Registered number
03909220
ROSEKEY LIMITED
Filleted Accounts
31 January 2024
ROSEKEY LIMITED
Registered number: 03909220
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,536,772 2,537,084
Investments 4 1 1
2,536,773 2,537,085
Current assets
Stocks 496,920 375,324
Debtors 5 685,065 733,994
Cash at bank and in hand 7,101 14,943
1,189,086 1,124,261
Creditors: amounts falling due within one year 6 (228,948) (211,604)
Net current assets 960,138 912,657
Total assets less current liabilities 3,496,911 3,449,742
Creditors: amounts falling due after more than one year 7 (423,004) (431,661)
Net assets 3,073,907 3,018,081
Capital and reserves
Called up share capital 100 100
Revaluation reserve 9 877,439 877,439
Profit and loss account 2,196,368 2,140,542
Shareholders' funds 3,073,907 3,018,081
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
K.S.ATWAL
Director
Approved by the board on 14 October 2024
ROSEKEY LIMITED
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings No depreciation provided
Leasehold land and buildings No depreciation provided
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 2,536,771 8,267 45,439 2,590,477
At 31 January 2024 2,536,771 8,267 45,439 2,590,477
Depreciation
At 1 February 2023 - 7,954 45,439 53,393
Charge for the year - 312 - 312
At 31 January 2024 - 8,266 45,439 53,705
Net book value
At 31 January 2024 2,536,771 1 - 2,536,772
At 31 January 2023 2,536,771 313 - 2,537,084
The freehold property comprises investment properties at fair value. The director is of the opinion that at the balance sheet date the value of the property has not changed materially and as a result are stated at fair values. The director has over ten years experience in property development. The directors have undertaken to obtain an independant valuation within 5 years.
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 February 2023 1
At 31 January 2024 1
The investmernt comprises 100% of the share capital of Rosekey Mansions Limited, which owns and manages property.
5 Debtors 2024 2023
£ £
Trade debtors 3,890 -
Amounts owed by group undertakings and undertakings in which the company has a participating interest 631,551 686,387
Other debtors 49,624 47,607
685,065 733,994
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 48,129 32,127
Trade creditors 43,291 1,772
Taxation and social security costs 18,289 15,316
Other creditors 119,239 162,389
228,948 211,604
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 385,304 394,961
Other creditors 37,700 36,700
423,004 431,661
8 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 32,176 32,176
Secured bank loans 427,137 427,137
The loan is made up of a loan from the Barclays Bank secured on the asset as follows:
Barclays loan on 163 Kimberley road - £440,197.
The bank loan is secured on a property owned by the company
9 Revaluation reserve 2024 2023
£ £
At 1 February 2023 877,439 877,439
At 31 January 2024 877,439 877,439
10 Other information
ROSEKEY LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Conifers, Moated Farm Drive,
Addlestone,
England, KT15 2DW
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