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STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS
All of the members of Root and Rise Ltd have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the period ending 31 May 2024 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 14873619
ROOT AND RISE LTD
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 May 2024
ROOT AND RISE LTD
REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF ROOT AND RISE LTD
PERIOD FROM 16 MAY 2023 TO 31 MAY 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Root and Rise Ltd for the period ended 31 May 2024, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
LANGARD LIFFORD HALL LIMITED Accountants and Registered Auditors
Lifford Hall Lifford Lane Kings Norton Birmingham B30 3JN
17 June 2024
ROOT AND RISE LTD
ABRIDGED STATEMENT OF FINANCIAL POSITION
31 May 2024
31 May 24
Note
£
£
Fixed assets
Tangible assets
4
1,236
Current assets
Debtors
308
Cash at bank and in hand
2,164
------------
2,472
Creditors: amounts falling due within one year
6,907
------------
Net current liabilities
4,435
------------
Total assets less current liabilities
( 3,199)
------------
Net liabilities
( 3,199)
------------
Capital and reserves
Called up share capital
20
Profit and loss account
( 3,219)
------------
Shareholders deficit
( 3,199)
------------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the period ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
ROOT AND RISE LTD
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)
31 May 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 17 June 2024 , and are signed on behalf of the board by:
S Snelson Onyeagbako
L Mighty
Director
Director
Company registration number: 14873619
ROOT AND RISE LTD
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
PERIOD FROM 16 MAY 2023 TO 31 MAY 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 Lifford Hall, Lifford Lane, Kings Norton, Birmingham, B30 3JN, United Kingdom.
2. Statement of Compliance
These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
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. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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.
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.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Tangible Assets
£
Cost
At 16 May 2023
Additions
1,236
------------
At 31 May 2024
1,236
------------
Depreciation
At 16 May 2023 and 31 May 2024
------------
Carrying amount
At 31 May 2024
1,236
------------
5. Directors' Advances, Credits and Guarantees
Amounts owed to the directors at the balance sheet date are included in creditors and totalled £4,361.