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REGISTERED NUMBER: 04066582 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

J & N Rossi Limited

J & N Rossi Limited (Registered number: 04066582)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


J & N Rossi Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: N D Rossi
J Rossi
F Rossi





SECRETARY: J Rossi





REGISTERED OFFICE: Ancient Gatehouse Hotel
20 Sadler Street
Wells
Somerset
BA5 2SE





REGISTERED NUMBER: 04066582 (England and Wales)





ACCOUNTANTS: Stephen Cook
5 Bella View Gardens
Glastonbury
Somerset
BA6 9HQ

J & N Rossi Limited (Registered number: 04066582)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 41,250 45,000
Tangible assets 5 22,790 26,812
Investment property 6 1,375,000 1,285,000
1,439,040 1,356,812

CURRENT ASSETS
Stocks 5,000 5,000
Debtors 7 25,340 16,219
Cash at bank 422,289 322,997
452,629 344,216
CREDITORS
Amounts falling due within one year 8 208,441 168,548
NET CURRENT ASSETS 244,188 175,668
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,683,228

1,532,480

CREDITORS
Amounts falling due after more than
one year

9

(74,111

)

(98,633

)

PROVISIONS FOR LIABILITIES (98,202 ) (58,297 )
NET ASSETS 1,510,915 1,375,550

J & N Rossi Limited (Registered number: 04066582)

Balance Sheet - continued
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 4,000 4,000
Fair value reserve 10 889,718 839,020
Retained earnings 617,197 532,530
1,510,915 1,375,550

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:




N D Rossi - Director



J Rossi - Director


J & N Rossi Limited (Registered number: 04066582)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

J & N Rossi Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 15% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


J & N Rossi Limited (Registered number: 04066582)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2022 - 19 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 75,000
AMORTISATION
At 1 January 2023 30,000
Charge for year 3,750
At 31 December 2023 33,750
NET BOOK VALUE
At 31 December 2023 41,250
At 31 December 2022 45,000

J & N Rossi Limited (Registered number: 04066582)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 January 2023
and 31 December 2023 107,456
DEPRECIATION
At 1 January 2023 80,644
Charge for year 4,022
At 31 December 2023 84,666
NET BOOK VALUE
At 31 December 2023 22,790
At 31 December 2022 26,812

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 1,356,561
Revaluations 90,000
At 31 December 2023 1,446,561
DEPRECIATION
At 1 January 2023
and 31 December 2023 71,561
NET BOOK VALUE
At 31 December 2023 1,375,000
At 31 December 2022 1,285,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2015 673,820
Valuation in 2016 65,000
Valuation in 2018 153,403
Valuation in 2023 90,000
Cost 464,338
1,446,561

J & N Rossi Limited (Registered number: 04066582)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. INVESTMENT PROPERTY - continued

If investment property had not been revalued it would have been included at the following historical cost:

31.12.23 31.12.22
£    £   
Cost 464,338 464,338
Aggregate depreciation 71,561 71,561

Investment property was valued on an open market basis on 21 August 2024 by the directors .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 16,765 7,265
Other debtors 4,361 4,611
Prepayments 4,214 4,343
25,340 16,219

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Payments on account 7,036 7,036
Trade creditors 23,466 28,179
Tax 58,009 28,995
Social security and other taxes 4,385 3,028
VAT 29,520 25,077
Deposits Held 16,533 16,628
Directors' loan accounts 56,695 47,284
Accrued expenses 12,797 12,321
208,441 168,548

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.12.23 31.12.22
£    £   
Directors' loan accounts 74,111 98,633

J & N Rossi Limited (Registered number: 04066582)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. RESERVES
Fair
value
reserve
£   
At 1 January 2023 839,020
Undistributable gains 50,698

At 31 December 2023 889,718