RCS Limited - Accounts to registrar (filleted) - small 18.2
RCS Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| RCS LIMITED |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2020 |
| RCS LIMITED (REGISTERED NUMBER: 01676417) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2020 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| RCS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| Statutory Auditors |
| Sidings House |
| Sidings Court |
| Lakeside |
| Doncaster |
| South Yorkshire |
| DN4 5NU |
| RCS LIMITED (REGISTERED NUMBER: 01676417) |
| STATEMENT OF FINANCIAL POSITION |
| 31 DECEMBER 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| Investment property | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 13 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 14 |
| Share premium |
| Revaluation reserve | 15 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| RCS LIMITED (REGISTERED NUMBER: 01676417) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2020 |
| 1. | STATUTORY INFORMATION |
| RCS Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office can be found on the Company Information page. |
| During the accounting period under review the company re-registered from an unlisted public company to a private limited company. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Related party exemption |
| 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. |
| Tangible fixed assets |
| Plant and machinery | - |
| Freehold land is not depreciated on the basis that its residual value is greater than cost as stated in the accounts. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the 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. |
| Deferred tax |
| 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. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| RCS LIMITED (REGISTERED NUMBER: 01676417) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2020 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| £ |
| COST OR VALUATION |
| At 1 January 2020 |
| Additions |
| At 31 December 2020 |
| DEPRECIATION |
| At 1 January 2020 |
| Charge for year |
| At 31 December 2020 |
| NET BOOK VALUE |
| At 31 December 2020 |
| At 31 December 2019 |
| Cost or valuation at 31 December 2020 is represented by: |
| Plant and |
| machinery |
| £ |
| Cost | 747,795 |
| 5. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST |
| At 1 January 2020 |
| and 31 December 2020 |
| NET BOOK VALUE |
| At 31 December 2020 |
| At 31 December 2019 |
| RCS LIMITED (REGISTERED NUMBER: 01676417) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2020 |
| 5. | FIXED ASSET INVESTMENTS - continued |
| The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
| Registered office: |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2020 | 2019 |
| £ | £ |
| Aggregate capital and reserves | ( |
) |
| Profit for the year |
| Registered office: |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2020 | 2019 |
| £ | £ |
| Aggregate capital and reserves | ( |
) | ( |
) |
| Profit/(loss) for the year | ( |
) |
| 6. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 January 2020 |
| and 31 December 2020 |
| NET BOOK VALUE |
| At 31 December 2020 |
| At 31 December 2019 |
| 7. | DEBTORS |
| 2020 | 2019 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| RCS LIMITED (REGISTERED NUMBER: 01676417) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2020 |
| 7. | DEBTORS - continued |
| 2020 | 2019 |
| £ | £ |
| Amounts falling due after more than one year: |
| Amounts owed by group undertakings |
| Other debtors |
| Aggregate amounts |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loans and overdrafts (see note 10) |
| Hire purchase contracts (see note 11) |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loans (see note 10) |
| Hire purchase contracts (see note 11) |
| Other creditors |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans | 248,282 | 856,596 |
| 10. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2020 | 2019 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Other loans |
| RCS LIMITED (REGISTERED NUMBER: 01676417) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2020 |
| 10. | LOANS - continued |
| 2020 | 2019 |
| £ | £ |
| Amounts falling due between one and two years: |
| Bank loans |
| Amounts falling due between two and five years: |
| Bank loans |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans | 248,282 | 856,596 |
| 11. | LEASING AGREEMENTS |
| Minimum lease payments under hire purchase fall due as follows: |
| 2020 | 2019 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| 12. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2020 | 2019 |
| £ | £ |
| Bank loans |
| Hire purchase contracts | 24,251 | 60,576 |
| Cambridge & Counties Bank Limited has the following security in respect of the loan it has made to the company: |
| - First Legal Mortgage dated 31 May 2013 over the freehold and investment property from which RCS Plc trades at Randall Park Way, Retford. |
| 13. | PROVISIONS FOR LIABILITIES |
| 2020 | 2019 |
| £ | £ |
| Deferred tax | 102,873 | 90,487 |
| RCS LIMITED (REGISTERED NUMBER: 01676417) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2020 |
| 13. | PROVISIONS FOR LIABILITIES - continued |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2020 |
| Change in tax rate |
| Timing differences | 12,386 |
| Revaluation gains movement |
| Balance at 31 December 2020 |
| The balance carried forward for deferred tax relates to £34,613 in respect of accelerated capital allowances. |
| 14. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2020 | 2019 |
| value: | £ | £ |
| Ordinary | £1 | 67,367 | 67,367 |
| 15. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1 January 2020 |
| and 31 December 2020 |
| 16. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| RCS LIMITED (REGISTERED NUMBER: 01676417) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2020 |
| 17. | RELATED PARTY DISCLOSURES |
| M J Todd |
| Director |
| Sales to the Company total £3,213 (2019 - £nil). At the year end the company owed the director £150 (2019: £146), there is an outstanding balance due to RCS Limited of £1,482 (2019: £nil) at the balance sheet date. |
| C Todd |
| Director |
| Sales to the Company total £3,075 (2019 - £nil). There is an outstanding balance due to RCS Ltd of £375 (2019 - £nil ) at the balance sheet. |
| Cutoutme LLC |
| A company under common control |
| Sales made to the Company during the year amount to £4,381 (2019: £nil). There is an outstanding balance due to RCS Limited of £nil (2019: £nil) at the balance sheet date. |
| Cutoutme GmbH |
| A company under common control |
| Sales made to the Company during the year amount to £nil (2019: £nil). There is an outstanding loan balance due to RCS Limited of £9,295 (2019: £58,314) at the balance sheet date, interest of £2,249 ( 2019: £4,765) has been paid in the year. |
| 18. | ULTIMATE CONTROLLING PARTY |
| The company was controlled throughout the current and previous year by its directors, M J Todd and C E Todd, by virtue of their combined majority holding in its issued ordinary share capital. |