Rhomco Consulting Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 06165648 (England and Wales)

RHOMCO CONSULTING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J Normansell

J A Gauregui

SECRETARY:

J Normansell

REGISTERED OFFICE:

Westview House

Oak Tree Court Mulberry Drive

Cardiff Gate Business Park

CARDIFF

CF23 8RS

REGISTERED NUMBER:

06165648 (England and Wales)

FIXED ASSETS

Tangible assets

4

186,188

242,348

CURRENT ASSETS

Stocks

5

129,747

93,985

Debtors

6

588,061

434,091

Cash at bank and in hand

1,338,725

1,292,049

2,056,533

1,820,125

CREDITORS

Amounts falling due within one year

7

637,061

467,488

NET CURRENT ASSETS

1,419,472

1,352,637

TOTAL ASSETS LESS CURRENT LIABILITIES

1,605,660

1,594,985

CREDITORS

Amounts falling due after more than one year

8

(137,446

)

(152,770

)

PROVISIONS FOR LIABILITIES

11

(46,547

)

(46,046

)

NET ASSETS

1,421,667

1,396,169

CAPITAL AND RESERVES

Called up share capital

12

2

2

Retained earnings

1,421,665

1,396,167

SHAREHOLDERS' FUNDS

1,421,667

1,396,169

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 March 2024 and were signed on its behalf by:

J Normansell - Director

1.	STATUTORY INFORMATION

Rhomco Consulting Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making their assessment, the directors have reviewed the balance sheet, the likely future cashflows of the business and has considered the facilities that are available to the company along with their continued support.

At the date of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that the going concern basis of accounting remains appropriate. The directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates

In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Impairment of debtors

The company, makes an estimate of the recoverable value of trade and other debtors when assessing impairment of trade and other debtors, management considers factors including the credit worthiness of the debtor, the aging profile of the debtor and historical experience.

Turnover

Turnover is measured at fair value of the consideration received or receivable net of VAT and discounts. The policies adopted for the recognition of turnover are as follows:

Rendering of services:

Turnover represents the value of work done in the period, including estimate of amounts not invoiced net of VAT. Turnover in respect of long term contracts is recognised by reference to stage of completion. The timing of income recognition for long term contracts is matched with the evaluation and completeness of work undertaken as detailed in the work in progress accounting policy.

Employee Benefits

The company provides a wide range of benefits which includes paid holidays and defined contribution pension plans. Short term employee benefit are recognised as an expense in the profit and loss account for the period in which the service is received.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Long leasehold

-

Over term of lease

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on cost

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks and work in progress

Stocks and amounts due under contract are valued on the basis of direct costs. Provisions are made for any foreseeable losses where appropriate. No element of profit is included in the value of work in progress.

The attributable profit on long term contracts is recognised once their outcome can be assessed with reasonable certainty. The profit recognised reflects the proportion of work completed to date on the project.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefit will be required in settlement and the amount can be reliable estimated.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments".

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets are liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, loans to related companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2022 - 21 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

and

Motor

Computer

leasehold

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 July 2022

11,902

41,421

231,927

84,091

369,341

Additions

-

3,938

-

-

3,938

At 30 June 2023

11,902

45,359

231,927

84,091

373,279

DEPRECIATION

At 1 July 2022

11,902

20,538

14,496

80,057

126,993

Charge for year

-

3,723

54,358

2,017

60,098

At 30 June 2023

11,902

24,261

68,854

82,074

187,091

NET BOOK VALUE

At 30 June 2023

-

21,098

163,073

2,017

186,188

At 30 June 2022

-

20,883

217,431

4,034

242,348

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 July 2022

and 30 June 2023

231,927

DEPRECIATION

At 1 July 2022

14,496

Charge for year

54,358

At 30 June 2023

68,854

NET BOOK VALUE

At 30 June 2023

163,073

At 30 June 2022

217,431

5.

STOCKS

2023

2022

£

£

Amounts due under contracts

129,747

93,985

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

517,153

368,650

Other debtors

70,908

65,441

588,061

434,091

Trade debtors are stated after provision for impairment of £10,950 (2022 - £10,950).

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

67,684

45,385

Hire purchase contracts (see note 9)

15,325

15,325

Trade creditors

193,049

92,053

Taxation and social security

344,749

300,198

Other creditors

16,254

14,527

637,061

467,488

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Hire purchase contracts (see note 9)

137,446

152,770

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2023

2022

£

£

Net obligations repayable:

Within one year

15,325

15,325

Between one and five years

137,446

152,770

152,771

168,095

Non-cancellable

operating leases

2023

2022

£

£

Within one year

63,327

63,327

Between one and five years

47,495

110,822

110,822

174,149

10.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank overdrafts

67,684

45,385

The bank overdraft is secured by way of a fixed and floating charge and debenture against all of the property and assets of the company.

11.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

46,547

46,046

Deferred

tax

£

Balance at 1 July 2022

46,046

Accelerated capital allowances

501

Balance at 30 June 2023

46,547

12.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2023

2022

value:

£

£

2

Ordinary

£1

2

2

13.	RELATED PARTY DISCLOSURES

The company operates from premises owned by a pension fund in which the directors are the beneficiaries. During the year rent and service charges of £64,725 (2022 - £64,370) was paid to the the pension fund, and included in prepayments and accrued income is a rent prepayment of £14,962 (2022 - £14,962) for rent paid in advance.

Included in creditors, amounts falling due within one year, is an amount owed to the pension fund of £6,333 (2022 - £6,333).

Included in the profit and loss account of the company are legal and professional fees of £18,367 (2022 - £18,367) charged from ITF Properties Limited in respect of project costs recovered, a company under common control.

Included in creditors, amounts falling due within one year, is an amount owed to ITF Properties Limited of £4,946 (2022 - £NIL).