Company Registration No. 03631477 (England and Wales)
RTS (IBC) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
RTS (IBC) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
RTS (IBC) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Investments
3
54,080
54,080
Current assets
Debtors
4
538,375
523,316
Cash at bank
24,475
30,149
562,850
553,465
Creditors: amounts falling due within one year
5
(616,928)
(607,543)
Net current liabilities
(54,078)
(54,078)
Total assets less current liabilities
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. 03631477
RTS (IBC) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 2 -
1
Accounting policies
Company information
RTS (IBC) 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 represents the company's share of the profits arising on exhibitions and conferences undertaken by the International Broadcasting Convention, a partnership in which RTS (IBC) Limited owns an 18% share.
1.4
Fixed asset investments
Fixed asset investments
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.
1.5
Cash and cash equivalents
Cash and cash equivalents
comprise cash at bank.
1.6
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 other
debtors, investments
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised
cost.
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.
RTS (IBC) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 3 -
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, including
o
ther
creditors and
loans from
fellow group companies are classified as debt, are
initially recognised at transaction price
.
Debt instruments are subsequently carried at amortised cost
.
1.7
Taxation
The tax expense represents the sum of the
corporation
tax currently payable
.
Current tax
The
corporation
tax currently payable is
as a result of RTS (IBC) Limited's investment in International Broadcasting Convention.
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
Fixed asset investments
2019
2018
£
£
Investments
80
80
Other investments
54,000
54,000
54,080
54,080
Movements in fixed asset investments
Shares
Other
Total
£
£
£
Cost or valuation
At 1 January 2019 & 31 December 2019
80
54,000
54,080
Carrying amount
At 31 December 2019
80
54,000
54,080
At 31 December 2018
80
54,000
54,080
RTS (IBC) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 4 -
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
538,375
523,316
5
Creditors: amounts falling due within one year
2019
2018
£
£
Amounts owed to group undertakings
606,007
600,058
Taxation and social security
7,318
3,945
Other creditors
3,603
3,540
616,928
607,543
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary of £1 each
2
2
7
Payment under deed of covenant
The entire profits of the company have been covenanted to the holding company, Royal Television Society, a registered charity.
8
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.
9
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.
RTS (IBC) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 5 -
10
Parent company
The company is a wholly owned subsidiary of Royal Television Society, a company registered in England and Wales.