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Ronit Capital Services (UK) Ltd
























Directors' report and unaudited financial statements



for the year ended 31 March 2023



Registered number: 08322649

 
Ronit Capital Services (UK) Ltd


Company Information


Directors
W M Fleury 
W Gaze (resigned 31 December 2022)
R Scott-Hopkins (appointed 31 December 2022)




Registered number
08322649



Registered office
5th Floor
20 North Audley Street

London

England

W1K 6WE




Accountants
Buzzacott LLP

130 Wood Street

London

EC2V 6DL





 
Ronit Capital Services (UK) Ltd


Contents



Page
Directors' report
 
1
Statement of comprehensive income
 
2
Balance sheet
 
3 - 4
Notes to the financial statements
 
5 - 8


 
Ronit Capital Services (UK) Ltd

 
Directors' report
for the year ended 31 March 2023

The directors present their report and the unaudited financial statements of Ronit Capital Services (UK) Ltd (the "company") for the year ended 31 March 2023.

Directors

The directors of the company who were in office during the year and up to the date of signing of the financial statements were:

W M Fleury 
W Gaze (resigned 31 December 2022)
R Scott-Hopkins (appointed 31 December 2022)

Small companies exemption

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf by: 
 




................................................
W M Fleury
Director
Date: 27 September 2023

Page 1

 
Ronit Capital Services (UK) Ltd


Statement of comprehensive income
for the year ended 31 March 2023

2023
2022
 
£
£


Loss for the financial year
  
(2,970)
(698)

Total comprehensive income for the year
  
(2,970)
(698)

There were no recognised gains and losses for 2023 or 2022 other than those included in the income statement.

The notes on pages 5 to 8 form part of these financial statements.

Page 2

 
Ronit Capital Services (UK) Ltd - Registered number: 08322649

Balance sheet
As at 31 March 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 5 
3,773,748
3,773,748

Current assets
  

Cash at bank and in hand
 6 
-
30

  
-
30

Creditors: amounts falling due within one year
 7 
(7,776)
(4,836)

Net current liabilities
  
 
 
(7,776)
 
 
(4,806)

  

Net assets
  
3,765,972
3,768,942


Capital and reserves
  

Called up share capital 
  
3,773,748
3,773,748

Profit and loss account
  
(7,776)
(4,806)

  
3,765,972
3,768,942


Page 3

 
Ronit Capital Services (UK) Ltd - Registered number: 08322649

Balance sheet (continued)
As at 31 March 2023

For the year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
W M Fleury
Director

Date: 27 September 2023

The notes on pages 5 to 8 form part of these financial statements.



Page 4

 
Ronit Capital Services (UK) Ltd

 
Notes to the financial statements
for the year ended 31 March 2023

1.


General information

Ronit Capital Services (UK) Ltd is a private company limited by shares and incorporated in England and Wales. The registered office of the company and its principal place of business is located on 5th Floor, 20 North Audley Street, London, United Kingdom, W1K 6WE. 

2.Significant accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements have been prepared under FRS102 Section 1A - small entities.
The financial statements are presented in Pound Sterling (£), which is also the functional currency.
The following principal accounting policies have been applied consistently throughout the year.

  
2.2

Going concern

After reviewing the forecasts and projections the directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

  
2.3

Administrative expenses

All expenses have been accounted for on an accruals basis.

  
2.4

Taxation

Tax is recognised in the Statement of comprehensive income, expect that a charge attributable to an item of income and expenses recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The taxation charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income. 

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Income statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

  
2.6

Debtors

Short term debtors are measured at transaction price, less any impairment.

Page 5

 
Ronit Capital Services (UK) Ltd

Notes to the financial statements
for the year ended 31 March 2023

2.Significant accounting policies (continued)

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instruments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

 
2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
Ronit Capital Services (UK) Ltd

Notes to the financial statements
for the year ended 31 March 2023

2.Significant accounting policies (continued)

 
2.10

Foreign currency translation

Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the companies accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions which affect the amounts reported for assets and liabilities as at the period-end date and amounts reported for revenues and expenses during the period. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. However, the nature of estimation means that actual outcomes could differ from those estimates.
There were no significant estimates or judgements made in the year.


4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 7

 
Ronit Capital Services (UK) Ltd

 
Notes to the financial statements
for the year ended 31 March 2023

5.


Fixed asset investments





Investment in subsidiary undertaking

£



Cost 


At 1 April 2022
3,773,748



At 31 March 2023
3,773,748






Net book value



At 31 March 2023
3,773,748



At 31 March 2022
3,773,748

The company's investment represents 92% (2022 - 92%) of the total capital in Ronit Capital LLP an entity incorporated in United Kingdom and undertakes the provison of providing investment advisory services. The company has 2% of the voting rights and accordingly does not have a controlling interest in the LLP.


6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
-
30

-
30



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
660
-

Amounts owed to other participating interests
2,976
1,776

Accruals and deferred income
4,140
3,060

7,776
4,836



8.


Related party transactions

At the balance sheet date, the company owed £2,976 (2022: £1,776) to Ronit Capital LLP, an entity under common controlfor settlement of various administrative expenses on its behalf.  

Page 8