2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 09254374 2023-01-01 2023-12-31 09254374 2023-12-31 09254374 2022-12-31 09254374 2022-01-01 2022-12-31 09254374 2022-12-31 09254374 2021-12-31 09254374 core:PlantMachinery 2023-01-01 2023-12-31 09254374 core:FurnitureFittings 2023-01-01 2023-12-31 09254374 bus:Director1 2023-01-01 2023-12-31 09254374 core:PlantMachinery 2022-12-31 09254374 core:FurnitureFittings 2022-12-31 09254374 core:LandBuildings 2023-12-31 09254374 core:PlantMachinery 2023-12-31 09254374 core:FurnitureFittings 2023-12-31 09254374 core:WithinOneYear 2023-12-31 09254374 core:WithinOneYear 2022-12-31 09254374 core:AfterOneYear 2023-12-31 09254374 core:AfterOneYear 2022-12-31 09254374 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 09254374 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 09254374 core:UKTax 2022-01-01 2022-12-31 09254374 core:ShareCapital 2023-12-31 09254374 core:ShareCapital 2022-12-31 09254374 core:CapitalRedemptionReserve 2023-12-31 09254374 core:OtherReservesSubtotal 2023-12-31 09254374 core:OtherReservesSubtotal 2022-12-31 09254374 core:RetainedEarningsAccumulatedLosses 2023-12-31 09254374 core:RetainedEarningsAccumulatedLosses 2022-12-31 09254374 core:AcceleratedTaxDepreciationDeferredTax 2023-12-31 09254374 core:AcceleratedTaxDepreciationDeferredTax 2022-12-31 09254374 core:LandBuildings 2022-12-31 09254374 core:PlantMachinery 2022-12-31 09254374 bus:SmallEntities 2023-01-01 2023-12-31 09254374 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 09254374 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 09254374 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09254374 bus:FullAccounts 2023-01-01 2023-12-31 09254374 core:AmortisationDeferredTax 2023-12-31 09254374 core:AmortisationDeferredTax 2022-12-31
COMPANY REGISTRATION NUMBER: 09254374
ROSE PROPERTY INVESTMENTS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
ROSE PROPERTY INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
1,820,215
1,856,453
Current assets
Debtors
7
90,298
82,871
Cash at bank and in hand
58,371
16,581
----------
---------
148,669
99,452
Creditors: amounts falling due within one year
8
981,058
530,623
----------
----------
Net current liabilities
832,389
431,171
-------------
-------------
Total assets less current liabilities
987,826
1,425,282
Creditors: amounts falling due after more than one year
9
381,599
451,601
Provisions
Taxation including deferred tax
170,907
166,626
----------
-------------
Net assets
435,320
807,055
----------
-------------
Capital and reserves
Called up share capital
1,980
3,300
Capital redemption reserve
11
1,320
Other reserves
11
503,439
503,439
Profit and loss account
11
( 71,419)
300,316
----------
----------
Shareholders funds
435,320
807,055
----------
----------
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 comprehensive income has not been delivered.
For the 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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year 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 .
ROSE PROPERTY INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 15 July 2024 , and are signed on behalf of the board by:
Z Virani
Director
Company registration number: 09254374
ROSE PROPERTY INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Diamond House, 179 -181 Lower Richmond Road, Richmond, England, TW9 4LN.
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 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
In accordance with the director's responsibilities, the director has considered the appropriateness of the going concern basis for the preparation of the financial statements. For this purpose, the director has considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements. The director has reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the director continues to adopt the going concern basis in preparing these financial statements.
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. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Property valuations Properties are valued annually at fair value by the directors. Fair value is ascertained through review of a number of factors to include market knowledge and market yields. There is an inevitable degree of judgement involved and value can only ultimately be reliably tested in the market itself.
Turnover and revenue recognition
Turnover represents amounts receivable from gross rents charged to tenants and the invoiced value of other goods and services supplied, net of value added tax. Rents received prior to the period to which they relate are accounted for as deferred income and released to the profit & loss account in the period to which the rent relates. Rental income is recognised as space is provided to tenants.
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.
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 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. The company does not depreciate its freehold properties and although this policy is in accordance with FRS 102, it is a departure from the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors, compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation and the amount in respect of this which might otherwise have been shown cannot be separately identified or quantified.
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:
Plant & Machinery
-
10% straight line
Fixtures & Fittings
-
20% straight line
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tax on (loss)/profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
41,924
Deferred tax:
Origination and reversal of timing differences
4,281
( 8,707)
-------
---------
Tax on (loss)/profit
4,281
33,217
-------
---------
Tax recognised as other comprehensive income or equity
The aggregate current and deferred tax relating to items recognised as other comprehensive income or equity for the year was £Nil (2022: £ 33,747 ).
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost or valuation
At 1 January 2023 and 31 December 2023
1,696,749
362,386
65,182
2,124,317
-------------
----------
---------
-------------
Depreciation
At 1 January 2023
202,682
65,182
267,864
Charge for the year
36,238
36,238
-------------
----------
---------
-------------
At 31 December 2023
238,920
65,182
304,102
-------------
----------
---------
-------------
Carrying amount
At 31 December 2023
1,696,749
123,466
1,820,215
-------------
----------
---------
-------------
At 31 December 2022
1,696,749
159,704
1,856,453
-------------
----------
---------
-------------
Land and buildings represent freehold property. In the opinion of the directors, the carrying value of the property as at 31 December 2023, which is based on the directors' valuation, is not significantly different from the open market fair value of the property
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 31 December 2023
Aggregate cost
1,052,698
Aggregate depreciation
-------------
Carrying value
1,052,698
-------------
At 31 December 2022
Aggregate cost
1,052,698
Aggregate depreciation
-------------
Carrying value
1,052,698
-------------
7. Debtors
2023
2022
£
£
Trade debtors
53,748
47,289
Amounts due from related parties
35,032
35,032
Other debtors
1,518
550
---------
---------
90,298
82,871
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
88,023
85,656
Trade creditors
37,915
122,621
Amounts owed to group undertakings and undertakings in which the company has a participating interest
625,071
25,070
Corporation tax
3
41,927
Social security and other taxes
27,079
17,273
Other creditors
185,566
121,927
Amounts owed to related parties
7,630
106,630
Other creditors
9,771
9,519
----------
----------
981,058
530,623
----------
----------
The bank loan is secured by a mortgaged debenture.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
381,599
451,601
----------
----------
The bank loan is secured by a mortgaged debenture.
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2022: £373,671) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date. The bank loans are repayable by installments at an interest rate of 2.75% over base.
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
170,907
166,626
----------
----------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
30,295
26,014
Deferred tax on revaluation of property
140,612
140,612
----------
----------
170,907
166,626
----------
----------
11. Reserves
Other reserves (non-distributable) - The other reserve is used to record increases in the fair value of properties and decreases to the extent that such decreases relate to an increase on the same asset, net of deferred tax. Profit and loss account - This reserve records retained earnings and accumulated losses.
12. Related party transactions
At 31 December 2023, creditors, amounts falling due within one year, included amounts owed to related parties amounting to £7,630 (2022: £106,630), in respect of loans from shareholders with participating interests in the company and from companies over which significant influence is exerted by the directors. Interest totalling £576,000 (2022: £nil) was paid in the year. The loans are unsecured and repayable on demand. At 31 December 2023, debtors included amounts due from related parties amounting to £35,000 (2022: £35,000), in respect of loans to companies under common control. The loans are interest free, unsecured and repayable on demand. During the year, the company purchased 1,320 of its own ordinary shares of £1 each at par.
13. Controlling party
The company is a 100% subsidiary of Dowgate Limited, a company registered in England & Wales. The registered office of Dowgate Limited is Diamond House, 179-181 Lower Richmond Road, England, TW9 4LN.