| RTB Management Limited |
| Notes to the Accounts |
| for the year ended 31 December 2016 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
These financial statements for the year ended 31 December 2016 are the first financial statements of RTB Management Limited prepared in accordance with FRS 102. The date of transition to FRS 102 was 1 January 2015. The transition to FRS 102 has not affected the reported financial position and financial performance. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Computer equipment |
33% on cost |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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| 1 |
Accounting policies - continued |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Pensions |
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The company operates a defined contribution pension scheme, Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate. |
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| 2 |
Employees |
2016 |
|
2015 |
| Number |
Number |
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Average number of persons employed by the company |
2 |
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2 |
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| 3 |
Tangible fixed assets |
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Computer equipment |
| £ |
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Cost |
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At 1 January 2016 |
773 |
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Additions |
468 |
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At 31 December 2016 |
1,241 |
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Depreciation |
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At 1 January 2016 |
258 |
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Charge for the year |
414 |
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At 31 December 2016 |
672 |
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Net book value |
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At 31 December 2016 |
569 |
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At 31 December 2015 |
515 |
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| 4 |
Debtors |
2016 |
|
2015 |
| £ |
£ |
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Trade debtors |
7,500 |
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- |
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Other debtors |
2,787 |
|
- |
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10,287 |
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- |
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| 5 |
Creditors: amounts falling due within one year |
2016 |
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2015 |
| £ |
£ |
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Directors' current account |
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- |
|
940 |
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Corporation tax |
19,459 |
|
9,959 |
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Other taxes and social security costs |
4,778 |
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- |
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Other creditors |
- |
|
632 |
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24,237 |
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11,531 |
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| 6 |
Pension commitments |
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The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £15,950. |
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| 7 |
Related party transactions |
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Mr C A Neiger - Director
At the balance sheet date, Mr C A Neiger owed the company £1,403 (2015: due from the company £940).
Mrs D Neiger - Company secretary and wife of Mr C A Neiger
At the balance sheet date, Mrs D Neiger owed the company £1,384 (2015: due from the company £632). |
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| 8 |
Controlling party |
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The ultimate controlling party is Mr C A Neiger. |
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| 9 |
Other information |
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RTB Management Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
4th Floor Radius House |
|
51 Clarendon Road |
|
Watford |
|
Hertfordshire |
|
WD17 1HP |
