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REGISTERED NUMBER: 05833038 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

RS GLOBAL LIMITED

RS GLOBAL LIMITED (REGISTERED NUMBER: 05833038)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Chartered Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 5


RS GLOBAL LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: R K Sawarthia
A Agarwal





SECRETARY: R K Sawarthia





REGISTERED OFFICE: Unit 4,
Forum House,
Empire Way,
Wembley
Middlesex
HA9 0AB





REGISTERED NUMBER: 05833038 (England and Wales)





ACCOUNTANTS: STGCA LLP t/a Sterling
Chartered Accountants
505 Pinner Road
Harrow
Middlesex
HA2 6EH

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
RS GLOBAL LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of RS Global Limited for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of RS Global Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of RS Global Limited and state those matters that we have agreed to state to the Board of Directors of RS Global Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than RS Global Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that RS Global Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of RS Global Limited. You consider that RS Global Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of RS Global Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






STGCA LLP t/a Sterling
Chartered Accountants
505 Pinner Road
Harrow
Middlesex
HA2 6EH


25 November 2024

RS GLOBAL LIMITED (REGISTERED NUMBER: 05833038)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

31/3/24 31/3/23
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 5,810 6,994

CURRENT ASSETS
Stocks - 56,586
Debtors 5 6,496,051 6,133,427
Cash at bank and in hand 6,776 16,241
6,502,827 6,206,254
CREDITORS
Amounts falling due within one year 6 169,097 188,221
NET CURRENT ASSETS 6,333,730 6,018,033
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,339,540

6,025,027

PROVISIONS FOR LIABILITIES 5,923,956 5,923,956
NET ASSETS 415,584 101,071

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 405,584 91,071
SHAREHOLDERS' FUNDS 415,584 101,071

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

RS GLOBAL LIMITED (REGISTERED NUMBER: 05833038)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2024


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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 November 2024 and were signed on its behalf by:





A Agarwal - Director


RS GLOBAL LIMITED (REGISTERED NUMBER: 05833038)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

RS Global Limited 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.

2. ACCOUNTING POLICIES

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

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax.

Revenue recognition
Revenue from electronics and telecommunications equipment's recognised when the goods are delivered to the customer.

Bad debts provisioning
At the end of each reporting period, the Company assesses trade debtors for impairment and creates a provision for doubtful debts equal to 100% of debts which are more than 12 months old. A specific bad debt provision is created for debtors which have gone for liquidation or the management has information about closure of business of such debtors.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Straight line over 20 years
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is determined on a first in first out basis and net realisable value represents estimated selling price.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


RS GLOBAL LIMITED (REGISTERED NUMBER: 05833038)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. 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.

No deferred tax asset has been created on current year's trading losses as the same relate to charge for VAT assessment claim. Refer note 5 for details regarding VAT assessment claim.

Foreign currencies
Transactions denominated in foreign currencies for sales and purchases are translated at the average exchange rate, published by HMRC, of the period in which transactions have occured. This policy is followed to avoid daily fluctuations between GBP and EUR as majority of transactions are in EUR.
Foreign currency monetary assets and liabilities held at the end of the reporting period are translated at the closing balance sheet rate. The resulting exchange gain or loss is recognised within the income statement.

Holiday pay accrual
The company did not accrue for holiday pay during the year as company's policy does not allow employees to carry forward any unused holidays.

Purchase recognition
Purchases of electronic and telecommunication equipment are recognised on the date of receipt of goods at the warehouse of the company.

Freight and insurance charges
Freight and insurance charges related to purchased goods are recognised at 0.55% of annual export turnover. Company benefits from the Head Office terms agreed with various vendors globally hence charge is based on inter-company agreement.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 6 ) .

RS GLOBAL LIMITED (REGISTERED NUMBER: 05833038)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. TANGIBLE FIXED ASSETS
Improvements Computer
to property equipment Totals
£ £ £
COST
At 1 April 2023
and 31 March 2024 22,552 899 23,451
DEPRECIATION
At 1 April 2023 15,783 674 16,457
Charge for year 1,128 56 1,184
At 31 March 2024 16,911 730 17,641
NET BOOK VALUE
At 31 March 2024 5,641 169 5,810
At 31 March 2023 6,769 225 6,994

5. DEBTORS
31/3/24 31/3/23
£ £
Amounts falling due within one year:
Trade debtors 1,899 1,494
Amounts owed by related companies 4,251,666 3,807,706
Other debtors 1,440 82,323
VAT 524 1,382
4,255,529 3,892,905

Amounts falling due after more than one year:
Amounts owed by related companies 2,240,522 2,240,522

Aggregate amounts 6,496,051 6,133,427

Amount owed by related parties includes, loan given to Krishna International FZCO, a related party, at an interest rate of 6% p.a., repayable in December 2031.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/24 31/3/23
£ £
Bank loans and overdrafts - 66
Trade creditors 772 12,277
Amounts owed to related companies 160,471 160,471
Other creditors 1,250 3
Directors' current accounts 1,604 1,604
Accrued expenses 5,000 13,800
169,097 188,221

RS GLOBAL LIMITED (REGISTERED NUMBER: 05833038)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. CONTINGENT LIABILITIES

The Commissioner of HM Revenue and Customs in December 2020 has issued penalty assessments i.r.o. 23 VAT returns it lodged for tax periods December 2017 to November 2019 amounting to £1.46M. The review decision by HMRC in May 2021, upheld it's earlier decision of imposing penalty.
Though there is a provision created on the HMRC VAT claim, no provision has been created on the penalties as it's obligation completely depends on the success of the appeal. Management has decided to continue the disclosure of the penalty as a contingent liability till the outcome of it's appeal.

8. RELATED PARTY DISCLOSURES

Key management personnel are considered to be the directors, details of transactions with them have been disclosed in Note 3.

Transactions executed during the year with related parties were:

Sales to RS GLobal B.V., a related party, amounted to £2.5M (2023: 2.25M). Further, interest and management fee of £ 146,563 and £151,714, respectively, have been received from RS Global BV.



The following balances were owed (to)/from the related parties:

2024 2023
£    £   
Krishna International FZCO (related party) 3,860,954 3,708,029
RS GLobal BV. (related party) 2,631,234 2,340,199
Logix one FZE (related party) (160,471 ) (160,471 )




6,331,717 5,887,757

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr. R K Sawarthia.