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Company No: 12158372 (England and Wales)

RAYALA 2930 LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2023
Pages for filing with the registrar

RAYALA 2930 LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2023

Contents

RAYALA 2930 LIMITED

COMPANY INFORMATION

For the financial year ended 31 August 2023
RAYALA 2930 LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 August 2023
DIRECTORS Mrs A Farran
Mr M Farran
REGISTERED OFFICE 2 Leman Street
London
E1W 9US
United Kingdom
COMPANY NUMBER 12158372 (England and Wales)
CHARTERED ACCOUNTANTS GRAVITA III LLP
66 Prescot Street
London
E1 8NN
RAYALA 2930 LIMITED

BALANCE SHEET

As at 31 August 2023
RAYALA 2930 LIMITED

BALANCE SHEET (continued)

As at 31 August 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 2,500,000 2,500,000
2,500,000 2,500,000
Current assets
Debtors 4 3,318 9,514
Cash at bank and in hand 53 11,000
3,371 20,514
Creditors: amounts falling due within one year 5 ( 13,283) ( 9,716)
Net current (liabilities)/assets (9,912) 10,798
Total assets less current liabilities 2,490,088 2,510,798
Creditors: amounts falling due after more than one year 6 ( 2,300,681) ( 2,296,145)
Provision for liabilities ( 61,317) ( 61,317)
Net assets 128,090 153,336
Capital and reserves
Called-up share capital 100 100
Profit and loss account 127,990 153,236
Total shareholders' funds 128,090 153,336

For the financial year ending 31 August 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Rayala 2930 Limited (registered number: 12158372) were approved and authorised for issue by the Board of Directors on 29 March 2024. They were signed on its behalf by:

Mrs A Farran
Director
RAYALA 2930 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
RAYALA 2930 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Rayala 2930 Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Leman Street, London, E1W 9US, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rent in the normal course of business.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit & loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit & loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, 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 the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Investment property

Investment property
£
Valuation
As at 01 September 2022 2,500,000
As at 31 August 2023 2,500,000

Valuation

The fair value of the investment property has been assessed by the directors at the year end. The valuation was made on an open market value basis.

4. Debtors

2023 2022
£ £
Other debtors 3,318 9,514

5. Creditors: amounts falling due within one year

2023 2022
£ £
Other creditors 13,283 9,716

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 712,415 707,879
Other creditors 1,588,266 1,588,266
2,300,681 2,296,145

Included within other bank loans and overdrafts is a loan which has a fixed and floating charge on the property held as investment property

7. Related party transactions

At the balance sheet date, the company owed £1,588,266 (2022: £1,588,266) to the directors of the company. This amount is repayable on demand and interest free.

8. Profit and loss reserves

Included within Profit and loss reserves is an amount of £183,950 relating to unrealized revaluation gains on investment properties. The amount is not available for distribution until the investment properties are disposed off after which it becomes realized.