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Registered number: 01698721










ROSERIDGE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
ROSERIDGE LIMITED
REGISTERED NUMBER: 01698721

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
1,350,000
1,225,000

Current assets
  

Debtors: amounts falling due after more than one year
 5 
7,635
9,075

Debtors: amounts falling due within one year
 5 
586,924
662,102

Cash at bank and in hand
 6 
465,309
329,915

  
1,059,868
1,001,092

Creditors: amounts falling due within one year
 7 
(201,577)
(143,641)

Net current assets
  
 
 
858,291
 
 
857,451

Total assets less current liabilities
  
2,208,291
2,082,451

Creditors: amounts falling due after more than one year
 8 
(259,657)
(384,420)

Provisions for liabilities
  

Deferred tax
 9 
(7,670)
(1,079)

  
 
 
(7,670)
 
 
(1,079)

Net assets
  
1,940,964
1,696,952


Capital and reserves
  

Called up share capital 
 10 
100
100

Investment property fair value reserve
  
479,841
361,432

Profit and loss account
  
1,461,023
1,335,420

  
1,940,964
1,696,952


Page 1

 
ROSERIDGE LIMITED
REGISTERED NUMBER: 01698721

BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




B R Galan
Director

Date: 10 September 2024

The notes on pages 4 to 10 form part of these financial statements.

Page 2

 
ROSERIDGE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Investment property fair value reserve
Profit and loss account
Total equity

£
£
£
£


At 1 October 2021
100
422,182
1,210,059
1,632,341



Profit for the year
-
-
64,611
64,611

Transfer between reserves
-
(60,750)
60,750
-



At 1 October 2022
100
361,432
1,335,420
1,696,952



Profit for the year
-
-
244,012
244,012

Transfer between reserves
-
118,409
(118,409)
-


At 30 September 2023
100
479,841
1,461,023
1,940,964


The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
ROSERIDGE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Roseridge Limited, is a private company, limited by shares, and is incorporated in England and Wales. The address of its registered office is 29 Broad Walk, London, N21 3BU.
The functional and presentational currency is considered to be Pound Sterling (£).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover represents rents and service charge receivable during the year from investment properties.
Rental income from investment properties is accrued on a time apportioned basis under the term of the lease.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
ROSERIDGE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price.

Page 5

 
ROSERIDGE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 6

 
ROSERIDGE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Investment property


Freehold investment property
Long term leasehold investment property
Total

£
£
£



Valuation


At 1 October 2022
600,000
625,000
1,225,000


Surplus on revaluation
-
125,000
125,000



At 30 September 2023
600,000
750,000
1,350,000

The 2023 valuations were made by the director, B R Galan, a Chartered Surveyor, on a fair value value for existing use basis.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
862,489
862,489

Page 7

 
ROSERIDGE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Debtors

2023
2022
£
£

Due after more than one year

Prepayments and accrued income
7,635
9,075


2023
2022
£
£

Due within one year

Trade debtors
18,019
57,903

Amounts owed by group undertakings
525,258
569,407

Other debtors
38,556
30,107

Prepayments and accrued income
5,091
4,685

586,924
662,102



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
465,309
329,915



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
124,763
33,868

Trade creditors
2,679
2,232

Corporation tax
35,432
34,188

Other taxation and social security
-
9,198

Other creditors
7,398
7,398

Accruals and deferred income
31,305
56,757

201,577
143,641


Page 8

 
ROSERIDGE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
259,657
384,420


The bank loan is a joint loan with the company's parent company, Pointland Limited, and the capital value of the loan has been allocated between the two companies in the proportion of the valuations placed on their respective property assets at the time that loan was advanced.
The aggregate amount of creditors for which security has been given amounted to £356,920 (2022 - £380,788) by way of legal charge over the company's investment properties.


9.


Deferred taxation




2023
2022


£

£






At beginning of year
(1,079)
(15,329)


Charged to profit or loss
(6,591)
14,250



At end of year
(7,670)
(1,079)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Unrealised gain on revaluation of investment property
(7,670)
(1,079)


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100  Ordinary shares of £1 each
100
100



11.


Contingent liabilities

The company is a party to a joint mortgage loan with its parent company, Pointland Limited. The total loan capital balance outstanding at the balance sheet date was £356,920 (2022 - £380,788) of which £356,920 ((2022 - £380,788) is included in these financial statements.
Each party, under the terms of the joint loan agreement, is jointly liable for the other's borrowings.

Page 9

 
ROSERIDGE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

12.


Related party transactions

The company has taken advantage of the exemption afforded by FRS 102 not to disclose transactions or balances with other wholly owned members of the group.
During the year the company has a joint loan with its parent undertaking. Further details are disclosed in the contingent liability note.


13.


Controlling party

The immediate and ultimate parent company is Pointland Limited, a company registered in England and Wales. The address of its registered office is 29 Broad Walk, London, N21 3BU.


Page 10