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Registered number: 01399346









RAMWALK LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
RAMWALK LIMITED
REGISTERED NUMBER: 01399346

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 5 
2,221,000
2,221,000

  
2,221,000
2,221,000

Current assets
  

Debtors: amounts falling due within one year
 6 
1,720,187
1,646,704

Cash at bank and in hand
  
101,679
41,510

  
1,821,866
1,688,214

Creditors: amounts falling due within one year
 7 
(464,819)
(117,756)

Net current assets
  
 
 
1,357,047
 
 
1,570,458

Total assets less current liabilities
  
3,578,047
3,791,458

Creditors: amounts falling due after more than one year
 8 
-
(319,608)

Provisions for liabilities
  

Deferred tax
 9 
(279,300)
(279,300)

  
 
 
(279,300)
 
 
(279,300)

Net assets
  
3,298,747
3,192,550


Capital and reserves
  

Called up share capital 
  
8
8

Profit and loss account
 10 
3,298,739
3,192,542

  
3,298,747
3,192,550

Page 1

 
RAMWALK LIMITED
REGISTERED NUMBER: 01399346
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 January 2025.




S M Craig
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
RAMWALK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Ramwalk Limited is a private company limited by shares and registered in England and Wales. The address of its registered office is 124 Finchley Road, London, NW3 5JS. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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.

 
2.2

Functional and presentation currency

The Company's functional and presentational currency is GBP.

 
2.3

Revenue

Revenue is  recognised  to  the  extent  that  it  is  probable  that  the  economic  benefits  will  flow  to  the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
 
Rental revenue as lessor
Investment property  are  leased  to  tenants  under  operating  leases.  The  rental  income  receivable under these leases is recognised through profit and loss on a straight line basis over the term of the lease.  Any rent-free  period  is  spread  over  the  period  of  the  lease.  Since  the  risks  and  rewards  of ownership  have  not  been  transferred  to the lessee,  the assets  held under  these  leases  continue to be recognised in the company's financial statements. 

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Investment property

Investment property  is  carried  at  fair  value  determined  annually  as  a  valuation  by  its  directors, derived  from  the  current  market  rents  and  investment  property  yields  for  comparable  real  estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is  provided.  Changes in  fair  value  are  recognised  in  the  Statement  of  Income and Retained Earnings.
Page 3

 
RAMWALK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Page 4

 
RAMWALK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The  preparation  of  the  financial  statements  requires  management  to  make  judgements,  estimates  and assumptions  that  affect  the  amounts  reported  for  assets  and  liabilities  as  at  the  reporting  date  and  the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.
Revaluation of investment property
The  company  carries  its  investment  property  at  fair  value,  with  changes  in  fair  value  being  recognised through profit and loss. The valuation technique used is based on an open market value for existing use. The determined fair value of the investment property  is  most sensitive  to the estimated yield as well as the long term vacancy rate. 
Accruals
The company makes an  estimate of accruals  at the year  end  based  on  invoices received after the year end,  work  undertaken  which  has  not  been  invoiced  based  on  quotations  or  estimates  of  amounts  that maybe due for payment.


4.


Employees




The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 5

 
RAMWALK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 May 2023
2,221,000



At 30 April 2024
2,221,000


The directors consider the valuation of the Investment properties to be a fair reflection of the current market value.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
341,585
341,585


6.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
1,692,350
1,587,742

Other debtors
3,110
46,637

Prepayments and accrued income
24,727
12,325

1,720,187
1,646,704



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
335,820
53,567

Corporation tax
35,399
31,413

Other creditors
68,328
-

Accruals and deferred income
25,272
32,776

464,819
117,756


Page 6

 
RAMWALK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
319,608


The bank  loan is  secured  by fixed  and  floating  charges  over  the investment property of the company. 
The amount  outstanding  at  the  reporting  date  on  the  bank  loan  was  £335,820 (2023: £373,175).  The balance  is repayable by monthly instalments of £4,464, with a balancing payment at the maturity date of the loan which is within 1 year of the reporting date. Interest is charged monthly on amounts outstanding at 4.04%. The company has agreed to refinance the bank loan since the reporting date. 


9.


Deferred taxation




2024


£






At beginning of year
279,300



At end of year
279,300

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Tax rate changes
-
67,000

On revaluation of investment properties
279,300
212,300

279,300
279,300


10.


Reserves

Profit and loss account

Included  in  reserves  carried  forward  are  unrealised  gains  of  £1,879,415 (2023: £1,879,415)  relating  to the  revaluation  of  investment  properties.  Deferred  tax  provided  in  respect  of  these  gains   amounts  to £279,300 (2023: £279,300).  Accordingly  there  are  non-distributable  reserves  of  £1,600,115 (2023: £1,600,115)  included in retained earnings carried forward.

Page 7

 
RAMWALK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Related party transactions

The  company is  exempt  from  disclosing  related  party  transactions  with  companies  that  are  wholly owned  in  the  group.  The company  has  not entered  into any  other  transactions  with  related parties  that are material and that have not been conducted under normal market conditions.


12.


Controlling party

The immediate parent company is Mortimer Street Properties Limited, by virtue of its 100% ownership of the issued share capital of the company and which is the UK parent undertaking. Mortimer Street Properties Limited is a company registered at 124 Finchley Road, London, England, NW3 5JS.

 
Page 8