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Registered number: 03147065
Roselease Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
WA&A
426 Stockfield Road
Yardley
Birmingham
West Midlands
B25 8JJ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03147065
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 61,282 75,636
Investment Properties 5 3,352,500 2,767,934
3,413,782 2,843,570
CURRENT ASSETS
Debtors 6 47,451 3,387
Cash at bank and in hand 18,280 17,040
65,731 20,427
Creditors: Amounts Falling Due Within One Year 7 (1,984,635 ) (1,997,348 )
NET CURRENT ASSETS (LIABILITIES) (1,918,904 ) (1,976,921 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,494,878 866,649
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (213,134 ) (64,821 )
NET ASSETS 1,281,744 801,828
CAPITAL AND RESERVES
Called up share capital 9 2 2
Fair Value Reserve 10 1,009,740 527,180
Profit and Loss Account 272,002 274,646
SHAREHOLDERS' FUNDS 1,281,744 801,828
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Martin Fitzpatrick
Director
31st October 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Roselease Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03147065 . The registered office is 3b Tournament Court, Edgehill Drive , Tournament Fields, Warwick, CV34 6LG.
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.
2.2. Turnover
Turnover consists of rents receivable from the company's investment properties.
2.3. 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 10% on cost
2.4. 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.
2.5. 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: NIL (2023: NIL)
- -
Page 3
Page 4
4. Tangible Assets
Fixtures & Fittings
£
Cost or Valuation
As at 1 February 2023 153,114
As at 31 January 2024 153,114
Depreciation
As at 1 February 2023 77,478
Provided during the period 14,354
As at 31 January 2024 91,832
Net Book Value
As at 31 January 2024 61,282
As at 1 February 2023 75,636
5. Investment Property
2024
£
Fair Value
As at 1 February 2023 2,767,934
Revaluations 584,566
As at 31 January 2024 3,352,500
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 1,144 3,387
Deferred tax current asset 46,307 -
47,451 3,387
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - 1,602
Corporation tax 3,439 1,537
VAT 2,952 2,684
Other creditors 1,560,844 1,572,973
Accruals and deferred income 7,750 7,971
Director's loan account 409,650 410,581
1,984,635 1,997,348
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Page 5
8. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 213,134 64,821
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
10. Reserves
Fair Value Reserve
£
As at 1 February 2023 527,180
Transfer to profit and loss 482,560
As at 31 January 2024 1,009,740
11. Related Party Transactions
As of 31 January 2024, there were amounts of £1,538,969 (2023: £1,551,098) owed to entities under common control of the director. These loans are interest free and repayable on demand.
12. Ultimate Controlling Party
The company's ultimate controlling party is M A C Fitzpatrick by virtue of his ownership of 100% of the issued share capital in the company.
Page 5