Company No: 03184066 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2023		2022
		£		£
Fixed assets
Intangible assets	3	30,175		30,087
Tangible assets	4	3,945		18,020
Investments	5	195,375		195,375
		229,495		243,482
Current assets
Debtors	6	565,259		638,744
Cash at bank and in hand		12,719		19,310
		577,978		658,054
Creditors: amounts falling due within one year	7	( 972,130)		( 987,841)
Net current liabilities		(394,152)		(329,787)
Total assets less current liabilities		(164,657)		(86,305)
Creditors: amounts falling due after more than one year	8	( 169,710)		( 239,032)
Net liabilities		( 334,367)		( 325,337)
Capital and reserves
Called-up share capital		52,086		52,086
Share premium account		100,228		100,228
Other reserves		67,241		67,241
Profit and loss account		( 553,922 )		( 544,892 )
Total shareholder's deficit		( 334,367)		( 325,337)

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of RTS Consultants (UK) Ltd. (registered number: 03184066) were approved and authorised for issue by the Director on 25 March 2024. They were signed on its behalf by:

M D Smith Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

RTS Consultants (UK) Ltd. (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Paddocks, Notton, Lacock, Chippenham, SN15 2NF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors manage the working capital of the group of companies on a consolidated basis. They have assessed the balance sheets and likely future cash flows as the date of approving these financial statements. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of approving these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised in proportion to the length of the contracts.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software	3 years straight line
Trademarks, patents and licences	3 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings	3 years straight line
Office equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	25		32

3. Intangible assets

	Computer software		Trademarks, patents and licences		Total
	£		£		£
Cost
At 01 July 2022	177,040		8,375		185,415
Additions	19,300		0		19,300
At 30 June 2023	196,340		8,375		204,715
Accumulated amortisation
At 01 July 2022	146,953		8,375		155,328
Charge for the financial year	19,212		0		19,212
At 30 June 2023	166,165		8,375		174,540
Net book value
At 30 June 2023	30,175		0		30,175
At 30 June 2022	30,087		0		30,087

4. Tangible assets

	Fixtures and fittings		Office equipment		Total
	£		£		£
Cost
At 01 July 2022	132,592		100,888		233,480
At 30 June 2023	132,592		100,888		233,480
Accumulated depreciation
At 01 July 2022	124,918		90,542		215,460
Charge for the financial year	7,674		6,401		14,075
At 30 June 2023	132,592		96,943		229,535
Net book value
At 30 June 2023	0		3,945		3,945
At 30 June 2022	7,674		10,346		18,020

5. Fixed asset investments

Investments in subsidiaries

	2023
	£
Cost
At 01 July 2022	195,375
At 30 June 2023	195,375
Carrying value at 30 June 2023	195,375
Carrying value at 30 June 2022	195,375

The amount recognised for the investment in subsidiaries above relates to the following company:

Fimtrac F&I and Compliance Limited
The Paddocks Notton, Lacock, Chippenham, Wiltshire, England, SN15 2NF

6. Debtors

	2023		2022
	£		£
Trade debtors	129,926		208,968
Amounts owed by Group undertakings	345,994		346,755
Other debtors	89,339		83,021
	565,259		638,744

7. Creditors: amounts falling due within one year

	2023		2022
	£		£
Bank loans and overdrafts (secured)	53,201		58,645
Trade creditors	201,608		172,297
Amounts owed to Group undertakings	103,238		98,621
Taxation and social security	200,542		281,436
Obligations under finance leases and hire purchase contracts (secured)	15,179		13,869
Other creditors	398,362		362,973
	972,130		987,841

Bank loans are secured by a fixed and floating charge over the assets and undertakings of the company.

Hire purchase loans are secured against the assets to which they relate.

Included within other creditors is a third party loan of £45,169 (2022: £40,319) which is secured by a fixed and floating charge over the assets and undertakings of the company.

8. Creditors: amounts falling due after more than one year

	2023		2022
	£		£
Bank loans (secured)	20,000		30,000
Obligations under finance leases and hire purchase contracts (secured)	2,657		17,835
Other creditors	147,053		191,197
	169,710		239,032

Bank loans are secured by a fixed and floating charge over the assets and undertakings of the company.

Hire purchase loans are secured against the assets to which they relate.

Included within other creditors is a third party loan of £147,053 (2022: £191,197) which is secured by a fixed and floating charge over the assets and undertakings of the company.

9. Financial commitments

Commitments

The total amount of financial commitments not included in the balance sheet is £88,589 (2022 - £188,632). The detailed commitments are those related to operating leases which were present as at the year end.

10. Ultimate controlling party

Parent Company:

RTS Group Ltd

The Paddocks Notton, Lacock, Chippenham, Wiltshire, England, SN15 2NF