6 false false false false false false false false false false true false false false false false false No description of principal activity 2021-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 90 90 90 xbrli:pure xbrli:shares iso4217:GBP 11996979 2021-06-01 2022-05-31 11996979 2022-05-31 11996979 2021-05-31 11996979 2020-06-01 2021-05-31 11996979 2021-05-31 11996979 2020-05-31 11996979 bus:Director1 2021-06-01 2022-05-31 11996979 bus:Director2 2021-06-01 2022-05-31 11996979 bus:Director3 2021-06-01 2022-05-31 11996979 core:WithinOneYear 2022-05-31 11996979 core:WithinOneYear 2021-05-31 11996979 core:UKTax 2021-06-01 2022-05-31 11996979 core:UKTax 2020-06-01 2021-05-31 11996979 core:ShareCapital 2022-05-31 11996979 core:ShareCapital 2021-05-31 11996979 core:RetainedEarningsAccumulatedLosses 2022-05-31 11996979 core:RetainedEarningsAccumulatedLosses 2021-05-31 11996979 core:CostValuation core:Non-currentFinancialInstruments 2022-05-31 11996979 core:Non-currentFinancialInstruments 2022-05-31 11996979 core:Non-currentFinancialInstruments 2021-05-31 11996979 core:Pensions 2021-05-31 11996979 bus:Director1 2021-05-31 11996979 bus:Director1 2022-05-31 11996979 bus:Director2 2021-05-31 11996979 bus:Director2 2022-05-31 11996979 bus:Director3 2021-05-31 11996979 bus:Director3 2022-05-31 11996979 bus:Director1 2020-05-31 11996979 bus:Director1 2021-05-31 11996979 bus:Director2 2020-05-31 11996979 bus:Director2 2021-05-31 11996979 bus:Director3 2020-05-31 11996979 bus:Director3 2021-05-31 11996979 bus:Director1 2020-06-01 2021-05-31 11996979 bus:Director2 2020-06-01 2021-05-31 11996979 bus:Director3 2020-06-01 2021-05-31 11996979 bus:SmallEntities 2021-06-01 2022-05-31 11996979 bus:AuditExemptWithAccountantsReport 2021-06-01 2022-05-31 11996979 bus:SmallCompaniesRegimeForAccounts 2021-06-01 2022-05-31 11996979 bus:PrivateLimitedCompanyLtd 2021-06-01 2022-05-31 11996979 bus:FullAccounts 2021-06-01 2022-05-31
COMPANY REGISTRATION NUMBER: 11996979
Reim Capital Ltd
Filleted Unaudited Financial Statements
31 May 2022
Reim Capital Ltd
Statement of Financial Position
31 May 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
6
4,916
4,387
Investments
7
90
90
------
------
5,006
4,477
Current assets
Debtors
8
623,384
86,852
Cash at bank and in hand
383,190
35,672
-----------
---------
1,006,574
122,524
Creditors: amounts falling due within one year
9
773,098
113,355
-----------
---------
Net current assets
233,476
9,169
---------
-------
Total assets less current liabilities
238,482
13,646
Provisions
Pensions and similar obligations
156
---------
-------
Net assets
238,482
13,490
---------
-------
Capital and reserves
Called up share capital
300
300
Profit and loss account
238,182
13,190
---------
-------
Shareholders funds
238,482
13,490
---------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Reim Capital Ltd
Statement of Financial Position (continued)
31 May 2022
These financial statements were approved by the board of directors and authorised for issue on 22 February 2024 , and are signed on behalf of the board by:
K Vaitha
A Khiroya
Director
Director
Company registration number: 11996979
Reim Capital Ltd
Notes to the Financial Statements
Year ended 31 May 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29 Farm Street, London, England W1J 5RL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover represents value of consultancy services provided and the invoices issued on bases of work completed during the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% reducing balance
Investments
Investments in shares of subsidiaries are included at cost less impairments.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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, cash and cash equivalents, trade and other payables, and loans and borrowings. Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2021: 4 ).
5. Tax on profit
Major components of tax expense
2022
2021
£
£
Current tax:
UK current tax expense
99,722
62,448
-------
-------
Tax on profit
99,722
62,448
-------
-------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2021: higher than) the standard rate of corporation tax in the UK of 19 % (2021: 19 %).
2022
2021
£
£
Profit on ordinary activities before taxation
509,714
321,785
---------
---------
Profit on ordinary activities by rate of tax
96,845
61,139
Effect of expenses not deductible for tax purposes
3,145
1,605
Effect of capital allowances and depreciation
( 268)
( 296)
---------
---------
Tax on profit
99,722
62,448
---------
---------
6. Tangible assets
Equipment
Total
£
£
Cost
At 1 June 2021
7,940
7,940
Additions
2,950
2,950
-------
-------
At 31 May 2022
10,890
10,890
-------
-------
Depreciation
At 1 June 2021
3,553
3,553
Charge for the year
2,421
2,421
-------
-------
At 31 May 2022
5,974
5,974
-------
-------
Carrying amount
At 31 May 2022
4,916
4,916
-------
-------
At 31 May 2021
4,387
4,387
-------
-------
7. Investments
Shares in group undertakings
£
Cost
At 1 June 2021 and 31 May 2022
90
----
Impairment
At 1 June 2021 and 31 May 2022
----
Carrying amount
At 31 May 2022
90
----
At 31 May 2021
90
----
The company owns 90 ordinary share, being 90% of the issued share capital of Reim Katch Securities Limited, a company incorporated in England and Wales.
8. Debtors
2022
2021
£
£
Trade debtors
63,031
Other debtors
623,384
23,821
---------
-------
623,384
86,852
---------
-------
9. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
87,910
17,366
Corporation tax
162,169
62,448
Social security and other taxes
31,278
7,719
Other creditors
491,741
25,822
---------
---------
773,098
113,355
---------
---------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
K Vaitha
59
( 107,686)
218,905
111,278
A Khiroya
140
( 1,335)
( 1,195)
P Patel
( 55)
( 55)
----
---------
---------
---------
144
( 109,021)
218,905
110,028
----
---------
---------
---------
2021
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
K Vaitha
( 1,440)
1,499
59
A Khiroya
( 1,741)
( 5)
1,886
140
P Patel
( 1,514)
( 5)
1,464
( 55)
------
----
------
----
( 4,695)
( 10)
4,849
144
------
----
------
----