IRIS Accounts Production v24.1.4.33 03303602 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh033036022022-12-31033036022023-12-31033036022023-01-012023-12-31033036022021-12-31033036022022-01-012022-12-31033036022022-12-3103303602ns15:EnglandWales2023-01-012023-12-3103303602ns14:PoundSterling2023-01-012023-12-3103303602ns10:Director12023-01-012023-12-3103303602ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3103303602ns10:SmallEntities2023-01-012023-12-3103303602ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3103303602ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3103303602ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3103303602ns10:FullAccounts2023-01-012023-12-310330360212023-01-012023-12-3103303602ns5:CurrentFinancialInstruments2023-12-3103303602ns5:CurrentFinancialInstruments2022-12-3103303602ns5:Non-currentFinancialInstruments2023-12-3103303602ns5:Non-currentFinancialInstruments2022-12-3103303602ns5:ShareCapital2023-12-3103303602ns5:ShareCapital2022-12-3103303602ns5:RetainedEarningsAccumulatedLosses2023-12-3103303602ns5:RetainedEarningsAccumulatedLosses2022-12-3103303602ns10:RegisteredOffice2023-01-012023-12-3103303602ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3103303602ns5:PlantMachinery2023-01-012023-12-3103303602ns5:FurnitureFittings2023-01-012023-12-3103303602ns5:ComputerEquipment2023-01-012023-12-3103303602ns5:IntangibleAssetsOtherThanGoodwill2022-12-3103303602ns5:IntangibleAssetsOtherThanGoodwill2023-12-3103303602ns5:IntangibleAssetsOtherThanGoodwill2022-12-3103303602ns5:PlantMachinery2022-12-3103303602ns5:FurnitureFittings2022-12-3103303602ns5:ComputerEquipment2022-12-3103303602ns5:PlantMachinery2023-12-3103303602ns5:FurnitureFittings2023-12-3103303602ns5:ComputerEquipment2023-12-3103303602ns5:PlantMachinery2022-12-3103303602ns5:FurnitureFittings2022-12-3103303602ns5:ComputerEquipment2022-12-3103303602ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3103303602ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3103303602ns5:CurrentFinancialInstruments2023-01-012023-12-310330360212023-01-012023-12-31
REGISTERED NUMBER: 03303602 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

P.A. ROSS LTD

P.A. ROSS LTD (REGISTERED NUMBER: 03303602)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Statement of Financial Position 1 to 2

Notes to the Financial Statements 3 to 8


P.A. ROSS LTD (REGISTERED NUMBER: 03303602)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 6,074 7,593
Tangible assets 5 13,186 15,898
19,260 23,491

CURRENT ASSETS
Stocks 35,918 12,082
Debtors 6 719,842 817,061
Cash at bank and in hand 303,969 244,064
1,059,729 1,073,207
CREDITORS
Amounts falling due within one year 7 (909,706 ) (927,536 )
NET CURRENT ASSETS 150,023 145,671
TOTAL ASSETS LESS CURRENT
LIABILITIES

169,283

169,162

CREDITORS
Amounts falling due after more than one
year

8

(32,915

)

(38,101

)

PROVISIONS FOR LIABILITIES (4,546 ) (5,544 )
NET ASSETS 131,822 125,517

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 131,722 125,417
131,822 125,517

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.

P.A. ROSS LTD (REGISTERED NUMBER: 03303602)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





T M R Clifford - Director


P.A. ROSS LTD (REGISTERED NUMBER: 03303602)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

P.A. ROSS LTD is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03303602

Registered office: Ruskin Chambers
Drury Lane
Knutsford
Cheshire
WA16 6HA

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

SIGNIFICANT JUDGEMENTS AND ESTIMATES
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

(a) Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

(i) Useful economic lives of tangible assets and intangible assets

The annual depreciation charge for tangible assets and intangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. See tangible and intangible assets notes for the carrying amounts of the assets and the accounting policies for the useful economic lives for each class of assets.

(ii) Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the ageing profile of debtors and historical experience.

P.A. ROSS LTD (REGISTERED NUMBER: 03303602)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

REVENUE RECOGNITION
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

PA Ross Ltd sell & market food products to major retailers.

As PA Ross Ltd trade in short life foods, goods are only purchased once a sales order is received, the goods are then sent from the supplier to the supermarkets and revenue is not recognised until goods have been delivered to the retailers.

The shelf life of the products are agreed before delivery so once goods have been delivered and accepted there is no return.

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

Computer software is amortised at 20% reducing balance each year.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Office equipment - 25% reducing balance
Fixtures and fittings - 10% reducing balance
Computer equipment - 20% reducing balance

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

STOCKS
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

P.A. ROSS LTD (REGISTERED NUMBER: 03303602)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.


P.A. ROSS LTD (REGISTERED NUMBER: 03303602)

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 statement of financial position 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.

FOREIGN CURRENCIES
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 17,320
AMORTISATION
At 1 January 2023 9,727
Charge for year 1,519
At 31 December 2023 11,246
NET BOOK VALUE
At 31 December 2023 6,074
At 31 December 2022 7,593

P.A. ROSS LTD (REGISTERED NUMBER: 03303602)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Office and Computer
equipment fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023
and 31 December 2023 10,421 14,427 26,606 51,454
DEPRECIATION
At 1 January 2023 8,625 8,856 18,075 35,556
Charge for year 449 557 1,706 2,712
At 31 December 2023 9,074 9,413 19,781 38,268
NET BOOK VALUE
At 31 December 2023 1,347 5,014 6,825 13,186
At 31 December 2022 1,796 5,571 8,531 15,898

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 547,656 685,369
Amounts owed by group undertakings 156,728 99,975
Other debtors 15,458 31,717
719,842 817,061

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 5,187 5,187
Trade creditors 544,902 393,659
Amounts owed to group undertakings 310,765 456,808
Taxation and social security 49,338 46,127
Other creditors (486 ) 25,755
909,706 927,536

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 32,915 38,101

P.A. ROSS LTD (REGISTERED NUMBER: 03303602)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.12.23 31.12.22
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans payable more than
5 years by instalments 10,824 16,010
10,824 16,010

9. OTHER FINANCIAL COMMITMENTS

The company had total guarantees and commitments at the balance sheet date of £49,275 (2022: £64,613).

10. RELATED PARTY DISCLOSURES

All transactions undertaken with the directors are deemed to be conducted under normal market conditions and/or are not material.

The company has taken advantage of the exemption from the disclosures required by paragraph 33.1A of Financial Reporting Standard 102 regarding transactions between fellow group companies.

11. POST BALANCE SHEET EVENTS

There were no material events up to the date of approval of the financial statements by the Board.

12. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of P. A. Ross Holdings Ltd, a company incorporated in England and Wales. The registered office and principal place of business is Ruskin Chambers, Drury Lane, Knutsford, Cheshire, WA16 6HA