Registered number
09290417
Rooster Property Investments Limited
Filleted Accounts
31 October 2023
Rooster Property Investments Limited
Registered number: 09290417
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Investment property 3 4,287,395 3,590,282
Tangible assets 4 2,743 4,413
Investments 5 100 100
4,290,238 3,594,795
Current assets
Debtors 6 24,615 18,734
Cash at bank and in hand 5,092 3,447
29,707 22,181
Creditors: amounts falling due within one year 7 (2,090,734) (1,567,711)
Net current liabilities (2,061,027) (1,545,530)
Total assets less current liabilities 2,229,211 2,049,265
Creditors: amounts falling due after more than one year 8 (1,368,466) (1,383,810)
Provisions for liabilities (135,817) (102,880)
Net assets 724,928 562,575
Capital and reserves
Called up share capital 100 100
Revaluation reserve 9 191,158 191,158
Profit and loss account 533,670 371,317
Shareholder's funds 724,928 562,575
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr M Woodroffe
Director
Approved by the board on 3 April 2024
Rooster Property Investments Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
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).
Turnover
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. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures and fittings 15% on reducing balance basis
Motor vehicles 25% on reducing balance basis
Equipment 20% on reducing balance baisis
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit and loss.
Debtors
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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Investment property £
Fair value
At 1 November 2022 3,590,282
Additions 607,990
Revaluations 89,123
At 31 October 2023 4,287,395
Net book value
At 31 October 2023 4,287,395
At 31 October 2022 3,590,282
Fair value at 31 October 2023 is represented by: 2023 2022
£ £
Valuation in 2019 314,224 314,224
Valuation in 2020 57,793 57,793
Valuation in 2021 65,234 65,234
Valuation in 2022 99,807 99,807
Valuation in 2023 89,123 -
Cost 3,661,214 3,053,224
4,287,395 3,590,282
4 Tangible fixed assets
Fixtures and fittings Equipment Motor vehicles Total
£ £ £ £
Cost
At 1 November 2022 3,734 5,340 7,995 17,069
Disposals - (3,410) - (3,410)
At 31 October 2023 3,734 1,930 7,995 13,659
Depreciation
At 1 November 2022 2,434 2,938 7,284 12,656
Charge for the year 195 276 178 649
On disposals - (2,389) - (2,389)
At 31 October 2023 2,629 825 7,462 10,916
Net book value
At 31 October 2023 1,105 1,105 533 2,743
At 31 October 2022 1,300 2,402 711 4,413
5 Investments
Investments in
subsidiary
undertakings Total
£ £
Cost
At 1 November 2022 100 100
At 31 October 2023 100 100
6 Debtors 2023 2022
£ £
Trade debtors 22,795 17,495
Other debtors 1,820 1,239
24,615 18,734
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 15,251 15,169
Trade creditors 1,678 1,984
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 68,000
Taxation and social security costs 12,941 4,653
Other creditors 2,060,864 1,477,905
2,090,734 1,567,711
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 1,368,466 1,383,810
1,368,466 1,383,810
Included within creditors: amounts falling due after more than one year is an amount of £102,326 (2022: £107,906) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date
Included within creditors: amounts falling due after more than one year is an amount of £1,233,718 (2022: £1,233,730) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
Bank loans totalling £1,336,044 (2021: £1,341,636) are secured upon the assets of the company. Interest only loans of £1,233,718 (2022: £1,233,718) are liable to variable rates of interest of approximately 4%. Repayment loans of £123,330 are liable to variable rates of interest of approximately 3.8%. Loans are due for repayment in 15 to 22 years time.
9 Revaluation reserve 2023 2022
£ £
At 1 November 2022 191,158 191,158
At 31 October 2023 191,158 191,158
10 Other information
Rooster Property Investments Limited is a private company limited by shares and incorporated in England. Its registered office is:
42 Tyndall Court
Commerce Road
Lynch Wood
Peterborough
PE2 6LR
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