REGISTERED NUMBER: |
RAM CAPITAL LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
REGISTERED NUMBER: |
RAM CAPITAL LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
RAM CAPITAL LIMITED (REGISTERED NUMBER: 07292372) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
RAM CAPITAL LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SOLICITORS: |
Staple Court |
11 Staple Inn Buildings |
London |
WC1V 7QH |
RAM CAPITAL LIMITED (REGISTERED NUMBER: 07292372) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
PROVISIONS FOR LIABILITIES | 10 |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Non-distributable reserve |
Retained earnings |
21,121,502 | 21,293,199 |
The directors acknowledge their 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. |
RAM CAPITAL LIMITED (REGISTERED NUMBER: 07292372) |
BALANCE SHEET - continued |
31 DECEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
RAM CAPITAL LIMITED (REGISTERED NUMBER: 07292372) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
RAM Capital Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime. |
The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1. |
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below. |
Turnover |
The turnover shown in the profit and loss account represents the amounts receivable in relation to rental income, exclusive of Value Added Tax, and is recognised in the period in which it relates. Any rental income received in advance is deferred to the appropriate period. |
Tangible fixed assets |
Plant and machinery | - |
Investment property |
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit arising from changes in fair value is recognised in profit or loss. |
RAM CAPITAL LIMITED (REGISTERED NUMBER: 07292372) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments. |
Financial Instruments are recognised 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 sett 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. |
Basic Financial Assets |
Basic financial assets, which include trade and other debtors and cash and bank balances are initially measured at the transaction price including costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of future receipts discounted at a market rate of interest. |
Classification of Financial Liabilities |
Financial Liabilities are classified according to the substance of the contractual agreements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting its liabilities. |
Basic Financial Liabilities |
Basic financial liabilities, including trade and other creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at the market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Equity Instruments |
Equity instruments issued by the company are recorded at fair value of proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
RAM CAPITAL LIMITED (REGISTERED NUMBER: 07292372) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Cash and cash equivalents |
Cash and Cash Equivalents are basic financial instruments and include cash in hand and deposits held at call with banks. |
Finance costs |
Finance costs are charged to profit or loss over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount. |
There is an interest rate swap in place at the year end, which will expire in February 2025. This has not been accounted for in these accounts, as it is not deemed material. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
RAM CAPITAL LIMITED (REGISTERED NUMBER: 07292372) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The net book value of tangible fixed assets includes £Nil (2022 - £98,411) in respect of assets held under hire purchase contracts or finance leases. |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Investment properties were valued on an open market basis on 31 December 2023 by the directors of the company. |
The historical cost of the investment property is £16,491,444 (2022 - £16,491,444). |
Fair value at 31 December 2023 is represented by: |
£ |
Valuation in 2022 | 21,025,000 |
RAM CAPITAL LIMITED (REGISTERED NUMBER: 07292372) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Other creditors |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank Loans | 11,530,000 | 12,230,000 |
Hire Purchase | - | 21,048 |
The bank loans are secured by means of legal charges over the assets of the company. |
The hire purchase contract was secured against the asset to which it relates. |
RAM CAPITAL LIMITED (REGISTERED NUMBER: 07292372) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
10. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax liabilities brought forward |
Accelerated capital allowances | 190,636 | 187,603 |
Investment property | 524,833 | 524,833 |
Movement in provisions |
Accelerated capital allowances | 2,306 | 3,033 |
Deferred tax liabilities carried forward |
Accelerated capital allowances | 190,636 | 190,636 |
Investment property | 524,833 | 524,833 |
Total | 717,775 | 715,469 |
11. | CALLED UP SHARE CAPITAL |
Called up Share Capital |
2022 | 2021 |
£ | £ |
Ordinary Share Capital |
Issued and fully paid |
250 Ordinary A shares of 10p each | 25 | 25 |
250 Ordinary B shares of 10p each | 25 | 25 |
250 Ordinary C shares of 10p each | 25 | 25 |
250 Ordinary D shares of 10p each | 25 | 25 |
1,500 Ordinary G shares of 10p each | 150 | 150 |
1,125 Ordinary H shares of 10p each | 113 | 113 |
1,125 Ordinary J shares of 10p each | 113 | 113 |
1,500 Ordinary L shares of 10p each | 150 | 150 |
1,125 Ordinary M shares of 10p each | 112 | 112 |
1,125 Ordinary R shares of 10p each | 112 | 112 |
1,500 Ordinary S shares of 10p each | 150 | 150 |
1,000 | 1,000 |
The Ordinary A and Ordinary B shares have attached to them full voting rights. |
The Ordinary C, D, G, H, J, L, M, R and S shares carry no voting rights. |