6-10 Lowndes Square Rtm Company Limited - Limited company accounts 20.1

REGISTERED NUMBER: 07229782 (England and Wales)

Report of the Directors and

Unaudited Financial Statements

for the Year Ended 24 December 2021

for

6-10 LOWNDES SQUARE RTM COMPANY LIMITED

Page

Company Information

1

Report of the Directors

2

Chartered Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5

Statement of Changes in Equity

6

Notes to the Financial Statements

7

Directors:

A Auchterlonie

S M Hughes

Registered office:

1st Floor, Upminster Library

26 Corbets Tey Road

Upminster

Essex

RM14 2BB

Registered number:

07229782 (England and Wales)

Accountants:

Haines Watts

1st Floor Upminster Library

26 Corbets Tey Road

Upminster

Essex

RM14 2BB

The directors present their report with the financial statements of the company for the year ended 24 December 2021.

Directors

The directors shown below have held office during the whole of the period from 25 December 2020 to the date of this report.

A Auchterlonie

S M Hughes

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

On behalf of the board:

A Auchterlonie - Director

14 April 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 6-10 Lowndes Square Rtm Company Limited for the year ended 24 December 2021 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of 6-10 Lowndes Square Rtm Company Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of 6-10 Lowndes Square Rtm Company Limited and state those matters that we have agreed to state to the Board of Directors of 6-10 Lowndes Square Rtm Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 6-10 Lowndes Square Rtm Company Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that 6-10 Lowndes Square Rtm Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of 6-10 Lowndes Square Rtm Company Limited. You consider that 6-10 Lowndes Square Rtm Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of 6-10 Lowndes Square Rtm Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Haines Watts

1st Floor Upminster Library

26 Corbets Tey Road

Upminster

Essex

RM14 2BB

14 April 2022

Turnover

435,702

536,315

Cost of sales

(346,609

)

(482,716

)

Gross profit

89,093

53,599

Administrative expenses

(24,976

)

(27,272

)

Operating profit

64,117

26,327

Interest receivable and similar income

15

179

Profit before taxation

64,132

26,506

Tax on profit

(3

)

(34

)

Profit for the financial year

64,129

26,472

Fixed assets

Tangible assets

4

359

146

Current assets

Debtors

5

184,531

162,782

Cash at bank and in hand

689,019

674,166

873,550

836,948

Creditors

Amounts falling due within one year

6

566,926

594,240

Net current assets

306,624

242,708

Total assets less current liabilities

306,983

242,854

Reserves

Other reserves

344,036

277,161

Retained earnings

(37,053

)

(34,307

)

306,983

242,854

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 24 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 24 December 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 14 April 2022 and were signed on its behalf by:

A Auchterlonie - Director

Retained

Other

Total

earnings

reserves

equity

£

£

£

Balance at 25 December 2019

(104,507

)

320,889

216,382

Changes in equity

Profit for the year

26,472

-

26,472

Other comprehensive income

43,728

(43,728

)

-

Total comprehensive income

70,200

(43,728

)

26,472

Balance at 24 December 2020

(34,307

)

277,161

242,854

Changes in equity

Profit for the year

64,129

-

64,129

Total comprehensive income

64,129

-

64,129

Reserves transfer

(66,875

)

66,875

-

Balance at 24 December 2021

(37,053

)

344,036

306,983

1.	Statutory information

6-10 Lowndes Square Rtm Company 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.

Key source of estimation, uncertainty and judgement

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

Turnover

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

Tangible fixed assets

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

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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 2 (2020 - 2 ) .

4.	Tangible fixed assets

Fixtures

and

fittings

£

Cost

At 25 December 2020

1,520

Additions

306

At 24 December 2021

1,826

Depreciation

At 25 December 2020

1,373

Charge for year

94

At 24 December 2021

1,467

Net book value

At 24 December 2021

359

At 24 December 2020

147

5.

Debtors: amounts falling due within one year

2021

2020

£

£

Trade debtors

85,080

72,075

Other debtors

99,451

90,707

184,531

162,782

6.

Creditors: amounts falling due within one year

2021

2020

£

£

Trade creditors

90,049

98,766

Taxation and social security

3,082

3,409

Other creditors

473,795

492,065

566,926

594,240