Company Registration No. 01999837 (England and Wales)
RTS ENTERPRISES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
RTS ENTERPRISES LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
RTS ENTERPRISES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Current assets
Debtors
3
317,365
255,773
Cash at bank
59,584
89,826
376,949
345,599
Creditors: amounts falling due within one year
4
(376,947)
(345,597)
Net current assets
2
2
Capital and reserves
Called up share capital
6
2
2
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 March 2020 and are signed on its behalf by:
J Turton
Director
Company Registration No. 01999837
RTS ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 2 -
1
Accounting policies
Company information
RTS Enterprises Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
3 Dorset Rise, London, EC4Y 8EN.
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”) taking advantage of Section 1A, and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
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.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable
and represents amounts receivable for award ceremonies and a conference, net of discounts, VAT and other sales related taxes.
Turnover is recognised when an awards ceremony or conference takes place. Sales invoiced in advance are deferred and recognised in the period to which they relate.
1.4
Cash and cash equivalents
Cash and cash equivalents
comprise cash at bank.
1.5
Financial instruments
The company has
chosen
to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Basic financial assets
Basic financial assets, which include trade and other
debtors, intercompany balances
and cash
and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost
.
Trade debtors
, loans and other
debtors
that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and
debtors
'. Loans and
debtors
are measured at amortised cost, less any impairment.
Interest is recognised by applying the
agreed
interest rate,
which has been determined using a market rate
for
a similar loan.
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.
RTS ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including trade and other
creditors and
loans from
fellow group companies, are
initially recognised at transaction price
.
Debt instruments are subsequently carried at amortised cost
.
Trade
creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers.
Trade creditors
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
.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2018 - 3). No employee received any remuneration.
3
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
202,272
175,492
Amounts owed by group undertakings
54,080
54,080
Other debtors
61,013
26,201
317,365
255,773
4
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
7,020
4,151
Amounts owed to group undertakings
197,907
183,080
Taxation and social security
-
10,357
Other creditors
172,020
148,009
376,947
345,597
5
Payment under deed of covenant
The entire profits of the company have been covenanted to the holding company, Royal Television Society, a registered charity.
RTS ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 4 -
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary of £1 each
2
2
7
Audit report information
As the
profit and loss account
has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
.
The auditor's report was unqualified.
The senior statutory auditor was Paul Berlyn FCA.
The auditor was Arram Berlyn Gardner LLP.
8
Related party transactions
The company has taken advantage of the exemptions from disclosure available to wholly owned subsidiary undertakings under section 33.1A of FRS 102 in connection with intra group transactions.
9
Parent company
The company is a wholly owned subsidiary of Royal Television Society, a company registered in England and Wales.