Company registration number 09387261 (England and Wales)
THE ROMANS LONDON LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
THE ROMANS LONDON LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
THE ROMANS LONDON LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£000
£000
£000
£000
Fixed assets
Tangible assets
7
72
60
Investments
8
110
242
182
302
Current assets
Debtors
10
2,534
1,168
Cash at bank and in hand
2,261
3,311
4,795
4,479
Creditors: amounts falling due within one year
11
(4,301)
(3,804)
Net current assets
494
675
Total assets less current liabilities
676
977
Provisions for liabilities
(19)
(11)
Net assets
657
966
Capital and reserves
Called up share capital
13
-
0
-
0
Share premium account
15
200
200
EBT Reserve
15
(355)
(355)
Profit and loss reserves
15
812
1,121
Total equity
657
966

The notes on pages 3 to 11 form part of these financial statements.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A.

 

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

 

The company has opted not to file the statement of comprehensive income in accordance with the provisions applicable to companies subject to the small companies regime.

THE ROMANS LONDON LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 November 2023 and are signed on its behalf by:
M Clark
Director
Company Registration No. 09387261
THE ROMANS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information

The Romans London Limited is a private company limited by shares incorporated in England and Wales. The registered office is Biscuit Building, 10 Redchurch Street, London, E2 7DD.

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 £000.

1.2
Going concern
The company financial statements have been prepared on a going concern basis, reflecting the
directors' view that the company will be able to meet its liabilities as they fall due for at least 12
months from the date of signing of these company Financial Statements.

Pursuant to the requirements of FRS 102 which require management to assess the company's
ability to continue as a going concern, the directors' have considered the company's financial
position as at July 2023 and its projected cash flows, liquidity, and expected operational activities for
a period of at least 12 months from the signing of the company financial statements.

On the basis of this assessment, the directors consider that the company has adequate resources to
operate for the foreseeable.
1.3
Turnover
Turnover represents amounts invoiced to clients, excluding sales taxes, for services provided.
Turnover for each type of revenue stream is recognised on the following basis:
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

THE ROMANS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -

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:

Fixtures and fittings
5 years straight line
Computer equipment
4 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed , and adjusted prospectively if appropriate , or if there is an indication of a significant change since the last reporting date.

 

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
Fixed asset investments
Investments are measured at cost less accumulated impairment
1.6
Borrowing costs
All borrowing costs are recognised in the statement of comprehensive income in the year in which
they are incurred.
1.7
Current and deferred taxation

The tax expense for the year comprises current and deferred tax. The tax expense for the period comprises current and deferred tax. Tax is recognised in the statement of comprehensive income, except that a change attributable to an item of income or expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

 

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

 

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the statement of financial position date, except that.

 

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

1.8
Employee benefit trust
The cost of the company's shares held by the group's Employee Benefit Trust (EBT) is deducted
from shareholders' funds in the company and the group balance sheet. Any cash received by the
EBT on disposal of the shares it holds is also recognised directly in shareholders' funds. Other
assets and liabilities of the EBT (including borrowings) are recognised as assets and liabilities of the
company.
THE ROMANS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.9
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the
rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded
at the rate ruling at the date of the transaction. All differences are taken to the statement of
comprehensive income.
1.10
Debtors
Short term debtors are measured at transaction price, less any impairment.
1.11
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without
penalty on notice of not more than 24 hours.
1.12
Creditors
Short term creditors are measured at the transaction price.
1.13
Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive
obligation that probably requires settlement by a transfer of economic benefit, and a reliable
estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the company becomes aware
of the obligation, and are measured at the best estimate at the Statement of financial position date
of the expenditure required to settle the obligation, taking into account relevant risks and
uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of
financial position.
1.14
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are
recognised when paid. Final equity dividends are recognised when approved by the shareholders at
an annual general meeting.
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.

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

THE ROMANS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
2
Judgements and key sources of estimation uncertainty
(Continued)
- 6 -
Other key sources of estimation uncertainty:
Recoverability of amounts owed by group undertakings

We consider the need for any provision for impairment of the carrying value of amounts owed by group undertakings, based on management’s estimate of the prospect of recovering the amount due, which includes considering the solvency of the counterparty and its future outlook, base on budgets and forecasts prepared by management. No such provision have been made as at 31 December 2022.

3
Turnover

An analysis of the company's turnover is as follows:

2022
2021
£000
£000
Turnover analysed by geographical market
United Kingdom
8,918
7,830
Rest of Europe
673
655
United States
878
178
Rest of the World
130
-
10,599
8,663
4
Operating profit
2022
2021
Operating profit for the year is stated after charging:
£000
£000
Depreciation of tangible assets
25
17
Fees payable to the company's auditors for the audit of the company's annual account
26
19
Fees payable to the company's auditors for tax compliance services
-
6
Impairment losses
59
-
5
Employees

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

2022
2021
Number
Number
Total
53
36
6
Directors' remuneration
2022
2021
£000
£000
Directors' emoluments
421
356
THE ROMANS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
7
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£000
£000
£000
Cost
At 1 January 2022
24
97
121
Additions
7
34
41
Disposals
-
0
(5)
(5)
At 31 December 2022
31
126
157
Depreciation and impairment
At 1 January 2022
15
46
61
Depreciation charged in the year
5
20
25
Eliminated in respect of disposals
-
0
(1)
(1)
At 31 December 2022
20
65
85
Carrying amount
At 31 December 2022
11
61
72
At 31 December 2021
9
51
60
8
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£000
£000
£000
Cost or valuation
At 1 January 2022
-
242
242
Additions
23
4
27
Disposals
-
(100)
(100)
At 31 December 2022
23
146
169
Impairment
At 1 January 2022
-
-
-
Impairment losses
-
59
59
At 31 December 2022
-
59
59
Carrying amount
At 31 December 2022
23
87
110
At 31 December 2021
-
242
242
THE ROMANS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
9
Subsidiaries

During the year, the following entities were incorporated and became subsidiaries of The Romans London Limited:

Details of the company's subsidiaries at 31 December 2022 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
The Romans New York Inc.
United States of America
Ordinary
100.00
The Romans Communications L.L.C
United Arab Emirates
Ordinary
100.00

The Romans New York Inc. was incorporated on the 21 March 2022 and the registered office is 77 10th Street, Brooklyn, NY 11215, United States of America.

 

The Romans Communications LLC was incorporated on the 18 July 2022 and the registered office is 615 Burlington Tower, Business Bay, Dubai, United Arab Emirates.

10
Debtors
2022
2021
Amounts falling due within one year:
£000
£000
Trade debtors
1,016
1,122
Amounts owed by group undertakings
1,350
-
0
Amounts owed by related parties
47
-
0
Other debtors
22
1
Prepayments and accrued income
99
45
2,534
1,168
11
Creditors: amounts falling due within one year
2022
2021
£000
£000
Trade creditors
306
349
Amounts owed to related parties
72
139
Corporation tax
181
226
Other taxation and social security
239
333
Other creditors
18
83
Accruals and deferred income
3,485
2,674
4,301
3,804
THE ROMANS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
12
Deferred taxation

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

Liabilities
Liabilities
2022
2021
Balances:
£000
£000
Fixed asset timing differences
18
12
Short term timing differences
1
(1)
19
11
13
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
A Shares of 1p each
-
400
-
4
B Shares of 1p each
-
600
-
6
A London Capped Shares of 0.25p each
400
-
1.00
-
B London Capped Shares of 0.25p each
600
-
1.50
-
London Hurdle Shares of 0.25p each
1,000
-
2.50
-
UAE Shares of 0.25p each
1,000
-
2.50
-
US Shares of 0.25p each
1,000
-
2.50
-
4,000
1,000
10.00
10.00

During the year, the original share classes consisting of A and B Ordinary shares were sub divided on 29 September 2022. The sub division created 4 new shares for every 1 existing share for both A and B shares. This resulted in the shares in issue increase from 400 A Ordinary and 600 B Ordinary Shares to 1600 A Ordinary and 2400 B Ordinary shares. The par value of these shares remained unchanged.

 

In addition to the above, both the A and B Ordinary shares were redesignated and converted into the above classes with each having the rights and subject to the restrictions set out in the new articles of association.

THE ROMANS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 10 -
14
Reserves
The company's reserves are as follows:
Called up share capital
Called up share capital reserve represents the nominal value of the shares issued. During the year, there was a sub-division of the shares and new share classes were created.
Share premium account
Share premium represents the amount paid on the issued share capital in excess of the nominal value.
Profit and loss account
Profit and loss account represents cumulative profits or losses, net of dividends paid and other
adjustments.
EBT share reserve
EBT share reserve represents the cost of the company's shares held by the group's Employee Benefit
Trust.
Reserves reconciliation
£000
Reserves at 31 December 2021
966
Profit for the year ending 31 December 2022
551
Dividends paid
(860)
Reserves at 31 December 2022
657
15
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.

The auditor was BDO LLP.
16
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

THE ROMANS LONDON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
16
Related party transactions
(Continued)
- 11 -
Sales
Purchases
2022
2021
2022
2021
£000
£000
£000
£000
Mother Family Limited
2
-
753
553
Mother London Limited
6
-
88
39
Balances with related parties

The company has taken advantage of the exemption available under paragraph 33.1A of the Financial Reporting Standard 102 not to disclose transactions with other wholly owned members of the group.

Amounts owed by
Amounts owed to
related parties
related parties
2022
2021
2022
2021
£000
£000
£000
£000
Mother Family Limited
-
0
-
0
72
135
Mother London Limited
47
-
0
-
0
4
17
Parent company

Mother Ventures 2 Limited is the ultimate parent company. J Mackay-Sinclair is the ultimate controlling party.

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