Company Registration No. 13573171 (England and Wales)
REIM LENDING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
27 MAY 2023
PAGES FOR FILING WITH REGISTRAR
Airport House
Purley Way
Croydon
CR0 0XZ
REIM LENDING LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
REIM LENDING LIMITED
COMPANY INFORMATION
- 1 -
Directors
A Khiroya
K Vaitha
Company number
13573171
Registered office
6th Floor Kings House
9-10 Haymarket
London
United Kingdom
SW1Y 4BP
Accountants
TC Group
Airport House
Purley Way
Croydon
CR0 0XZ
REIM LENDING LIMITED
BALANCE SHEET
AS AT
27 MAY 2023
27 May 2023
- 2 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
52,031,900
21,387,114
Cash at bank and in hand
113,962
385
52,145,862
21,387,499
Creditors: amounts falling due within one year
4
(411,279)
(1,518,231)
Net current assets
51,734,583
19,869,268
Creditors: amounts falling due after more than one year
5
(51,282,598)
(19,836,784)
Net assets
451,985
32,484
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
451,983
32,482
Total equity
451,985
32,484

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 27 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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

REIM LENDING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
27 MAY 2023
27 May 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 27 December 2024 and are signed on its behalf by:
K Vaitha
Director
Company Registration No. 13573171
The notes on pages 4 to 7 form part of these financial statements
REIM LENDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 MAY 2023
- 4 -
1
Accounting policies
Company information

Reim Lending Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor Kings House, 9-10 Haymarket, London, United Kingdom, SW1Y 4BP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard 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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Interest income is recognised in using the effective interest method.

1.3
Borrowing costs

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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 set 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 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.

REIM LENDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 MAY 2023
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the 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.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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 and loss account 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.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

REIM LENDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 MAY 2023
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
2022
Number
Number
Total
2
2
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
50,515,648
19,848,199
Other debtors
1,516,252
1,538,915
52,031,900
21,387,114
4
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
125,442
7,619
Other creditors
285,837
1,510,612
411,279
1,518,231

 

5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Loans
51,282,598
19,836,784

Reim Lending Limited's various funders hold fixed and floating charges over the company's assets, securing all monies currently due or that may become due from the company in relation to loans taken out in the normal course of business.

REIM LENDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 27 MAY 2023
- 7 -
6
Directors' transactions

Debtors include a balance of £180,810 (2022 - £nil) owing from K Vaitha. This balance has been loaned at the official rate of interest. This balance was repaid within 9 months and 1 day of the period end.

 

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