Company Registration No. 11258947 (England and Wales)
Room 351 Limited
Unaudited accounts
for the year ended 31 December 2022
Room 351 Limited
Unaudited accounts
Contents
Room 351 Limited
Company Information
for the year ended 31 December 2022
Company Number
11258947 (England and Wales)
Registered Office
103 Kings Cross Road
London
WC1X 9LP
GB
Accountants
Jones Hunt & Keelings - Chartered Certified Accountants
71 Knowl Piece
Wilbury Way
Hitchin
Hertfordshire
SG4 0TY
Room 351 Limited
Statement of financial position
as at 31 December 2022
Tangible assets
9,862
9,862
Cash at bank and in hand
16
(4)
Creditors: amounts falling due within one year
719
(2,503)
Net current assets
35,119
35,518
Total assets less current liabilities
44,981
45,380
Creditors: amounts falling due after more than one year
(32,682)
(38,102)
Called up share capital
5
5
Share premium
245,000
245,000
Profit and loss account
(232,706)
(237,727)
Shareholders' funds
12,299
7,278
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 30 September 2023 and were signed on its behalf by
B Inanc
Director
Company Registration No. 11258947
Room 351 Limited
Notes to the Accounts
for the year ended 31 December 2022
Room 351 Limited is a private company, limited by shares, registered in England and Wales, registration number 11258947. The registered office is 103 Kings Cross Road, London, WC1X 9LP, GB.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Critical account judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The directors are of the opinion that it is appropriate to prepare the accounts on a going concern basis. The company has continued to meet its obligations since the balance sheet date and the directors have agreed adequate facilities with the company bankers and appropriate payment terms with all major creditors. The directors have also pledged his continued support for the foreseeable future.
Room 351 Limited
Notes to the Accounts
for the year ended 31 December 2022
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
4
Tangible fixed assets
Plant & machinery
At 31 December 2022
50,000
At 31 December 2022
40,138
Amounts falling due within one year
Amounts falling due after more than one year
Amounts due from group undertakings etc.
-
3,901
Room 351 Limited
Notes to the Accounts
for the year ended 31 December 2022
6
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
-
81
Trade creditors
(1,019)
2,422
7
Creditors: amounts falling due after more than one year
2022
2021
Amounts owed to group undertakings and other participating interests
33,182
38,602
Loans from directors
(500)
(500)
8
Transactions with related parties
Included within creditors is an amount of £33,182 (Dec 2021 - £38,602) owed to a company under common control.
9
Average number of employees
During the year the average number of employees was 0 (2021: 0).