Speed RMS Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 06260836

Speed RMS Limited

Filleted Unaudited Financial Statements

31 March 2025

Speed RMS Limited

Statement of Financial Position

31 March 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	5		1,476	2,013

Current assets

Debtors	6	14,027	11,213
Cash at bank and in hand		2,552	–
		--------	--------
		16,579	11,213

Creditors: amounts falling due within one year	7	11,347		7,257
		--------		--------
Net current assets			5,232	3,956
			-------	-------
Total assets less current liabilities			6,708	5,969

Creditors: amounts falling due after more than one year	8	165	2,663
		-------	-------
Net assets		6,543	3,306
		-------	-------

Capital and reserves

Called up share capital	1	1
Profit and loss account	6,542	3,305
	-------	-------
Shareholders funds	6,543	3,306
	-------	-------

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 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Speed RMS Limited

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 29 December 2025 , and are signed on behalf of the board by:

Mr M Speed
Director

Company registration number: 06260836

Speed RMS Limited

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Malt House, Regent Street, Llangollen, Denbighshire, LL20 8HS.

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

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

The turnover shown in the profit and loss account represents amounts invoiced for goods and services provided during the year, inclusive of Value Added Tax. The company operates a policy of accounting for Value Added Tax on a flat rate scheme and the VAT is therefore shown as an expense within the profit and loss account.

Taxation

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.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Plant and Machinery	-	25% reducing balance
Motor vehicles	-	25% reducing balance

Financial instruments

The following assets and liabilities within the accounts are classified as financial instruments - trade debtors, trade creditors and directors loans.

Directors loans (being repayable upon demand), trade debtors and trade creditors, are measured at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of Income and Retained Earnings.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2024: 2 ).

5. Tangible assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1 April 2024	8,650	2,500	11,150
Disposals	( 3,416)	–	( 3,416)
	-------	-------	--------
At 31 March 2025	5,234	2,500	7,734
	-------	-------	--------
Depreciation
At 1 April 2024	7,427	1,710	9,137
Charge for the year	294	198	492
Disposals	( 3,371)	–	( 3,371)
	-------	-------	--------
At 31 March 2025	4,350	1,908	6,258
	-------	-------	--------
Carrying amount
At 31 March 2025	884	592	1,476
	-------	-------	--------
At 31 March 2024	1,223	790	2,013
	-------	-------	--------

6. Debtors

	2025	2024
	£	£
Trade debtors	5,970	1,802
Other debtors	8,057	9,411
	--------	--------
	14,027	11,213
	--------	--------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	2,448	2,192
Trade creditors	2,797	944
Social security and other taxes	4,667	2,042
Other creditors	1,435	2,079
	--------	-------
	11,347	7,257
	--------	-------

8. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	165	2,663
	----	-------

9. Director's advances, credits and guarantees

The director operates a current account with the company. The opening balance of this account was £6,720 in debit and the closing balance was £5,463 in debit. No interest has been charged in respect of this loan which is repayable on demand and classified in creditors due within one year.