ROASTEDFROG LIMITED |
Registered number: |
09871410 |
Balance Sheet |
as at 30 November 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
1,288 |
|
|
1,717 |
Investment property |
3 |
|
|
685,000 |
|
|
685,000 |
|
|
|
|
686,288 |
|
|
686,717 |
|
Current assets |
Cash at bank and in hand |
|
|
6,770 |
|
|
9,791 |
|
Creditors: amounts falling due within one year |
4 |
|
(96,780) |
|
|
(68,371) |
|
Net current liabilities |
|
|
|
(90,010) |
|
|
(58,580) |
|
Total assets less current liabilities |
|
|
|
596,278 |
|
|
628,137 |
|
Creditors: amounts falling due after more than one year |
5 |
|
|
(297,653) |
|
|
(333,509) |
|
Provisions for liabilities |
|
|
|
(67,889) |
|
|
(51,596) |
|
|
Net assets |
|
|
|
230,736 |
|
|
243,032 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
2 |
|
|
2 |
Fair value reserve |
7 |
|
|
203,667 |
|
|
219,960 |
Profit and loss account |
|
|
|
27,067 |
|
|
23,070 |
|
Shareholders' funds |
|
|
|
230,736 |
|
|
243,032 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their 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. |
|
|
Vincent Litt |
Director |
Approved by the board on 20 April 2024 |
|
ROASTEDFROG LIMITED |
Notes to the Accounts |
for the year ended 30 November 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). |
|
|
Income recognition |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes property rental income and revenue earned from the rendering of services. |
|
|
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 and investment property, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows: |
|
|
Plant & machinery (fixtures & equipment) |
25% reducing balance |
|
|
Investment property |
|
Investment property is included at fair value (market value). Changes in fair value are recognised in the profit and loss account. Deferred taxation is provided on gains at the rate expected to apply when the property is sold. Any gains or losses on the fluctuation of fair values are not realised gains or losses because they are not readily convertible into cash; therefore they are non-distributable to shareholders. The accumulation of changes in fair value are transferred from the profit and loss account reserve and disclosed separately in a non-distributable fair value reserve. |
|
|
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. |
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
- |
|
- |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
Investment property |
|
Plant and machinery etc |
|
Total |
£ |
£ |
£ |
|
Fair Value/Cost |
|
At 1 December 2022 |
685,000 |
|
7,235 |
|
692,235 |
|
At 30 November 2023 |
685,000 |
|
7,235 |
|
692,235 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 December 2022 |
- |
|
5,518 |
|
5,518 |
|
Charge for the year |
- |
|
429 |
|
429 |
|
At 30 November 2023 |
- |
|
5,947 |
|
5,947 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 November 2023 |
685,000 |
|
1,288 |
|
686,288 |
|
At 30 November 2022 |
685,000 |
|
1,717 |
|
686,717 |
|
|
|
|
|
|
|
|
|
|
The fair value of investment property has been arrived at on the basis of valuations performed by the company's directors. The valuations were made on an open market value basis by reference to transaction prices for similar properties. |
|
|
Freehold land and buildings: |
2023 |
|
2022 |
£ |
£ |
|
Historical cost |
413,444 |
|
413,444 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
413,444 |
|
413,444 |
|
|
4 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans and overdrafts |
16,090 |
|
15,203 |
|
Trade creditors |
487 |
|
- |
|
Corporation tax |
935 |
|
- |
|
Other creditors |
79,268 |
|
53,168 |
|
|
|
|
|
|
96,780 |
|
68,371 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans |
297,653 |
|
333,509 |
|
|
|
|
|
|
|
|
|
|
6 |
Loans |
2023 |
|
2022 |
£ |
£ |
|
Creditors include: |
|
Instalments falling due for payment after more than five years |
111,018 |
|
131,107 |
|
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
313,743 |
|
348,712 |
|
|
|
|
|
|
|
|
|
|
Bank loans are secured by mortgages and registered charges on investment properties. |
|
|
7 |
Fair value reserve |
2023 |
|
2022 |
£ |
£ |
|
|
At 1 December 2022 |
219,960 |
|
240,210 |
|
Loss on revaluation of investment properties |
- |
|
(25,000) |
|
Deferred taxation arising on the revaluation of investment properties |
(16,293) |
|
4,750 |
|
|
At 30 November 2023 |
203,667 |
|
219,960 |
|
|
|
|
|
|
|
|
|
|
8 |
Related party transactions |
|
|
Working capital has been provided to the company by its directors. Included within other creditors at the year end are £50,315 (2022: £32,815) due to Mr V Litt and £19,102 (2022: £19,102) due to Mr A Bradley. One loan due to Mr V Litt (balance £27,500) is interest bearing, the others are interest free and all are repayable on demand. |
|
|
9 |
Controlling parties |
|
|
The company is controlled by its directors, Mr A Bradley and Mr V Litt, who both beneficially own 50% of the issued ordinary shares of the company. |
|
|
10 |
Other information |
|
|
ROASTEDFROG LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
61 Bridge Street |
|
Kington |
|
HR5 3DJ |