RRAM Bonds Plc 30/06/2022 iXBRL

RRAM Bonds Plc 30/06/2022 iXBRL

RRAM BONDS PLC - Company Information

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Company registration number: 08880092
RRAM Bonds Plc
Financial statements
30 June 2022
RRAM Bonds Plc
Contents
Directors and other information
Strategic report
Directors report
Independent auditor's report to the members
Statement of income and retained earnings
Statement of financial position
Notes to the financial statements
RRAM Bonds Plc
Directors and other information
Directors Zulfiqar Ali Khan
Arvid Traaseth Pedersen
Suchit Punnose
Paul Anthony Rodker
Secretary Arvid Traaseth Pedersen
Company number 08880092
Registered office 16 Berkeley Street
Mayfair
London
W1J 8DZ
Business address 16 Berkeley Street
London
W1J 8DZ
Auditor SRV Delson
Maruti House
1st Floor
369 Station Road
Harrow
HA1 2AW
RRAM Bonds Plc
Strategic report
Year ended 30 June 2022
Principal activities
The Company's principal activity was to issue interest bearing bonds to raise funds for the various projects under incubation by its majority shareholder Red Ribbon Asset Management Plc. The Company has been established to offer a fixed income product for investors who wish to indirectly participate in Red Ribbon Asset Management Plc's projects.
Business model
Company issues interest bearing unsecured bonds which is distributed through financial intermediaries and primarily targeting the increasing personal pension market of SSASs and SIPPs. The Bond is targeted at the retail investors who are self-certified high net worth and sophisticated investors.
Business review and results
The Company issued RRAM Bonds during the year and has been well received in the market. This bond offers an opportunity to invest in the Indian economy through a fixed income product
Key performance indicators
The first bond issue has received a good response and the Directors are of the belief that the subscription of the bonds will see an increase in the coming financial year.
Principal risks and uncertainties
Ability to continue the distribution and raise funds, availability of opportunity to invest in projects are the principal risks and uncertainties.
Future developments
The Company is considering listing of the Bonds on a Recognised Stock Exchange in the next financial year to enhance the capability to distribute the Bonds and offer liquidity.
This report was approved by the board of directors on 27 June 2023 and signed on behalf of the board by:
Arvid Traaseth Pedersen
Director
RRAM Bonds Plc
Directors report
Year ended 30 June 2022
The directors present their report and the financial statements of the company for the year ended 30 June 2022.
Directors
The directors who served the company during the year were as follows:
Zulfiqar Ali Khan
Arvid Traaseth Pedersen
Suchit Punnose
Paul Anthony Rodker
Dividends
The directors do not recommend the payment of a dividend.
Future developments
The company will continue to issue interest bearing bonds to raise funds for the various projects.
Greenhouse gas emissions and energy consumption
Information not included
The company consumed 40,000kWh of energy or less in the UK during the period.
Employee involvement
It is the policy of the Company to support the employment of disabled persons, both in recruitment and by retention of employees who become disabled whilst in the employment with the Company, as well as generally through training and career development.
Financial instruments
The Group only has exposure to credit risk to associated parties, which is actively managed by the directors.
Due to the straightforward nature of the business, the directors are of the opinion that analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the business.
Disclosure of information in the strategic report.
The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report.
Directors responsibilities statement
The directors are responsible for preparing the strategic report, directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 27 June 2023 and signed on behalf of the board by:
Arvid Traaseth Pedersen
Director
RRAM Bonds Plc
Independent auditor's report to the members of
RRAM Bonds Plc
Year ended 30 June 2022
Opinion
We have audited the financial statements of RRAM Bonds Plc (the 'company') for the year ended 30 June 2022 which comprise the statement of income and retained earnings, statement of financial position and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the company's affairs as at 30 June 2022 and of its loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Material Uncertainty Related to Going Concern
In forming our opinion on the financial statements, we have considered the adequacy of disclosure made for going concern in these financial statements regarding the company's ability to continue trading as a going concern.
The company is dependent on the availability of funds from bond holders and the current economic conditions including the uncertainty in the market are having significant impact upon the world of credit market and raising finance remains challenging. We have reviewed the cash flow forecast and the bond repayments. This fact indicates the existence of material uncertainty which may cast significant doubt upon the company's ability to continue trading as a going concern should these facilities be made unavailable and may therefore be unable to realise assets and discharge its liabilities in the ordinary course of business.
These financial statements do not include any adjustments that would result if the company were unable to continue as a going concern.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and the returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:The objectives of our audit, in respect to detecting irregularities including fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Enquiry of management and those charged with governance around actual and potential litigation and claims; Performing audit work over the risk of management override of controls. including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. Reviewing minutes of meetings of those charged with governance; Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant UK tax compliance regulations and Data Protection Regulation (GDPR).Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. we also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Sailesh Rameshchandra Vaghjee (Senior Statutory Auditor)
For and on behalf of
SRV Delson
Chartered Certified Accountants and & Registered Auditors
Maruti House
1st Floor
369 Station Road
Harrow
HA1 2AW
27 June 2023
RRAM Bonds Plc
Statement of income and retained earnings
Year ended 30 June 2022
2022 2021
Note £ £
Turnover 4 140,427 128,155
Cost of sales ( 37,144) ( 110,982)
_______ _______
Gross profit 103,283 17,173
Administrative expenses ( 137,987) ( 3,803)
_______ _______
Operating (loss)/profit 5 ( 34,704) 13,370
Interest payable and similar expenses 6 ( 1,666) -
(Loss)/profit before taxation ( 36,370) 13,370
Tax on (loss)/profit 7 - ( 2,540)
_______ _______
(Loss)/profit after taxation ( 36,370) 10,830
Other taxes not shown under the above ( 770) ( 4,085)
_______ _______
(Loss)/profit for the financial year and total comprehensive income ( 37,140) 6,745
_______ _______
Retained earnings at the start of the year 132,351 125,606
_______ _______
Retained earnings at the end of the year 95,211 132,351
_______ _______
All the activities of the company are from continuing operations.
RRAM Bonds Plc
Statement of financial position
30 June 2022
2022 2021
Note £ £ £ £
Fixed assets
Investments 8 11,202 46,012
_______ _______
11,202 46,012
Current assets
Debtors 9 2,799,740 1,436,664
Cash at bank and in hand 7,211 773
_______ _______
2,806,951 1,437,437
Creditors: amounts falling due
within one year 10 ( 263,895) ( 245,073)
_______ _______
Net current assets 2,543,056 1,192,364
_______ _______
Total assets less current liabilities 2,554,258 1,238,376
Creditors: amounts falling due
after more than one year 11 ( 2,392,598) ( 1,039,576)
_______ _______
Net assets 161,660 198,800
_______ _______
Capital and reserves
Called up share capital 12 50,000 50,000
Share premium account 13 16,449 16,449
Profit and loss account 13 95,211 132,351
_______ _______
Shareholders funds 161,660 198,800
_______ _______
These financial statements were approved by the board of directors and authorised for issue on 27 June 2023 , and are signed on behalf of the board by:
Arvid Traaseth Pedersen
Director
Company registration number: 08880092
RRAM Bonds Plc
Notes to the financial statements
Year ended 30 June 2022
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 16 Berkeley Street, Mayfair, London, W1J 8DZ.
Principal activities
The principal activities of the company is that of venture and development capital.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and 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.
Going concern
In preparing the financial statements the directors have taken into account all the information that could reasonably be expected to be available together with their continued support The company is dependent on the availability of funds and the economic current conditions 19 are having significant impact upon the availability of funds and the conditions remain challenging. The board consider that the company will issue sufficient future bonds to maintain its profitability. The directors have reasonable expectations and adequate resources that the company will be able to continue in operations and meet its liabilities as they fall due.On this basis the financial statements have been prepared by using the going concern basis of accounting because there are no material uncertainties related to events and conditions that may cast significant doubt about the ability of the company to continue as a going concern.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Turnover
Turnover arises from:
2022 2021
£ £
Interest receivable on loans 140,427 128,155
_______ _______
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Operating loss/profit
Operating loss/profit is stated after charging/(crediting):
2022 2021
£ £
Foreign exchange differences 68,013 -
Fees payable for the audit of the financial statements 4,050 3,180
_______ _______
6. Interest payable and similar expenses
2022 2021
£ £
Bank loans and overdrafts 1,183 -
Other interest payable and similar expenses 483 -
_______ _______
1,666 -
_______ _______
7. Tax on loss/profit
Major components of tax expense
2022 2021
£ £
Current tax:
UK current tax expense - 2,540
_______ _______
Tax on loss/profit - 2,540
_______ _______
No provision for corporation tax liabilities has been made in these financial statements due to tax losses incurred during the year.
Reconciliation of tax expense
The tax assessed on the loss/profit for the year is higher than (2021: the same as) the standard rate of corporation tax in the UK of 19.00 % (2021: 19.00%).
2022 2021
£ £
(Loss)/profit before taxation ( 36,370) 13,370
_______ _______
(Loss)/profit multiplied by rate of tax ( 6,910) 2,540
Unrelieved tax losses 6,910 -
_______ _______
Tax on loss/profit - 2,540
_______ _______
8. Investments
Shares in group undertakings Total
£ £
Cost
At 1 July 2021 46,012 46,012
Disposals ( 34,810) ( 34,810)
_______ _______
At 30 June 2022 11,202 11,202
_______ _______
Impairment
At 1 July 2021 and 30 June 2022 - -
_______ _______
Carrying amount
At 30 June 2022 11,202 11,202
_______ _______
At 30 June 2021 46,012 46,012
_______ _______
9. Debtors
2022 2021
£ £
Other debtors 2,799,740 1,436,664
No money have been called for the unpaid share capital and the directors are confident when the calls are made the amount will be received.
10. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 6,720 -
Trade creditors 3,561 3,509
Accruals and deferred income 4,992 4,242
Corporation tax 18,982 23,103
Other creditors 229,640 214,219
_______ _______
263,895 245,073
_______ _______
11. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 37,724 50,000
Other creditors 2,354,874 989,576
_______ _______
2,392,598 1,039,576
_______ _______
12. Called up share capital
Issued, called up and fully paid
2022 2021
No £ No £
Ordinary shares shares of £ 0.01 each 5,000,000 50,000 5,000,000 50,000
_______ _______ _______ _______
Called-up share capital represents the nominal value of shares that have been issued.
13. Reserves
The profit and loss reserve includes all current and prior retained period profits and losses
14. Related party transactions
The ultimate parent undertaking is Red Ribbon Asset Management Plc, company registered n England & Wales.During the year the company provided loans of £2,717,840 (30 June 2021 - £1,362,324) to its parent company Red Ribbon Asset Management Plc.
15. Controlling party
During the year, the company was controlled by Suchit Punose who is a director and shareholder of the company.