Registered number
14316561
Ram Lets Ltd
Filleted Abridged Accounts
31 August 2024
Ram Lets Ltd
Registered number: 14316561
Abridged Balance Sheet
as at 31 August 2024
2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 3 825,000 865,909
Current assets
Cash at bank and in hand 171,522 94,496
Creditors: amounts falling due within one year (86,475) (40,369)
Net current assets 85,047 54,127
Total assets less current liabilities 910,047 920,036
Creditors: amounts falling due after more than one year (905,158) (921,840)
Net assets/(liabilities) 4,889 (1,804)
Capital and reserves
Called up share capital 10 10
Profit and loss account 4,879 (1,814)
Shareholder's funds 4,889 (1,804)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
R Ram
Director
Approved by the board on 29 May 2025
Ram Lets Ltd
Notes to the Abridged Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The abridged accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover consists of rents receivable.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets - leasehold property
Total
£
Cost
At 1 September 2023 900,000
At 31 August 2024 900,000
Depreciation
At 1 September 2023 34,091
Charge for the year 40,909
At 31 August 2024 75,000
Net book value
At 31 August 2024 825,000
At 31 August 2023 865,909
4 Related party transactions 2024 2023
£ £
The Company is a wholly owned subsidiary of IAH Properties Ltd, the Holding Company. Costs paid by the Holding Company on behalf of Ram Lets Ltd and vice versa those paid by Ram Lets for IAH and loan repayments owed by Ram Lets to IAH for the current year and in the twelve months after the balance sheet date are shown in the balance sheets as current liabilities and stood at 41,213 2,740
Properties let by the Company to third parties are freehold assets of the Holding Company. Ram Lets Ltd holds the properties on leases expiring not earlier than October 2046. The Lease price afforded by Ram Lets Ltd is £900,000.
Interest is charged by IAH Properties Ltd to Ram Lets Ltd at the rate of 3%, chargeable on a monthly basis.
The amounts owed to IAH Properties Ltd for the leases and for the interest accrued is shown in the balance sheet as long-term liabilities and stood at: 905,158 921,840
5 Controlling party
The Company is controlled by the Director.
6 Other information
Ram Lets Ltd is a private company limited by shares and incorporated in England. Its registered office is: Garden Cottage East Burnham Lane Farnham Royal Slough England SL2 3TL.
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