Company registration number 8804203 (England and Wales)
RCD BRITANNIA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
RCD BRITANNIA LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
RCD BRITANNIA LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
260,560
260,560
Current assets
Debtors
6
100
100
Creditors: amounts falling due within one year
7
(72,176)
(82,176)
Net current liabilities
(72,076)
(82,076)
Total assets less current liabilities
188,484
178,484
Creditors: amounts falling due after more than one year
8
(188,000)
(178,000)
Net assets
484
484
Capital and reserves
Called up share capital
9
80
100
Capital redemption reserve
20
-
0
Profit and loss reserves
384
384
Total equity
484
484

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 31 May 2024 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.

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

RCD BRITANNIA LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2024
31 May 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 December 2024 and are signed on its behalf by:
Mr R C D Rode
Mr J McAulay
Director
Director
Mr A D Stewardson
Miss A T Moran
Director
Director
Ms A McBride
Director
Company Registration No. 8804203
RCD BRITANNIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information

RCD Britannia Limited is a private company limited by shares incorporated in England and Wales. The registered office is ABR Solicitors, Britannia Chambers, 4 Oxford Place, Leeds, LS1 3AX.

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
Going concern

The company is reliant upon the financial support of a director in order to meet its liabilities as they fall due. The director has indicated that this support will continue for the foreseeable future and, as a result, the directors have continued to adopt the going concern basis in preparing the financial statements.true

1.3
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.

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.

1.4
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.

1.5
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 balance sheet 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.

RCD BRITANNIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
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.

1.6
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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
5
5
RCD BRITANNIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
260,560
260,560
5
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
ABR Solicitors Limited
Britannia Chambers, 4 Oxford Place, Leeds, LS1 3AX
Ordinary
100.00
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
100
100
7
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
72,176
58,176
Other creditors
-
0
24,000
72,176
82,176
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
188,000
178,000
RCD BRITANNIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
3,502 "R" ordinary shares of 1p each
-
35
1,999 "K" ordinary shares of 1p each
-
20
1,999 "S" ordinary shares of 1p each
-
20
1,500 "T" ordinary shares of 1p each
-
15
1,000 "M" ordinary shares of 1p each
-
10
4,000 A Ordinary Shares of 1p each
40
-
1,500 B Ordinary Shares of 1p each
15
-
1,500 C Ordinary Shares of 1p each
15
-
1,000 D Ordinary Shares of 1p each
10
-
80
100

During the year the company purchased 1 R Ordinary share, 250 K Ordinary shares, 249 S Ordinary shares and 1500 T Ordinary shares of its own share capital for £113,551.

 

The remaining shares were redesignated from R, K, S, T and M Ordinary shares to Ordinary A, B, C and D shares.

 

10
Financial commitments, guarantees and contingent liabilities

The company has given an unlimited cross guarantee in favour of National Westminster Bank plc in respect of its subsidiary, ABR Solicitors Limited. At 31 May 2024, the amount owed by ABR Solicitors Limited to the bank was £742,242 (2023 - £685,006).

11
Directors' transactions

Details of loans from the directors to the company are outlined in the table below:

Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Mr R C D Rode -
3.00
202,000
(14,000)
188,000
202,000
(14,000)
188,000

Interest on the director's loan of 3% per annum has been paid to the director through the subsidiary, ABR Solicitors Limited.

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