Company No: 08446103 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	A D Randall (Appointed 14 July 2025)
	J E Randall (Appointed 14 July 2025)
	R M Randall
	C A Randall (Appointed 14 July 2025)

SECRETARY

Turcan Connell Company Secretaries Limited

REGISTERED OFFICE	Stonecross
	Trumpington High Street
	Cambridge
	CB2 9SU
	United Kingdom

COMPANY NUMBER

08446103 (England and Wales)

ACCOUNTANT	S&W Partners (East) LLP
	Stonecross
	Trumpington High Street
	Cambridge
	CB2 9SU

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	36,740		93,888
Investments	4	100		100
		36,840		93,988
Current assets
Debtors
- due within one year	5	17,922,214		21,874,111
- due after more than one year	5	0		800,000
Cash at bank and in hand		245,046		885,750
		18,167,260		23,559,861
Creditors: amounts falling due within one year	6	( 11,716,579)		( 18,412,412)
Net current assets		6,450,681		5,147,449
Total assets less current liabilities		6,487,521		5,241,437
Creditors: amounts falling due after more than one year	7	( 32,053)		0
Provision for liabilities		( 9,185)		( 5,859)
Net assets		6,446,283		5,235,578
Capital and reserves
Called-up share capital		1,001		1,001
Profit and loss account		6,445,282		5,234,577
Total shareholder's funds		6,446,283		5,235,578

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of RMR Capital Limited (registered number: 08446103) were approved and authorised for issue by the Board of Directors on 23 December 2025. They were signed on its behalf by:

R M Randall Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

RMR Capital Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Stonecross, Trumpington High Street, Cambridge, CB2 9SU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of RMR Capital Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

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

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Turnover

Turnover represents interest income arising from loans provided to third parties. It is recognised when it is probable that economic benefits will flow to the Company and the amount can be measured reliably. Turnover is stated at the fair value of consideration receivable, excluding discounts, rebates, VAT and other sales taxes.

Interest income is recognised on an accrual basis using the effective interest method, by reference to the principal outstanding and the rate that exactly discounts estimated future cash flows over the expected life of the financial asset to its carrying amount at initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	20 % reducing balance
Plant and machinery etc.	3 years straight line
	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	1		1

3. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 April 2024	119,748		56,338		176,086
Additions	1,239		42,869		44,108
Disposals	( 120,987)		( 42,637)		( 163,624)
At 31 March 2025	0		56,570		56,570
Accumulated depreciation
At 01 April 2024	47,469		34,729		82,198
Charge for the financial year	0		12,737		12,737
Disposals	( 47,469)		( 27,636)		( 75,105)
At 31 March 2025	0		19,830		19,830
Net book value
At 31 March 2025	0		36,740		36,740
At 31 March 2024	72,279		21,609		93,888

4. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 April 2024	100		100
At 31 March 2025	100		100
Carrying value at 31 March 2025	100		100
Carrying value at 31 March 2024	100		100

5. Debtors

	2025		2024
	£		£
Debtors: amounts falling due within one year
Trade debtors	14,102,650		15,172,136
Amounts owed by connected companies	3,769,563		6,460,696
Other debtors	50,001		241,279
	17,922,214		21,874,111
Debtors: amounts falling due after more than one year
Trade debtors	0		800,000

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	2,541		2,805
Amounts owed to Parent undertakings	11,185,648		17,638,204
Amounts owed to connected companies	0		283,857
Taxation and social security	187,393		419,728
Obligations under finance leases and hire purchase contracts	5,018		0
Other creditors	335,979		67,818
	11,716,579		18,412,412

7. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Obligations under finance leases and hire purchase contracts	32,053		0

There are no amounts included above in respect of which any security has been given by the small entity.

8. Related party transactions

Other related party transactions

	2025		2024
	£		£
Amounts due from entities under common control	2,368,900		1,906,847
Amounts due to entities under common control	0		(176,651)
Amounts owed to parent company	(11,185,648)		(17,638,203)

During the year, the Company repaid a loan due from a related party of £176,651 (2024: £Nil) and loaned further amounts to related parties of £462,053. The loans outstanding are interest free and repayable on demand.

Loans have been advanced to connected parties at commercial interest rates and on standard repayment terms. Accordingly, no further disclosure of these loans is made, as they were not provided on preferential terms.

9. Ultimate controlling party

Parent Company:

RMR Holdings Limited

57/63 Line Wall Road Gibraltar

The directors consider the ultimate controlling party of the Company to be R M Randall.