Richmond Towers Communications Limited
(trading as Richmond & Towers)
Unaudited Financial Statements
For Filing with Registrar
For the year ended 30 June 2023
Company Registration No. 05452146 (England and Wales)
Richmond Towers Communications Limited
Contents
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
Richmond Towers Communications Limited
Balance Sheet
As at 30 June 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
65,779
137,967
Tangible assets
4
141,704
18,951
Investments
5
202
202
207,685
157,120
Current assets
Debtors
7
1,102,000
1,000,368
Cash at bank and in hand
275,328
1,152,141
1,377,328
2,152,509
Creditors: amounts falling due within one year
8
(876,805)
(1,408,991)
Net current assets
500,523
743,518
Total assets less current liabilities
708,208
900,638
Creditors: amounts falling due after more than one year
9
(116,667)
(166,667)
Provisions for liabilities
(17,701)
(4,473)
Net assets
573,840
729,498
Capital and reserves
Called up share capital
10
94,671
94,671
Share premium account
26,204
26,204
Capital redemption reserve
75,000
75,000
Profit and loss reserves
377,965
533,623
Total equity
573,840
729,498
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
Richmond Towers Communications Limited
Balance Sheet (Continued)
As at 30 June 2023
Page 2
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 March 2024 and are signed on its behalf by:
N Thomson
M De Leon
Director
Director
Company Registration No. 05452146
Richmond Towers Communications Limited
Statement of Changes in Equity
For the year ended 30 June 2023
Page 3
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 July 2021
94,671
26,204
75,000
558,883
754,758
Year ended 30 June 2022:
Profit and total comprehensive income for the year
-
-
-
608,073
608,073
Gifts to EOT
-
-
-
(633,333)
(633,333)
Balance at 30 June 2022
94,671
26,204
75,000
533,623
729,498
Year ended 30 June 2023:
Loss and total comprehensive income for the year
-
-
-
(50,103)
(50,103)
Gifts to EOT
-
-
-
(105,555)
(105,555)
Balance at 30 June 2023
94,671
26,204
75,000
377,965
573,840
Richmond Towers Communications Limited
Notes to the Financial Statements
For the year ended 30 June 2023
Page 4
1
Accounting policies
Company information
Richmond Towers Communications Limited is a private company limited by shares incorporated in England and Wales. The registered office is 69 Turnmill Street, London, England, EC1M 5RR.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 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
Going concern
These financial statements are prepared on the going concern basis. The directors believe that the company will have sufficient funds to settle all of its liabilities as they fall due for at least 12 months from signing the accounts. true
1.3
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.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses 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 5 or 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.
Richmond Towers Communications Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
1
Accounting policies
(Continued)
Page 5
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
Amortisation 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:
Software
25% straight line
Development Costs
20% straight line
1.6
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:
Leasehold improvements
33.33% reducing balance
Fixtures, fittings & equipment
25% straight line
Computer equipment
25% straight line
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.
1.7
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company only has basic financial instruments measured at amortised cost with no financial instrument classified as other or basic instruments at fair value.
Richmond Towers Communications Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
1
Accounting policies
(Continued)
Page 6
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.11
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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 when the company has 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.
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Richmond Towers Communications Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
1
Accounting policies
(Continued)
Page 7
1.14
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 leases asset are consumed.
1.15
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
27
28
Richmond Towers Communications Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 8
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 July 2022
1,004,211
34,801
1,039,012
Additions
-
21,175
21,175
At 30 June 2023
1,004,211
55,976
1,060,187
Amortisation and impairment
At 1 July 2022
872,680
28,365
901,045
Amortisation charged for the year
87,687
5,676
93,363
At 30 June 2023
960,367
34,041
994,408
Carrying amount
At 30 June 2023
43,844
21,935
65,779
At 30 June 2022
131,531
6,436
137,967
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2022
40,589
107,937
148,526
Additions
139,045
8,954
147,999
Disposals
(40,589)
(40,589)
At 30 June 2023
139,045
116,891
255,936
Depreciation and impairment
At 1 July 2022
40,589
88,986
129,575
Depreciation charged in the year
13,581
11,665
25,246
Eliminated in respect of disposals
(40,589)
(40,589)
At 30 June 2023
13,581
100,651
114,232
Carrying amount
At 30 June 2023
125,464
16,240
141,704
At 30 June 2022
18,951
18,951
Richmond Towers Communications Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 9
5
Fixed asset investments
2023
2022
£
£
Investments
202
202
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 July 2022 & 30 June 2023
202
Carrying amount
At 30 June 2023
202
At 30 June 2022
202
6
Subsidiaries
Details of the company's subsidiaries at 30 June 2023 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Richmond Towers Limited
69 Turnmill Street, London, England, EC1M 5RR
Dormant
Ordinary
100.00
0
Van Communications Limited
69 Turnmill Street, London, England, EC1M 5RR
Dormant
Ordinary
100.00
0
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
969,441
739,766
Other debtors
132,559
260,602
1,102,000
1,000,368
Other debtors include an amount of £29,632 (2022: £81,024) which is due after more than one year.
Richmond Towers Communications Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 10
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
151,962
254,051
Amounts owed to group undertakings
27,066
27,733
Corporation tax
759
168,248
Other taxation and social security
150,874
146,482
Other creditors
50,000
65,052
Accruals and deferred income
496,144
747,425
876,805
1,408,991
Barclays Bank PLC hold fixed and floating charges over balances totaling £166,667 (2022: £216,667).
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
116,667
166,667
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
94,671 Ordinary shares of £1 each
94,671
94,671
The company‘s ordinary shares, which carry no right to fixed income, each carry the right to one vote at general meetings of the Company.
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Within one year
98,775
27,008
Between two and five years
172,856
271,631
27,008
Richmond Towers Communications Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2023
Page 11
12
Related party transactions
The company has taken the exemption under Section 33 Related Party Disclosures paragraph 33.1A from disclosing transactions with other members of a wholly owned group.
13
Controlling party
The entire share capital of Richmond Towers Communications Limited was purchased by the Suzanne Richmond & Marjorie Towers Employee Ownership Trust on 9 October 2019.
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