Company Registration No. 13859684 (England and Wales)
ROSE CROSS PROPERTIES LTD
Unaudited financial statements
For the period ended 31 January 2023
Pages for filing with registrar
ROSE CROSS PROPERTIES LTD
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 4
ROSE CROSS PROPERTIES LTD
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ROSE CROSS PROPERTIES LTD FOR THE PERIOD ENDED 31 JANUARY 2023
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Rose Cross Properties Ltd for the period ended 31 January 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Rose Cross Properties Ltd, as a body, in accordance with the terms of our engagement letter dated 5 April 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Rose Cross Properties Ltd and state those matters that we have agreed to state to the board of directors of Rose Cross Properties Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rose Cross Properties Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Rose Cross Properties Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Rose Cross Properties Ltd. You consider that Rose Cross Properties Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Rose Cross Properties Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MGR Weston Kay LLP
Chartered Accountants
55 Loudoun Road
St John's Wood
London
NW8 0DL
18 October 2023
ROSE CROSS PROPERTIES LTD
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
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2023
Notes
£
£
Fixed assets
Investment properties
3
817,983
Current assets
Cash at bank and in hand
52,437
Creditors: amounts falling due within one year
4
(358,707)
Net current liabilities
(306,270)
Total assets less current liabilities
511,713
Creditors: amounts falling due after more than one year
(520,999)
Net liabilities
(9,286)
Capital and reserves
Called up share capital
6
1
Profit and loss reserves
(9,287)
Total equity
(9,286)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 18 October 2023
A Rofaila
Director
Company Registration No. 13859684
ROSE CROSS PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023
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1
Accounting policies
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Reporting period
These financial statements cover the company's first reporting period from incorporation on 19 January 2022 to 31 January 2023.
1.3
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover represents amounts receivable for rental income apportioned on a daily basis which is exempt from VAT.
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
1
ROSE CROSS PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2023
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3
Investment property
2023
£
Fair value
At 19 January 2022
Additions
817,983
At 31 January 2023
817,983
Investment properties are stated at the directors' estimate of the market value at the balance sheet date.
4
Creditors: amounts falling due within one year
2023
£
Other creditors
355,970
Accruals and deferred income
2,737
358,707
5
Loans and overdrafts
2023
£
Bank Loans
520,999
Payable after one year
520,999
Bank loans totalling £520,999 are secured by a fixed charge on the company's investment property.
6
Share capital
2023
Ordinary share capital
£
Issued and fully paid
1 ordinary share of £1 each
1
7
Related party transactions
At the balance sheet date, the director was owed £355,970 by the company.