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COMPANY REGISTRATION NUMBER: 03704513
Romenbell Properties Limited
Filleted Unaudited Financial Statements
For the year ended
31 January 2022
Romenbell Properties Limited
Financial Statements
Year ended 31st January 2022
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Romenbell Properties Limited
Officers and Professional Advisers
The board of directors
Mr M A Potts
Miss R Potts
Mr M Potts
Company secretary
Miss R Potts
Registered office
550 Valley Road
Basford
Nottingham
NG5 1JJ
Accountants
ADS Accountancy Limited
Chartered Certified Accountants
550 Valley Road
Basford
Nottingham
NG5 1JJ
Bankers
National Westminster Bank
27/28 St Peter's Hill
Grantham
Lincs
NG31 6QG
Solicitors
McKinnells Solicitors
188 High Street
Lincoln
Lincolnshire
7N5 7BE
Romenbell Properties Limited
Statement of Financial Position
31 January 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
3
429,798
429,807
Current assets
Stocks
1,354,017
1,016,873
Debtors
4
143,291
149,182
Cash at bank and in hand
188,094
524,186
------------
------------
1,685,402
1,690,241
Creditors: amounts falling due within one year
5
1,503,509
1,534,689
------------
------------
Net current assets
181,893
155,552
---------
---------
Total assets less current liabilities
611,691
585,359
Creditors: amounts falling due after more than one year
6
369,208
390,868
---------
---------
Net assets
242,483
194,491
---------
---------
Capital and reserves
Called up share capital
7
2
2
Profit and loss account
242,481
194,489
---------
---------
Shareholders funds
242,483
194,491
---------
---------
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 income statement has not been delivered.
For the year ending 31st January 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 .
Romenbell Properties Limited
Statement of Financial Position (continued)
31 January 2022
These financial statements were approved by the board of directors and authorised for issue on 5 September 2022 , and are signed on behalf of the board by:
Miss R Potts
Director
Company registration number: 03704513
Romenbell Properties Limited
Notes to the Financial Statements
Year ended 31st January 2022
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 550 Valley Road, Basford, Nottingham, NG5 1JJ.
2. 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 amounts invoiced during the year. It is the amount derived from ordinary activities, and stated after trade discounts, other sales taxes and net of VAT.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more or a right to pay less tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor Vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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. Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
3. Tangible assets
Land and buildings
Motor vehicles
Total
£
£
£
Cost
At 1st February 2021 and 31st January 2022
429,771
7,996
437,767
---------
-------
---------
Depreciation
At 1st February 2021
7,960
7,960
Charge for the year
9
9
---------
-------
---------
At 31st January 2022
7,969
7,969
---------
-------
---------
Carrying amount
At 31st January 2022
429,771
27
429,798
---------
-------
---------
At 31st January 2021
429,771
36
429,807
---------
-------
---------
4. Debtors
2022
2021
£
£
Trade debtors
7,140
Other debtors
143,291
142,042
---------
---------
143,291
149,182
---------
---------
5. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
27,265
49,840
Trade creditors
16,427
1,426
Corporation tax
12,049
2,514
Social security and other taxes
2,314
Other creditors
1,445,454
1,480,909
------------
------------
1,503,509
1,534,689
------------
------------
6. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
369,208
390,868
---------
---------
7. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares shares of £ 1 each
2
2
2
2
----
----
----
----
8. Directors' advances, credits and guarantees
At the statement of financial position date the amount owing to the directors through the directors loan account was £204,337 (2021:£194,867). The directors loan account is unsecured, interest free and repayable on demand.