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COMPANY REGISTRATION NUMBER: 07824265
Rossell Limited
Filleted Unaudited Financial Statements
Period ended
30 April 2024
Rossell Limited
Statement of Financial Position
30 April 2024
30 Apr 24
31 Oct 22
Note
£
£
£
Fixed assets
Tangible assets
5
3,664
Current assets
Stocks
32,477
Debtors
6
5,673
1,110
Cash at bank and in hand
22,438
21,475
--------
--------
28,111
55,062
Creditors: amounts falling due within one year
7
5,569
13,602
--------
--------
Net current assets
22,542
41,460
--------
--------
Total assets less current liabilities
22,542
45,124
--------
--------
Net assets
22,542
45,124
--------
--------
Capital and reserves
Called up share capital
8
100
100
Profit and loss account
22,442
45,024
--------
--------
Shareholders funds
22,542
45,124
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 30 April 2024 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 financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Rossell Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 26 July 2024 , and are signed on behalf of the board by:
J Rossell
Director
Company registration number: 07824265
Rossell Limited
Notes to the Financial Statements
Period from 1 November 2022 to 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 0AW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company ceased trading at the period end, with any remaining assets transferring to the director. For this reason, the company has adopted a basis other than going concern accounting in preparing these financial statements. These financial statements also cover an 18 month period so as to align the period end with the cessation of trade. The figures are therefore not entirely comparable.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Equipment
-
25 % reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 1 (2022: 1 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 November 2022
7,988
4,901
12,889
Additions
359
359
Disposals
( 7,988)
( 5,260)
( 13,248)
-------
-------
--------
At 30 April 2024
-------
-------
--------
Depreciation
At 1 November 2022
6,199
3,026
9,225
Disposals
( 6,199)
( 3,026)
( 9,225)
-------
-------
--------
At 30 April 2024
-------
-------
--------
Carrying amount
At 30 April 2024
-------
-------
--------
At 31 October 2022
1,789
1,875
3,664
-------
-------
--------
6. Debtors
30 Apr 24
31 Oct 22
£
£
Trade debtors
950
Other debtors
5,673
160
-------
-------
5,673
1,110
-------
-------
7. Creditors: amounts falling due within one year
30 Apr 24
31 Oct 22
£
£
Accruals and deferred income
1,950
Corporation tax
5,569
8,053
Social security and other taxes
2,866
Other creditors
733
-------
--------
5,569
13,602
-------
--------
8. Called up share capital
Issued, called up and fully paid
30 Apr 24
31 Oct 22
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
9. Director's advances, credits and guarantees
At the period end the director owed the company £5,282 by way of a directors loan account. No interest has been charged on this and the loan will be fully repaid within 9 months of the period end.
10. Related party transactions