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Registration number: NI642899

Roosevelt Property Investments Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Roosevelt Property Investments Limited

(Registration number: NI642899)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

250,000

250,000

Current assets

 

Cash at bank and in hand

 

4,136

11,751

Creditors: Amounts falling due within one year

5

(11,705)

(10,764)

Net current (liabilities)/assets

 

(7,569)

987

Total assets less current liabilities

 

242,431

250,987

Creditors: Amounts falling due after more than one year

5

(150,404)

(164,304)

Provisions for liabilities

(10,714)

(11,108)

Net assets

 

81,313

75,575

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

81,213

75,475

Shareholders' funds

 

81,313

75,575

For the financial year ending 31 December 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Roosevelt Property Investments Limited

(Registration number: NI642899)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 11 July 2024 and signed on its behalf by:
 

.........................................
Mr Andrew Stephen Linton
Director

.........................................
Mrs Amy Helen Linton
Director

 

Roosevelt Property Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 28 Long Common, Ballymena, Co Antrim, BT42 2NU.

These financial statements were authorised for issue by the Board on 11 July 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Rental income

Rental income represents total invoiced amounts for the accounting period.

Tax

The tax expense for the period comprises current and 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.

 

Roosevelt Property Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Investment property

Investment properties are initially measured at cost. Cost comprises the purchase price and any directly attributable expenditure including fees, taxes and other transaction costs. Direct costs initially incurred in arranging a lease are included in the cost of the property and subsequently expensed over the lease term. Investment properties are measured at fair value at each reporting date with any changes in fair value recognised in the profit and loss account.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Financial assets, including debtors, are reviewed at the reporting date to determine if there is any evidence of potential impairment. Any losses arising from impairment are recognised in the income statement in operating expenses.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Roosevelt Property Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Investment properties

2023
£

At 1 January

250,000

At 31 December

250,000

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the company directors.

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Other creditors and accruals

 

11,705

10,764

Due after one year

 

Loans and borrowings

7

150,404

164,304

6

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Directors current account

150,404

164,304



Part of this loan is secured by a charge over one of the properties held by the company.

 

Roosevelt Property Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Related party transactions

2023
£

2022
 £

Directors current account

158,404

172,304