RMS Property Management Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07523943 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021

FOR

RMS PROPERTY MANAGEMENT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S A Mahmood

S F Ramos

SECRETARY:

S A Mahmood

REGISTERED OFFICE:

Queens Court

9-17 Eastern Road

Romford

RM1 3NH

REGISTERED NUMBER:

07523943 (England and Wales)

ACCOUNTANTS:

The Carley Partnership

St James's House

8 Overcliffe

Gravesend

Kent

DA11 0HJ

FIXED ASSETS

Intangible assets

4

-

34,700

Tangible assets

5

-

1,764

-

36,464

CURRENT ASSETS

Debtors

6

830,008

714,494

Cash at bank and in hand

32,390

35,683

862,398

750,177

CREDITORS

Amounts falling due within one year

7

1,459,567

1,369,846

NET CURRENT LIABILITIES

(597,169

)

(619,669

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(597,169

)

(583,205

)

CREDITORS

Amounts falling due after more than one year

8

42,892

-

NET LIABILITIES

(640,061

)

(583,205

)

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

(640,161

)

(583,305

)

SHAREHOLDERS' FUNDS

(640,061

)

(583,205

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2021 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 30 November 2021 and were signed on its behalf by:

S F Ramos - Director

1.	STATUTORY INFORMATION

RMS Property Management 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The company meets its day to day working capital requirements with the assistance of the directors by way of their loan accounts. The directors have indicated that they will not be withdrawing money from their loan accounts, other than that in excess of the company's net liabilities, until such time as the company becomes solvent.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

Straight line over 5 years

Government grants

Grant income is recognised using the accrual model in the period in which it becomes receivable.

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2020 - 15 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 March 2020

and 28 February 2021

347,000

AMORTISATION

At 1 March 2020

312,300

Charge for year

34,700

At 28 February 2021

347,000

NET BOOK VALUE

At 28 February 2021

-

At 29 February 2020

34,700

5.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST

At 1 March 2020

and 28 February 2021

358,820

DEPRECIATION

At 1 March 2020

357,056

Charge for year

1,764

At 28 February 2021

358,820

NET BOOK VALUE

At 28 February 2021

-

At 29 February 2020

1,764

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

114,364

36,417

Other debtors

715,644

678,077

830,008

714,494

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

7,527

1,380

Taxation and social security

174,701

120,088

Other creditors

1,277,339

1,248,378

1,459,567

1,369,846

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

42,892

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

2,650

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary

1

100

100

10.	OTHER FINANCIAL COMMITMENTS

Total financial commitments which are not included in the balance sheet amount to £Nil (2020: £153,000) in respect of land and buildings.

11.	RELATED PARTIES

At the balance sheet date £40,000 (2020: £40,000) was owed to an individual related to a member of key management personnel. The loan is interest-free and is repayable on demand.