Company registration number 03902803 (England and Wales)
R.S.V.P. CALL CENTRES LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
R.S.V.P. CALL CENTRES LTD
COMPANY INFORMATION
Directors
Mr M Abernethy
Mr R Fitzjohn
Company number
03902803
Registered office
Level 7
One Canada Square
London
England
E14 5AA
Auditor
DSA Prospect Audit Limited
The Old Chapel
Union Way
Witney
Oxfordshire
OX28 6HD
R.S.V.P. CALL CENTRES LTD
CONTENTS
Page
Strategic report
1
Directors' report
2 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 31
R.S.V.P. CALL CENTRES LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The directors present the strategic report for the year ended 31 March 2023.

Review of the business

A difficult year with the war in Ukraine impacting revenues significantly. A major Utility switching client suspended activity for the whole year due to increases in energy costs destroying the switching market overnight. Furthermore our commencement with a major new client was put on hold due to impacts felt elsewhere in their business due to supply chain issues brought about by the war. Elsewhere in the business the cost of living crisis saw a number of clients move work to South Africa choosing cost reduction over service quality.

As the year progressed, the business started to reduce overheads further in line with reduced revenues and remained profitable but with a greatly reduced margin compared to previous years. The year end is impacted by some significant redundancy associated costs and further impacted by a write down due to asset disposal brought about by the move from office based to Hybrid working .

We anticipate more of the same for FY24, with the business in good shape to whether the storm as we refocus our sales strategy on customer service focussed UK businesses.

Principal risks and uncertainties

As with many businesses, the group is exposed to macroeconomic factors of an uncertain nature such as changes in inflation, corporate and consumer spending patterns and levels of disposable income.

Key performance indicators

The key financial and other performance indicators during the year were as follows:

Key people

As with all businesses the group is dependent upon a number of key employees, particularly for the sales activity and management functions. The group recognises this risk by support and careful long-term succession planning.

On behalf of the board

Mr M Abernethy
Director
13 October 2023
R.S.V.P. CALL CENTRES LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -

The directors present their annual report and financial statements for the year ended 31 March 2023.

Principal activities

The principal activity of the company and group continued to be that of the provision of telephone response services.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £1,500,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M Abernethy
Mr R Fitzjohn
Financial instruments
Price risk

The group is somewhat exposed to commodity price risk through its dependence on reliable and consistent telecommunication and human resources costs. The group has an excellent relationship with its telecommunications supplier and is satisfied that this relationship provides an element of stability around the associated costs. The group is further aware that its success depends to a great extent upon the quality of its human resources and considers that there are suitable measures in place to balance staff retention with margin security.

Credit risk

The group has implemented policies that require appropriate credit checks on potential customers before credit is offered.

Interest rate risk

The group's exposure to interest rate risk is considered extremely low due a lack of acquisitions or purchases through any methods considered to be interest-rate sensitive.

Market risk

The group operates in a competitive and dynamic industry in which demand is high and ever-increasing. The group considers itself well-placed in understanding its market and its performance obligations to both develop and succeed within it.

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Research and development

Research and development (R&D) expenditure is expensed in the year in which it is incurred.

R.S.V.P. CALL CENTRES LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
Disabled persons

RSVP has a responsibility to increase the employment opportunities for persons with disabilities at all levels within the group by developing recruitment plans which include positive steps to allow the recruitment of disabled people. At all times the group will provide reasonable working environments for applicants and employees with disabilities.

Appropriate training will be given to all managers to ensure they understand the commitment of the group to employ individuals with disabilities. Training will also be given to ensure all managers have an understanding of RSVP programs and policies to recruit, appoint and develop flexibility in attitudes of recruitment and company working practices to assist in recruiting people with disabilities.

 

Alternative work schedules, job sharing and part-time employment will be offered as being possible options of employment to disabled persons. RSVP will ensure employment information and recruitment materials are accessible for people with disabilities. Information should be available in alternate formats such as large print, audiocassette, braille and computer disk.

 

Vacancy announcements will be made in plain language stating that the group will make reasonable adjustments for qualified applicants or employees with disabilities. Full consideration should be given to employees with disabilities for inclusion in all developmental opportunities designed to enhance their skills and to advance their careers by ensuring that individuals with disabilities have equal access to all career development opportunities available to employees.

 

Managers and supervisors should be offered specific courses, such as Disability Access Workshops, where managers are provided with information and skills to hire and supervise employees with disabilities, learn to ensure that workplace environments are accessible and how to assess the ability of employees with disabilities to perform the essential functions of the job.

 

RSVP will monitor success in increasing the numbers, retention and promotion of individuals with disabilities by making a periodic review of all polices ensuring progress is maintained in achieving greater employment of people with disabilities and strategies implemented in response to workforce diversity.

 

RSVP will provide appropriate access to their premises for anyone with a disability including making any appropriate changes to work spaces.

Employee involvement

RSVP is committed to consulting with staff at all levels to ensure the continual communication of views, working practices and information.

 

Team briefings are held daily with grass roots level employees and form an open discussion where concerns on any aspect of staff welfare, development, health & safety or working conditions may be raised.

 

If a staff member wishes to raise a matter of concern in private, they are advised to address this with their supervisor or line manager in the first instance, or report it to the HR Department who will raise the concern on their behalf. For staff at upper and senior levels, regular supervisor and management meetings are held on an ad-hoc basis to address the concerns presented to them or to raise issues themselves which are then presented to the Directors by an appointed representative.

 

All matters of concern no matter how minor are given fair hearing providing they are not a pet grievance or triviality. They are given thought and consideration with deliberations and conclusions relayed back to staff via team briefings as soon as possible to ensure efficiency. Reasons for rejected ideas are always provided as is recognition of suggested changes to working practice which have been acted upon.

 

The group considers the welfare of the staff to be instrumental in its success and is committed to providing a caring, supportive and fully inclusive network to encourage them to reach their full potential and help achieve its goals.

Post reporting date events

There have been no significant post reporting date events.

R.S.V.P. CALL CENTRES LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
Future developments

RSVPs new website has been fully operational during this time and the focus on ensuring the content is relevant and enticing for today’s marketplace. AI, Saas partnerships, leading edge technology and service quality all feature heavily.

Achieving Technology efficiencies has been another focus during 2023. RSVP have been reviewing scheduling software with a view to reduce the manual person power currently required to produce our staff schedules. A new system will be in place during FY24. Additionally, a review of Call Centre CRM systems has taken place to strengthen RSVPs offering with special focus on latest technology’s that include AI. Both systems will offer both better working efficiencies and cost savings as well as enhancing RSVP services and working practices. As we move into FY24 the plan will be to reduce the number of different platforms that staff must use and take advantage of the almost constantly improving and evolving software that is available from heavily funded and forward thinking Saas providers. Adopting new technology partners and systems removes the cost of technology development from within RSVP itself and enables us to focus on our core strengths of delivering a superior contact centre service.

Our business has continued to operate a hybrid working model. Some staff are full time in the office and other full time from home. A smaller percentage are truly hybrid and have the option to work at home and in the office. Our technology and working practices continue to develop to counter the challenges of the new mixed working model. Amongst many goals, The HR team are focused on agent welfare which is a huge new challenge for some based at home. Additionally, the Team managers work hard to maximise the engagement and performance of both remote and office-based staff. These goals and objectives are very much a joint effort of human interaction and emotional intelligence alongside the use of the appropriate technologies.

Auditor

In accordance with the company's articles, a resolution proposing that DSA Prospect Audit Limited be reappointed as auditor of the group will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr M Abernethy
Director
13 October 2023
R.S.V.P. CALL CENTRES LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

R.S.V.P. CALL CENTRES LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF R.S.V.P. CALL CENTRES LTD
- 6 -
Opinion

We have audited the financial statements of R.S.V.P. Call Centres Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

R.S.V.P. CALL CENTRES LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF R.S.V.P. CALL CENTRES LTD
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

R.S.V.P. CALL CENTRES LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF R.S.V.P. CALL CENTRES LTD
- 8 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Mr Gary John McHale FCCA (Senior Statutory Auditor)
For and on behalf of DSA Prospect Audit Limited
13 October 2023
Chartered Certified Accountants
Statutory Auditor
The Old Chapel
Union Way
Witney
Oxfordshire
OX28 6HD
R.S.V.P. CALL CENTRES LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
7,637,626
10,089,595
Cost of sales
(4,528,643)
(5,707,483)
Gross profit
3,108,983
4,382,112
Administrative expenses
(2,961,185)
(2,924,763)
Operating profit
4
147,798
1,457,349
Interest receivable and similar income
7
1,218
1,153
Interest payable and similar expenses
8
(133,962)
-
0
Profit before taxation
15,054
1,458,502
Tax on profit
9
(53,617)
(341,070)
(Loss)/profit for the financial year
(38,563)
1,117,432
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
R.S.V.P. CALL CENTRES LTD
GROUP BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
11
639,418
959,127
Tangible assets
12
173,443
243,169
812,861
1,202,296
Current assets
Debtors
16
1,190,042
2,171,364
Cash at bank and in hand
952,662
1,425,922
2,142,704
3,597,286
Creditors: amounts falling due within one year
18
(2,596,919)
(2,889,125)
Net current (liabilities)/assets
(454,215)
708,161
Total assets less current liabilities
358,646
1,910,457
Provisions for liabilities
Deferred tax liability
19
32,955
46,203
(32,955)
(46,203)
Net assets
325,691
1,864,254
Capital and reserves
Called up share capital
21
50,000
50,000
Capital redemption reserve
22
2,500
2,500
Profit and loss reserves
273,191
1,811,754
Total equity
325,691
1,864,254

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 13 October 2023 and are signed on its behalf by:
13 October 2023
Mr M Abernethy
Director
Company registration number 03902803 (England and Wales)
R.S.V.P. CALL CENTRES LTD
COMPANY BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
13
5,025,000
5,025,000
Current assets
Debtors
16
2,500
2,500
Cash at bank and in hand
4,672
4,699
7,172
7,199
Creditors: amounts falling due within one year
18
(4,969,677)
(3,694,861)
Net current liabilities
(4,962,505)
(3,687,662)
Net assets
62,495
1,337,338
Capital and reserves
Called up share capital
21
50,000
50,000
Capital redemption reserve
22
2,500
2,500
Profit and loss reserves
9,995
1,284,838
Total equity
62,495
1,337,338

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £225,157 (2022 - £1,450,805 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true

The financial statements were approved by the board of directors and authorised for issue on 13 October 2023 and are signed on its behalf by:
13 October 2023
Mr M Abernethy
Director
Company registration number 03902803 (England and Wales)
R.S.V.P. CALL CENTRES LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2021
50,000
2,500
2,194,322
2,246,822
Year ended 31 March 2022:
Profit and total comprehensive income
-
-
1,117,432
1,117,432
Dividends
10
-
-
(1,500,000)
(1,500,000)
Balance at 31 March 2022
50,000
2,500
1,811,754
1,864,254
Year ended 31 March 2023:
Loss and total comprehensive income
-
-
(38,563)
(38,563)
Dividends
10
-
-
(1,500,000)
(1,500,000)
Balance at 31 March 2023
50,000
2,500
273,191
325,691
R.S.V.P. CALL CENTRES LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2021
50,000
2,500
1,334,033
1,386,533
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
1,450,805
1,450,805
Dividends
10
-
-
(1,500,000)
(1,500,000)
Balance at 31 March 2022
50,000
2,500
1,284,838
1,337,338
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
225,157
225,157
Dividends
10
-
-
(1,500,000)
(1,500,000)
Balance at 31 March 2023
50,000
2,500
9,995
62,495
R.S.V.P. CALL CENTRES LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
1,344,137
630,256
Interest paid
(133,962)
-
0
Income taxes paid
(157,937)
(471,884)
Net cash inflow from operating activities
1,052,238
158,372
Investing activities
Purchase of tangible fixed assets
(62,359)
(49,905)
Proceeds from disposal of tangible fixed assets
35,643
-
Repayment of loans
-
10,605
Interest received
1,218
1,153
Net cash used in investing activities
(25,498)
(38,147)
Financing activities
Dividends paid to equity shareholders
(1,500,000)
(1,500,000)
Net cash used in financing activities
(1,500,000)
(1,500,000)
Net decrease in cash and cash equivalents
(473,260)
(1,379,775)
Cash and cash equivalents at beginning of year
1,425,922
2,805,697
Cash and cash equivalents at end of year
952,662
1,425,922
R.S.V.P. CALL CENTRES LTD
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
1,232,990
4,594
Interest paid
(133,017)
-
0
Net cash inflow from operating activities
1,099,973
4,594
Investing activities
Dividends received
400,000
1,500,000
Net cash generated from investing activities
400,000
1,500,000
Financing activities
Dividends paid to equity shareholders
(1,500,000)
(1,500,000)
Net cash used in financing activities
(1,500,000)
(1,500,000)
Net (decrease)/increase in cash and cash equivalents
(27)
4,594
Cash and cash equivalents at beginning of year
4,699
105
Cash and cash equivalents at end of year
4,672
4,699
R.S.V.P. CALL CENTRES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 16 -
1
Accounting policies
Company information

R.S.V.P. Call Centres Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Level 7, One Canada Square, London, England, E14 5AA.

 

The group consists of R.S.V.P. Call Centres Ltd and all of its subsidiaries.

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.

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. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination.

 

The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.

 

Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company R.S.V.P. Call Centres Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

R.S.V.P. CALL CENTRES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 17 -
1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.

 

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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Dividend income from investments is recognised when the shareholder's right to receive payment has been established.

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably.

 

Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
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:

Plant and equipment
10% 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 recognised in the profit and loss account.

R.S.V.P. CALL CENTRES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 18 -
1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
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.

R.S.V.P. CALL CENTRES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 19 -
1.11
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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 group after deducting all of its liabilities.

R.S.V.P. CALL CENTRES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 20 -
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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group 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 group.

1.13
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

R.S.V.P. CALL CENTRES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 21 -
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.

 

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, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is 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.

1.14
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.

1.15
Retirement benefits

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

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.17
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.

R.S.V.P. CALL CENTRES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 22 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Useful economic lives of tangible fixed assets

The annual depreciation charge is sensitive to any changes in the estimated useful life and residual values of tangible assets. The useful economic lives and residual value is assessed on an annual basis and are amended only when evidence shows a change in the estimated economic lives or residual life. Criteria used to assess the economic life and residual value includes technological advancement, economic utilisation, physical condition of the asset and future investments.

Operating lease commitments

The group has entered into commercial property leases as a lessee, under the terms of which it obtains use of property. The classification of such leases as operating or finance lease requires the group to determine, based on an evaluation of the terms and conditions of the arrangements, whether it retains or acquires the significant risks and rewards of ownership of this property and accordingly whether the lease requires an asset and liability to be recognised.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by geographical market
UK
6,977,805
9,463,688
USA
14,257
9,744
EU
645,564
616,163
7,637,626
10,089,595
2023
2022
£
£
Other revenue
Interest income
1,218
1,153
R.S.V.P. CALL CENTRES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 23 -
4
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
28,226
27,020
Loss on disposal of tangible fixed assets
68,216
-
Amortisation of intangible assets
319,709
319,709
Operating lease charges
395,764
333,809

The amortisation of intangible assets is included within administration expenses.

5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
1,800
2,600
Audit of the financial statements of the company's subsidiaries
15,000
14,060
16,800
16,660
For other services
Taxation compliance services
2,000
2,300
Other taxation services
3,000
3,000
5,000
5,300
6
Employees

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

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Operations
285
379
-
-
Administration
3
3
3
3
Total
288
382
3
3
R.S.V.P. CALL CENTRES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
6
Employees
(Continued)
- 24 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
5,527,852
6,654,785
35,094
35,094
Social security costs
448,200
494,266
3,781
3,620
Pension costs
73,211
84,476
-
0
-
0
6,049,263
7,233,527
38,875
38,714
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
1,218
63
Other interest income
-
1,090
Total income
1,218
1,153
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
1,218
63
8
Interest payable and similar expenses
2023
2022
£
£
Other finance costs:
Other interest
133,962
-
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
66,865
330,823
Deferred tax
Origination and reversal of timing differences
(13,248)
10,247
Total tax charge
53,617
341,070
R.S.V.P. CALL CENTRES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
9
Taxation
(Continued)
- 25 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
15,054
1,458,502
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
2,860
277,115
Tax effect of expenses that are not deductible in determining taxable profit
13,300
156
Depreciation on assets not qualifying for tax allowances
(10,040)
(7,193)
Amortisation on assets not qualifying for tax allowances
60,745
60,745
Other permanent differences
(13,248)
10,247
Taxation charge
53,617
341,070
10
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
1,500,000
1,500,000
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
3,552,322
Amortisation and impairment
At 1 April 2022
2,593,195
Amortisation charged for the year
319,709
At 31 March 2023
2,912,904
Carrying amount
At 31 March 2023
639,418
At 31 March 2022
959,127
The company had no intangible fixed assets at 31 March 2023 or 31 March 2022.
R.S.V.P. CALL CENTRES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 26 -
12
Tangible fixed assets
Group
Plant and equipment
£
Cost
At 1 April 2022
489,546
Additions
62,359
Disposals
(313,771)
At 31 March 2023
238,134
Depreciation and impairment
At 1 April 2022
246,377
Depreciation charged in the year
28,226
Eliminated in respect of disposals
(209,912)
At 31 March 2023
64,691
Carrying amount
At 31 March 2023
173,443
At 31 March 2022
243,169
The company had no tangible fixed assets at 31 March 2023 or 31 March 2022.

Tangible fixed assets with a carrying amount of £173,443 (2022 - £243,169) have been pledged to secure borrowings of the subsidiary. The company is not allowed to pledge these assets as security for other borrowings.

13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
5,025,000
5,025,000
Financial assets pledged as collateral

Amounts held in fixed asset investments are pledged as collateral under an equitable mortgage.

 

The equitable mortgage is charged over the shares held in the subsidiary and all dividends, interest or any other payment made in the future payable in respect of those shares .

 

The company may not create or permit to subsist any encumbrance over the assets held under the mortgage.

 

R.S.V.P. CALL CENTRES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
13
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2022 and 31 March 2023
5,025,000
Carrying amount
At 31 March 2023
5,025,000
At 31 March 2022
5,025,000
14
Subsidiaries

Details of the company's subsidiaries at 31 March 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
R.S.V.P. (Media Response) Limited
UK
Ordinary
100.00
15
Financial instruments
Financial assets pledged as collateral

Amounts held in financial assets are pledged as collateral under an equitable mortgage.

 

The equitable mortgage is charged over the shares held in the subsidiary and all dividends, interest or any other payment made in the future payable in respect of those shares.

 

The company may not create or permit to subsist any encumbrance over the assets held under the mortgage.

16
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,025,402
1,859,424
-
0
-
0
Other debtors
93,371
230,502
2,500
2,500
Prepayments and accrued income
71,269
81,438
-
0
-
0
1,190,042
2,171,364
2,500
2,500

The carrying amount of debtors includes £1,118,773 (2022 - £2,089,926 have been pledged to secure borrowings of the subsidiary. The company is not allowed to pledge these assets as security for other borrowings.

R.S.V.P. CALL CENTRES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 28 -
17
Security

Debenture/ Guarantee and Debenture

Barclays Bank Plc hold fixed and floating charges over the undertaking and all property and assets present and future including goodwill book debts uncalled capital buildings, fixtures, fixed plant and machinery.

 

All monies due or to become due from the company and/or all or any of the other companies named therein to the chargee on any account whatsoever.

 

Debenture

Mr R Fitzjohn holds a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery.

 

All monies due or to become due from the company to the chargee on any account whatsoever.

18
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
71,809
48,209
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
2,958,785
1,816,635
Corporation tax payable
50,366
141,438
-
0
-
0
Other taxation and social security
322,797
508,352
-
-
Other creditors
2,017,167
1,986,636
2,008,642
1,875,626
Accruals and deferred income
134,780
204,490
2,250
2,600
2,596,919
2,889,125
4,969,677
3,694,861
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
32,955
46,203
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 April 2022
46,203
-
Credit to profit or loss
(13,248)
-
Liability at 31 March 2023
32,955
-
R.S.V.P. CALL CENTRES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 29 -
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
73,211
84,476

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A ordinary shares of £1 each
31,250
31,250
31,250
31,250
B ordinary shares of £1 each
16,250
16,250
16,250
16,250
C ordinary shares of £1 each
2,500
2,500
2,500
2,500
50,000
50,000
50,000
50,000
22
Capital redemption reserve

On 9 March 2016 the company cancelled B ordinary shares with a value of £2,500. The reserve is non-distributable.

23
Financial commitments, guarantees and contingent liabilities

The director does not believe there are any financial commitments, guarantees or contingent liabilities that need to be disclosed.

24
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
419,520
456,005
-
-
Between two and five years
566,775
228,002
-
-
986,295
684,007
-
-
25
Events after the reporting date

There are no events after the year end that the directors believe need to be reported.

R.S.V.P. CALL CENTRES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 30 -
26
Directors' transactions

Advances or credits have been granted by the group to its directors as follows:

Dividends totalling £1,237,500 (2022 - £1,237,500) were paid in the year in respect of shares held by the company's directors.

Description
% Rate
Opening balance
Interest charged
Amounts repaid
Closing balance
£
£
£
£
Directors loan account
-
(1,875,625)
(133,017)
(26,603)
(2,035,245)
(1,875,625)
(133,017)
(26,603)
(2,035,245)
27
Controlling party

The ultimate controlling party is considered to be Mr R Fitzjohn by virtue of his majority interest in the issued ordinary share capital of the company.

28
Cash generated from group operations
2023
2022
£
£
(Loss)/profit for the year after tax
(38,563)
1,117,432
Adjustments for:
Taxation charged
53,617
341,070
Finance costs
133,962
-
0
Investment income
(1,218)
(1,153)
Loss on disposal of tangible fixed assets
68,216
-
Amortisation and impairment of intangible assets
319,709
319,709
Depreciation and impairment of tangible fixed assets
28,226
27,020
Movements in working capital:
Decrease/(increase) in debtors
981,322
(639,928)
Decrease in creditors
(201,134)
(533,894)
Cash generated from operations
1,344,137
630,256
R.S.V.P. CALL CENTRES LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 31 -
29
Cash generated from operations - company
2023
2022
£
£
Profit for the year after tax
225,157
1,450,805
Adjustments for:
Finance costs
133,017
-
0
Investment income
(400,000)
(1,500,000)
Movements in working capital:
Increase in creditors
1,274,816
53,789
Cash generated from operations
1,232,990
4,594
30
Analysis of changes in net funds - group
1 April 2022
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
1,425,922
(473,260)
952,662
31
Analysis of changes in net funds - company
1 April 2022
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
4,699
(27)
4,672
2023-03-312022-04-01falseCCH SoftwareCCH Accounts Production 2023.200Mr M AbernethyMr R FitzjohnMr P J Diegeler3856303902803bus:Consolidated2022-04-012023-03-31039028032022-04-012023-03-3103902803bus:Director12022-04-012023-03-3103902803bus:Director22022-04-012023-03-3103902803bus:CompanySecretary12022-04-012023-03-3103902803bus:RegisteredOffice2022-04-012023-03-3103902803bus:Consolidated2023-03-31039028032023-03-3103902803bus:Consolidated2021-04-012022-03-31039028032021-04-012022-03-3103902803core:Goodwillbus:Consolidated2023-03-3103902803core:Goodwillbus:Consolidated2022-03-3103902803bus:Consolidated2022-03-3103902803core:PlantMachinerybus:Consolidated2023-03-3103902803core:PlantMachinerybus:Consolidated2022-03-31039028032022-03-3103902803core:ShareCapitalbus:Consolidated2023-03-3103902803core:ShareCapitalbus:Consolidated2022-03-3103902803core:CapitalRedemptionReservebus:Consolidated2023-03-3103902803core:CapitalRedemptionReservebus:Consolidated2022-03-3103902803core:ShareCapital2023-03-3103902803core:ShareCapital2022-03-3103902803core:CapitalRedemptionReserve2023-03-3103902803core:CapitalRedemptionReserve2022-03-3103902803core:RetainedEarningsAccumulatedLosses2023-03-3103902803core:ShareCapitalbus:Consolidated2021-03-3103902803core:CapitalRedemptionReservebus:Consolidated2021-03-3103902803core:RetainedEarningsAccumulatedLossesbus:Consolidated2021-03-3103902803core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-03-3103902803core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-03-3103902803core:ShareCapital2021-03-3103902803core:CapitalRedemptionReserve2021-03-3103902803core:RetainedEarningsAccumulatedLosses2021-03-3103902803core:RetainedEarningsAccumulatedLosses2022-03-3103902803bus:Consolidated2021-03-31039028032021-03-3103902803core:Goodwill2022-04-012023-03-3103902803core:PlantMachinery2022-04-012023-03-3103902803core:UKTaxbus:Consolidated2022-04-012023-03-3103902803core:UKTaxbus:Consolidated2021-04-012022-03-3103902803bus:Consolidated12022-04-012023-03-3103902803bus:Consolidated12021-04-012022-03-3103902803bus:Consolidated22022-04-012023-03-3103902803bus:Consolidated22021-04-012022-03-3103902803core:Goodwillbus:Consolidated2022-03-3103902803core:Goodwillbus:Consolidated2022-04-012023-03-3103902803core:PlantMachinerybus:Consolidated2022-03-3103902803core:PlantMachinerybus:Consolidated2022-04-012023-03-3103902803bus:Consolidated12022-04-012023-03-3103902803core:CurrentFinancialInstruments2023-03-3103902803core:CurrentFinancialInstruments2022-03-3103902803core:CurrentFinancialInstrumentsbus:Consolidated2023-03-3103902803core:CurrentFinancialInstrumentsbus:Consolidated2022-03-3103902803core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-03-3103902803core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2022-03-3103902803core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3103902803core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3103902803bus:PrivateLimitedCompanyLtd2022-04-012023-03-3103902803bus:FRS1022022-04-012023-03-3103902803bus:Audited2022-04-012023-03-3103902803bus:ConsolidatedGroupCompanyAccounts2022-04-012023-03-3103902803bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP