RMZ Property Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 31 October 2020
Company Registration No. 04877654 (England and Wales)
RMZ Property Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 4
RMZ Property Limited
Balance Sheet
As at 31 October 2020
Page 1
2020
2019
Notes
£
£
£
£
Current assets
Debtors
4
3,370
184
Cash at bank and in hand
2,725
1,584
6,095
1,768
Creditors: amounts falling due within one year
5
(35,887)
(24,631)
Net current liabilities
(29,792)
(22,863)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(29,892)
(22,963)
Total equity
(29,792)
(22,863)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 October 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered 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 25 October 2021 and are signed on its behalf by:
M Zieleznik
Director
Company Registration No. 04877654
RMZ Property Limited
Notes to the Financial Statements
For the year ended 31 October 2020
Page 2
1
Accounting policies
Company information
RMZ Property Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Devonshire House, 60 Goswell Road, London, EC1M 7AD.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
As at the balance sheet date the company had net liabilities of £29,792 (2019: £22,863). It is the view of the directors that based on future financial and cashflow projections that the company will continue to trade for at least 12 months from the signing of the accounts and as such the accounts have been prepared on a going concern basis.
The directors are
continuing to
closely monitor the impact of COVID-19 on the company's ability to continue to trade and action will be taken if required. The directors will regularly review the position moving forward, but because of the nature of the company’s activities the directors do not consider that there will be any significant effect on the ability of the company to continue in business and meet its liabilities as they fall due.
1.3
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.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fancy dress hire
33.33% straight line
Computer equipment
25% straight line
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
.
RMZ Property Limited
Notes to the Financial Statements (Continued)
For the year ended 31 October 2020
1
Accounting policies
(Continued)
Page 3
1.5
Cash at bank and in hand
Cash at bank and in hand
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 current liabilities.
1.6
Financial instruments
The company only has basic financial instruments recorded at amortised cost. The company has no financial instruments classified as other or basic financial instruments measured at fair value.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account.
Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2
(2019: 2).
RMZ Property Limited
Notes to the Financial Statements (Continued)
For the year ended 31 October 2020
Page 4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2019 and 31 October 2020
3,171
Depreciation and impairment
At 1 November 2019 and 31 October 2020
3,171
Carrying amount
At 31 October 2020
At 31 October 2019
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
3,370
184
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
3,924
456
Other creditors
31,963
24,175
35,887
24,631
6
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary Shares of £1 each
100
100
100
100
7
Related party transactions
Included within other creditors is £28,201 (2019: £20,413) owed to M and R Zieleznik, directors of the company. No interest was paid on the directors' loan account during the year (2019: £nil). The maximum overdrawn loan account in the year was £nil (2019: £nil).