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COMPANY REGISTRATION NUMBER: 2695135
Ramco (Harlow) Limited
Unaudited financial statements
31 July 2023
Ramco (Harlow) Limited
Statement of financial position
31 July 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
6
16,044,747
15,707,044
Current assets
Stocks
156,000
156,000
Debtors
7
4,604,045
5,409,606
Cash at bank and in hand
1,521,803
799,220
-----------
-----------
6,281,848
6,364,826
Creditors: Amounts falling due within one year
8
( 2,479,728)
( 2,662,829)
-----------
-----------
Net current assets
3,802,120
3,701,997
------------
------------
Total assets less current liabilities
19,846,867
19,409,041
Creditors: Amounts falling due after more than one year
9
( 1,915,448)
( 2,443,377)
Provisions
Taxation including deferred tax
( 9,968)
( 21,942)
------------
------------
Net assets
17,921,451
16,943,722
------------
------------
Capital and reserves
Called up share capital
10
1,000
1,000
Profit and loss account
17,920,451
16,942,722
------------
------------
Shareholders funds
17,921,451
16,943,722
------------
------------
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 July 2023 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 .
Ramco (Harlow) Limited
Statement of financial position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 15 August 2024 , and are signed on behalf of the board by:
Mr R R Patel
Director
Company registration number: 2695135
Ramco (Harlow) Limited
Notes to the financial statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sixty Six North Quay, Great Yarmouth, Norfolk, NR30 1HE. The company's places of business are 13 Station Crescent, London, SE3 7EQ, 43-45 High Street, Harlow, CM17 0DN and 270 West End Lane, Hampstead, London, NW6 1LJ.
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 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.
Judgements and key sources of estimation uncertainty
No significant judgements, estimations and uncertainties have arisen in the preparation of the financial statements .
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered.
Income tax
Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Operating leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against income on a straight line basis over the period of the lease.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Written off in year of acquisition
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Fixtures and fittings
-
25% reducing balance
The directors have assessed the estimated remaining useful economic life of the freehold property and its expected residual value and consider depreciation to be immaterial and therefore no charge has been made.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided.
Investment properties
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
4. Employee numbers
The average number of employees during the year was 34 (2022: 33 ).
5. Intangible assets
Goodwill
£
Cost
At 1 August 2022 and 31 July 2023
1,796,371
-----------
Amortisation
At 1 August 2022 and 31 July 2023
1,796,371
-----------
Carrying amount
At 31 July 2023
-----------
At 31 July 2022
-----------
6. Tangible assets
Land and buildings
Fixtures and fittings
Investment properties
Total
£
£
£
£
Cost
At 1 August 2022
1,419,601
791,794
14,065,844
16,277,239
Additions
392,797
12,813
405,610
Disposals
( 16,550)
( 16,550)
-----------
---------
------------
------------
At 31 July 2023
1,812,398
788,057
14,065,844
16,666,299
-----------
---------
------------
------------
Depreciation
At 1 August 2022
570,195
570,195
Charge for the year
55,494
55,494
Disposals
( 4,137)
( 4,137)
-----------
---------
------------
------------
At 31 July 2023
621,552
621,552
-----------
---------
------------
------------
Carrying amount
At 31 July 2023
1,812,398
166,505
14,065,844
16,044,747
-----------
---------
------------
------------
At 31 July 2022
1,419,601
221,599
14,065,844
15,707,044
-----------
---------
------------
------------
Tangible assets held at valuation
The freehold investment properties charged to the bank were revalued to £9,560,000 by F G Burnett, Christie & Co and Gerald Eve, the independent firms of chartered surveyors, on an open market basis on 16 March, 31 March and 20 April 2011. The directors have considered the values as at the year end date and are satisfied that the net book values to be materially consistent with fair market values of all investment properties and the disclosure thereof. There is no provision for deferred tax on the revaluation of investment properties, as indexation is likely to cover the revaluation amount.
7. Debtors
2023
2022
£
£
Trade debtors
649,084
393,306
Other debtors
3,954,961
5,016,300
-----------
-----------
4,604,045
5,409,606
-----------
-----------
8. Creditors: Amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
483,711
485,708
Trade creditors
501,311
583,435
Social security and other taxes
353,920
407,336
Other creditors
1,140,786
1,186,350
-----------
-----------
2,479,728
2,662,829
-----------
-----------
Bank loans and overdrafts are secured on the assets of the company.
9. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,899,858
2,381,572
Other creditors
15,590
61,805
-----------
-----------
1,915,448
2,443,377
-----------
-----------
Included within creditors: amounts falling due after more than one year is an amount of £393,249 (2022: £488,962) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Bank loans and overdrafts are secured on the assets of the company.
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
------
------
------
------
11. Reserves
Included within profit and loss reserves are £1,403,801 of undistributable funds relating to a revaluation of investment properties.
12. Contingencies
The company is pursuing an insurance claim relating to repairs costs for a rental property fire which happened in the year. No assets have been recognised in respect of these claims on the grounds that success is not assessed as probable at this time.
13. Directors' advances, credits and guarantees
During the year, Mr R R Patel , Mrs S R Patel, Mrs D R Patel, Dr A R Patel and Miss R R Patel operated a loan with the company at HM Revenue & Customs approved interest rates. At the year end the amounts owed to the company are as follows:
2023 2022
£ £
Mr R R & Mrs S R Patel 717,809 258,969
Mrs D Patel 27,817 28,482
Miss R R Patel 37,002 22,706
Dr A R Patel 239,008 1,873,835
14. Related party transactions
The company occupies the premises owned by Ramco (Harlow) Pension Scheme. Commercial rent of £70,000 (2022: £70,000) was paid during the year. The company also has a balance payable to the Pension scheme of £869,273 (2022: £1,055,513). Denclean Dental Practice Limited is a related party due to the fact that the director Dr A R Patel is also a shareholder and director of this company. The company has a balance owed of £488,514 (2022: £492,416) from Denclean Dental Practice Limited at the year end. Ramco Dental Limited is a related party due to the fact that the directors Mr R R Patel and Mrs S R Patel are majority shareholders and Dr A R Patel is the director and also a shareholder of the company. The balance owed from this company to Ramco (Harlow) Limited at the year end is £1,673,966 (2022: £1,611,195). Ani Dental Clinic Limited is a related party due to the fact that the director Dr A R Patel is also a director of this company. The balance owed from this company to Ramco (Harlow) Limited at the year end is £6,443 (2022: £16,488). Pageprop Limited is a related party due to the fact that the directors Mrs D Patel and Miss R R Patel are also shareholders and directors of this company. The balance owed from this company to Ramco (Harlow) Limited at the year end is £401,245 (2022: £405,712).