REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2018 TO 31 MARCH 2020 |
FOR |
R TOWNHOUSE LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 OCTOBER 2018 TO 31 MARCH 2020 |
FOR |
R TOWNHOUSE LTD |
R TOWNHOUSE LTD (REGISTERED NUMBER: 10984494) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the period 1 October 2018 to 31 March 2020 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
R TOWNHOUSE LTD |
COMPANY INFORMATION |
for the period 1 October 2018 to 31 March 2020 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
4th Floor |
Venture House |
27-29 Glasshouse Street |
London |
W1B 5DF |
R TOWNHOUSE LTD (REGISTERED NUMBER: 10984494) |
STATEMENT OF FINANCIAL POSITION |
31 March 2020 |
2020 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
R TOWNHOUSE LTD (REGISTERED NUMBER: 10984494) |
NOTES TO THE FINANCIAL STATEMENTS |
for the period 1 October 2018 to 31 March 2020 |
1. | STATUTORY INFORMATION |
R Townhouse Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The directors of the company have reviewed the cash flow forecasts for the next 12 months and based on those projections and government support available throughout the Covid 19 pandemic, the directors consider the company to be a going concern. |
Turnover |
Revenue is recognised at the fair value of the consideration received or receivable for the provision of services to external customers in the ordinary nature of the business. The fair value of the consideration takes into account trade discounts, settlement discounts and volume rebates. |
Tangible fixed assets |
Property, plant and equipment are initially measured at cost (or deemed cost) and are subsequently measured at cost or valuation, net of depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration initially recorded at cost. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
Improvements to property | 10 years |
Fixtures and fittings | 4 years |
Government grants |
Grants of a revenue nature are recognised in 'Other income' within profit or loss in the same period as the related expenditure. This includes the Government Coronavirus Job Retention Scheme ('Furlough'). |
Stock and inventories |
Inventories are stated at the lower of cost and estimated selling price less costs to sell after making due allowance for obsolete and slow moving items. Inventories are recognised as an expense in the period in which the related revenue is generated. |
Cost is determined on a first in first out basis. Cost includes the purchase price and other directly attributable |
costs to bring the inventory to its present location and condition. |
At the end of each period, inventories are assessed for impairment. If an item of inventory is impaired, the |
identified inventory is reduced to its selling price less costs to complete and sell and an impairment charge is |
recognised in the income statement. |
R TOWNHOUSE LTD (REGISTERED NUMBER: 10984494) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 October 2018 to 31 March 2020 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has chosen to adopt Section 11 of FRS 102 in respect of financial instruments as it has only basic financial instruments. |
Basic financial assets |
Trade debtors, other debtors and bank balances, which are due within one year are initially recognised at |
transaction price and subsequently carried at amortised cost being the transaction price less any amounts settled and any impairment losses. |
At the end of each reporting period basic financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 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. |
A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or |
substantially all the risks and rewards of ownership are transferred to another party, 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. |
Basic financial liabilities |
Financial liabilities are classified as liabilities and equity instruments according to the substance of the |
contractual arrangements entered into an equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Trade creditors and other creditors are initially recognised at transaction price and subsequently carried at |
amortised cost, being transaction price less any amounts settled. Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired. |
Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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 period end and that are expected to apply to the reversal of the timing difference. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
R TOWNHOUSE LTD (REGISTERED NUMBER: 10984494) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 October 2018 to 31 March 2020 |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and |
property | fittings | Totals |
£ | £ | £ |
COST |
Additions |
At 31 March 2020 |
DEPRECIATION |
Charge for period |
At 31 March 2020 |
NET BOOK VALUE |
At 31 March 2020 |
6. | STOCKS |
2020 | 2018 |
£ | £ |
Stocks |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2018 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2018 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 55,289 | - |
Other creditors |
Accruals and deferred income |
9. | PROVISIONS FOR LIABILITIES |
2020 | 2018 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
R TOWNHOUSE LTD (REGISTERED NUMBER: 10984494) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 October 2018 to 31 March 2020 |
9. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Provided during period |
Balance at 31 March 2020 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2018 |
value: | £ | £ |
Ordinary | 1 | 1,000 | 1,000 |
11. | RELATED PARTY DISCLOSURES |
Onslow Holdings LLP |
Onslow Holdings LLP are the 49% shareholders of the company. During the period the company were charged £225,000 as management and service fees by Onslow Holdings LLP. At 31 March 2020 the amount outstanding in respect of the above was £nil. |
Raffles Chelsea Limited |
Raffles Chelsea Limited is a company controlled by Mrs A Banks, who is also a 23% shareholder of R Townhouse Limited ( the company). |
During the period the company were charged £332,038 by Raffles Chelsea Limited as rent. At 31 March 2020 the amount outstanding in respect of the above was £nil. |
12. | ULTIMATE CONTROLLING PARTY |
The company has no ultimate controlling party. |