Company registration number 06568651 (England and Wales)
RCS GLOBAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
RCS GLOBAL LIMITED
COMPANY INFORMATION
Directors
Mr NS Garrett
Mr JH Mitchell
Dr AJ Edwards
Secretary
Intertrust (UK) Limited
Company number
06568651
Registered office
1 Bartholomew Lane
London
EC2N 2AX
Accountants
Grunberg & Co Limited
5 Technology Park
Colindeep Lane
Colindale
London
United Kingdom
NW9 6BX
RCS GLOBAL LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
RCS GLOBAL LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
31 December 2023
31 December 2022
Notes
$
$
$
$
Fixed assets
Intangible assets
3
2,675,420
1,303,225
Tangible assets
4
12,024
10,660
Investments
5
43,003
29,729
2,730,447
1,343,614
Current assets
Debtors
6
1,834,128
1,170,054
Cash at bank and in hand
698,062
503,522
2,532,190
1,673,576
Creditors: amounts falling due within one year
7
(4,287,916)
(1,724,234)
Net current liabilities
(1,755,726)
(50,658)
Total assets less current liabilities
974,721
1,292,956
Provisions for liabilities
(670,505)
-
0
Net assets
304,216
1,292,956
Capital and reserves
Called up share capital
7
7
Other reserves
(7,316)
(7,316)
Profit and loss reserves
311,525
1,300,265
Total equity
304,216
1,292,956

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 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 period in question in accordance with section 476.

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

RCS GLOBAL LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 September 2024 and are signed on its behalf by:
Mr JH Mitchell
Director
Company registration number 06568651 (England and Wales)
RCS GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

RCS Global Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Bartholomew Lane, London, EC2N 2AX.

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 the United States dollar, 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
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.

 

The company recognises revenue when:

The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

1.3
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.

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 development
Asset has not been brought into use, therefore is not being amortised
1.4
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:

Fixtures and fittings
33.33% on cost
Computers and office equipment
33.33% on cost
1.5
Fixed asset investments

Interests in subsidiaries 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.

RCS GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
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.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.

Classification of financial liabilities

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.

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.

1.8
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 income statement 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.

RCS GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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 income statement, 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.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Foreign exchange

Transactions in currencies other than the United States dollars 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:

31 December 2023
31 December 2022
Number
Number
Total
12
5
RCS GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Intangible fixed assets
Software development
$
Cost
At 1 January 2023
1,303,225
Additions
1,372,195
At 31 December 2023
2,675,420
Amortisation and impairment
At 1 January 2023 and 31 December 2023
-
0
Carrying amount
At 31 December 2023
2,675,420
At 31 December 2022
1,303,225
4
Tangible fixed assets
Fixtures and fittings
Computers and office equipment
Total
$
$
$
Cost
At 1 January 2023
21,574
169,280
190,854
Additions
-
0
8,480
8,480
At 31 December 2023
21,574
177,760
199,334
Depreciation and impairment
At 1 January 2023
18,273
161,921
180,194
Depreciation charged in the year
2,444
4,672
7,116
At 31 December 2023
20,717
166,593
187,310
Carrying amount
At 31 December 2023
857
11,167
12,024
At 31 December 2022
3,301
7,359
10,660
5
Fixed asset investments
31 December 2023
31 December 2022
$
$
Shares in group undertakings and participating interests
43,003
29,729
RCS GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in subsidiaries
$
Cost or valuation
At 1 January 2023
29,729
Additions
13,274
At 31 December 2023
43,003
Carrying amount
At 31 December 2023
43,003
At 31 December 2022
29,729
6
Debtors
31 December 2023
31 December 2022
Amounts falling due within one year:
$
$
Trade debtors
1,154,040
902,037
Corporation tax recoverable
39,146
-
0
Amounts owed by group undertakings
20,742
33,198
Other debtors
9,601
17,473
Prepayments and accrued income
610,599
217,346
1,834,128
1,170,054
7
Creditors: amounts falling due within one year
31 December 2023
31 December 2022
$
$
Trade creditors
280,644
445,466
Amounts owed to group undertakings
3,452,123
559,466
Corporation tax
-
0
168,662
Other taxation and social security
93,215
51,118
Other creditors
13,927
43,927
Accruals and deferred income
448,007
455,595
4,287,916
1,724,234
RCS GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
8
Parent company

The parent company is SLR BD Limited which is an entity incorporated in the United Kingdom. SLR Global Limited, a company incorporated in the United Kingdom, was the parent company of the largest group for which 2023 consolidated accounts (including the Company) will be prepared.  Copies of the 2023 consolidated financial statements of SLR Global Limited will be available from its registered office: 1 Bartholomew Lane, London, EC2N 2AX. 

 

The ultimate controlling party is ACOF VI Holdings, a fund managed by ultimate beneficiary owner Ares Management Corporation (“Ares”). ACOF VI Holdings own a majority shareholding of Solar Holdings Topco Limited (an entity incorporated in the United Kingdom during 2022 to serve as the parent company). Solar Holdings Topco Limited will be the largest group for which consolidated accounts including the Company will be prepared.

 

 

 

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