IRIS Accounts Production v22.1.0.628 10797554 director 1.1.21 31.12.21 31.12.21 0 0 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure107975542020-12-31107975542021-12-31107975542021-01-012021-12-31107975542019-12-31107975542020-01-012020-12-31107975542020-12-3110797554ns16:EnglandWales2021-01-012021-12-3110797554ns15:PoundSterling2021-01-012021-12-3110797554ns11:Director12021-01-012021-12-3110797554ns11:PrivateLimitedCompanyLtd2021-01-012021-12-3110797554ns11:SmallEntities2021-01-012021-12-3110797554ns11:AuditExempt-NoAccountantsReport2021-01-012021-12-3110797554ns11:SmallCompaniesRegimeForDirectorsReport2021-01-012021-12-3110797554ns11:SmallCompaniesRegimeForAccounts2021-01-012021-12-3110797554ns11:FullAccounts2021-01-012021-12-3110797554ns11:CompanySecretary12021-01-012021-12-3110797554ns11:RegisteredOffice2021-01-012021-12-3110797554ns6:CurrentFinancialInstruments2021-12-3110797554ns6:CurrentFinancialInstruments2020-12-3110797554ns6:ShareCapital2021-12-3110797554ns6:ShareCapital2020-12-3110797554ns6:RetainedEarningsAccumulatedLosses2021-12-3110797554ns6:RetainedEarningsAccumulatedLosses2020-12-3110797554ns6:PlantMachinery2021-01-012021-12-3110797554ns6:PlantMachinery2020-12-3110797554ns6:PlantMachinery2021-12-3110797554ns6:PlantMachinery2020-12-3110797554ns6:CostValuation2020-12-3110797554ns6:AdditionsToInvestments2021-12-3110797554ns6:DisposalsRepaymentsInvestments2021-12-3110797554ns6:CostValuation2021-12-3110797554ns6:CurrentFinancialInstruments2021-01-012021-12-31
REGISTERED NUMBER: 10797554 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

RITMIR VENTURES LTD

RITMIR VENTURES LTD (REGISTERED NUMBER: 10797554)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


RITMIR VENTURES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







Director: Mr H Ritchotte





Secretary: Vistra Company Secretaries Limited





Registered office: Suite 1, 3rd Floor
11-12 St James's Square
London
SW1Y 4LB





Registered number: 10797554 (England and Wales)





Accountants: Vistra Trust Company Limited
First Floor, Templeback
10 Temple back
Bristol
BS1 6FL

RITMIR VENTURES LTD (REGISTERED NUMBER: 10797554)

BALANCE SHEET
31 DECEMBER 2021

31.12.21 31.12.20
Notes £    £   
FIXED ASSETS
Tangible assets 4 2,874 4,088
Investments 5 6,523,819 7,366,279
6,526,693 7,370,367

CURRENT ASSETS
Debtors 6 849,507 -
Investments 7 1,204,140 500,000
Cash at bank 1,489,587 2,596,898
3,543,234 3,096,898
CREDITORS
Amounts falling due within one year 8 (10,362,442 ) (10,915,832 )
NET CURRENT LIABILITIES (6,819,208 ) (7,818,934 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(292,515

)

(448,567

)

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (292,516 ) (448,568 )
(292,515 ) (448,567 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 August 2022 and were signed by:





Mr H Ritchotte - Director


RITMIR VENTURES LTD (REGISTERED NUMBER: 10797554)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1. STATUTORY INFORMATION

RitMir Ventures Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is derived based on the loan agreement in place and consists of the commitment and facility fees receivable.These are recognised through profit and loss in the period in which they accrue on the basis that there is no fixed term to the loans.

Other operating income
Other operating income consists of interest on the loans that the company invests in. This is recognised through profit and loss in the period in which it accrues. The interest is charged over the term of debt using the effective interest method.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities
Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction price.

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 balance sheet date.


RITMIR VENTURES LTD (REGISTERED NUMBER: 10797554)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Investments
Investments relate to loan agreements entered into with regulated FCA companies. The investments are recorded at fair value with any unrealised gains or losses going through profit and loss.

The loans fund each consumer by issuing one whole loan note or several notes to qualified investors. Each note entitles the holder to receive a share of repayments on the corresponding consumer loan. An investor on the platform will build a diversified portfolio of notes over time, each one making monthly repayments of interest.

Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

To meet its obligations the company is dependent on additional funding from director to meet ongoing cash needs.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
Cost
At 1 January 2021
and 31 December 2021 5,124
Depreciation
At 1 January 2021 1,036
Charge for year 1,214
At 31 December 2021 2,250
Net book value
At 31 December 2021 2,874
At 31 December 2020 4,088

5. FIXED ASSET INVESTMENTS
Other
loans
£   
At 1 January 2021 7,366,279
New in year 835,152
Repayment in year (1,677,612 )
At 31 December 2021 6,523,819

RITMIR VENTURES LTD (REGISTERED NUMBER: 10797554)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Other debtors 849,507 -

7. CURRENT ASSET INVESTMENTS
31.12.21 31.12.20
£    £   
Listed investments 704,140 -
Unlisted investments 500,000 500,000
1,204,140 500,000

Current assets investments represent investments to be sold within a year.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Tax 99,077 74,892
Directors' current accounts 10,258,565 10,838,540
Accruals and deferred income 4,800 2,400
10,362,442 10,915,832

The amount due to the director is interest free, unsecured and repayable on demand.