REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2024 |
FOR |
RAMA INDUSTRIES LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2024 |
FOR |
RAMA INDUSTRIES LTD |
RAMA INDUSTRIES LTD (REGISTERED NUMBER: 07658534) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
RAMA INDUSTRIES LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MAY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
47 Calthorpe Road |
Edgbaston |
BIRMINGHAM |
B15 1TH |
RAMA INDUSTRIES LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MAY 2024 |
BANKERS: |
1 St Philips Place |
Birmingham |
B3 2PT |
INCORPORATED: |
RAMA INDUSTRIES LTD (REGISTERED NUMBER: 07658534) |
ABRIDGED BALANCE SHEET |
31ST MAY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Undistributable profit and |
loss account |
Retained earnings |
SHAREHOLDERS' FUNDS |
RAMA INDUSTRIES LTD (REGISTERED NUMBER: 07658534) |
ABRIDGED BALANCE SHEET - continued |
31ST MAY 2024 |
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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
RAMA INDUSTRIES LTD (REGISTERED NUMBER: 07658534) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MAY 2024 |
1. | STATUTORY INFORMATION |
Rama Industries Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. |
Plant and machinery - 15 years straight line |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment properties are properties held to earn rentals and for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans from related parties. |
RAMA INDUSTRIES LTD (REGISTERED NUMBER: 07658534) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2024 |
2. | ACCOUNTING POLICIES - continued |
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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Creditors |
Short term trade creditors 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
RAMA INDUSTRIES LTD (REGISTERED NUMBER: 07658534) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2024 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1st June 2023 |
Additions |
At 31st May 2024 |
DEPRECIATION |
At 1st June 2023 |
Charge for year |
At 31st May 2024 |
NET BOOK VALUE |
At 31st May 2024 |
At 31st May 2023 |
5. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1st June 2023 |
and 31st May 2024 | 200,004 |
NET BOOK VALUE |
At 31st May 2024 | 200,004 |
At 31st May 2023 | 200,004 |
RAMA INDUSTRIES LTD (REGISTERED NUMBER: 07658534) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2024 |
5. | FIXED ASSET INVESTMENTS - continued |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Bloomsbury Glass Ltd |
Registered office: United Kingdom |
Nature of business: Toughening and shaping flat glass. |
% |
Holding |
Ordinary A 100 |
Ordinary B 100 |
Ordinary C 100 |
Ordinary D 100 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st June 2023 |
Additions | ( |
) |
Revaluations | 10,434 |
At 31st May 2024 |
NET BOOK VALUE |
At 31st May 2024 |
At 31st May 2023 |
RAMA INDUSTRIES LTD (REGISTERED NUMBER: 07658534) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2024 |
6. | INVESTMENT PROPERTY - continued |
Fair value at 31st May 2024 is represented by: |
£ |
Valuation in 2015 | (48,925 | ) |
Valuation in 2021 | 390,000 |
Valuation in 2023 | 67,716 |
Valuation in 2024 | 10,434 |
Cost | 1,560,775 |
1,980,000 |
If the investment property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 1,560,775 | 1,571,209 |
The investment property was valued on an open market basis on 3rd August 2015 by Lambert Smith Hampton . |
In the director's opinion the current carrying value of the investment property is reflective of the current market value. |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
2024 | 2023 |
£ | £ |
Repayable by instalments |
Bank loans | 260,966 | 297,059 |
RAMA INDUSTRIES LTD (REGISTERED NUMBER: 07658534) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2024 |
8. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans |
Amounts falling due between two and five years: |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans | 260,966 | 297,059 |
9. | LEASING AGREEMENTS |
The amount of income received during the year in relation to operating leases was £57,100 (2023 - |
£50,750). |
The amount receivable as rental income in future years is as follows: |
Due within one year | £52,500 |
Due between one and two years | £52,500 |
Due between three and five years | £72,625 |
RAMA INDUSTRIES LTD (REGISTERED NUMBER: 07658534) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2024 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
There is an all monies fixed and floating debenture given to the bank over all assets of the company, including the investment property held. This is to cover the bank loan outstanding. |
The company has also provided security for one of it's wholly owned subsidiary company's bank loans outstanding at the year end. This amounted to £22,917. |
11. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 80,983 | 47,107 |
Deferred |
tax |
£ |
Balance at 1st June 2023 |
Movement | 33,876 |
Balance at 31st May 2024 |
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. |
A provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months is recognised. The provision is measured at the salary cost payable for the period of absence. |
RAMA INDUSTRIES LTD (REGISTERED NUMBER: 07658534) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MAY 2024 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary A | £1 | 45,226 | 45,226 |
Ordinary B | £1 | 45,226 | 45,226 |
Ordinary C | £1 | 45,226 | 45,226 |
Ordinary D | £1 | 45,226 | 45,226 |
Ordinary E | £1 | 10,050 | 10,050 |
10,050 | Ordinary F | £1 | 10,050 | 10,050 |
201,004 | 201,004 |
13. | RELATED PARTY DISCLOSURES |
As at the year end the amount due to the directors' of the company totalled £1,312,366. The loans are interest free and repayable upon demand. |