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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: H Golshirazi





SECRETARY: M A Golshirazi





REGISTERED OFFICE: Unit 3
Hampstead Gate
1A Frognal
Hampstead
London
NW3 6AL





REGISTERED NUMBER: 04637592 (England and Wales)





ACCOUNTANTS: Spencer Hyde Limited
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
H Golshirazi held office during the whole of the period from 1st March 2023 to the date of this report.

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:





H Golshirazi - Director


21st January 2025

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 133,249 143,060

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 7 251,623 335,497
Investments 8 5,226,770 5,226,770
5,478,393 5,562,267

CURRENT ASSETS
Debtors 9 5,406,139 4,385,144
Cash at bank 12,120 13,861
5,418,259 4,399,005
CREDITORS
Amounts falling due within one year 10 10,331,699 9,452,431
NET CURRENT LIABILITIES (4,913,440 ) (5,053,426 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

564,953

508,841

CAPITAL AND RESERVES
Called up share capital 233,671 233,671
Retained earnings 331,282 275,170
SHAREHOLDERS' FUNDS 564,953 508,841

Company's profit for the financial year 56,112 71,150

The company is 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 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 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 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)

Notes to the Consolidated Financial Statements
for the Year Ended 29th February 2024

1. STATUTORY INFORMATION

RTC Holdings 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 General Information page.

The presentation currency of the financial statements is the Euro (€).


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 as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 1% on cost
Plant and machinery etc - 25% on reducing balance, 25% on cost and 10% on cost

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 1 (2023 - 1 ) .

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 1,830,977
DEPRECIATION
At 1st March 2023 1,495,480
Charge for year 83,874
At 29th February 2024 1,579,354
NET BOOK VALUE
At 29th February 2024 251,623
At 28th February 2023 335,497

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 2,225,950 3,000,820 5,226,770
NET BOOK VALUE
At 29th February 2024 2,225,950 3,000,820 5,226,770
At 28th February 2023 2,225,950 3,000,820 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

RTC Corporation Limited
Registered office: United Kingdom
Nature of business: Buying agent,Import and export,trade financing
%
Class of shares: holding
Ordinary 100.00
2024 2023
€    €   
Aggregate capital and reserves 1,034,604 998,456

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

Lloyds Commercial & Trade Finance Ltd
Registered office: United Kingdom
Nature of business: Trade,finance and dealing with financial instrument
%
Class of shares: holding
Ordinary 100.00
2024 2023
€    €   
Aggregate capital and reserves 118,277 77,289

Monde Limited
Registered office: United Kingdom
Nature of business: Property development and real estate trading
%
Class of shares: holding
Ordinary 60.00
2024 2023
€    €   
Aggregate capital and reserves (247,478 ) (200,743 )

Associated company

TOSCO
Registered office: Outside of the United Kingdom
Nature of business: Dormant
%
Class of shares: holding
Ordinary 40.00


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 285,929 228,065 285,929 228,065
Other debtors 11,190,909 25,551,347 5,120,210 4,157,079
12,364,134 25,910,535 5,406,139 4,385,144

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 1 8,240
Amounts owed to group undertakings - - 7,080,522 6,044,618
Taxation and social security 79,794 65,237 39,393 34,242
Other creditors 10,062,761 16,899,028 3,211,783 3,365,331
15,573,279 29,095,399 10,331,699 9,452,431

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.