RSM Projects Ltd - Period Ending 2019-04-30

RSM Projects Ltd - Period Ending 2019-04-30


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Registration number: 04962961

RSM Projects Ltd

Unaudited Financial Statements

for the Year Ended 30 April 2019

 

RSM Projects Ltd

Contents

Statement of Financial Position

1

Notes to the Financial Statements

2 to 4

 

RSM Projects Ltd

(Registration number: 04962961)
Statement of Financial Position as at 30 April 2019

Note

2019
£

2018
£

Fixed assets

 

Tangible assets

4

11,372

5,103

Current assets

 

Debtors

15,910

-

Cash at bank and in hand

 

10,018

10,746

 

25,928

10,746

Creditors: Amounts falling due within one year

5

(36,311)

(35,371)

Net current liabilities

 

(10,383)

(24,625)

Net assets/(liabilities)

 

989

(19,522)

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

987

(19,524)

Total equity

 

989

(19,522)

For the financial year ending 30 April 2019 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the director on 7 October 2019
 

.........................................

Mr R S Mortimer
Director

 

RSM Projects Ltd

Notes to the Financial Statements for the Year Ended 30 April 2019

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
St George's House
215-219 Chester Road
Manchester
Lancashire
M15 4JE
United Kingdom

These financial statements were authorised for issue by the director on 7 October 2019.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurances from the director that he will continue to give financial support to the company for the foreseeable future and for a period not less than 12 months from the date of signing these financial statements.

On this basis, the director considers it appropriate to prepare the accounts on the going concern basis. However, should the financial support mentioned above not be forthcoming the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be be necessary should this basis not continue to be appropriate.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

RSM Projects Ltd

Notes to the Financial Statements for the Year Ended 30 April 2019

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income Statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2018 - 1).

 

RSM Projects Ltd

Notes to the Financial Statements for the Year Ended 30 April 2019

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2018

17,901

5,000

22,901

Additions

-

9,279

9,279

Disposals

-

(5,000)

(5,000)

At 30 April 2019

17,901

9,279

27,180

Depreciation

At 1 May 2018

13,256

4,542

17,798

Charge for the year

697

1,855

2,552

Eliminated on disposal

-

(4,542)

(4,542)

At 30 April 2019

13,953

1,855

15,808

Carrying amount

At 30 April 2019

3,948

7,424

11,372

At 30 April 2018

4,645

458

5,103

5

Creditors

Creditors: amounts falling due within one year

Note

2019
£

2018
£

Due within one year

 

Bank loans and overdrafts

6

5,055

-

Taxation and social security

 

1,564

2,417

Accruals and deferred income

 

1,105

1,055

Other creditors

 

28,587

31,899

 

36,311

35,371

6

Loans and borrowings

2019
£

2018
£

Current loans and borrowings

Bank borrowings

5,055

-