Company No:
Contents
| DIRECTORS | Richard Martin Cane |
| Brendan Thomas Cavanagh | |
| Stephen Vincent Harris | |
| William Harrold Hess | |
| Joshua Michael Koenig | |
| Steven Christopher Marshall | |
| Marc Roger Montagner (Appointed 01 January 2024) | |
| Nicholas Van Slyck | |
| Jeffrey Allen Stoops (Resigned 01 January 2024) |
| SECRETARY | Elemental Company Secretary Limited |
| REGISTERED OFFICE | 27 Old Gloucester Street |
| London | |
| WC1N 3AX | |
| United Kingdom |
| COMPANY NUMBER | 13058621 (England and Wales) |
| AUDITOR | Gravita Audit ll Ltd |
| Statutory Auditor | |
| Aldgate Tower | |
| 2 Leman Street | |
| London | |
| E1 8FA | |
| United Kingdom |
The directors present their Strategic Report for the financial year ended 31 December 2024.
REVIEW OF THE BUSINESS
The Company's principal activity is that of a holding company and being the officer of other group companies.
The Company made a loss in the year of $28k (2023: $45k) due to no income from investments being received in the year. The Company has net assets of $80m (2023: $61m) at the year end.
During the year the Company issued $19m (2023: $4m) in ordinary shares.
KEY PERFORMANCE INDICATORS ('KPIS')
There are no key performance indicators (financial or non-financial) produced for the Company given its activity as an intermediate holding company.
PRINCIPAL RISKS AND UNCERTAINTIES
The Company is exposed to risks and uncertainties relating to the carrying value of its investments in subsidiaries. These risks are managed by way of the resulting performance of those subsidiary undertakings.
FUTURE DEVELOPMENTS
There are no changes to the Company's principal activities expected in the next financial year.
SECTION 172 STATEMENT
This section describes how we have engaged with and had regard to the interests of our key stakeholders when exercising our duty to promote the success of the Company under section 172(1) of the Companies Act 2006. Sometimes decisions must be made based on competing priorities of stakeholders. We describe below how the Directors seek to understand what matters to stakeholders and carefully consider all the relevant factors when selecting the appropriate course of action.
ACHIEVING LONG-TERM VALUE FOR OUR SHAREHOLDERS
The Board recognises the critical importance of open dialogues and fair consideration of the Company's members. We communicate with our shareholders through our annual report and accounts and face-to-face meetings.
INVESTING IN PEOPLE
There are no people costs for the Company given its activity as an intermediate holding company.
RELATIONSHIPS WITH SUPPLIERS, CUSTOMERS AND OTHERS
There are no relationships with suppliers, customers and others for the Company given its activity as an intermediate holding company.
THE ENVIRONMENT AND OUR COMMUNITIES
There are no such costs for the Company given its activity as an intermediate holding company.
Approved by the Board of Directors and signed on its behalf by:
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Richard Martin Cane
Director |
The directors present their annual report on the affairs of the Company, together with the financial statements and auditors’ report, for the financial year ended 31 December 2024.
PRINCIPAL ACTIVITIES
GOING CONCERN
DIVIDENDS
No dividend was paid for the current financial year (2023: $Nil).
EVENTS AFTER THE BALANCE SHEET DATE
There are no post balance sheet events to report.
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Company's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The exposure to these risks is mitigated given its activity as an intermediate holding company.
The Company does not use derivative financial instruments for speculative purposes
DIRECTORS
The directors, who served during the financial year and to the date of this report except as noted, were as follows:
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(Appointed 01 January 2024) |
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(Resigned 01 January 2024) |
ENERGY AND CARBON REPORT
The Company consumed less than 40,000 kWh of energy and hence is not required to make energy and carbon disclosures.
MATTERS COVERED IN THE STRATEGIC REPORT
See the Strategic Report for future developments, principal risks and uncertainties, and details of engagement with suppliers, customers and others.
AUDITOR
Each of the persons who is a director at the date of approval of this report confirms that:
* So far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and
* The director has taken all the steps that they ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Gravita Audit ll Ltd have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.
Approved by the Board of Directors and signed on its behalf by:
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Richard Martin Cane
Director |
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that financial period.
In preparing these financial statements, the directors are required to:
* Select suitable accounting policies and then apply them consistently;
* Make judgements and accounting estimates that are reasonable and prudent;
* State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
* Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
We have audited the financial statements of RTGF Holdings Limited for the financial year ended 31 December 2024, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity, the accounting policies, and the related notes 1 to 9, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements of RTGF Holdings Limited (the ‘Company’):
* Give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its loss for the financial year then ended;
* Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; and
* Have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)). Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report.
We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
* The information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
* The Strategic Report and Directors' Report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
* Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
* The financial statements are not in agreement with the accounting records and returns; or
* Certain disclosures of directors’ remuneration specified by law are not made; or
* We have not received all the information and explanations we require for our audit;
Responsibilities of directors
As explained more fully in the Directors’ Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. The laws and regulations applicable to the company were identified through discussions with directors and other management, and from our commercial knowledge and experience of the business. Of these laws and regulations, we focused on those that we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation, GDPR, employment, anti-bribery and anti-money-laundering legislations. The extent of compliance with these laws and regulations identified above was assessed through making enquiries of management and inspecting legal correspondence. The identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
* making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
* considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
* understanding the design of the company's remuneration.
To address the risk of fraud through management bias and override of controls, we:
* performed analytical procedures to identify any unusual or unexpected relationships;
* tested journal entries to identify unusual transactions;
* assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
* investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
* agreeing financial statement disclosures to underlying supporting documentation;
* reading the minutes of meetings of those charged with governance;
* enquiring of management as to actual and potential litigation and claims; and
* reviewing correspondence with relevant regulators including the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Statutory Auditor
2 Leman Street
London
E1 8FA
United Kingdom
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| $ | $ | |||
| Administrative expenses | (
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| Other operating income |
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| Operating loss and loss before taxation | (
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| Tax on loss | 4 |
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| Loss for the financial year | (
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There were no items of other comprehensive income or losses for the current or prior year other than those included in the Profit and Loss Account, accordingly no Statement of Comprehensive Income is presented.
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| $ | $ | |||
| Fixed assets | ||||
| Investments | 5 |
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| 80,209,548 | 61,082,849 | |||
| Current assets | ||||
| Debtors | 6 |
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| Cash at bank and in hand |
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| 286,834 | 344,733 | |||
| Creditors: amounts falling due within one year | 7 | (
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| Net current assets | 267,648 | 322,459 | ||
| Total assets less current liabilities | 80,477,196 | 61,405,308 | ||
| Net assets | 80,477,196 | 61,405,308 | ||
| Capital and reserves | ||||
| Called-up share capital |
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| Share premium account |
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| Profit and loss account | (
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| Total shareholders' funds | 80,477,196 | 61,405,308 |
The financial statements of RTGF Holdings Limited (registered number:
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Richard Martin Cane
Director |
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| At 31 December 2024 |
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The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
RTGF Holdings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 27 Old Gloucester Street, London, WC1N 3AX, United Kingdom.
The principal activities are set out in the Strategic Report.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.
The financial statements are presented in USD which is the functional currency of the Company and rounded to the nearest $.
RTGF Holdings Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it. Exemptions have been taken in relation to share-based payments, financial instruments, presentation of a Cash Flow Statement and remuneration of key management personnel.
The directors note that the Company is a holding company with minimal administrative expenses and is expected to generate a stable dividend income stream from its subsidiaries in the future. The Company was also supported with capital funding from the parent company during the year. Based on this, the directors have a reasonable expectation that the Company has adequate resources to meet its financial obligations as they fall due for at least 12 months from the date of signing the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Group accounts exemption s400
The Company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
RTGF Holdings Limited is a wholly owned subsidiary of SBA Telecommunications, LLC and the results of RTGF Holdings Limited are included in the consolidated financial statements of the ultimate parent company, SBA Communications Corporation, which are available from 8051 Congress Avenue, Boca Raton, Florida 33487, USA.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for:
* exchange differences on transactions entered into to hedge certain foreign currency risks (see above); and
* exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the Balance Sheet date. Timing differences are differences between the Company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
When the amount that can be deducted for tax for an asset that is recognised in a business combination is less (more) than the value at which it is recognised, a deferred tax liability (asset) is recognised for the additional tax that will be paid (avoided) in respect of that difference. Similarly, a deferred tax asset (liability) is recognised for the additional tax that will be avoided (paid) because of a difference between the value at which a liability is recognised and the amount that will be assessed for tax.
Deferred tax liabilities are recognised for timing differences arising from investments in subsidiaries and associates, except where the Company is able to control the reversal of the timing difference and it is probable that it will not reverse in the foreseeable future.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply to the reversal of the timing difference. Deferred tax relating to property, plant and equipment is measured using the revaluation model and investment property is measured using the tax rates and allowances that apply to the sale of the asset.
Where items recognised in the Statement of Comprehensive Income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income.
Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the Company intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Deferred tax assets and liabilities are offset only if: a) the Company has a legally enforceable right to set off current tax assets against current tax liabilities; and b) the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on the Company and the Company intends either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Financial assets
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
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.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
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.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
An analysis of the auditor's remuneration is as follows:
| 2024 | 2023 | ||
| $ | $ | ||
| Fees payable to the Company’s auditor and its associates for the audit of the Company's annual financial statements: | 19,186 | 15,278 | |
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| The average monthly number of employees (including directors) was: | |||
| Directors |
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Wages and salaries for the year was £nil (2023: £nil).
| 2024 | 2023 | ||
| $ | $ | ||
| Current tax on loss | |||
| UK corporation tax |
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| Total current tax |
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| Total tax on loss |
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The tax assessed for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK:
| 2024 | 2023 | ||
| $ | $ | ||
| Loss before taxation | (28,112) | (45,266) | |
| Tax on loss at standard UK corporation tax rate of 25% (2023: 23.52%) | (
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| Income not taxable in determining taxable profit | (
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| Change in unrecognised deferred tax assets |
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| Total tax charge for year | 0 | 0 |
Investments in subsidiaries
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| Cost | |
| At 01 January 2024 |
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| Additions |
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| At 31 December 2024 |
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| Carrying value at 31 December 2024 |
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| Carrying value at 31 December 2023 |
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Investments in shares
| Name of entity | Registered office | Principal activity | Class of shares |
Ownership 31.12.2024 |
Ownership 31.12.2023 |
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27 Old Gloucester Street, London WC1N 3AX, England | Holding company |
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2nd Floor, The Luminary, Cnr Haile Selassie and Chole Roads, Masaki, Dar es Salaam, 14111, Tanzania | Leasing of real estate property |
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| Minara Zanzibar Limited * | 2nd Floor, The Luminary, Msasani, Kinondoni District, Dar es Salaam, 14111, Tanzania | Leasing of real estate property | Ordinary | 0.10% | 0.10% |
^99.99% held directly, 0.01% held indirectly.
On 4 January 2022, the Company acquired 100% of the ordinary share capital of RTGF Midco Limited, a company incorporated in the United Kingdom, for consideration of $1,000. During the year the Company contributed additional capital of $nil (2023: $46,820).
On 4 January 2022, the Company acquired 99.99% of the ordinary share capital of Minara Tanzania Limited, a company incorporated in Tanzania, for consideration of $57,002,336. During the year the Company contributed additional capital of $19,126,699 (2023: $4,000,000).
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| $ | $ | ||
| Prepayments |
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| $ | $ | ||
| Amounts owed to Group undertakings (note 8) |
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| Accruals |
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The directors of the Company are deemed to be the key personnel of the Company as defined in Section 33 of FRS 102. No directors' remuneration was paid during the current or previous year.
Transactions with group companies
Amounts owed to Group undertakings
| 2024 | 2023 | ||
| $ | $ | ||
| Amounts owed to RTGF Midco Limited |
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The amount owed to RTGF Midco Limited of $1,077 was written off during the year. Previously the amount owed to RTGF Midco Limited was interest free and repayable on demand.
The immediate parent company is SBA Telecommunications, LLC registered at 8051 Congress Avenue, Boca Raton, Florida 33487, USA.
The ultimate parent company is SBA Communications Corporation registered at 8051 Congress Avenue, Boca Raton, Florida 33487, USA. The smallest and largest group in which the results of the Company are consolidated is that headed by SBA Communications Corporation (registered office address: 8051 Congress Avenue, Boca Raton, Florida 33487, USA).