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REGISTERED NUMBER: 10984494 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2021

for

R TOWNHOUSE LTD

R TOWNHOUSE LTD (REGISTERED NUMBER: 10984494)

Contents of the Financial Statements
for the year ended 31 March 2021










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


R TOWNHOUSE LTD

Company Information
for the year ended 31 March 2021







DIRECTOR: H A J Ross





SECRETARY: P J Tarran





REGISTERED OFFICE: 287 Kings Road
London
SW3 5EW





REGISTERED NUMBER: 10984494 (England and Wales)





ACCOUNTANTS: Thorne Lancaster Parker
5th Floor
Palladium House
1-4 Argyll Street
London
W1F 7TA

R TOWNHOUSE LTD (REGISTERED NUMBER: 10984494)

Statement of Financial Position
31 March 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 58,343 76,873

CURRENT ASSETS
Stocks 6 36,781 53,437
Debtors 7 39,599 105,500
Cash at bank and in hand 104,456 122,857
180,836 281,794
CREDITORS
Amounts falling due within one year 8 341,495 177,186
NET CURRENT (LIABILITIES)/ASSETS (160,659 ) 104,608
TOTAL ASSETS LESS CURRENT
LIABILITIES

(102,316

)

181,481

CREDITORS
Amounts falling due after more than one
year

9

(50,000

)

-

PROVISIONS FOR LIABILITIES 11 (11,085 ) (9,000 )
NET (LIABILITIES)/ASSETS (163,401 ) 172,481

CAPITAL AND RESERVES
Called up share capital 12 1,000 1,000
Retained earnings (164,401 ) 171,481
SHAREHOLDERS' FUNDS (163,401 ) 172,481

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

R TOWNHOUSE LTD (REGISTERED NUMBER: 10984494)

Statement of Financial Position - continued
31 March 2021


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

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 director and authorised for issue on 20 August 2024 and were signed by:





H A J Ross - Director


R TOWNHOUSE LTD (REGISTERED NUMBER: 10984494)

Notes to the Financial Statements
for the year ended 31 March 2021


1. STATUTORY INFORMATION

R Townhouse Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Going concern
The directors of the company having reviewed the profitability of the company since year end and additional government support available to the company through out the Covid 19 pandemic, 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 fittings4 years

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 year ended 31 March 2021


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 year 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.


R TOWNHOUSE LTD (REGISTERED NUMBER: 10984494)

Notes to the Financial Statements - continued
for the year ended 31 March 2021


3. ACCOUNTING POLICIES - continued
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 year 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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2020 - 27 ) .

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and
property fittings Totals
£    £    £   
COST
At 1 April 2020
and 31 March 2021 33,589 60,686 94,275
DEPRECIATION
At 1 April 2020 4,078 13,324 17,402
Charge for year 3,359 15,171 18,530
At 31 March 2021 7,437 28,495 35,932
NET BOOK VALUE
At 31 March 2021 26,152 32,191 58,343
At 31 March 2020 29,511 47,362 76,873

6. STOCKS
2021 2020
£    £   
Stocks 36,781 53,437

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 20,972 87,379
Other debtors 1,000 1,000
Prepayments and accrued income 17,627 17,121
39,599 105,500

R TOWNHOUSE LTD (REGISTERED NUMBER: 10984494)

Notes to the Financial Statements - continued
for the year ended 31 March 2021


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade creditors 24,127 20,005
Corporation tax 35,646 35,500
Social security and other taxes 169,464 24,435
VAT 55,313 55,289
Other creditors 8,624 13,716
Accruals and deferred income 48,321 28,241
341,495 177,186

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2021 2020
£    £   
Bank loans - 1-2 years 19,254 -
Bank loans - 2-5 years 30,746 -
50,000 -

10. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Bank loans 50,000 -

The bank loan is secured by way of a guarantee from R Townhouse Ltd T/A Raffles, a first legal charge. Interest is charged at 2.5% (fixed) per annum. The loan is repayable in 59 monthly instalments, repayments of capital and interest start 12 months after draw down date due to agreement to the business interruption payment (the BIP) offered by the UK Government.

11. PROVISIONS FOR LIABILITIES
2021 2020
£    £   
Deferred tax
Accelerated capital allowances 11,085 9,000

Deferred
tax
£   
Balance at 1 April 2020 9,000
Provided during year 2,085
Balance at 31 March 2021 11,085

R TOWNHOUSE LTD (REGISTERED NUMBER: 10984494)

Notes to the Financial Statements - continued
for the year ended 31 March 2021


12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
1,000 Ordinary 1 1,000 1,000

13. RELATED PARTY DISCLOSURES

Onslow Holdings LLP
Onslow Holdings LLP are the 49% shareholders of the company. During the year the company was charged Nil (2020: £225,000) as management and service fees by Onslow Holdings LLP.

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 year the company were charged Nil (2020: £332,038) by Raffles Chelsea Limited as rent.

14. POST BALANCE SHEET EVENTS

On 1 December 2023 Raffles Chelsea Ltd acquired 49% of the shareholding of the company. As result since 1 December 2023, Mrs A Banks is considered to be the ultimate controlling party.

15. ULTIMATE CONTROLLING PARTY

Since 1 December 2023, Mrs A Banks is considered to be the ultimate controlling party.