2022-03-232023-03-212023-03-21false08880296RESSO HOLDINGS 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RESSO HOLDINGS LTD

Registered Number
08880296
(England and Wales)

Unaudited Financial Statements for the Period ended
21 March 2023

RESSO HOLDINGS LTD
Company Information
for the period from 23 March 2022 to 21 March 2023

Directors

PATEL, Dipak Jayanand
PATEL, Hitesh Jayanand
PATEL, Jitendra Jayanand

Registered Address

2nd Floor Grove House
55 Lowlands Road
Harrow
HA1 3AW

Registered Number

08880296 (England and Wales)
RESSO HOLDINGS LTD
Balance Sheet as at
21 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets6918,668908,421
Investments7114114
918,782908,535
Current assets
Debtors92,409,6922,819,486
Cash at bank and on hand132,283332,448
2,541,9753,151,934
Creditors amounts falling due within one year10(3,280,064)(3,719,409)
Net current assets (liabilities)(738,089)(567,475)
Total assets less current liabilities180,693341,060
Creditors amounts falling due after one year11(506,994)(672,787)
Net assets(326,301)(331,727)
Capital and reserves
Called up share capital100100
Profit and loss account(326,401)(331,827)
Shareholders' funds(326,301)(331,727)
The financial statements were approved and authorised for issue by the Board of Directors on 10 March 2024, and are signed on its behalf by:
PATEL, Dipak Jayanand
Director
PATEL, Hitesh Jayanand
Director
PATEL, Jitendra Jayanand
Director

Registered Company No. 08880296
RESSO HOLDINGS LTD
Notes to the Financial Statements
for the period ended 21 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Basis of measurement used in financial statements
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
4.Accounting policies
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Vehicles10
Office Equipment20
Investment property policy
Investments in subsidiary and associate undertakings are recognized at cost.
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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 policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leases policy
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Investments policy
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
5.Employee information

20232022
Average number of employees during the year290316
6.Property, plant and equipment

Land & buildings

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 23 March 22760,833153,39844,411958,642
Additions-30,7353,53534,270
At 21 March 23760,833184,13347,946992,912
Depreciation and impairment
At 23 March 22-42,9447,27750,221
Charge for year-18,1585,86524,023
At 21 March 23-61,10213,14274,244
Net book value
At 21 March 23760,833123,03134,804918,668
At 22 March 22760,833110,45437,134908,421
7.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 23 March 22114114
At 21 March 23114114
Net book value
At 21 March 23114114
At 22 March 22114114

Notes

1Investments in group undertakings and participating interests
8.Description of nature of transactions and balances with related parties
The Company is controlled by the directors and their family by virtue of their shareholding.
9.Debtors

2023

2022

££
Trade debtors / trade receivables88,50049,463
Amounts owed by group undertakings1,322,1071,610,358
Other debtors984,6221,144,809
Prepayments and accrued income14,46314,856
Total2,409,6922,819,486
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
10.Creditors within one year

2023

2022

££
Trade creditors / trade payables132,136115,010
Amounts owed to related parties1,948,4422,831,955
Taxation and social security322,198346,476
Finance lease and HP contracts14,82614,826
Other creditors861,312411,142
Accrued liabilities and deferred income1,150-
Total3,280,0643,719,409
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
11.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts506,994672,787
Total506,994672,787