Company registration number 04130595 (England and Wales)
RASANCO MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
RASANCO MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
RASANCO MANAGEMENT LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
88,579
132,407
Investment property
4
1,317,884
1,317,884
Investments
5
11,261,197
8,111,799
12,667,660
9,562,090
Current assets
Debtors
7
3,265,553
3,230,104
Investments
8
1,000,000
4,000,000
Cash at bank and in hand
2,715,478
2,205,509
6,981,031
9,435,613
Creditors: amounts falling due within one year
9
(102,813)
(7,298)
Net current assets
6,878,218
9,428,315
Total assets less current liabilities
19,545,878
18,990,405
Provisions for liabilities
(136,809)
(25,158)
Net assets
19,409,069
18,965,247
Capital and reserves
Called up share capital
11
13,144
13,144
Profit and loss reserves
19,395,925
18,952,103
Total equity
19,409,069
18,965,247

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

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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.

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

RASANCO MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 14 November 2024
R A Smart
Director
Company Registration No. 04130595
RASANCO MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Rasanco Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is Westbrook Farm House, Church Street, Micheldever, Winchester, Hampshire, United Kingdom, SO21 3DB.

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 £.

The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Turnover

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

Rental income is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.

 

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.

1.3
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:

Office equipment
Straight line over 3 years
Motor vehicles
Straight line over 4 years
Plant and machinery
Straight line over 8 years
Fixtures and fittings
Straight line over 8 years

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.

RASANCO MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries 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.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Cash at bank and in hand

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. The company considers all its financial instruments to be basic

 

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.

 

1.8
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.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

RASANCO MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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.

1.10
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.

1.11
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:

2024
2023
Number
Number
Total
3
3
RASANCO MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
12,416
1,635
16,562
175,699
206,312
Additions
-
0
-
0
2,105
-
0
2,105
At 31 March 2024
12,416
1,635
18,667
175,699
208,417
Depreciation and impairment
At 1 April 2023
12,370
370
14,287
46,878
73,905
Depreciation charged in the year
46
204
1,758
43,925
45,933
At 31 March 2024
12,416
574
16,045
90,803
119,838
Carrying amount
At 31 March 2024
-
0
1,061
2,622
84,896
88,579
At 31 March 2023
46
1,265
2,275
128,821
132,407
4
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
1,317,884

There has been no valuation of investment property by an independent valuer. In the opinion of the director there has been no change in the fair value of this asset since its purchase.

5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
10,001
10,001
Other investments other than loans
11,251,196
8,101,798
11,261,197
8,111,799
RASANCO MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2023
10,001
8,101,798
8,111,799
Additions
-
2,400,000
2,400,000
Valuation changes
-
749,398
749,398
At 31 March 2024
10,001
11,251,196
11,261,197
Carrying amount
At 31 March 2024
10,001
11,251,196
11,261,197
At 31 March 2023
10,001
8,101,798
8,111,799
6
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Amplitude Music Limited
United Kindgom
Ordinary shares
100.00
Rasanco Limited
United Kingdom
Ordinary Shares
100.00
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,799
-
0
Other debtors
3,215,563
3,219,511
Prepayments and accrued income
47,191
10,593
3,265,553
3,230,104
8
Current asset investments
2024
2023
£
£
Other investments
1,000,000
4,000,000

Current asset investments relate to short term investments that are expected to be held for less than one year.

RASANCO MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
9
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,345
-
0
Corporation tax
76,212
-
0
Accruals and deferred income
23,256
7,298
102,813
7,298
10
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
22,146
33,102
Investments
114,663
(7,944)
136,809
25,158
2024
Movements in the year:
£
Liability at 1 April 2023
25,158
Charge to profit or loss
111,651
Liability at 31 March 2024
136,809
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
8,142
8,142
8,142
8,142
Ordinary A shares of £1 each
5,000
5,000
5,000
5,000
Ordinary B share of £1 each
1
1
1
1
Ordinary C share of £1 each
1
1
1
1
13,144
13,144
13,144
13,144
RASANCO MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
12
Related party transactions

The company has taken advantage of the exemption available in FRS 102, whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

 

Loans to Participators

 

Mrs J L Smart

At the period end the company was owed £1,032,385 (2023: £1,032,385) by Mrs J L Smart. No interest is charged on this loan and it is repayable on demand.

 

Mr J T Smart

At the period end the company was owed £385,000 (2023: £385,000) by Mr J T Smart. No interest is charged on this loan and it is repayable on demand.

13
Directors' transactions

Mr R S Smart

At the period end the company was owed £1,032,385 (2023: £1,032,385) by Mr R S Smart. No interest is charged on this loan and it is repayable on demand.

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