Company No:
Contents
DIRECTORS | Mr K R Hall |
Mrs T R Hardick |
REGISTERED OFFICE | Centenary House Peninsula Park |
Rydon Lane | |
Exeter | |
EX2 7XE | |
United Kingdom |
COMPANY NUMBER | 10533829 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Centenary House | |
Peninsula Park | |
Rydon Lane | |
Exeter | |
Devon EX2 7XE |
Note | 31.12.2023 | 31.12.2022 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
|
|
|
1,750,000 | 1,750,000 | |||
Current assets | ||||
Debtors | 4 |
|
|
|
Cash at bank and in hand |
|
|
||
24,887 | 4,625 | |||
Creditors: amounts falling due within one year | 5 | (
|
(
|
|
Net current liabilities | (1,301,750) | (1,288,149) | ||
Total assets less current liabilities | 448,250 | 461,851 | ||
Provision for liabilities | (
|
(
|
||
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital | 6 |
|
|
|
Profit and loss account |
|
|
||
Total shareholders' funds |
|
|
Directors' responsibilities:
The financial statements of Roseneath Penryn Limited (registered number:
Mrs T R Hardick
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Roseneath Penryn Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom.
The principal place of business is 56 The Square, Chagford, Newton Abbot, TQ13 8AE.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
No depreciation is provided on the investment property which is a departure from the requirements of the Companies Act 2006. In the opinion of the directors the property is held primarily for its investment potential and so its current value is of more significance than any measure of consumption and to depreciate it would not give a true and fair view. If this departure from the Act had not been made, the profit for the year would have been reduced by depreciation.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
31.12.2023 | 31.12.2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Investment property | |
£ | |
Valuation | |
As at 01 January 2023 |
|
As at 31 December 2023 |
|
The investment properties were valued on 31 December 2022 by the director who is internal to the company. The basis of this valuation was open market value.
There has been no valuation of investment property by an independent valuer.
31.12.2023 | 31.12.2022 | ||
£ | £ | ||
Trade debtors |
|
|
|
Amounts owed by Group undertakings |
|
|
|
Other debtors |
|
|
|
|
|
31.12.2023 | 31.12.2022 | ||
£ | £ | ||
Trade creditors |
|
|
|
Amounts owed to Group undertakings |
|
|
|
Amounts owed to directors |
|
|
|
Accruals |
|
|
|
Other taxation and social security |
|
|
|
|
|
31.12.2023 | 31.12.2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
During the year, loans existed between the directors' and the spouse of one of the directors and Roseneath Penryn Limited. No interest was charged on the loans and the balance is repayable on demand. At the balance sheet date the amount due to the directors' and the spouse of one of the directors by Roseneath Penryn Limited was £1,151,533 (2022: £1,151,533).
During the year, a loan existed between Roseneath Penryn Limited and Brechin Investments Limited. At the balance sheet date the amount due to Brechin Investments Limited was £ 152,150 (2022: £117,650 ). The balance is repayable on demand.
During the year, a loan existed between Roseneath Penryn Limited and Irregular Contracts Limited. At the balance sheet date the amount due to Irregular Contracts was £1,000 (2022: £1,000). The balance is repayable on demand.
During the year, a loan existed between Roseneath Penryn Limited and Irregular Cornwall Limited. At the balance sheet date the amount due to Irregular Cornwall was £19,653 (2022: £19,653). The balance is repayable on demand.
During the year, a loan existed between Roseneath Penryn Limited and Roseneath Estates Limited. At the balance sheet date the amount due from Roseneath Estates was £20 (2022: £20). The balance is repayable on demand.