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Registration number: 12800687

Rakami Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Rakami Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Rakami Ltd

Company Information

Directors

Mr R A Budhdeo

Mrs A R Budhdeo

Company secretary

Mrs A R Budhdeo

Registered office

50 Knights Road
Bournemouth
BH11 9SY

Accountants

Richlands Business Advisers Limited
Chartered Accountants
42-46 Station Road
Edgware
Middlesex
HA8 7AB

 

Rakami Ltd

(Registration number: 12800687)
Balance Sheet as at 31 August 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Investment property

4

414,000

414,000

Current assets

 

Cash at bank and in hand

 

3,906

1,752

Creditors: Amounts falling due within one year

5

(170,298)

(168,811)

Net current liabilities

 

(166,392)

(167,059)

Total assets less current liabilities

 

247,608

246,941

Creditors: Amounts falling due after more than one year

5

(190,053)

(194,843)

Provisions for liabilities

(11,013)

(11,013)

Net assets

 

46,542

41,085

Capital and reserves

 

Called up share capital

6

2

2

Revaluation reserve

33,038

33,038

Retained earnings

13,502

8,045

Shareholders' funds

 

46,542

41,085

For the financial year ending 31 August 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Rakami Ltd

(Registration number: 12800687)
Balance Sheet as at 31 August 2024

Approved and authorised by the Board on 26 February 2025 and signed on its behalf by:
 

.........................................
Mrs A R Budhdeo
Company secretary and director

 

Rakami Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
50 Knights Road
Bournemouth
BH11 9SY
United Kingdom

These financial statements were authorised for issue by the Board on 26 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Restatement of comparative figures
The comparative figures for the financial year ended 31st August 2024 has been restated to reflect the deferred tax liabilities of £11,012.60 incurred on the fair value adjustments of investment properties, which was accounted for in the prior year.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Rakami Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Rakami Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Investment properties

2024
£

At 1 September

414,000

At 31 August

414,000

The fair value of the investment properties at the date of the balance sheet was £414,000. The fair value of the investment properties were assessed internally by the directors at the year end.

 

Rakami Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

(As restated)

2023
£

Due within one year

 

Accrued expenses

 

930

870

Corporation tax payable

 

1,280

471

Directors current account

 

168,088

167,470

 

170,298

168,811

Due after one year

 

Loans and borrowings

7

190,053

194,843

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

       

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

190,053

194,843

 

Rakami Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

8

Transition to FRS 102

This is the first year the company is preparing accounts under FRS 102 Section 1A. The policies applied under the entities previous accounting framework for subsequent measurement of investment properties are different to FRS 102 and have impacted on the equity or profit or loss. Previous period's profit or loss have been reinstated.

Balance Sheet at 1 September 2022
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Capital and reserves

Called up share capital

2

-

-

2

Retained earnings

6,037

-

-

6,037

Total equity

6,039

-

-

6,039

Balance Sheet at 31 August 2023
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Investment property

369,950

-

44,050

414,000

Provisions for liabilities

-

-

11,013

11,013

Net assets

369,950

-

55,063

425,013

Capital and reserves

Called up share capital

2

-

-

2

Retained earnings

8,045

-

33,038

41,083

Total equity

8,047

-

33,038

41,085

Profit and Loss Account for the year ended 31 August 2023
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Turnover

-

-

-

-

Other operating income

-

-

33,038

33,038

Operating profit

-

-

33,038

33,038

Profit before tax

-

-

33,038

33,038

Profit for the financial year

-

-

33,038

33,038