Ross : REPORT OF THE DIRECTORS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 FOR ROSS DIVERSIFIED TRADING LIMITED

ROSS DIVERSIFIED TRADING LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2019

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

ROSS DIVERSIFIED TRADING LIMITED

Opinion

We have audited the financial statements of Ross Diversified Trading Limited (the 'company') for the year ended 31 December 2019 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union.

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2019;
• have been properly prepared in accordance with IFRSs as adopted by the European Union; and
• have been prepared in accordance with the requirements of the Companies Act 2006.

Separate opinion in relation to IFRSs as issued by the IASB

The company in addition to complying with its legal obligation to apply IFRSs as adopted by the European Union, has also applied IFRSs as issued by the International Accounting Standards Board (IASB).

In our opinion the financial statements give a true and fair view of the financial position of the company as at 31 December 2019 and of its financial performance and its cash flows for the year then ended in accordance with IFRSs as issued by the IASB.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty related to going concern

We draw attention to note 2 in the financial statements, which indicates that the company's total liabilities exceed its total assets by £609,384 for the year ended 31 December 2019. As stated in note 2, these events or conditions, along with the other matters as set forth in note 2, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respects of this matter.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
• the Report of the Directors has been prepared in accordance with applicable legal requirements.

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ROSS DIVERSIFIED TRADING LIMITED

INCOME STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2019

The notes form part of these financial statements

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ROSS DIVERSIFIED TRADING LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2019

The notes form part of these financial statements

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ROSS DIVERSIFIED TRADING LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2019

The notes form part of these financial statements

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ROSS DIVERSIFIED TRADING LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2019

The notes form part of these financial statements

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ROSS DIVERSIFIED TRADING LIMITED

NOTES TO THE STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2019

1.RECONCILIATION OF PROFIT BEFORE INCOME TAX TO CASH GENERATED FROM OPERATIONS

The notes form part of these financial statements

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ROSS DIVERSIFIED TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

1. STATUTORY INFORMATION
   Ross Diversified Trading Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2. ACCOUNTING POLICIES
   Basis of preparation
   These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations issued by the IFRS Interpretations Committee (IFRS IC) as adopted by the European Union and with the Companies Act 2006 as applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost conversion.
   Going concern
   Although the company has historically incurred significant losses, which results in negative retained earnings and the position that total liabilities exceed total assets the Directors feel the going concern basis is appropriate.
   Taxation
   Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the statement of financial position date.
   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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
   Financial instruments
   Financial assets and liabilities are recognised on the statement of financial position when the entity becomes party to the contractual provision of the instrument.
   The company's instruments consist primarily accounts payable.
   Trade and other payables
   These amounts represent liabilities for goods and services provided to the group prior to the end of the financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.
   Foreign currencies
   Transactions denominated in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities in foreign currencies are translated at the rates of exchange ruling at the year end date. These transaction differences are dealt with in the income statement. The financial statements of foreign subsidiaries are translated at the rate of exchange ruling at the year end date. The exchange differences arising from the retranslation of the opening net investment in subsidiaries are taken directly to reserves.
3. TURNOVER
   There has been no turnover in the current or previous year.

ROSS DIVERSIFIED TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2019

4.EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 December 2019 nor for the year ended 31 December 2018.

5.INCOME TAX

Analysis of tax expense

No liability to UK corporation tax arose for the year ended 31 December 2019 nor for the year ended 31 December 2018.

6.CALLED UP SHARE CAPITAL

8.TRADE AND OTHER PAYABLES

ROSS DIVERSIFIED TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2019

1. FINANCIAL INSTRUMENTS
   The Company uses financial instruments, other than derivatives, comprising borrowings, cash, liquid resources and various items that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Company's operations.
   The Company did not enter into derivatives transactions such as interest rate swaps, forward rate agreements and forward foreign currency contracts.
   The directors consider that the interest rate risk, liquidity risk and foreign currency risks arising from the Company's financial instruments are low.
   It is and has been throughout the year under review, the group policy that no trading in financial instruments shall be undertaken.
2. RELATED PARTY DISCLOSURES
   The company's immediate parent undertaking is Ross Group Plc. It has included the company in its consolidated group accounts, copies of which are available from 71-75 Shelter Street, Covent Garden, London, WC2H 9JQ. There's no ultimate controlling party of Ross Group plc and therefore Ross Diversified Trading Limited.
   The amount owed to Ross Group Plc at the year end was £609,384 (2018: £609,384).

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