RWE 20 St Thomas Street Ltd - Period Ending 2020-12-31
RWE 20 St Thomas Street Ltd - Period Ending 2020-12-31
Year Ended
Registration number:
RWE 20 St Thomas Street Ltd
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
RWE 20 St Thomas Street Ltd
Company Information
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Directors |
N Guerra A Williams |
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Registered office |
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Auditors |
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RWE 20 St Thomas Street Ltd
Balance Sheet
31 December 2020
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Note |
2020 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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( |
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Provisions for liabilities |
- |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 11455200
RWE 20 St Thomas Street Ltd
Notes to the Financial Statements
Year Ended 31 December 2020
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There are no material departures from FRS102.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
Going concern
The directors are satisfied with the result for the period and look forward to a full year of satisfactory occupancy at the site, profitability and cash generation.
Notwithstanding the net liabilities position at the balance sheet date, the directors, having made all relevant enquiries, consider it appropriate to prepare these financial statements on the going concern basis. The reasons for this assessment are as follows:
-The directors have given consideration to the known, and likely foreseeable, impact upon the business of the COVID-19 pandemic and have prepared forecasts under various occupancy and revenue scenarios, and, under the likely scenarios, the company remains a going concern.
-The current cash reserves and forecasts for the period to 31 December 2023 support the directors’ assessment of the company’s ability to continue to trade and meet its liabilities as they fall due.
-The directors have considered the nature of trade and other creditors presented as due within one year and are satisfied, having also considered the impact on counterparties of COVID-19, that liabilities will be met as they fall due for the foreseeable future.
-Included within accruals falling due within one year is £260,535 (2019: £284,205), and in accruals falling due in greater than one year is £Nil (2019: £260,549), of balances being released to the profit and loss account over the period of the lease arrangements in accordance with FRS 102, of lease incentives. The balances therefore do not represent a loan, borrowing or other cash liability of the company.
RWE 20 St Thomas Street Ltd
Notes to the Financial Statements
Year Ended 31 December 2020
Key judgements and sources of estimation uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key judgement that has a significant effect on the financial statements is in respect of going concern, as described in the accounting policy above.
A key accounting estimate that has a significant effect on the financial statements is the recoverability of intercompany balances. The directors consider these balances to be recoverable. The carrying amount is £237,820 (2019 - £76,723).
Tangible fixed assets are carried at cost, less accumulated depreciation and any subsequent accumulated impairment loss. This requires an estimation in the depreciation rates used as well as assessment of the ongoing economic contribution of the assets of the company as to whether an indicator of impairment has occurred. The carrying amount is £687,743 (2019 - £1,437,419).
Revenue recognition
The company provides membership to individuals and companies on a month-to-month basis. Membership affords these individuals and companies access to office space as well as shared facilities and services. Membership income consists of fees from members and is recognised monthly as access to office space, services and other benefits of membership are provided. All service allowances included in a monthly membership which remain unused at the end of a given month expire.
Membership fees received in advance are treated as deferred income on balance sheet and released to the profit and loss account in accordance with the timing of the period to which they relate.
Other revenue consists primarily of the provision of event space to members and other customers and is recognised once the event has taken place.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
The company receives/passes some tax losses from/to fellow group companies via group relief. It makes/receives payment for these losses at the average rate of tax for the financial period in which the losses are relieved.
RWE 20 St Thomas Street Ltd
Notes to the Financial Statements
Year Ended 31 December 2020
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Furniture, fittings and equipment |
Straight line over 3 years |
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Leasehold improvements |
Over the term of the lease |
Provisions
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation and the amount can be estimated reliably. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.
Leases
Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term.
The company is party to a revenue share arrangement which results in an agreed proportion of revenue being payable to the property landlord by way of rent in arrears.
RWE 20 St Thomas Street Ltd
Notes to the Financial Statements
Year Ended 31 December 2020
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Inter company debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Tangible assets |
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Furniture, fittings and equipment |
Leasehold improvements |
Total |
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Cost or valuation |
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At 1 January 2020 |
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At 31 December 2020 |
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Depreciation |
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At 1 January 2020 |
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Charge for the year |
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At 31 December 2020 |
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Carrying amount |
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At 31 December 2020 |
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At 31 December 2019 |
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RWE 20 St Thomas Street Ltd
Notes to the Financial Statements
Year Ended 31 December 2020
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Debtors |
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2020 |
2019 |
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Trade debtors |
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Amounts due from group undertakings |
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Other debtors |
- |
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Prepayments |
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Creditors |
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2020 |
2019 |
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Due within one year |
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Trade creditors |
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Amounts due to group undertakings |
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Social security and other taxes |
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Other creditors |
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Accruals |
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2020 |
2019 |
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Due after one year |
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Other creditors |
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728,278 |
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Accruals |
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260,549 |
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988,827 |
RWE 20 St Thomas Street Ltd
Notes to the Financial Statements
Year Ended 31 December 2020
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Deferred income |
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2020 |
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At 1 January 2020 |
487,146 |
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Released during the year |
(487,146) |
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Received during the year |
229,251 |
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At 31 December 2020 |
229,251 |
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Provisions for liabilities |
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Deferred tax |
Total |
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At 1 January 2020 |
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Decrease in provisions |
( |
( |
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At 31 December 2020 |
- |
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Parent and ultimate parent undertaking |
Relationship between entity and parent
The company's immediate parent is Runway East Limited, incorporated in England & Wales.
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Audit report |