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REGISTERED NUMBER: NI674013 (Northern Ireland)













Romaka Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2024






Romaka Ltd (Registered number: NI674013)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Company information 1

Statement of financial position 2 to 3

Notes to the financial statements 4 to 7


Romaka Ltd

Company Information
for the Year Ended 31 March 2024







Directors: Mr J Weir
Mrs J Weir





Registered office: 14 Ballynagarrick Road
Portadown
Co Armagh
BT63 5NR





Registered number: NI674013 (Northern Ireland)





Accountants: Wylie Ruddell
Chartered Accountants
Armagh Business Centre
2 Loughgall Road
Armagh
BT61 7NH

Romaka Ltd (Registered number: NI674013)

Statement of Financial Position
31 March 2024

2024 2023
Notes £ £
Fixed assets
Tangible assets 4 109 136
Investment property 5 535,000 534,537
535,109 534,673

Current assets
Cash at bank 23,534 11,164

Creditors
Amounts falling due within one year 6 (437,284 ) (433,765 )
Net current liabilities (413,750 ) (422,601 )
Total assets less current liabilities 121,359 112,072

Creditors
Amounts falling due after more than one
year

7

(68,209

)

(73,947

)

Provisions for liabilities 8 (4,722 ) (4,639 )
Net assets 48,428 33,486

Capital and reserves
Called up share capital 9 100 100
Revaluation reserve 10 20,129 19,666
Retained earnings 10 28,199 13,720
Shareholders' funds 48,428 33,486

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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.

Romaka Ltd (Registered number: NI674013)

Statement of Financial Position - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 August 2024 and were signed on its behalf by:





Mr J Weir - Director


Romaka Ltd (Registered number: NI674013)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. Statutory information

Romaka Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Receivables
Short term receivables are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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.

Romaka Ltd (Registered number: NI674013)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. Accounting policies - continued

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

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

3. Employees and directors

The average number of employees during the year was 2 (2023 - 2 ) .

4. Tangible fixed assets
Plant and
machinery
£
Cost
At 1 April 2023
and 31 March 2024 170
Depreciation
At 1 April 2023 34
Charge for year 27
At 31 March 2024 61
Net book value
At 31 March 2024 109
At 31 March 2023 136

5. Investment property
Total
£
Fair value
At 1 April 2023 534,537
Revaluations 463
At 31 March 2024 535,000
Net book value
At 31 March 2024 535,000
At 31 March 2023 534,537

The investment property was revalued by the directors a 31 March 2024. Historical cost of the properties is £510,259.

Romaka Ltd (Registered number: NI674013)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


6. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 6,259 6,065
Trade creditors 720 720
Taxation and social security 3,980 2,707
Other creditors 426,325 424,273
437,284 433,765

7. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans 68,209 73,947

Bank loan provided by Barclays Bank UK Plc is secured by a first legal charge over two residential properties and a £100,000 guarantee provided by Mr J Weir.

8. Provisions for liabilities
2024 2023
£ £
Deferred tax 4,722 4,639

Deferred tax
£
Balance at 1 April 2023 4,639
Charge to revaluation reserve 88
Accelerated capital allowances (5 )
Balance at 31 March 2024 4,722

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
50 A Ordinary shares 1 50 50
50 B Ordinary shares 1 50 50
100 100

10. Reserves
Retained Revaluation
earnings reserve Totals
£ £ £

At 1 April 2023 13,720 19,666 33,386
Profit for the year 16,942 16,942
Dividends (2,000 ) (2,000 )
Transfer (463 ) 463 -
At 31 March 2024 28,199 20,129 48,328

Romaka Ltd (Registered number: NI674013)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


11. Directors' advances, credits and guarantees

The following loans were made by directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£ £
Mr J Weir and Mrs J Weir
Balance outstanding at start of year 424,273 309,998
Amounts advanced 2,053 114,355
Amounts repaid - (80 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 426,326 424,273