General Information
RMS INVESTMENTS 1 LIMITED is a private company, limited by shares, registered in England and Wales, registration number 12482592, registration address 53 New Broad Street, London, EC2M1JJ.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
The financial statements 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, Section 1A Small Entities, and the requirements of the Companies Act 2006.
The financial statements are presented in Pounds Sterling, which is the functional and presentational currency of the Company.
Going concern basis
The financial statements have been prepared on a going concern basis. In making this assessment, the directors have considered the Company's financial position, forecast cash flows and ongoing rental income and are satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future.
Turnover
Turnover represents rental income receivable from investment property and is recognised on a straight-line basis over the term of the relevant lease.
Taxation
Current tax is provided at the amounts expected to be paid to or recovered from HM Revenue & Customs, using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, except where the timing difference arises from the initial recognition of assets or liabilities in a transaction that is not a business combination and affects neither accounting nor taxable profit. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered against future
taxable profits.
Investment properties
Investment property is property held to earn rental income and is stated at cost less accumulated depreciation and impairment losses. Depreciation is charged so as to write off the cost of the investment property over its estimated useful life. The directors consider that a very long useful life is appropriate, having regard to the long leasehold nature of the property.
|
| 2. |
Average number of employees
Average number of employees during the year was 1 (2024 : 1).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Investment properties |
|
Total |
| |
£ |
|
£ |
| At 01 April 2024 |
5,282,030 |
|
5,282,030 |
| Additions |
- |
|
- |
| Disposals |
- |
|
- |
| At 31 March 2025 |
5,282,030 |
|
5,282,030 |
| Depreciation |
| At 01 April 2024 |
18,563 |
|
18,563 |
| Charge for year |
5,304 |
|
5,304 |
| On disposals |
- |
|
- |
| At 31 March 2025 |
23,867 |
|
23,867 |
| Net book values |
| Closing balance as at 31 March 2025 |
5,258,163 |
|
5,258,163 |
| Opening balance as at 01 April 2024 |
5,263,467 |
|
5,263,467 |
|
| 4. |
Debtors: amounts falling due within one year
|
31/03/2025
£ |
|
31/03/2024
£ |
| Amount Owed by Group Undertakings |
1,444,980 |
|
1,410,988 |
| Other Debtors |
11,818 |
|
2,677 |
|
1,456,798 |
|
1,413,665 |
Other debtors comprise prepayments in the current year. The comparative balance included an overpayment of corporation tax.
|
| 5. |
Creditors: amount falling due within one year
|
31/03/2025
£ |
|
31/03/2024
£ |
| Trade Creditors |
83,971 |
|
38,340 |
| Amounts Owed to Group Undertakings |
5,032,995 |
|
5,032,995 |
| Bank Loans & Overdrafts |
47,714 |
|
47,714 |
| Taxation and Social Security |
3,607 |
|
0 |
| Other Creditors |
13,250 |
|
10,000 |
|
5,181,537 |
|
5,129,049 |
The amount of £47,714 included within bank loans represents the current portion of the long-term loan facility with Santander UK Plc, repayable within one year (see Note 9).
Other creditors comprise accrued expenses. |
| 6. |
Creditors: amount falling due after more than one year
|
31/03/2025
£ |
|
31/03/2024
£ |
| Bank Loans & Overdrafts |
1,403,583 |
|
1,451,296 |
|
1,403,583 |
|
1,451,296 |
On 7 July 2021, the Company, together with other co-borrowers, entered into a loan agreement with Santander UK Plc under which a loan facility of £16,500,000 was made available to the borrowers in aggregate. The facility was used to refinance the acquisition of investment properties and to fund associated incidental costs.
The loan facility has a term of five years and is non-revolving, such that amounts repaid cannot be reborrowed. The loan is secured against the investment properties.
At 31 March 2025, the outstanding balance of the loan facility amounted to £9,125,000 (2024: £9,425,000). The Companys share of the loan was £1,451,297 (2024: £1,499,007), of which £1,403,583 (2024: £1,451,296) is repayable after more than one year.
The Company complied with all loan covenants throughout the year.
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| 7. |
Related party transactions
During the year, the Company entered into transactions with related parties under common control. At the balance sheet date, balances with related parties are included within debtors and creditors. There were no other material related party transactions during the year.
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3
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