RMT Acquisitions Limited Filleted accounts for Companies House (small and micro)

R M T ACQUISITIONS LIMITED - Company Information

false false false false false false false false false true false false false false false false No description of principal activity 2020-09-01 Sage Accounts Production Advanced 2020 - FRS102_2019 1,679,414 122,876 1,556,538 138,086 92,769 230,855 1,325,683 1,541,328 870,568 90,630 961,198 961,198 870,568 xbrli:pure xbrli:shares iso4217:GBP 11307810 2020-09-01 2021-12-31 11307810 2021-12-31 11307810 2020-08-31 11307810 2020-08-31 11307810 core:NetGoodwill 2020-09-01 2021-12-31 11307810 bus:Director5 2020-09-01 2021-12-31 11307810 bus:Director1 2020-09-01 2021-12-31 11307810 bus:Director3 2020-09-01 2021-12-31 11307810 core:NetGoodwill 2020-08-31 11307810 core:NetGoodwill 2021-12-31 11307810 core:WithinOneYear 2021-12-31 11307810 core:WithinOneYear 2020-08-31 11307810 core:ShareCapital 2021-12-31 11307810 core:ShareCapital 2020-08-31 11307810 core:RetainedEarningsAccumulatedLosses 2021-12-31 11307810 core:RetainedEarningsAccumulatedLosses 2020-08-31 11307810 core:NetGoodwill 2020-08-31 11307810 core:CostValuation core:Non-currentFinancialInstruments 2020-08-31 11307810 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2021-12-31 11307810 core:CostValuation core:Non-currentFinancialInstruments 2021-12-31 11307810 core:Non-currentFinancialInstruments 2021-12-31 11307810 core:Non-currentFinancialInstruments 2020-08-31 11307810 bus:Director1 2021-12-31 11307810 bus:SmallEntities 2020-09-01 2021-12-31 11307810 bus:AuditExemptWithAccountantsReport 2020-09-01 2021-12-31 11307810 bus:FullAccounts 2020-09-01 2021-12-31 11307810 bus:SmallCompaniesRegimeForAccounts 2020-09-01 2021-12-31 11307810 bus:PrivateLimitedCompanyLtd 2020-09-01 2021-12-31

COMPANY REGISTRATION NUMBER: 11307810

RMT Acquisitions Limited

Filleted Unaudited Financial Statements

31 December 2021

RMT Acquisitions Limited

Statement of Financial Position

31 December 2021

	31 Dec 21	31 Aug 20
Note	£	£

Fixed assets

Intangible assets	5	1,325,683	1,541,328
Investments	6	961,198	870,568
		--------------	--------------
		2,286,881	2,411,896

Current assets

Debtors	7	38,000	125
Cash at bank and in hand		1	993
		---------	--------
		38,001	1,118

Creditors: amounts falling due within one year	8	330,078	2,438,371
		-----------	--------------
Net current liabilities		292,077	2,437,253
		--------------	--------------
Total assets less current liabilities		1,994,804	( 25,357)
		--------------	---------
Net assets/(liabilities)		1,994,804	( 25,357)
		--------------	---------

Capital and reserves

Called up share capital	852	852
Profit and loss account	1,993,952	( 26,209)
	--------------	---------
Shareholders funds/(deficit)	1,994,804	( 25,357)
	--------------	---------

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 income statement has not been delivered.

For the period ending 31 December 2021 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 period 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 .

RMT Acquisitions Limited

Statement of Financial Position (continued)

31 December 2021

These financial statements were approved by the board of directors and authorised for issue on 1 March 2022 , and are signed on behalf of the board by:

Mr D D Potgieter

Director

Company registration number: 11307810

RMT Acquisitions Limited

Notes to the Financial Statements

Period from 1 September 2020 to 31 December 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is St. John's Chambers, Love Street, Chester, CH1 1QN, UK.

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the provision of services is recognised by reference to the stage of completion.

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.

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.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

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:

	Goodwill	-	over 25 years

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.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employees and directors

The average number of employees and directors was 4 (2020: 4).

5. Intangible assets

	Goodwill
	£
Cost
At 1 September 2020	1,679,414
Additions	–
Other movements	( 122,876)
	--------------
At 31 December 2021	1,556,538
	--------------
Amortisation
At 1 September 2020	138,086
Charge for the period	92,769
	--------------
At 31 December 2021	230,855
	--------------
Carrying amount
At 31 December 2021	1,325,683
	--------------
At 31 August 2020	1,541,328
	--------------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 September 2020	870,568
Revaluations	90,630
	-----------
At 31 December 2021	961,198
	-----------
Impairment
At 1 September 2020 and 31 December 2021	–
	-----------

Carrying amount
At 31 December 2021	961,198
	-----------
At 31 August 2020	870,568
	-----------

7. Debtors

	31 Dec 21	31 Aug 20
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	125
Other debtors	38,000	–
	---------	--------
	38,000	125
	---------	--------

8. Creditors: amounts falling due within one year

	31 Dec 21	31 Aug 20
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	136,499	25,499
Corporation tax	16,551	16,509
Other creditors	177,028	2,396,363
	-----------	--------------
	330,078	2,438,371
	-----------	--------------

9. Directors' advances, credits and guarantees

During the period the directors entered into the following advances and credits with the company:

	31 Dec 21
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr R M Taylor	–	38,000	–	38,000
Mr J E Taylor	–	458,177	( 458,177)	–
	--------	-----------	-----------	---------
	–	496,177	( 458,177)	38,000
	--------	-----------	-----------	---------

	31 Aug 20
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr R M Taylor	–	–	–	–
Mr J E Taylor	–	–	–	–
	--------	--------	--------	--------
	–	–	–	–
	--------	--------	--------	--------

10. Related party transactions

During the year the company received loan waivers amounting to £2,042,369 from a company under common control of two of the directors. At the balance sheet date, the directors owed the company £37,724 (31 August 2020: £621,157 owed by the company to the directors). Loans are repayable on demand. Interest is charged on overdrawn directors loans at the official HMRC rate.