RAMAT INVESTMENT CORPORATION LIMITED Filleted accounts for Companies House (small and micro)

RAMAT INVESTMENT CORPORATION LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03232917

RAMAT INVESTMENT CORPORATION LIMITED

Filleted Unaudited Financial Statements

31 August 2022

RAMAT INVESTMENT CORPORATION LIMITED

Statement of Financial Position

31 August 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	4		3,000,000	3,000,000

Current assets

Cash at bank and in hand	401,153		343,122

Creditors: amounts falling due within one year	5	437,126		440,154
		---------		---------
Net current liabilities			35,973	97,032
			------------	------------
Total assets less current liabilities			2,964,027	2,902,968

Creditors: amounts falling due after more than one year	6		376,221	402,440

Provisions

Taxation including deferred tax	250,000	250,000
	------------	------------
Net assets	2,337,806	2,250,528
	------------	------------

Capital and reserves

Called up share capital	2	2
Fair value reserve	1,440,040	1,440,040
Profit and loss account	897,764	810,486
	------------	------------
Shareholders funds	2,337,806	2,250,528
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 August 2022 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 financial statements for the year in question in accordance with section 476 ;

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

RAMAT INVESTMENT CORPORATION LIMITED

Statement of Financial Position (continued)

31 August 2022

These financial statements were approved by the board of directors and authorised for issue on 30 May 2023 , and are signed on behalf of the board by:

Mr A Mendelsohn

Director

Company registration number: 03232917

RAMAT INVESTMENT CORPORATION LIMITED

Notes to the Financial Statements

Year ended 31 August 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Grosvenor Gardens, London, NW11 0HG.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

The turnover shown in the profit and loss account represents rents receivable during the year.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Tangible assets

	Land and buildings
	£
Valuation
At 1 September 2021 and 31 August 2022	3,000,000
	------------
Depreciation
At 1 September 2021 and 31 August 2022	–
	------------
Carrying amount
At 31 August 2022	3,000,000
	------------
At 31 August 2021	3,000,000
	------------

Tangible assets held at valuation

The revaluation of the investment properties was made by the director on an open market value for existing use basis at the end of 31.8.2018.

5. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	37,900	37,900
Corporation tax	20,473	15,416
Amounts owed to related undertaking	273,394	279,869
Other creditors	105,359	106,969
	---------	---------
	437,126	440,154
	---------	---------

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

	2022	2021
	£	£
Bank loans and overdrafts	376,221	402,440
	---------	---------

The bank loan is secured by way of a charge on the company's investment property.