Registered number
09871410
ROASTEDFROG LIMITED
Filleted Accounts
30 November 2023
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
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