motor vehicles
-
25% straight line
Assets under construction are not depreciated until they are completed and brought into use at which time they are transferred to Rental assets.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stock has been reclassified as assets under construction. These assets are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the asset to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. Intangible assets
Software Development
£
Cost
At 1 January 2024
3,363,035
Additions
232,868
------------
At 31 December 2024
3,595,903
------------
Amortisation
At 1 January 2024
2,954,563
Charge for the year
255,294
------------
At 31 December 2024
3,209,857
------------
Carrying amount
At 31 December 2024
386,046
------------
At 31 December 2023
408,472
------------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 January 2024
134,187
19,077
153,264
Additions
19,350
19,350
---------
--------
---------
At 31 December 2024
153,537
19,077
172,614
---------
--------
---------
Depreciation
At 1 January 2024
87,425
19,077
106,502
Charge for the year
37,864
37,864
---------
--------
---------
At 31 December 2024
125,289
19,077
144,366
---------
--------
---------
Carrying amount
At 31 December 2024
28,248
28,248
---------
--------
---------
At 31 December 2023
46,762
46,762
---------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
209,124
156,578
Other debtors
23,720
22,205
---------
---------
232,844
178,783
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
14,001
34,460
Social security and other taxes
15,130
12,883
Other creditors
215,359
156,946
---------
---------
244,490
204,289
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Debenture loans
2,936,146
Other creditors
2,973,717
153,471
------------
------------
2,973,717
3,089,617
------------
------------
The other creditors include an amount of £2,766,146 from J L Mogford, a major shareholder of the company, and the loan was provided to finance the long term development of the company. The company is not charged any interest for this loan and the current intention is for this loan to remain outstanding to continue to support the company.