TIDMRCHA
RNS Number : 3232J
Rothschilds Continuation Finance CI
28 March 2018
Rothschilds Continuation Finance (C.I.) Limited
Report of the Directors and Financial Statements for the 9
months ended 31 December 2017
Report of the Directors
The Directors present their Directors' report and financial
statements for the 9 months ended 31 December 2017.
Principal Activities and Business Review
The principal activity of Rothschilds Continuation Finance
(C.I.) Limited (the Company) is the raising of finance for the
purpose of lending it to other companies, including members of the
Rothschild Concordia SAS group. The results for the period are set
out in the Statement of Comprehensive Income on page 8. As at 31
December 2017, GBP125,000,000 perpetual subordinated notes were in
issue by the Company.
Rothschild & Co SCA announced on 21 March 2017 that it will
change its financial year end from 31 March to 31 December.
Rothschilds Continuation Finance (C.I.) Limited has changed its
year end in line with this such that this set of financial
statements is for the 9 month period ended 31 December 2017. The
comparative figures for the Company's income statement, statement
of comprehensive income, statement of changes in equity, cash flow
statement and related notes are for the 12 months from 1 April 2016
to 31 March 2017.
Principal Risks and Uncertainties
The principal risks of the Company are credit risk, liquidity
risk, market risk and operational risk. The Company follows the
risk management policies of a fellow Group company N M Rothschild
& Sons Limited.
The Company's market risk exposure is limited to interest rate.
Exposure to interest rate movements on the perpetual subordinated
note issues has been passed to a fellow subsidiary N M Rothschild
& Sons Limited ("NMR") and parent undertaking Rothschilds
Continuation Limited ("RCL"), as the issue proceeds have been
on-lent to NMR and RCL at a fixed margin of 1/64 per cent above the
rate being paid.
Liquidity risk has similarly been transferred to NMR and RCL as
the funds on-lent have the same maturity dates as the notes issued.
The Company's principal credit risk is with NMR and RCL.
Since notes issued by the Company have been guaranteed by, and
funds have been on-lent to, NMR and RCL, the Company's ability to
meet its obligations in respect of notes issued by it is affected
by NMR's and RCL's ability to make payments to the Company.
Currency risk is not considered significant as all material
foreign currency balances and cash flows are matched.
Operational risk arising from inadequate or failed internal
processes, people and systems or from external events is managed by
maintaining a strong framework of internal controls.
Directors
The Directors who held office during the period were as
follows:
Peter Barbour
Anthony Coghlan
Mark Crump
David Oxburgh
Directors' Indemnity
The Company has provided qualifying third-party indemnities for
the benefit of its Directors. These were provided during the period
and remain in force at the date of this report.
Dividends
During the period, the Company paid dividends of GBP150,000
(year ended 31 March 2017: GBPnil).
Auditor
Pursuant to Section 487 of the Companies Act 2006, the auditor
will be deemed to be reappointed and KPMG LLP will therefore
continue in office.
Audit Information
The Directors who held office at the date of approval of this
Report of the Directors confirm that, so far as they are each
aware, there is no relevant audit information of which the
Company's auditor is unaware, and each Director has taken all the
steps that he or she ought to have taken as a Director to make
himself or herself aware of any relevant audit information and to
establish that the Company's auditors are aware of that
information.
Directors' Responsibilities Statement
The Directors are responsible for preparing the Directors'
Report and the financial statements in accordance with applicable
law and regulations.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law they have
elected to prepare the financial statements in accordance with
International Financial Reporting Standards (IFRS) as adopted by
the EU and applicable law.
Under company law the Directors must not approve the financial
statements unless they are satisfied that they give a true and fair
view of the state of affairs of the Company and of the profit or
loss of the Company for that period.
In preparing these financial statements, the Directors are
required to:
-- select suitable accounting policies and then apply them consistently;
-- make judgements and estimates that are reasonable and prudent;
-- state whether they have been prepared in accordance with IFRS as adopted by the EU;
-- assess the company's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern;
and
-- use the going concern basis of accounting unless they either
intend to liquidate the company or to cease operations, or have no
realistic alternative but to do so.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Company's
transactions and disclose with reasonable accuracy at any time the
financial position of the Company and enable them to ensure that
the financial statements comply with the Companies Act 2006. They
have general responsibility for taking such steps as are reasonably
open to them to safeguard the assets of the Company and to prevent
and detect fraud and other irregularities.
The Directors are responsible for the maintenance and integrity
of the corporate and financial information included on the
Company's website. Legislation in the UK governing the preparation
and dissemination of financial statements may differ from
legislation in other jurisdictions.
By Order of the Board
Anthony Coghlan Peter Barbour
Director Director
27 March 2018
Independent Auditor's Report to the Members of Rothschilds
Continuation Finance (C.I.) Limited
1. Our opinion is unmodified
We have audited the financial statements of Rothschilds
Continuation Finance (C.I.) Limited ("the Company") for the 9
months ended 31 December 2017 which comprise the Company primary
statements and the related notes, including the accounting policies
in note 1.
In our opinion:
-- the financial statements give a true and fair view of the
state of the Company's affairs as at 31 December 2017 and of the
Company's profit for the period then ended;
-- the Company financial statements have been properly prepared
in accordance with International Financial Reporting Standards as
adopted by the European Union (IFRSs as adopted by the EU);
-- the financial statements have been prepared in accordance
with the requirements of the Companies Act 2006 and, as regards the
Group financial statements, Article 4 of the IAS Regulation.
Basis for Opinion
We conducted our audit in accordance with International
Standards on Auditing (UK) ("ISAs (UK)") and applicable law. Our
responsibilities are described below. We believe that the audit
evidence we have obtained is a sufficient and appropriate basis for
our opinion. Our audit opinion is consistent with our report to
those charged with governance.
We were appointed as auditor by the directors on 31 March 1994.
The period of total uninterrupted engagement is the 23 years ended
31 December 2017. We have fulfilled our ethical responsibilities
under, and we remain independent of the Company in accordance with,
UK ethical requirements including the FRC Ethical Standard as
applied to listed public interest entities. No non-audit services
prohibited by that standard were provided.
Overview
============================================
Materiality: GBP1.35m (31
financial March 2017:GBP1.26m)
statements 1% (31 March
as a whole 2017: 1%) of
Total Assets
================ ==========================
Risk of
material vs March 2017
misstatement
================ ==========================
Recurring Loans No change
risks to group
undertakings
============== ================ ==========
2. Key audit matters: our assessment of risks of material misstatement
Key audit matters are those matters that, in our professional
judgement, were of most significance in the audit of the financial
statements and include the most significant assessed risks of
material misstatement (whether or not due to fraud) identified by
us, including those which had the greatest effect on: the overall
audit strategy; the allocation of resources in the audit; and
directing the efforts of the engagement team. We summarise below
the key audit matter (unchanged from March 2017), in arriving at
our audit opinion above, together with our key audit procedures to
address those matters and, as required for public interest
entities, our results from those procedures. These matters were
addressed, and our results are based on procedures undertaken, in
the context of, and solely for the purpose of, our audit of the
financial statements as a whole, and in forming our opinion
thereon, and consequently are incidental to that opinion, and we do
not provide a separate opinion on these matters.
The risk Our response
==================== ========================= ==================================================================
Recoverability Low Risk, high Our procedures included:
of intercompany value: * Test of details: Com paring the value of loans from
loans to group The amount of the the Company with the relevant group undertakings'
undertakings intercompany loans draft balance sheet to assess whether the
(GBP125 million; receivable represents subsidiaries are able to repay the loans as they fall
31 March 2017: 93% (March 2017: due.
GBP125 million) 99%) of the Company's
total assets.
Refer to page The recoverability Our results:
15 (accounting of these loans * We found the resulting estimate of the
policy) and is not a high risk
page 16 (financial of significant
disclosure) misstatement or impairment of loans
subject to significant to group undertakings
judgement. to be acceptable
However, due to (March 2017: acceptable)
their materiality
in the context
of the financial
statements, this
is considered to
be the area that
has the greatest
effect on our audit.
==================== ========================= ==================================================================
3. Our application of materiality and an overview of the scope of our audit
Materiality for the financial statements for the period ending
31 December 2017 was set at GBP1.35m (31 March 2017: GBP1.26m),
determined with reference to a benchmark of total assets (of which
it represents 1% (31 March 2017: 1%).
4. We have nothing to report on going concern
We are required to report to you if we have concluded that the
use of the going concern basis of accounting is inappropriate or
there is an undisclosed material uncertainty that may cast
significant doubt over the use of that basis for a period of at
least twelve months from the date of approval of the financial
statements. We have nothing to report in these respects.
5. We have nothing to report the other information in the financial statements
The directors are responsible for the other information
presented in the financial statements. Our opinion on the financial
statements does not cover the other information and, accordingly,
we do not express an audit opinion or, except as explicitly stated
below, any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in
doing so, consider whether, based on our financial statements audit
work, the information therein is materially misstated or
inconsistent with the financial statements or our audit knowledge.
Based solely on that work we have not identified material
misstatements in the other information.
Directors' report
Based solely on our work on the other information:
-- we have not identified material misstatements in the directors' report;
-- in our opinion the information given in the report for the
financial period is consistent with the financial statements;
and
-- in our opinion the report has been prepared in accordance with the Companies Act 2006.
6. We have nothing to report on the other matters on which we
are required to report by exception
Under the Companies Act 2006, we are required to report to you
if, in our opinion:
-- adequate accounting records have not been kept by the
Company, or returns adequate for our audit have not been received
from branches not visited by us; or
-- the Company financial statements are not in agreement with
the accounting records and returns; or
-- certain disclosures of directors' remuneration specified by law are not made; or
-- we have not received all the information and explanations we require for our audit.
We have nothing to report in these respects.
7. Respective responsibilities
Directors' responsibilities
As explained more fully in their statement set out on page 3,
the Directors are responsible for: the preparation of the financial
statements including being satisfied that they give a true and fair
view; such internal control as they determine is necessary to
enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error; assessing the
Company's ability to continue as a going concern, disclosing, as
applicable, matters related to going concern; and using the going
concern basis of accounting unless they either intend to liquidate
the Company or to cease operations, or have no realistic
alternative but to do so.
Auditor's responsibilities
Our objectives are to obtain reasonable assurance about whether
the financial statements as a whole are free from material
misstatement, whether due to fraud or other irregularities (see
below), or error, and to issue our opinion in an auditor's report.
Reasonable assurance is a high level of assurance, but does not
guarantee that an audit conducted in accordance with ISAs (UK) will
always detect a material misstatement when it exists. Misstatements
can arise from fraud, other irregularities or error and are
considered material if, individually or in aggregate, they could
reasonably be expected to influence the economic decisions of users
taken on the basis of the financial statements.
A fuller description of our responsibilities is provided on the
FRC's website at: www.frc.org.uk/auditorsresponsibilities.
Irregularities - ability to detect
We identified areas of laws and regulations that could
reasonably be expected to have a material effect on the financial
statements from our sector experience and through discussion with
the directors and other Management (as required by auditing
standards).
We had regard to laws and regulations in areas that directly
affect the financial statements including financial reporting
(including related company legislation) and taxation legislation.
We considered the extent of compliance with those laws and
regulations as part of our procedures on the related financial
statement items.
In addition we considered the impact of laws and regulations
recognising the financial nature of the Company's activities and
its legal form. With the exception of any known or possible
non-compliance, and as required by auditing standards, our work in
respect of these was limited to enquiry of the directors and other
management and inspection of regulatory and legal
correspondence.
We communicated identified laws and regulations throughout our
team and remained alert to any indications of non-compliance
throughout the audit. As with any audit, there remained a higher
risk of non-detection of non-compliance with relevant laws and
regulations irregularities, as these may involve collusion,
forgery, intentional omissions, misrepresentations, or the override
of internal controls.
8. The purpose of our audit work and to whom we owe our responsibilities
This report is made solely to the Company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006.
Our audit work has been undertaken so that we might state to the
Company's members those matters we are required to state to them in
an auditor's report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to
anyone other than the Company and the Company's members, as a body,
for our audit work, for this report, or for the opinions we have
formed.
Pamela McIntyre (Senior Statutory Auditor)
for and on behalf of KPMG LLP, Statutory Auditor
Chartered Accountants
15 Canada Square
London E14 5GL
27 March 2018
Statement of Comprehensive Income
For the 9 months ended 31 December 2017
9 months Year to
to 31 March
31 December 2017
2017
Notes GBP GBP
--------------------------- ------ ------------- -------------
Interest income 8,490,743 11,238,815
--------------------------- ------ ------------- -------------
Interest expense (8,476,027) (11,219,178)
--------------------------- ------ ------------- -------------
Operating profit 14,716 19,637
--------------------------- ------ ------------- -------------
Administrative expenses - (1,300)
--------------------------- ------ ------------- -------------
Profit before tax 4 14,716 18,337
--------------------------- ------ ------------- -------------
Income tax expense 5 (2,796) (3,667)
--------------------------- ------ ------------- -------------
Profit for the financial
year 11,920 14,670
--------------------------- ------ ------------- -------------
Other comprehensive income - -
--------------------------- ------ ------------- -------------
Total comprehensive income
for the financial year 11,920 14,670
--------------------------- ------ ------------- -------------
All amounts are in respect of continuing activities.
Balance Sheet
At 31 December 2017
31 December 31 March
2017 2017 2017 2017
Notes GBP GBP GBP GBP
------------------------ ------ ------------- -------------- ----------------- -------------------
Non-current assets
Loans to group
undertakings 6 125,000,000 125,000,000
------------------------ ------ ------------- -------------- ----------------- -------------------
Current assets
Other financial
assets 7 6,496,192 1,358,519
------------------------ ------ ------------- -------------- ----------------- -------------------
Cash and cash
equivalents 8 3,465,064 265,660
------------------------ ------ ------------- -------------- ----------------- -------------------
9,961,256 1,624,179
------------------------ ------ ------------- -------------- ----------------- -------------------
Current liabilities
Current tax payable (2,796) (3,667)
------------------------ ------ ------------- -------------- ----------------- -------------------
Other financial
liabilities 9 (9,832,192) (1,356,164)
------------------------ ------ ------------- -------------- ----------------- -------------------
Net current assets 126,268 264,348
------------------------ ------ ------------- -------------- ----------------- -------------------
Total assets
less current
liabilities 125,126,268 125,264,348
------------------------ ------ ------------- -------------- ----------------- -------------------
Non-current liabilities
Subordinated
guaranteed notes 10 (125,000,000) (125,000,000)
------------------------ ------ ------------- -------------- ----------------- -------------------
Net assets 126,268 264,348
------------------------ ------ ------------- -------------- ----------------- -------------------
Shareholders'
equity
Share capital 11 100,000 100,000
------------------------ ------ ------------- -------------- ----------------- -------------------
Retained earnings 26,268 164,348
------------------------ ------ ------------- -------------- ----------------- -------------------
Total shareholders'
equity 126,268 264,348
------------------------ ------ ------------- -------------- ----------------- -------------------
Approved by the Board of Directors and signed on its behalf on
27 March 2018 by:
Anthony Coghlan Peter Barbour
Director Director
Statement of Changes in Equity
For the 9 months ended 31 December 2017
Share Retained Total Equity
Capital Earnings
GBP GBP GBP
-------------------------- -------- --------- ------------
At 1 April 2017 100,000 164,348 264,348
-------------------------- -------- --------- ------------
Total comprehensive
income for the financial
period - 11,920 11,920
-------------------------- -------- --------- ------------
Shareholders' dividends - (150,000) (150,000)
-------------------------- -------- --------- ------------
At 31 December 2017 100,000 26,268 126,268
-------------------------- -------- --------- ------------
At 1 April 2016 100,000 149,678 249,678
-------------------------- -------- --------- ------------
Total comprehensive
income for the financial
period - 14,670 14,670
========================== ======== ========= ============
At 31 March 2017 100,000 164,348 264,348
-------------------------- -------- --------- ------------
Cash Flow Statement
For the 9 months ended 31 December 2017
9 months Year
to 31 to
December 31 March
2017 2017
Notes GBP GBP
----------------------------------- ----- ----------- ----------
Cash flow from operating
activities
Profit for the financial
period 11,920 14,670
----------------------------------- ----- ----------- ----------
Income tax expense 2,796 3,667
----------------------------------- ----- ----------- ----------
Operating profit before changes
in working capital and provisions 14,716 18,337
----------- ----------
Net (increase)/decrease in
debtors (5,137,673) 30,876
----------------------------------- ----- ----------- ----------
Net increase/(decrease) in
other financial liabilities 8,476,028 (30,822)
----------------------------------- ----- ----------- ----------
Cash generated from operations 3,353,071 18,391
----------------------------------- ----- ----------- ----------
Income taxes paid (3,667) (4,755)
----------------------------------- ----- ----------- ----------
Net cash flow from operating
activities 3,349,404 13,636
----------------------------------- ----- ----------- ----------
Cash flow used in financing
activities (150,000) -
Dividends paid
----------------------------------- ----- ----------- ----------
Net cash flow used in financing (150,000) -
activities
----------------------------------- ----- ----------- ----------
Net increase in cash and
cash equivalents 3,199,404 13,636
----------------------------------- ----- ----------- ----------
Cash and cash equivalents
at beginning of period 265,660 252,024
----------------------------------- ----- ----------- ----------
Cash and cash equivalents
at end of period 8 3,465,064 265,660
----------------------------------- ----- ----------- ----------
Interest paid and received during the period were as follows
:
9 months Year
to 31 December to 31
2017 March
2017
GBP GBP
------------------ --------------- -----------
Interest paid - 11,250,000
------------------ --------------- -----------
Interest received 3,353,070 11,269,691
------------------ --------------- -----------
Notes to the Financial Statements
(forming part of the Financial Statements)
For the 9 months ended 31 December 2017
1. Accounting Policies
Rothschilds Continuation Finance (C.I.) Limited ("the Company")
is a private limited company incorporated in Guernsey. The
principal accounting policies which have been consistently adopted
in the presentation of the financial statements are as follows:
a. Basis of preparation
The financial statements are prepared and approved by the
Directors in accordance with International Financial Reporting
Standards ("IFRS") and International Financial Reporting
Interpretations Committee ("IFRIC") interpretations, endorsed by
the European Union ("EU") and with those requirements of the
Companies (Guernsey) Law 2008 applicable to companies reporting
under IFRS. The financial statements are prepared under the
historical cost accounting rules and presented in its sterling,
unless otherwise stated. The maturities of the Company's
liabilities are matched with the maturities of its assets. There
is, therefore a strong expectation that the Company has adequate
resources to continue in operational existence for the foreseeable
future and accordingly, the financial statements have been prepared
on a going concern basis.The financial statements are presented in
sterling, unless otherwise stated.
Standards affecting the financial statements
There were no new standards or amendments to standards that have
been applied in the financial statements for the 9 months ended 31
December 2017.
Future accounting developments
A number of new standards, amendments to standards and
interpretations are effective for accounting periods ending after
31 December 2017 and therefore have not been applied in preparing
these financial statements. None of these are expected to have a
significant effect on the financial statements of the Company.
Accounting standards first effective for accounting periods
beginning on or after 1 January 2018
IFRS 9 Financial Instruments, which replaces IAS 39 Financial
Instruments: Recognition and Measurement and includes revised
guidance in respect of the classification and measurement of
financial assets and liabilities and introduces additional
requirements for liabilities and hedge accounting as well as a new
expected credit loss model for calculating impairment on financial
assets. This new standard is not expected to have a material impact
on the Company.
b. Interest receivable and payable
Interest is recognised in the statement of comprehensive income
using the effective interest rate method.
c. Taxation
Tax payable on profits is recognised in the statement of
comprehensive income.
d. Cash and cash equivalents
For the purposes of the cash flow statement, cash and cash
equivalents comprise balances with other group companies that are
readily convertible to cash and are subject to an insignificant
risk of changes in value.
e. Capital management
The Company is not subject to any externally imposed capital
requirements. It is dependent on Rothschilds Continuation Limited
(the parent undertaking) to provide capital resources which are
therefore managed on a group basis.
f. Financial assets and liabilities
Financial assets and liabilities are recognised on trade date
and derecognised on either trade date, if applicable, or on
maturity or repayment.
On initial recognition, IAS 39 requires that financial assets be
classified into the following categories; at fair value through
profit or loss, loans and receivables, held-to-maturity
investments, or available for sale investments. The company does
not hold any assets that are classified as held-to-maturity or
available for sale.
Loans and advances are non-derivative financial assets with
fixed or determinable payments that are not quoted in an active
market.
Loans and advances are intitially recorded at fair value,
including any transaction costs and are subsequently measured at
amortised cost using the effective interest rate method. Gains and
losses arising on derecognition of loans and advances are
recognised in other operating income.
g. Accounting Judgements and estimates
The preparation of financial statements in accordance with IFRS
requires the use of certain critical accounting estimates. It also
requires management to exercise judgement in applying the
accounting policies.
2. Financial Risk Management
The Company follows the financial risk management policies of
the parent undertaking, Rothschilds Continuation Limited. The key
risks arising from the Company's activities involving financial
instruments, which are monitored at the group level, are as
follows:
- Credit risk - the risk of loss arising from client or
counterparty default is not considered a significant risk to the
Company as all asset balances are with other group companies as
detailed in note 12 Related Party Transactions.
- Market risk - exposure to changes in market variables such as
interest rates, currency exchange rates, equity and debt prices is
not considered significant as the terms of financial assets
substantially match those of financial liabilities.
- Liquidity risk - the risk that the Company is unable to meet
its obligations as they fall due or that it is unable to fund its
commitments is not considered significant as material cash inflows
and outflows from financial assets and liabilities are
substantially matched.
3. Directors' Emoluments
None of the Directors received any remuneration in respect of
their services to the Company during the period (year to 31 March
2017: GBPnil).
4. Audit Fee
The amount receivable by the auditors and their associates in
respect of the audit of these financial statements is GBP5,000
(year to 31 March 2017: GBP3,511). The audit fee is paid on a group
basis by N M Rothschild & Sons Limited.
5. Taxation
9 months to Year to
31 December 31 March
2017 2017
GBP GBP
---------------------------------------------- -------------- -----------
Profit before tax 14,716 18,337
---------------------------------------------- -------------- -----------
United Kingdom corporation tax at 19% (year
to 31 March 2017: 20%) 2,796 3,667
---------------------------------------------- -------------- -----------
6. Loans to Group Undertakings
Subordinated
Perpetual Loans
to Group Undertakings
GBP
------------------------- ---------------------
At the beginning and end
of the period 125,000,000
------------------------- ---------------------
The interest rate charged on the subordinated perpetual loans to
group undertakings is 9 1/64 per cent. The fair value of the loans
was GBP160,125,000 as at 31 December 2017 (at 31 March 2017:
GBP157,312,500). The fair value was estimated using market price at
the balance sheet date for similar instruments (level 2) .
7. Other Financial Assets
31 December 31 March
2017 2017
GBP GBP
------------------------ ------------ ----------
Amounts owed by parent
undertaking 2,556,486 543,408
------------------------ ------------ ----------
Amounts owed by fellow
subsidiary undertaking 3,939,706 815,111
------------------------ ------------ ----------
6,496,192 1,358,519
------------------------ ------------ ----------
8. Cash and Cash Equivalents
At the period end the Company held cash of GBP3,465,064 (at 31
March 2017: GBP265,660) at a fellow subsidiary undertaking.
9. Other Financial Liabilities
31 December 31 March
2017 2017
GBP GBP
----------------- ----------- ----------
Interest payable 9,832,192 1,356,164
----------------- ----------- ----------
Interest payable on the subordinated guaranteed notes is fixed
at 9 per cent.
10. Subordinated Guaranteed Notes
31 December 31 March
2017 2017
GBP GBP
------------------------------ ----------- -----------
GBP125,000,000 9% Perpetual
Subordinated Guaranteed Notes 125,000,000 125,000,000
------------------------------ ----------- -----------
The fair value of the subordinated guaranteed notes was
GBP160,000,000 as at 31 December 2017 (at 31 March 2017:
GBP157,187,500). The fair value was estimated using market price at
the balance sheet date (level 1).
The following table shows contractual cash flows payable by the
Company on the subordinated guaranteed notes, analysed by remaining
contractual maturity at the balance sheet date. Interest cash flows
on the loan are shown up to five years only, with the prinicipal
balance being shown in the > 5yr column.
Demand Demand-3m 3m - 1yr - > 5yr Total
1yr 5yr
GBP GBP GBP GBP GBP GBP
----------- ------ ---------- ---- ---------- ----------- -----------
Loan notes
in issue - 11,250,000 - 45,000,000 125,000,000 181,250,000
----------- ------ ---------- ---- ---------- ----------- -----------
11. Share Capital
31 December 31 March
2017 2017
GBP GBP
------------------------------ ------------ ---------
Authorised
Ordinary shares of GBP1 each 100,000 100,000
------------------------------ ------------ ---------
Allotted, called up and fully
paid
Ordinary shares of GBP1 each 100,000 100,000
------------------------------ ------------ ---------
12. Related Party Transactions
Parties are considered related if one party controls, is
controlled by or has the ability to exercise significant influence
over the other party. This includes key management personnel, the
parent company, subsidiaries and fellow subsidiaries.
Amounts receivable from related parties at the period end were
as follows:
31 December 31 March
2017 2017
GBP GBP
-------------------------------------- ------------ -----------
Subordinated perpetual loan
to parent undertaking 50,000,000 50,000,000
-------------------------------------- ------------ -----------
Subordinated perpetual loan
to fellow subsidiary undertaking 75,000,000 75,000,000
-------------------------------------- ------------ -----------
Amounts owed by parent undertaking 2,556,486 543,408
-------------------------------------- ------------ -----------
Amounts owed by fellow subsidiary
undertaking 3,939,706 815,111
-------------------------------------- ------------ -----------
Cash at fellow subsidiary undertaking 3,465,064 265,660
-------------------------------------- ------------ -----------
Amounts recognised in the statement of comprehensive income in
respect of related party transactions were as follows:
9 months Year to
to 31 March
31 December 2017
2017
GBP GBP
-------------------------------- ------------ ----------
Interest receivable from parent
undertaking 5,094,446 4,495,462
-------------------------------- ------------ ----------
Interest receivable from fellow
subsidiary undertaking 3,396,297 6,743,353
-------------------------------- ------------ ----------
Amounts recognised directly in equity in respect of related
party transactions were as follows:
9 months Year to
to 31 March
31 December 2017
2017
GBP GBP
---------------------------- ------------ ---------
Dividend payable to parent
undertaking 150,000 -
---------------------------- ------------ ---------
There were no loans made to Directors during the period (year to
31 March 2017: none) and no balances outstanding at the period end
(at 31 March 2017: GBPnil). There were no employees of the Company
during the period (year to 31 March 2017: none).
13. Parent Undertaking and Ultimate Holding Company
The largest group in which the results of the Company are
consolidated is that headed by Rothschild Concordia SAS,
incorporated in France, and whose registered office is at 23bis,
Avenue de Messine, 75008 Paris. The smallest group in which they
are consolidated is that headed by Rothschild & Co SCA, a
French public limited partnership whose registered office is also
at 23bis, Avenue de Messine, 75008 Paris. The accounts are
available on Rothschild & Co website at
www.rothschildandco.com.
The Company's immediate parent company is Rothschilds
Continuation Limited, incorporated in England and Wales and whose
registered office is at New Court, St Swithins Lane, London EC4N
8AL.
The Company's registered office is located at St Julian's Court,
St Peter Port, Guernsey, GY1 3BP.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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