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Registration number: 11430866

Ross Property Projects Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Ross Property Projects Ltd

Contents


 

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 8

 

Ross Property Projects Ltd

Registration number: 11430866

Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

561

748

Current assets

 

Debtors

5

4,370

2,607

Cash at bank and in hand

 

2,259

1,809

 

6,629

4,416

Creditors: Amounts falling due within one year

6

(17,683)

(16,886)

Net current liabilities

 

(11,054)

(12,470)

Net liabilities

 

(10,493)

(11,722)

Capital and reserves

 

Called up share capital

7

300

300

Retained earnings

(10,793)

(12,022)

Shareholders' deficit

 

(10,493)

(11,722)



The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.

 

Ross Property Projects Ltd

Registration number: 11430866

Balance Sheet as at 30 June 2023 (continued)

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 March 2024
 


M S Ross
Director

 

Ross Property Projects Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Wymondham Business Centre
1 Town Green
Wymondham
Norfolk
NR18 0PN
England

The principal place of business is:
The Barn
Ivy House Farm
Weston Green Road
Weston Green
Norfolk
NR9 5LB
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

 

Ross Property Projects Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Going concern

The continuation of the company's activities is dependant on the continued support of it's director, Mr M Ross. The financial statements have been prepared on the going concern basis on the understanding his support will continue.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Ross Property Projects Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Plant & machinery

25% reducing balance

Office Equipment

25% reducing balance

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Ross Property Projects Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

791

400

467

1,658

At 30 June 2023

791

400

467

1,658

Depreciation

At 1 July 2022

346

273

291

910

Charge for the year

111

32

44

187

At 30 June 2023

457

305

335

1,097

Carrying amount

At 30 June 2023

334

95

132

561

At 30 June 2022

445

127

176

748

 

Ross Property Projects Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

5

Debtors

Current

2023
£

2022
£

Trade debtors

2,051

-

Other debtors

2,319

2,607

 

4,370

2,607

 

Ross Property Projects Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

5,021

3,330

Director loan account

9,102

11,306

Taxation and social security

 

2,260

1,025

Other creditors

 

1,300

1,225

 

17,683

16,886

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary £1 shares of £1 each

300

300

300

300