Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-31false2023-02-01No description of principal activity2325truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 05417872 2023-02-01 2024-01-31 05417872 2022-02-01 2023-01-31 05417872 2024-01-31 05417872 2023-01-31 05417872 c:Director1 2023-02-01 2024-01-31 05417872 d:FurnitureFittings 2023-02-01 2024-01-31 05417872 d:FurnitureFittings 2024-01-31 05417872 d:FurnitureFittings 2023-01-31 05417872 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 05417872 d:ComputerEquipment 2023-02-01 2024-01-31 05417872 d:ComputerEquipment 2024-01-31 05417872 d:ComputerEquipment 2023-01-31 05417872 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 05417872 d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 05417872 d:Goodwill 2023-02-01 2024-01-31 05417872 d:Goodwill 2024-01-31 05417872 d:Goodwill 2023-01-31 05417872 d:CurrentFinancialInstruments 2024-01-31 05417872 d:CurrentFinancialInstruments 2023-01-31 05417872 d:Non-currentFinancialInstruments 2024-01-31 05417872 d:Non-currentFinancialInstruments 2023-01-31 05417872 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 05417872 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 05417872 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 05417872 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 05417872 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-01-31 05417872 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-01-31 05417872 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-01-31 05417872 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-01-31 05417872 d:ShareCapital 2024-01-31 05417872 d:ShareCapital 2023-01-31 05417872 d:RetainedEarningsAccumulatedLosses 2024-01-31 05417872 d:RetainedEarningsAccumulatedLosses 2023-01-31 05417872 c:OrdinaryShareClass1 2023-02-01 2024-01-31 05417872 c:OrdinaryShareClass1 2024-01-31 05417872 c:OrdinaryShareClass1 2023-01-31 05417872 c:FRS102 2023-02-01 2024-01-31 05417872 c:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 05417872 c:FullAccounts 2023-02-01 2024-01-31 05417872 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 05417872 7 2023-02-01 2024-01-31 05417872 d:Goodwill d:OwnedIntangibleAssets 2023-02-01 2024-01-31 05417872 e:PoundSterling 2023-02-01 2024-01-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 05417872










ROSS ESTATES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
ROSS ESTATES LIMITED
REGISTERED NUMBER: 05417872

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
75,000
90,000

Tangible assets
 5 
8,908
-

  
83,908
90,000

Current assets
  

Debtors: amounts falling due within one year
 6 
138,057
42,546

Cash at bank and in hand
  
50,851
99,925

  
188,908
142,471

Creditors: amounts falling due within one year
 7 
(222,127)
(105,563)

Net current (liabilities)/assets
  
 
 
(33,219)
 
 
36,908

Total assets less current liabilities
  
50,689
126,908

Creditors: amounts falling due after more than one year
 8 
(26,250)
(43,750)

  

Net assets
  
24,439
83,158


Capital and reserves
  

Called up share capital 
 10 
2
2

Profit and loss account
  
24,437
83,156

  
24,439
83,158


Page 1

 
ROSS ESTATES LIMITED
REGISTERED NUMBER: 05417872
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

The directors consider 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 directors acknowledge their 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 income and retained earnings 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 on 16 October 2024.




Mr P Ross
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
ROSS ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Ross Estates Limited is a private limited company registered in England and Wales, company registration number 05417872. The registered office and principal operating address is 2 Jasmine Villas, Whickham, Newcastle upon Tyne, NE16 4JH.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.

The following principal accounting policies have been applied:

 
2.2

Going concern

After due consideration, the directors are satisfied that the company will continue to be a going concern for at least the next twelve months following the date these financial statements are approved. 
 

  
2.3

Turnover

Turnover represents conveyancing and estate agent services undertaken during the year. 
 

 
2.4

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.

Page 3

 
ROSS ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Taxation

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.

 
2.7

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market.
Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the balance sheet date.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 4

 
ROSS ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
straight line basis
Computer equipment
-
20%
straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and 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

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.12

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.
Page 5

 
ROSS ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)


Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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
Page 6

 
ROSS ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)

transaction, whereby the debt instrument 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.

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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.13

Dividends

 

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 7

 
ROSS ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 23 (2023 - 25).


4.


Intangible assets




Goodwill

£



Cost


At 1 February 2023
150,000



At 31 January 2024

150,000



Amortisation


At 1 February 2023
60,000


Charge for the year on owned assets
15,000



At 31 January 2024

75,000



Net book value



At 31 January 2024
75,000



At 31 January 2023
90,000


Goodwill was purchased from Peter Ross, a director, for the value of his unincorporated licenced conveyancing business.
This is to be amortised over 10 years, its useful economic life.


Page 8

 
ROSS ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 February 2023
21,622
-
21,622


Additions
-
10,180
10,180



At 31 January 2024

21,622
10,180
31,802



Depreciation


At 1 February 2023
21,622
-
21,622


Charge for the year on owned assets
-
1,272
1,272



At 31 January 2024

21,622
1,272
22,894



Net book value



At 31 January 2024
-
8,908
8,908



At 31 January 2023
-
-
-


6.


Debtors

2024
2023
£
£


Trade debtors
21,966
11,689

Other debtors
108,450
4,000

Prepayments and accrued income
7,641
26,857

138,057
42,546


Page 9

 
ROSS ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
17,500
17,500

Trade creditors
2,952
2,952

Corporation tax
103,545
47,449

Other taxation and social security
85,758
20,580

Other creditors
-
6,902

Accruals and deferred income
12,372
10,180

222,127
105,563



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
26,250
43,750

26,250
43,750


Page 10

 
ROSS ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
17,500
17,500


17,500
17,500

Amounts falling due 1-2 years

Bank loans
17,500
17,500


17,500
17,500

Amounts falling due 2-5 years

Bank loans
8,750
26,250


8,750
26,250


43,750
61,250



10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 (2023 - 2) Ordinary Shares shares of £1.00 each
2.00
2.00



11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £8,585 (2023: £8,491). Contributions totalling £3,383 (2023 : £2,910) were payable at the year end.

Page 11

 
ROSS ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

12.


Related party transactions

Rent of £33,000 (2023: £33,000) has been paid to Mr and Mrs Ross, directors, on normal commercial terms, for the use of the company's offices which are privately owned by them.
As at 31 January 2024, £74,355 was owed to the company from the directors  (2023: £6,902). The maximum amount owed during the year was £74,355.
 

 
Page 12