REGISTERED NUMBER: 04637592 (England and Wales) |
Report of the Director and |
Unaudited Consolidated Financial Statements |
for the Year Ended 29th February 2024 |
for |
RTC Holdings Limited |
REGISTERED NUMBER: 04637592 (England and Wales) |
Report of the Director and |
Unaudited Consolidated Financial Statements |
for the Year Ended 29th February 2024 |
for |
RTC Holdings Limited |
RTC Holdings Limited (Registered number: 04637592) |
Contents of the Consolidated Financial Statements |
for the Year Ended 29th February 2024 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Consolidated Income Statement | 3 |
Consolidated Statement of Financial Position | 4 |
Company Statement of Financial Position | 6 |
Notes to the Consolidated Financial Statements | 8 |
RTC Holdings Limited |
Company Information |
for the Year Ended 29th February 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
272 Regents Park Road |
London |
N3 3HN |
RTC Holdings Limited (Registered number: 04637592) |
Report of the Director |
for the Year Ended 29th February 2024 |
The director presents his report with the financial statements of the company and the group for the year ended 29th February 2024. |
DIRECTOR |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
RTC Holdings Limited (Registered number: 04637592) |
Consolidated |
Income Statement |
for the Year Ended 29th February 2024 |
2024 | 2023 |
Notes | € | € |
TURNOVER | 2,193,620 | 4,197,174 |
Cost of sales | 1,145,859 | 2,540,716 |
GROSS PROFIT | 1,047,761 | 1,656,458 |
Administrative expenses | 844,841 | 723,408 |
202,920 | 933,050 |
Other operating income | 3 | 62,042 | 14,626 |
OPERATING PROFIT | 5 | 264,962 | 947,676 |
Interest receivable and similar income | 1,196 | 320 |
266,158 | 947,996 |
Interest payable and similar expenses | 94,353 | 764,924 |
PROFIT BEFORE TAXATION | 171,805 | 183,072 |
Tax on profit | 38,556 | 40,012 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 133,249 | 143,060 |
RTC Holdings Limited (Registered number: 04637592) |
Consolidated Statement of Financial Position |
29th February 2024 |
2024 | 2023 |
Notes | € | € | € | € |
FIXED ASSETS |
Tangible assets | 7 | 1,347,931 | 1,436,136 |
Investments | 8 |
Interest in associate | 2,235,945 | 2,235,945 |
3,583,876 | 3,672,081 |
CURRENT ASSETS |
Debtors | 9 | 12,364,134 | 25,910,535 |
Cash at bank and in hand | 702,653 | 925,682 |
13,066,787 | 26,836,217 |
CREDITORS |
Amounts falling due within one year | 10 | 15,573,279 | 29,095,399 |
NET CURRENT LIABILITIES | (2,506,492 | ) | (2,259,182 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
1,077,384 |
1,412,899 |
CREDITORS |
Amounts falling due after more than one year |
11 |
2,350,372 |
2,819,136 |
NET LIABILITIES | (1,272,988 | ) | (1,406,237 | ) |
CAPITAL AND RESERVES |
Called up share capital | 233,671 | 233,671 |
Retained earnings | (1,506,659 | ) | (1,639,908 | ) |
SHAREHOLDERS' FUNDS | (1,272,988 | ) | (1,406,237 | ) |
The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29th February 2024. |
The members have not required the company and the group to obtain an audit of its financial statements for the year ended 29th February 2024 in accordance with Section 476 of the Companies Act 2006. |
The director acknowledges his responsibilities for: |
(a) | ensuring that the group 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 and the group as at the end of each financial year and of the group's 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 and the group. |
RTC Holdings Limited (Registered number: 04637592) |
Consolidated Statement of Financial Position - continued |
29th February 2024 |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
The financial statements were approved by the director and authorised for issue on 21st January 2025 and were signed by: |
H Golshirazi - Director |
RTC Holdings Limited (Registered number: 04637592) |
Company Statement of Financial Position |
29th February 2024 |
2024 | 2023 |
Notes | € | € | € | € |
FIXED ASSETS |
Tangible assets | 7 |
Investments | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 56,112 | 71,150 |
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. |
RTC Holdings Limited (Registered number: 04637592) |
Company Statement of Financial Position - continued |
29th February 2024 |
The financial statements were approved by the director and authorised for issue on |
RTC Holdings Limited (Registered number: 04637592) |
Notes to the Consolidated Financial Statements |
for the Year Ended 29th February 2024 |
1. | STATUTORY INFORMATION |
RTC Holdings Limited is a |
The presentation currency of the financial statements is the Euro (€). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in accordance with the going concern convention on the basis that continued financial support will be made available by the shareholders, group's bankers and creditors. |
Basis of consolidation |
The Group financial statements comprise the financial statements of the Company and all its subsidiary undertakings. The accounting reference date of the Company and its subsidiary undertakings is 28 February. |
Turnover |
The company acts as agents and the turnover represents the commission earned. Commission is recognised as revenue on the receipts of goods by the principal. |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Investments in associates |
Investments in associate undertakings are recognised at cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
RTC Holdings Limited (Registered number: 04637592) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29th February 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into Euro at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into Euro at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | OTHER OPERATING INCOME |
2024 | 2023 |
€ | € |
Exchange gains/(losses) | 62,042 | 14,626 |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
The average number of employees by undertakings that were proportionately consolidated during the year was 10 (2023 - 10 ) . |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
€ | € |
Depreciation - owned assets | 88,205 | 116,053 |
6. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
RTC Holdings Limited (Registered number: 04637592) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29th February 2024 |
7. | TANGIBLE FIXED ASSETS |
Group |
Plant and |
Land and | machinery |
buildings | etc | Totals |
€ | € | € |
COST |
At 1st March 2023 |
and 29th February 2024 | 1,137,331 | 2,274,464 | 3,411,795 |
DEPRECIATION |
At 1st March 2023 | 42,649 | 1,933,010 | 1,975,659 |
Charge for year | 2,843 | 85,362 | 88,205 |
At 29th February 2024 | 45,492 | 2,018,372 | 2,063,864 |
NET BOOK VALUE |
At 29th February 2024 | 1,091,839 | 256,092 | 1,347,931 |
At 28th February 2023 | 1,094,682 | 341,454 | 1,436,136 |
Included in cost of land and buildings is freehold land of €852,998 (2023 - €852,998) which is not depreciated. |
Company |
Plant and |
machinery |
etc |
€ |
COST |
At 1st March 2023 |
and 29th February 2024 |
DEPRECIATION |
At 1st March 2023 |
Charge for year |
At 29th February 2024 |
NET BOOK VALUE |
At 29th February 2024 |
At 28th February 2023 |
RTC Holdings Limited (Registered number: 04637592) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29th February 2024 |
8. | FIXED ASSET INVESTMENTS |
Group |
Interest |
in |
associate |
€ |
COST OR VALUATION |
At 1st March 2023 |
and 29th February 2024 | 2,235,945 |
NET BOOK VALUE |
At 29th February 2024 | 2,235,945 |
At 28th February 2023 | 2,235,945 |
Cost or valuation at 29th February 2024 is represented by: |
Interest |
in |
associate |
€ |
Valuation in 2022 | 2,235,945 |
Company |
Interest |
in | Other |
associate | investments | Totals |
€ | € | € |
COST |
At 1st March 2023 |
and 29th February 2024 | 5,226,770 |
NET BOOK VALUE |
At 29th February 2024 | 5,226,770 |
At 28th February 2023 | 5,226,770 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiaries |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
€ | € |
Aggregate capital and reserves |
RTC Holdings Limited (Registered number: 04637592) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29th February 2024 |
8. | FIXED ASSET INVESTMENTS - continued |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
€ | € |
Aggregate capital and reserves |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
€ | € |
Aggregate capital and reserves | ( |
) | ( |
) |
Associated company |
Registered office: Outside of the United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
Under Section 405 CA 2006, Monde Limited figures have not been consolidated in the group accounts as it is not material for the purpose of giving a true and fair view. |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
€ | € | € | € |
Trade debtors | 887,296 | 131,123 |
Amounts owed by group undertakings | 285,929 | 228,065 |
Other debtors | 11,190,909 | 25,551,347 |
12,364,134 | 25,910,535 |
RTC Holdings Limited (Registered number: 04637592) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29th February 2024 |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
€ | € | € | € |
Bank loans and overdrafts | 824,471 | 10,539,496 |
Trade creditors | 4,606,253 | 1,591,638 |
Amounts owed to group undertakings | - | - |
Taxation and social security | 79,794 | 65,237 |
Other creditors | 10,062,761 | 16,899,028 |
15,573,279 | 29,095,399 |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
€ | € |
Bank loans | 2,350,372 | 2,819,136 |
12. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
€ | € |
Bank loans | 3,174,755 | 13,208,805 |
The bank loans are secured by charges on the group's assets. |
13. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |