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Registered number: 12918943
Roger George Properties Ltd
Unaudited Financial Statements
For The Year Ended 30 October 2023
Beach Accountants Limited
Chartered Certified Accountants
10 Blue Sky Way
Monkton Business Park South
Hebburn
South Tyneside
NE31 2EQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 12918943
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 426 568
Investment Properties 5 90,000 90,000
90,426 90,568
CURRENT ASSETS
Debtors 6 - 555
Cash at bank and in hand 5,285 4,835
5,285 5,390
Creditors: Amounts Falling Due Within One Year 7 (63,336 ) (61,867 )
NET CURRENT ASSETS (LIABILITIES) (58,051 ) (56,477 )
TOTAL ASSETS LESS CURRENT LIABILITIES 32,375 34,091
Creditors: Amounts Falling Due After More Than One Year 8 (64,295 ) (64,295 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (330 ) -
NET LIABILITIES (32,250 ) (30,204 )
CAPITAL AND RESERVES
Called up share capital 10 8 8
Revaluation reserve 11 1,221 1,508
Profit and Loss Account (33,479 ) (31,720 )
SHAREHOLDERS' FUNDS (32,250) (30,204)
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Page 2
For the year ending 30 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Oliver Lee
Director
30/09/2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Roger George Properties Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12918943 . The registered office is 80 Compair Crescent, Ipswich, Suffolk, IP2 0EH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the entity.
2.2. Going Concern Disclosure
At the balance sheet date, the company had net liabilities of £31,028 (2022: £30,205).The Director is of the opinion that the financial statements have been properly prepared on the going concern basis on the understanding that the director will continue to support the company financially and that the director's loan account (shown in note 7) will not be recalled in the foreseeable future.
2.3. Turnover
Turnover is measured at the fair value of the rental income received in the normal course of business.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% reducing balance
2.5. Investment Properties
All investment properties are 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 for. Changes in fair value are recognised in the profit and loss account.
2.6. Financial Instruments
Financial assets and liabilities are only offset in the statement of financial position when. and only when there exists a legally enforceable right to set off the recognise amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through the Profit and Loss Account, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled. b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset. or c) the Company. despite having retained some, but not all significant risks and rewards of ownership. has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Tangible Assets
Fixtures & Fittings
£
Cost or Valuation
As at 1 November 2022 758
As at 30 October 2023 758
Depreciation
As at 1 November 2022 190
Provided during the period 142
As at 30 October 2023 332
Net Book Value
As at 30 October 2023 426
As at 1 November 2022 568
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Page 5
5. Investment Property
2023
£
Fair Value
As at 1 November 2022 and 30 October 2023 90,000
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2023 2022
£ £
Cost 88,491 88,491
Investment property comprises the property known as 27 Bronte Street, Keighley, BD21 4BG. The fair value of the property at 30 October 2023 has been arrived at on the basis of a valuation carried out by the director who is not a professionally qualified valuer. The valuation, was arrived at by reference to market evidence of transaction prices for similar properties in its location.
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors - 555
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Other creditors 3,195 3,195
Accruals and deferred income 576 2,160
Directors' loan accounts 59,565 56,512
63,336 61,867
The above Director's loan is unsecured, interest free and repayable on demand.
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 64,295 64,295
At the statement of financial position date, Fleet Mortgages Limited held a fixed charge dated 19 November 2021 over the property detailed in note 5.
9. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Accelerated capital allowances 43 -
Revaluation of investment properties 287 -
330 -
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10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 8 8
11. Reserves
Revaluation Reserve
£
As at 1 November 2022 1,508
Deferred tax relating to revaluation (287)
As at 30 October 2023 1,221
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