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Unaudited Financial Statements for the Year Ended 30 September 2020 |
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R M & C Consultants Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 30 September 2020 |
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for |
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R M & C Consultants Limited |
R M & C Consultants Limited (Registered number: 04208069) |
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Contents of the Financial Statements |
for the Year Ended 30 September 2020 |
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Company Information | 1 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 5 |
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R M & C Consultants Limited |
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Company Information |
for the Year Ended 30 September 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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R M & C Consultants Limited |
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Company Information |
for the Year Ended 30 September 2020 |
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ACCOUNTANTS: |
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Chartered Accountants |
Bank Chambers |
61 High Street |
Cranbrook |
Kent |
TN17 3EG |
R M & C Consultants Limited (Registered number: 04208069) |
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Balance Sheet |
30 September 2020 |
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30.9.20 | 30.9.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
R M & C Consultants Limited (Registered number: 04208069) |
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Balance Sheet - continued |
30 September 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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R M & C Consultants Limited (Registered number: 04208069) |
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Notes to the Financial Statements |
for the Year Ended 30 September 2020 |
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1. | STATUTORY INFORMATION |
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R M & C Consultants Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Computer equipment | - |
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R M & C Consultants Limited (Registered number: 04208069) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Government grants |
Coronavirus Job Retention Scheme |
The company has furloughed staff during the Covid-19 pandemic and made claims for government furlough grants. The grants are recognised on an accruals basis, matched in the period against the staff costs that they relate to, and recorded as grant income in the accounts. |
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Small Business Grant Fund |
The company met the criteria for the Small Business Grant Fund due to coronavirus and has received a grant from the local council which is recorded as grant income. As the company met the criteria for business rates relief at the qualification date of 11 March 2020, the grant has been recognised and received in full at the balance sheet date and is not deferred in any way. |
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Rent holiday |
Due to the cashflow uncertainties arising from the Covid-19 pandemic, the company has benefited from a reduced rent from its landlord. The tenancy has since ceased and the reduced rent for the period has been waived in full and the rent charge in the profit & loss account has been reduced by the full amount of the reduction. |
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Coronavirus Bounce Back Loan Scheme |
The company has received a Coronavirus Bounce Back Loan. Under the terms of the loan, the government guarantees 100% of the loan and there are no fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year. After the first 12 months the loan is repayable by equal monthly instalments over 5 years. In the accounts, the initial interest paid by the government has been recognised as an interest charge and as grant income in the profit and loss account. |
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Deferral of VAT payments due to coronavirus |
The company has taken advantage of the government scheme whereby any VAT payments arising between 20 March and 30 June 2020 can be deferred and will be paid in full on or before 31 March 2021. The deferred VAT liability is recognised within current liabilities and has been settled since the year end. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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R M & C Consultants Limited (Registered number: 04208069) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Going concern basis |
The company has prepared cashflow forecasts which indicate that the company will be a going concern for the foreseeable future, so the accounts have been prepared on a going concern basis. However, with the Covid-19 pandemic, there is significant uncertainty relating to the underlying assumptions but any impact cannot be quantified at this stage. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
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COST |
At 1 October 2019 |
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Additions |
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At 30 September 2020 |
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DEPRECIATION |
At 1 October 2019 |
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Charge for year |
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At 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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R M & C Consultants Limited (Registered number: 04208069) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.20 | 30.9.19 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.20 | 30.9.19 |
£ | £ |
Bank loans and overdrafts |
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Taxation and social security |
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Other creditors |
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7. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal | 30.9.20 | 30.9.19 |
value: | £ | £ |
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Ordinary A | £1 | 100 | 100 |
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8. | POST BALANCE SHEET EVENTS |
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Since the company's year end, the Covid-19 pandemic has continued to evolve at a fast pace and it is not practicable to quantify the potential financial impact on the company at the time of writing. This is considered to be a non-adjusting post balance sheet event. |
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After the initial downturn in business during the first lockdown, the company has since been able to continue to operate and, although there remains uncertainty over the economy due to the pandemic, at this stage the directors do not expect Covid-19 to have a significant impact on its future trading activities. The company has furloughed staff where appropriate and has taken advantage of tax deferrals and has applied for the grants and loans as announced under the government's financial response to the pandemic to ensure that it has sufficient cashflow to meet its financial obligations as they fall due. |
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The directors forecast that the company will have sufficient cash reserves to continue to trade for the foreseeable future and therefore, the accounts have been prepared on a going concern basis and no adjustments have been made arising from the impact of Covid-19. |