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Registered number: 13423078
James Rose Estates Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13423078
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 307 465
Investment Properties 5 750,000 824,058
750,307 824,523
CURRENT ASSETS
Debtors 6 1,106 40
Cash at bank and in hand 25,397 7,195
26,503 7,235
Creditors: Amounts Falling Due Within One Year 7 (1,570 ) (13 )
NET CURRENT ASSETS (LIABILITIES) 24,933 7,222
TOTAL ASSETS LESS CURRENT LIABILITIES 775,240 831,745
Creditors: Amounts Falling Due After More Than One Year 8 (865,631 ) (840,322 )
NET LIABILITIES (90,391 ) (8,577 )
CAPITAL AND RESERVES
Called up share capital 10 100 100
Revaluation reserve 11 (84,846 ) -
Profit and Loss Account (5,645 ) (8,677 )
SHAREHOLDERS' FUNDS (90,391) (8,577)
Page 1
Page 2
For the year ending 31 May 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 Ian Chappell
Director
17/11/2024
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
James Rose Estates Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13423078 . The registered office is Jubilee House, East Beach, Lytham St.annes, FY8 5FT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statement have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Going concern
These financial statements are prepared on a going concern basis. The Directors have every expectation that the company will continue in operational existence for the foreseeable future and meet its liabilities as they fall due. Thus the Directors consider it appropriate to prepare these financial statements on a going concern basis.
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are showing within borrowings in current liabilities.
2.2. 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 sale of goods and from the rendering of services.
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.
Fixtures & Fittings 33.33% Straight Line
2.4. Investment Properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.
Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
2.5. Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments; and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measure at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
...CONTINUED
Page 3
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2.5. Financial Instruments - continued
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividend payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Fixtures & Fittings
£
Cost or Valuation
As at 1 June 2023 475
As at 31 May 2024 475
Depreciation
As at 1 June 2023 10
Provided during the period 158
As at 31 May 2024 168
Net Book Value
As at 31 May 2024 307
As at 1 June 2023 465
5. Investment Property
2024
£
Fair Value
As at 1 June 2023 824,058
Additions 10,788
Revaluations (84,846)
As at 31 May 2024 750,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 506 -
Prepayments and accrued income - (560 )
Other debtors 600 600
1,106 40
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Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Accruals and deferred income 1,570 13
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 531,103 563,076
Other creditors 334,528 277,246
865,631 840,322
9. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Other Creditors 531,103 563,076
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
11. Reserves
Revaluation Reserve
£
Transfer to profit and loss (84,846 )
As at 31 May 2024 (84,846 )
Page 5