Rs Furbs Limited
Rs Furbs Limited
Registered number: 04732937
Unaudited Financial Statements
For The Year Ended
31 December 2022
Maurice J Bushell & Co Ltd.
Certified Chartered Accountants
1 St Katherine's Way
London
E1W 1UN
Rs Furbs Limited
Unaudited Financial Statements
For The Year Ended
31 December 2022
Unaudited Financial Statements
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| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
Rs Furbs Limited
Balance Sheet
As At
31 December 2022
Balance Sheet
Registered number:
04732937
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Investments | 5 |
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| CURRENT ASSETS | |||||
| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 7 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 17,622,060 | 17,469,326 | |||
Rs Furbs Limited
Balance Sheet (continued)
As At
31 December 2022
On behalf of the board
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Director
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The notes on pages 3 to 6 form part of these financial statements.
Rs Furbs Limited
Notes to the Financial Statements
For The Year Ended
31 December 2022
Notes to the Financial Statements
1.
General Information
Rs Furbs Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
04732937
. The registered office is 4th Floor Phoenix House, 1 Station Hill, Reading, Berkshire, RG1 1NB.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Motor Vehicles |
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2.4.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3.
Average Number of Employees
Average number of employees, including directors, during the year was:
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| Office and administration |
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Rs Furbs Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
4.
Tangible Assets
| Motor Vehicles | |
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| Depreciation | |
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| Net Book Value | |
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5.
Investments
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| Net Book Value | |
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A capital contribution of £630,000 to Neuron Advisers LLP (formerly known as LDF Advisers LLP) was made in the financial year 2012. The company is also a member of Neuron Advisers LLP.
At the end of 2022, the company's subscribed shares in private equity fund was £5,742,710.48 (2021: £4,648,210). In the current year 2022 there is a investment of £1,658,914.99 and the capital repayment is £5,64,414.85. The investment was carried at cost.
The remaining investments are mainly listed shares and corporate notes of 4,462,373.41 (2021: £4,462,373.41) which were bought for long term holding.
Investment in Glasswall Holdings ltd remains same with amounting to £200,000 (2021: 200,000).
Other Investment in shares are £2,520,312.76 (2021: 468,636). There is a investment in shares of £2,101.676.84 and a redemption of £50,000.
Current year Additions :
Investment in PE Fund - 1,658,914.99
Investment in Shares - 2,101.676.84
Investment in Strategic Reserach - 8,400
Rs Furbs Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
6.
Debtors
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| Due within one year | |||
| Trade debtors |
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| Interest receivable |
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| Loan |
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| Deferred tax current asset | 428,461 | 299,254 | |
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On 16 December 2015, a loan of £50,000 was made with no fixed repayments terms and attracts an interest of 8% annum, starting from 1 January 2016. Further £50,000 was lent during 2016 on the same term. Another loan of £30,000 was granted in March 2017. Further loans were granted in 2018 and these loan balance at the end of 2022 was £NIL (2021: £NIL).
On 6 October 2016, the company granted a loan of US$5 million to LDFA Limited - a company is wholly owned by the director. Another loan of £10 million was granted in March 2017. These loans are interest free and repayable on demand.
On 10th January 2022 , The company granted a loan of £50,000 to SWINFORD TOLL BRIDGE. These loans are interest free and repayable on demand.
7.
Creditors: Amounts Falling Due Within One Year
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| Corporation tax |
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| RCS Trust loan |
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| RCS USD loan |
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| Accruals and deferred income |
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| Director's loan account |
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On 5 July 2011 the company entered into a loan with RCS Trust of £2,000,000 which is repayable over a two year period and attract interest payable annually at a rate of base plus 1.5%. The loan has been rolled over afterwards.
On 13 March 2012 the company entered into a further loan with RCS Trust of £1,000,000 which is repayable over a two year period and attracts interest payable annually at a rate of base plus 1.5%. The loan has been rolled over afterwards.
On 25 November 2013, the director granted the company a loan of £4,000,000. The loan is interest free, unsecured and payable on demand.There is a repayment of £2,001,548 in the year 2022.
On 13 September 2019, the director granted the company a loan of £802,439. The loan is interest free, unsecured and payable on demand.
On 14 October 2021, the company entered into an additional loan of £6,700,000 with RCS Trust
9.
Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments.
An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Rs Furbs Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
10.
Related Party Transactions
LDFA Limited - a company wholly owned by Mr R C Standing was granted a loan of US$5 million in October 2016. Another loan of £10 million was granted in March 2017. These loans are interest free and repayable on demand and are included in note 6.
At 31 December 2022 the company owed £1,998,451.90 (2021: £4,000,000) to Mr R C Standing. This amount is interest free, has no fixed repayment and is shown within creditors in note 7.
At 31 December 2022 the company owed £9,700,000 (2021: £9,700,000) to RCS Trust, a trust in which Mr R C Standing is a beneficiary. This amount remained outstanding at 31 December 2022 and is shown within creditors at note 7. During the year loan interest of £116,220.15 (2021: £116,220) was charged to the profit and loss accounts.
Mr R C Standing, a director of the company, is also a member of Neuron Advisers LLP (formerly known as LDF Advisers LLP). In 2012, the company made an investment of £630,000 in Neuron Advisers LLP and there is a addition of £335,188.40 investment in the year of 2022. This amount is included within investments and is shown within note 5.
At 31 December 2022 the company owed £1,584,983 to Mr R C Standing. This amount is interest free, has no fixed repayment and is shown within creditors in note 7.
11.
Ultimate Controlling Party
The company's ultimate controlling party is
Robert C Standing
by virtue of his ownership of 100% of the issued share capital in the company.