RMAC 2001-NSP2
RMAC 2001-NSP2 PLC
=====================================================================================
RMAC 2001-NSP2 PLC
Annual Report
For the year to 31 December 2003
Registered No: 4221187
RMAC 2001-NSP2 PLC
===============================================================================
Directors and Advisers
Directors
Colin
Bradley
SFM Directors Limited
SFM Directors (No.2)
Limited
Auditors
PricewaterhouseCoopers
LLP
Southwark Towers
32 London Bridge
Street
London
SE1 9SY
Secretary and Registered
Office
Karen Edmonds
Eastern
Gate
Brants
Bridge
Bracknell
Berkshire
RG12 9BZ
The accounts on pages 5 to 13 were approved by the Board of
Directors on 11 March 2004
RMAC 2001-NSP2 PLC
==============================================================================================
Directors' Report
For the year ended 31 December 2003
The Directors present their report together with the audited accounts for the year ended 31 December
2003.
Business objectives and principal
activities
The principal activity of the company is the investment in mortgage
loans secured by first charges over residential properties within the
United Kingdom and financed by the issuance of mortgage backed loan
notes. The directors expect that the present level of activity will be
sustained in the near future.
Directors
The Directors who served during the year were as
follows:-
Colin Bradley
SFM Directors Limited
SFM Directors (No.2) Limited
No Director had any interestin the share capital of the company nor
any group company at any time during the year.
Secretary
Karen Edmonds
Results and dividend
As the company made neither profit nor loss in the period after
taxation, no dividend is proposed.
Statement of Directors'
responsibilities
Company law requires the Directors to prepare accounts for each
financial year which give a true and fair view of the state of affairs
of the company and of the profit and loss of the company for that
period.
In preparing those accounts, the Directors are required to:
* select suitable accounting policies and then apply them
consistently;
* make judgements and estimates that are reasonable and prudent;
* state whether applicable Accounting Standards have been followed, subject to any
material departures disclosed and explained in the accounts;
* prepare the accounts on the going concern basis unless it is inappropriate to
presume
that the company will continue in
business.
The Directors are responsible for keeping proper accounting records
which disclose with reasonable accuracy at any time the financial
position of the company and to enable them to ensure that the accounts
comply with the Companies Act 1985. 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.
Auditors
A resolution to re-appoint PricewaterhouseCoopers LLP will be proposed
at the Annual General Meeting.
On behalf of the Board
Colin Bradley
Director
11 March 2004
RMAC 2001-NSP2 PLC
=====================================================================================
Independent auditors' report to the member of RMAC 2001-
NSP2 PLC
We have audited the financial statements which comprise the profit and loss account,
balance sheet and the related notes, which have been prepared under the historical
cost convention and the accounting policies set out in Note 1.
Respective responsibilities of directors and
auditors
The directors' responsibilities for preparing the Annual Report and the financial
statements in accordance with applicable United Kingdom law and accounting standards
are set out in the statements of directors' responsibilities.
Our responsibility is to audit the financial statements in accordance with relevant
legal and regulatory requirements and United Kingdom Standards issued by the
Auditing Practices Board. This report, including our opinion has been prepared for
and only for the Company's members in accordance with Section 235 of the Companies
Act 1985 and for no other purpose. We do not, in giving this opinion, accept or
assume responsibility for any other purpose or to any other person to whom this
report is shown or into whose hands it may come save where expressly agreed by our
prior consent in writing.
We report to you our opinion as to whether the financial statements give a true and
fair view and are properly prepared in accordance with the Companies Act 1985. We
also report to you if, in our opinion, the directors' report is not consistent with
thefinancial statements, if the company has not kept proper accounting records, if
we have not received all the information and explanations we require for our audit,
or if information specified by law regarding directors' remuneration and
transactionsis not disclosed.
We read the other information contained in the Annual Report and consider the
implications for our report if we become aware of any apparent misstatements or
material inconsistencies with the financial statements. The other information
comprises only the directors' report.
Basis of audit opinion
We conducted our audit in accordance with Auditing Standards issued by the Auditing
Practices Board. An audit includes examination, on a test basis, of evidence
relevant to the amounts and disclosures in the financial statements. It also
includes an assessment of the significant estimates and judgements made by the
directors in the preparation of the financial statements, and of whether the
accounting policies are appropriate tothe company's circumstances, consistently
applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and
explanations which we considered necessary in order to provide us with sufficient
evidence to give reasonable assurance that the financial statements are free from
material misstatement, whether caused by fraud or other irregularity or error. In
forming our opinion we also evaluated the overall adequacy of the presentation of
information in the financial statements.
Opinion
In our opinion the financial statements give a true and fair view of the state of the
company's affairs at 31 December 2003 and of its result for the year then ended and
have been properly prepared in accordance with the Companies Act 1985.
PricewaterhouseCoopers LLP
Chartered Accountants and Registered Auditors
Southwark Towers
32 London Bridge Street, SE1 9SY
11 March 2004
RMAC 2001-NSP2 PLC
=============================================================================================
PROFIT AND LOSS ACCOUNT
For the year ended 31 December 2003
Note 2003 2002
�000 �000
Turnover 2 4,156 6,506
Administration expenses (5,935) (7,639)
Interest receivable 1,779 1,133
---------------------------------------------------------------------------- ----------------
Profit on ordinary activities before
taxation 5 - -
Taxation on profit on ordinary
activities 6 - -
---------------------------------------------------------------------------- ----------------
Profit on ordinary activities after
taxation 13 - -
The company had no acquisitions or discontinued operations, and accordingly
the above profit and
loss account is in respect of
continuing operations.
The company has no recognised gains and losses other than those included in
the profits above, and
therefore no separate statement of total recognised gains
and losses has been presented.
There is no difference between the profit on ordinary activities before
taxation and the retained profit for
the year, and their historical cost
equivalents.
RMAC 2001-NSP2 PLC
=============================================================================================================
BALANCE SHEET
as at 31
December 2003
Note 2003 2002
�000 �000
Fixed assets:
Mortgage loans 7 326,976 668,550
---------------- --------------
Total fixed
assets 326,976 668,550
Current assets:
Debtors: amounts falling due
within one year 8 187 239
Cash at bank and
in hand 29,210 20,357 +1
---------------- --------------
Total current
assets 29,397 20,596
Creditors: amounts falling due
within one year 9 (8,547) (7,665)
---------------- --------------
Net current
assets 20,850 12,931
---------------- --------------
Total assets less current
liabilities 347,826 681,481
Creditors: amounts falling due after more
than one year 9 (347,813) (681,468)
---------------- --------------
Net
Assets 13 13
---------------- --------------
Capital and
reserves:
Called up share
capital 12 13 13
Profit and loss
account 13 - -
---------------- --------------
Total
shareholder's
funds 14 13 13
---------------- --------------
The accounts on pages 5 to 13 were approved by the Board of
Directors on 11 March 2004
and were signed on its
behalf by:
Colin Bradley
Director
RMAC 2001-NSP2 PLC
=======================================================================================================
NOTES TO THE ACCOUNTS
for the year to 31
December 2003
1 ACCOUNTING POLICIES
The accounts have been prepared in accordance with applicable
Accounting Standards in the United Kingdom. A summary of the more
important accountingpolicies which have been applied consistently is
set out below.
ACCOUNTING CONVENTION
The accounts are prepared in accordance with the historical cost convention.
TURNOVER
In the opinion of the directors, disclosure of turnover is most
closely represented as being comprised of mortgage interest receivable
net of funding costs, fees and commission receivable. These changes
represent an adaptation of the profit and loss account format laid
down in Schedule 4 to the Companies Act 1985 due to the special nature
of the company's business.
CASH FLOW STATEMENT AND RELATED PARTY DISCLOSURE
The company is a wholly owned subsidiary of RMAC Holdings Limited,
incorporated in England & Wales, whose accounts are publicly
available. Consequently, the company has taken advantage of the
exemption from preparing a cash flow statement under the terms of
Financial Reporting Standard 1 (Revised 1996). The company is exempt
under the terms of Financial Reporting Standard 8 from disclosing
related partytransactions (but not balances) with entities that are
part of the RMAC Holdings Limited Group or members of the RMAC
Holdings Limited Group.
MORTGAGE LOANS
Mortgage loans are stated at cost less provision for loan losses. The
mortgage loans are subject to a credit insurance wrap which, according
to its terms, establishes a maximum possible loss on the portfolio.
MORTGAGE BACKED LOAN NOTES AND SECURITISATION COSTS
Mortgage backed loan notes are stated at aggregate principal amount
payable at redemption (net of underwriting costs). Underwriting costs
and the initial costs of credit insuring the mortgages on which the
notes are secured are amortised over the expected period until the C
Notes are repaid (unsecured loan notes issued to raise cash for the
securitisation). This is estimated to be 42 months. All other
securitisation costs are taken to the profit & loss account at the
date of securitisation.
DEFERRED CONSIDERATION
Under the terms of the agreement for the purchase of the mortgage
loans, the company has a liability to deferred consideration. The
amount analysed at the balance sheet date has been shown as a
liability in the accounts, which will be ultimately satisfied by
payments of cash in accordance with the administration agreement.
2 TURNOVER
2003 2002
�000 �000
Mortgage loans interest receivable 31,166 44,430
Servicing income 1,770 1,632
----------------------------------------------------------------------------------------------------
Interest receivable on mortgage loans and
servicing income 32,936 46,062
Interest payable on loans repayable after five
years
Mortgage backed loan
notes (28,780) (39,556)
----------------------------------------------------------------------------------------------------
4,156 6,506
---------------------------------------------------------------------------------------------------------------------
3 DIRECTORS' EMOLUMENTS
2003 2002
�000 �000
Sums paid to a third party for
directors' services 8 8
---------------------------------------------------------------------------------------------------------------------
4 EMPLOYEE INFORMATION
There were no persons directly employedby the company during the year ended 31
December 2003 (2002:Nil).
---------------------------------------------------------------------------------------------------------------------
5 PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION
2003 2002
�000 �000
This is stated after
charging/(crediting):
Auditors' remuneration: audit fees 9 9
Trustee fees 17 7
Administration fees paid for servicing
mortgage loans 906 1,325
Provision for losses (125) 288
---------------------------------------------------------------------------------------------------------------------
6 TAXATION ON PROFIT ON ORDINARY ACTIVITIES
(a) Analysis of tax charge for the
period: 2003 2002
�000 �000
United Kingdom Corporation Tax
charge for
current year - -
---------------------------------------------------------------------------------------------------
- -
(b) Factors affecting current tax charge for
the year:
Profit before tax - -
Tax on profit at 30% - -
---------------------------------------------------------------------------------------------------------------------
7 MORTGAGE LOANS
2003 2002
�000 �000
Cost and net book
value
At 1 January 668,550 822,736
Further advances 7,300 12,258
Other movements 1,823 (1,979)
Redemptions (345,756) (157,862)
Amortisation of premium on
acquisition (5,066) (6,315)
Movement on loss
provision 125 (288)
---------------------------
At 31 December 326,976 668,550
===========================
---------------------------------------------------------------------------------------------------------------------
8 DEBTORS
2003 2002
�000 �000
Amounts falling due within one year
Interest receivable 35 32
Other debtors 2 2
Prepayments 150 205
---------------------------
187 239
===========================
---------------------------------------------------------------------------------------------------------------------
9 CREDITORS
2003 2002
�000 �000
Amounts falling due within one year
Other creditors 8,526 7,622
Accruals 21 43 -1
---------------------------
8,547 7,665
===========================
Amounts falling due after more than
one year
Mortgage backed loan notes (note
10) 347,812 681,467 -1
Other creditors 1 1
---------------------------
347,813 681,468
===========================
---------------------------------------------------------------------------------------------------------------------
10 MORTGAGE BACKED LOAN NOTES
The mortgage backedloan notes are secured over a portfolio of
mortgage loans. Senior loan notes are secured by the same security as
junior loan notes but rank in priority to junior notes in the event of
security being enforced.
2003 2002
�000 �000
A1 Loan notes - 43,758
A2 Loan notes - 229,500
A3 Loan notes 262,464 315,000
A4 Loan notes (including
detachable coupon) 83,784 88,849
C Loan notes 1,564 4,360 +1
---------------------------
Outstanding principal at 31
December 347,812 681,467
===========================
Maturity of Borrowings
If not otherwise redeemed or purchased and cancelled, the mortgage
backed loan notes will be redeemed at their principal outstanding
balance on the interest payment date in December 2033.
Prior to mandatory redemption on the final payment date, the loan
notes will be subject to mandatory and/or optional redemption in
certain circumstances. Such mandatory redemption in part will be
primarily caused by scheduled principal payments by the borrowers and
principal prepayments. Optional redemption may take place when the
aggregate principal amount outstanding of the loan notes is less than
10 per cent. of the initial aggregate principal amount outstanding of
the loan notes. The company may redeem all (but not some only) of the
loan notes at this time at the loan notes principal amount
outstanding.
The interest on the notes will accrue on a day by day basis and be
payable quarterly in arrears at the following rates above the London
Interbank Offered Rate for quarterly sterling deposits:
A1 Loan notes LIBOR +
0.15%
A2 Loan notes LIBOR +
0.25%
A3 Loan notes LIBOR +
0.30%
A4 Loan notes LIBOR +
0.34%
A4 Detachable coupons 7% (until March 2004)
C Loan notes LIBOR +
3.50%
---------------------------------------------------------------------------------------------------------------------
11 FINANCIAL RISKS AND INSTRUMENTS
Credit risk
The company's major asset is a portfolio of mortgage loans which is
administered by a third party. These mortgage loans are subject to
regular reviews for possible credit problems to ensure credit risks
are identified on a timely basis and losses are minimised.
Liquidity risk
The company's policy is to manage liquidity risk through its use of
its start up loan and excess spread and a reserve fund. As the length
of the mortgage backed loan notes is designed to match the length of
the mortgage loans, there is deemed to be limited liquidity risks
facing the company.
Interest rate risk
Assets and liabilities subject to floating rates are deemed to have
limited interest rate risk. The interest rate risk on floating rate
mortgage loans being mitigatedby the company's interest rate risk on
its floating mortgage backed loan note liabilities. Those assets
subject to a fixed rate of interest have a short fixed period before
converting to floating rates. It is not considered necessary to hedge
these assets against interest rate risk, any mismatch being covered by
the reserve fund created within the funding structure.
Currency risk
The company's assets and liabilities are denominated in sterling and
so the company is not exposed to gains or losses arising from currency
fluctuations.
Hedging
It is the company's policy to directly manage the liquidity, interest
rate and currency risks via primary financial instruments as described
above to hedge its position and not to make use of derivative
financial instruments.
As permitted by Financial Reporting Standard 13, the company has opted
to exclude short term debtors and creditors from this disclosure.
2003 2002
Floating rate Floating rate Fixed rate
not more than not more than
three months three months
� � �
Assets
Mortgage loans 326,976 376,677 291,873
Cash atbank and in
hand 29,210 20,357 -
------------------------------------------
356,186 397,034 291,873
==========================================
Liabilities
------------------------------------------
Mortgage backed loan
notes 347,812 681,467 -
==========================================
2003 2002
Weighted average interest rate of fixed
interest rate loans 0.00% 5.19%
Weighted average fixed interest rate period remaining on 6.6 months
fixed interest rate loans -
---------------------------------------------------------------------------------------------------------------------
12 CALLED UP SHARE CAPITAL
2003 2002
�000 �000
Authorised
50,000 ordinary shares of �1 each (2002:50,000
shares) 50 50
---------------------------
Allotted, called up and fully paid
2 ordinary share of �1 each (2002:2
shares) - -
Allotted, called up and 25% paid
49,998 ordinary shares of �1 each (2002:49,998
shares) 13 13
---------------------------
13 13
===========================
---------------------------------------------------------------------------------------------------------------------
13 PROFIT AND LOSS ACCOUNT
2003 2002
�000 �000
At 1 January - -
Profit for the year - -
----------------------------------------------------------------------------------------------------
At 31 December --
---------------------------------------------------------------------------------------------------------------------
14 RECONCILIATION OF MOVEMENTS ON SHAREHOLDER'S FUNDS
2003 2002
�000 �000
Shareholder's funds at 1 January 13 13
Profit for the
financial year - -
------------------------------------------------------------------------------------------------------------------
Shareholder's funds at 31 December 13 13
---------------------------------------------------------------------------------------------------------------------
15 CAPITAL COMMITMENTS
There were no outstanding capital commitments as at 31 December 2003
(2002:Nil).
---------------------------------------------------------------------------------------------------------------------
16 RELATED PARTY TRANSACTIONS
The directors regard SFM Corporate Services Limited as the ultimate
controlling party, which holds its share in the company's parent on a
discretionary basis for chartiable purposes. The company is a wholly
owned subsidiary of RMAC Holdings Limited, a company registered in
England. Therefore the company has applied the exemption within
Financial Reporting Standard 8 which permits the non-disclosure of
transactions and balances with related parties which are included in
the consolidated financial statements of RMAC Holdings Limited.
The company has incurred �905,552 (2002:�1,325,456) due to GMAC-RFC
Limited (of which Mr Colin Bradley is a Director) for administering
the company's mortgage loans and owes �2,325,334 (2002:�3,797,267) of
deferred consideration. The company has repaid principle and interest
of �4,399,488 (2002:164,141) of the C Notes issued to GMAC RFC
Limited. The company owes GMAC-RFC Limited �10,309,164 at 31 December
2003 (2002:�12,997,609).
-------------------------------------------------------------------------------------------------------
17 IMMEDIATE AND ULTIMATE PARENT UNDERTAKING
The immediate and ultimate parent company is RMAC Holdings Limited
which is incorporated in England and Wales. Copies of RMAC Holdings
Limited accounts may be obtained fromthe Secretary at its registered
office.
---------------------------------------------------------------------------------------------------------------------
Citi Fun 24 (LSE:AB70)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Citi Fun 24 (LSE:AB70)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024
