Company No:
Contents
DIRECTORS | R M Cane |
B T Cavanagh | |
S V Harris | |
W H Hess | |
J M Koenig | |
S C Marshall | |
N V Slyck | |
J A Stoops |
SECRETARY | Elemental Company Secretary Limited |
REGISTERED OFFICE | 27 Old Gloucester Street |
London | |
WC1N 3AX | |
United Kingdom |
COMPANY NUMBER | 13071379 (England and Wales) |
AUDITOR | Gravita Audit ll Ltd |
66 Prescot Street | |
London | |
E1 8NN | |
United Kingdon |
Note | 31.12.2022 | 31.12.2021 | ||
$ | $ | |||
Fixed assets | ||||
Investments | 3 |
|
|
|
10 | 10 | |||
Current assets | ||||
Debtors | 4 |
|
|
|
Cash at bank and in hand |
|
|
||
20,659 | 519 | |||
Creditors: amounts falling due within one year | 5 | (
|
(
|
|
Net current liabilities | (23,493) | (26,306) | ||
Total assets less current liabilities | (23,483) | (26,296) | ||
Net liabilities | (
|
(
|
||
Capital and reserves | ||||
Called-up share capital |
|
|
||
Capital contribution reserve |
|
|
||
Profit and loss account | (
|
(
|
||
Total shareholder's deficit | (
|
(
|
The financial statements of RTGF Midco Limited (registered number:
R M Cane
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
RTGF MIDCO Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 27 Old Gloucester Street, London, WC1N 3AX, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in USD which is the functional currency of the company and rounded to the nearest $.
The directors note that the Company is an intermediate holding company with minimal administrative expenses and is expected to generate a stable dividend income stream from its subsidiaries in the future. Based on this, the directors have a reasonable expectation that the Company has adequate resources to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The current period is a year to 31 December 2022. The prior period is from incorporation on 8 December 2020 to 31 December 2021. Therefore the periods are not entirely comparable.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.
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. 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.
Financial assets
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
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.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Year ended 31.12.2022 |
Period from 08.12.2020 to 31.12.2021 |
||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Other investments | Total | ||
$ | $ | ||
Carrying value before impairment | |||
At 01 January 2022 |
|
|
|
At 31 December 2022 |
|
|
|
Provisions for impairment | |||
At 01 January 2022 |
|
|
|
At 31 December 2022 |
|
|
|
Carrying value at 31 December 2022 |
|
|
|
Carrying value at 31 December 2021 |
|
|
Investments in shares
Name of entity | Registered office | Nature of business | Class of shares |
Ownership 31.12.2022 |
Ownership 31.12.2021 |
Minara Tanzania Limited | 2nd Floor, The Luminary, Cnr Haile Selassie and Chole Roads, Masaki, Dar es Salaam, 14111, Tanzania | Leasing of real estate property | Ordinary | 0.01% | 0.01% |
Minara Zanzibar Limited | 2nd Floor, The Luminary, Msasani, Kinondoni District, Dar es Salaam, 14111, Tanzania | Leasing of real estate property | Ordinary | 0.10% | 0.10% |
31.12.2022 | 31.12.2021 | ||
$ | $ | ||
Amounts owed by Group undertakings |
|
|
|
Other debtors |
|
|
|
|
|
31.12.2022 | 31.12.2021 | ||
$ | $ | ||
Amounts owed to Group undertakings |
|
|
|
Other creditors |
|
|
|
|
|
No remuneration was paid to the directors during the year or prior period. The directors are the only key management personnel of the Company.
The Company has taken advantage of the exemptions available in Section 33 Related Party Transactions of FRS 102 to not disclose transactions between wholly owned subsidiaries in the group.
The audit report was signed by Paul Woosey FCA, FCCA on behalf of Gravita Audit ll Ltd.
The immediate parent company is RTGF Holdings Limited, registered at 27 Old Gloucester Street, London, United Kingdom, WC1N 3AX.
The ultimate parent company is SBA Communications Corporation registered at 8051 Congress Avenue, Boca Raton, Florida 33487, USA. The smallest group in which the results of the Company are consolidated is that headed by SBA Communications Corporation (registered office address: 8051 Congress Avenue, Boca Raton, Florida 33487, USA).