Company Registration No. 00545352 (England and Wales)
ROSE HOMES (EA) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ROSE HOMES (EA) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
ROSE HOMES (EA) LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
40,783
55,976
Investment properties
5
38,500
38,500
79,283
94,476
Current assets
Land and WIP
6,604,038
4,350,492
Debtors
6
2,601,569
3,539,879
Cash at bank and in hand
1,106,983
2,678,703
10,312,590
10,569,074
Creditors: amounts falling due within one year
7
(2,155,995)
(2,459,589)
Net current assets
8,156,595
8,109,485
Total assets less current liabilities
8,235,878
8,203,961
Provisions for liabilities
(14,760)
(14,104)
Net assets
8,221,118
8,189,857
Capital and reserves
Called up share capital
1,369
1,369
Capital redemption reserve
11,248
11,248
Other reserves
700
700
Profit and loss reserves
8,207,801
8,176,540
Total equity
8,221,118
8,189,857
ROSE HOMES (EA) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their 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 year 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 by the board of directors and authorised for issue on 6 March 2024 and are signed on its behalf by:
2024-03-06
2024-03-06
C R W Busby
Director
Company Registration No. 00545352
ROSE HOMES (EA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information

Rose Homes (EA) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 237A Station Road, Whittlesey, Peterborough, PE7 2HA.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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
Going concern

The financial statements have been prepared on a going concern basis.true

1.3
Turnover

Revenue

 

Revenue is recognised at legal completion in respect of total proceeds of building and development, and an appropriate proportion of revenue from construction contracts is recognised by reference to the stage of completion of the current activity. Revenue is measured at the fair value of consideration received or receivable and represents the amounts receivable for the property, net of discounts and VAT. The sale proceeds of part exchange properties are not included within revenue.

 

Construction

 

Revenue is only recognised on a construction contract where the outcome can be estimate reliably. Variations to, and claims arising in respect of, construction contracts, are included in revenue to the extent that they have been agreed with the customer. Revenue and costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date. This is normally measured by surveys of work performed to date. Contracts are only treated as construction contracts where they have been specifically negotiated for the construction of a development or property. Where it is probable that the total costs on a construction contract will exceed total contract revenue, the expected loss is recognised as an expense in the profit and loss account.

Amounts recoverable on construction contracts are included in debtors and stated at cost plus attributable profit less any foreseeable losses. Payments received on account for construction contracts are deducted from amounts recoverable on construction contracts.

ROSE HOMES (EA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Investment properties

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.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

ROSE HOMES (EA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks

Land and houses in the course of development and construction and completed properties.

 

These are valued at the lower of cost and net realisable value. Cost represents the cost of acquisition of land and site development expenditure, including attributable overheads on construction work in progress. Costs are allocated to cost of sales on a site by site basis according to both anticipated gross margin and sales value of each site.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

ROSE HOMES (EA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11
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.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

ROSE HOMES (EA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 7 -
1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
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. The following judgements (apart from those involving estimates stated within the details of accounting policies elsewhere) have had the most significant effect on amounts recognised in the financial statements.

 

The main judgements included within the financial statements relate to work in progress balances held at the year end and released in the year. The balances held at the year end are reviewed for recoverability and where amounts are deemed irrecoverable are written off in the year. The level of future profitability is at times judged by the directors where not clear.

 

Costs released to the P&L in relation to the sale of houses are released based on projected margins for sites during the year. Margins are estimated by the directors based on the expected total costs for each site made up of costs incurred to date and further costs expected to be incurred in relation to each site.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
15
15
ROSE HOMES (EA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 8 -
4
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2022
41,570
47,038
50,920
139,528
Additions
-
0
349
-
0
349
Disposals
-
0
(7,276)
-
0
(7,276)
At 30 September 2023
41,570
40,111
50,920
132,601
Depreciation and impairment
At 1 October 2022
6,492
43,104
33,956
83,552
Depreciation charged in the year
8,770
1,013
4,241
14,024
Eliminated in respect of disposals
-
0
(5,758)
-
0
(5,758)
At 30 September 2023
15,262
38,359
38,197
91,818
Carrying amount
At 30 September 2023
26,308
1,752
12,723
40,783
At 30 September 2022
35,078
3,934
16,964
55,976
5
Investment property
2023
£
Fair value
At 1 October 2022 and 30 September 2023
38,500

There has been no valuation of investment property by an independent valuer. The historical cost of investment properties are £20,245 (2021 - £20,245).

6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
170,745
800
Amounts owed by group undertakings
2,391,614
3,503,233
Other debtors
39,210
35,846
2,601,569
3,539,879
ROSE HOMES (EA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 9 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
266,953
471,550
Amounts owed to group undertakings
5,000
5,000
Taxation and social security
69,652
211,151
Other creditors
1,814,390
1,771,888
2,155,995
2,459,589
8
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
7,242
24,783
9
Parent company

The company's immediate parent is Grangefrost Limited, incorporated in England & Wales.

The ultimate parent is Grangefrost Holdings Limited, incorporated in England & Wales.

 

These financial statements are available upon request from 237A Station Road, Whittlesey, Peterborough, Cambridgeshire, PE7 2HA.

 

The ultimate controlling party is C R Busby.

2023-09-302022-10-01false06 March 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityD P BiagioniC R W BusbyM R BusbyD P Biagionifalse005453522022-10-012023-09-30005453522023-09-30005453522022-09-3000545352core:PlantMachinery2023-09-3000545352core:FurnitureFittings2023-09-3000545352core:MotorVehicles2023-09-3000545352core:PlantMachinery2022-09-3000545352core:FurnitureFittings2022-09-3000545352core:MotorVehicles2022-09-3000545352core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3000545352core:CurrentFinancialInstrumentscore:WithinOneYear2022-09-3000545352core:CurrentFinancialInstruments2023-09-3000545352core:CurrentFinancialInstruments2022-09-3000545352core:ShareCapital2023-09-3000545352core:ShareCapital2022-09-3000545352core:CapitalRedemptionReserve2023-09-3000545352core:CapitalRedemptionReserve2022-09-3000545352core:OtherMiscellaneousReserve2023-09-3000545352core:OtherMiscellaneousReserve2022-09-3000545352core:RetainedEarningsAccumulatedLosses2023-09-3000545352core:RetainedEarningsAccumulatedLosses2022-09-3000545352bus:Director12022-10-012023-09-3000545352bus:Director32022-10-012023-09-3000545352core:PlantMachinery2022-10-012023-09-3000545352core:FurnitureFittings2022-10-012023-09-3000545352core:MotorVehicles2022-10-012023-09-30005453522021-10-012022-09-3000545352core:PlantMachinery2022-09-3000545352core:FurnitureFittings2022-09-3000545352core:MotorVehicles2022-09-30005453522022-09-3000545352core:WithinOneYear2023-09-3000545352core:WithinOneYear2022-09-3000545352bus:PrivateLimitedCompanyLtd2022-10-012023-09-3000545352bus:SmallCompaniesRegimeForAccounts2022-10-012023-09-3000545352bus:FRS1022022-10-012023-09-3000545352bus:AuditExemptWithAccountantsReport2022-10-012023-09-3000545352bus:Director22022-10-012023-09-3000545352bus:CompanySecretary12022-10-012023-09-3000545352bus:FullAccounts2022-10-012023-09-30xbrli:purexbrli:sharesiso4217:GBP