Company Registration No. 10807926 (England and Wales)
RT UK (2017) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
LB GROUP
The Octagon Suite E2
2nd Floor Middleborough
Colchester
Essex
CO1 1TG
RT UK (2017) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
RT UK (2017) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Debtors
5
276,596
8,885
Cash at bank and in hand
468,804
175,629
745,400
184,514
Creditors: amounts falling due within one year
6
(940,534)
(313,202)
Net current liabilities
(195,134)
(128,688)
Capital and reserves
Called up share capital
4,200,000
4,200,000
Profit and loss reserves
(4,395,134)
(4,328,688)
Total equity
(195,134)
(128,688)

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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 6 October 2023 and are signed on its behalf by:
Ms Z Dickens
Director
Company Registration No. 10807926
RT UK (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

RT UK (2017) Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Octagon Suite E2, 2nd Floor Middleborough, Colchester, Essex, CO1 1TG.

1.1
Accounting convention

These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

 

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of TCM Corporation Public Limited. These consolidated financial statements are available from its registered office 238 Viphavadee ‑ Rangsit Road, Sanambin Subdistrict, Donmuang District, Bangkok, 10210 Thailand

1.2
Going concern

The company is in a net current liability position of £195,134 at the balance sheet date, the main creditor being £618,361 (2021: £175,187) due to connected companies, which the ultimate parent undertaking has confirmed in writing to the directors it will not recall until the company is in a position to repay this and for at least 12 months from the date these financial statements are signed.

 

The directors have considered the forecasted future operations of the company and that the ultimate parent undertaking has confirmed to provide continuing financial support to the company, and have concluded that the company will have adequate resources to continue in business for the foreseeable future, being at least 12 months from the date of approval of these financial statements. The directors remain positive that the industry will recover within the foreseeable future as the UK economy reopens. Therefore, the directors continue to adopt the going concern basis of accounting in preparing these financial statements.

RT UK (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.3
Turnover

Turnover is recognised at the transfer of risk and reward of stock to customer, either by a dispatch or receipts of goods. An agreement is made in advance by both parties to determine the date of transfer.

 

All turnover 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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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:

Computers
20% - reducing balance

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.

1.5
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 current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction 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 income statement 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.

RT UK (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

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.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
7
4
RT UK (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022 and 31 December 2022
7,191
Depreciation and impairment
At 1 January 2022 and 31 December 2022
7,191
Carrying amount
At 31 December 2022
-
0
At 31 December 2021
-
0
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
89,274
8,885
Other debtors
187,322
-
0
276,596
8,885
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
80,893
12,944
Corporation tax
-
0
13,738
Other taxation and social security
21,860
1,683
Other creditors
837,781
284,837
940,534
313,202

The ultimate parent company, being Thailand Carpet Manufacturing Public Company Limited, has agreed to provide continuing financial support to the company and guarantee those inter-company balances due from the company to other group companies. These balances are included in creditors and amount to £618,361 at year end (2021: £175,370).

At the statement of financial position date, Barclays Bank PLC held a fixed and floating charge dated 21 April 2022 over all assets of the company.

RT UK (2017) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Shaun Roberts
Statutory Auditor:
LB Group (Colchester)
8
Parent company

The ultimate parent company of RT UK (2017) Limited is Thailand Carpet Manufacturing Public Company Limited, a company incorporated in Thailand and listed on The Stock Exchange of Thailand, this is the largest and smallest group in which the results of the company are consolidated. The financial statements of Thailand Carpet Manufacturing Public Company Limited may be obtained from 238 Viphavadee ‑ Rangsit Road, Sanambin Subdistrict, Donmuang District, Bangkok, 10210 Thailand.

 

9
Directors' transactions

No guarantees have been given or received during the year.

2022-12-312022-01-01false09 October 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedMs W VaravarnZ DickensMr P SrivikornMr M JohnsonMr S J Y WongMr S S Bhatterfalse108079262022-01-012022-12-31108079262022-12-31108079262021-12-3110807926core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3110807926core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3110807926core:CurrentFinancialInstruments2022-12-3110807926core:CurrentFinancialInstruments2021-12-3110807926core:ShareCapital2022-12-3110807926core:ShareCapital2021-12-3110807926core:RetainedEarningsAccumulatedLosses2022-12-3110807926core:RetainedEarningsAccumulatedLosses2021-12-3110807926bus:Director22022-01-012022-12-3110807926core:ComputerEquipment2022-01-012022-12-31108079262021-01-012021-12-3110807926core:OtherPropertyPlantEquipment2021-12-3110807926core:OtherPropertyPlantEquipment2022-12-3110807926core:OtherPropertyPlantEquipment2021-12-3110807926core:WithinOneYear2022-12-3110807926core:WithinOneYear2021-12-3110807926bus:PrivateLimitedCompanyLtd2022-01-012022-12-3110807926bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3110807926bus:FRS1022022-01-012022-12-3110807926bus:Audited2022-01-012022-12-3110807926bus:Director12022-01-012022-12-3110807926bus:Director32022-01-012022-12-3110807926bus:Director42022-01-012022-12-3110807926bus:Director52022-01-012022-12-3110807926bus:Director62022-01-012022-12-3110807926bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP