Company registration number 13639528 (England and Wales)
RORASA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
RORASA LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
RORASA LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
30 November 2023
30 September 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
302
402
Investment property
5
5,887,357
5,822,029
5,887,659
5,822,431
Current assets
Debtors
6
114,179
5,266
Cash at bank and in hand
218,388
783,090
332,567
788,356
Creditors: amounts falling due within one year
7
(333,979)
(1,559,315)
Net current liabilities
(1,412)
(770,959)
Total assets less current liabilities
5,886,247
5,051,472
Creditors: amounts falling due after more than one year
8
(5,580,770)
(5,064,172)
Provisions for liabilities
(51,449)
Net assets/(liabilities)
254,028
(12,700)
Capital and reserves
Called up share capital
100
100
Revaluation reserve
154,345
Profit and loss reserves
99,583
(12,800)
Total equity
254,028
(12,700)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial Period ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
RORASA LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2023
30 November 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 August 2024 and are signed on its behalf by:
Mr RS Natt
Mrs SK Natt
Director
Director
Company registration number 13639528 (England and Wales)
RORASA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 23 September 2021
-
Period ended 30 September 2022:
Loss and total comprehensive income
-
-
(12,800)
(12,800)
Issue of share capital
100
-
-
100
Balance at 30 September 2022
100
(12,800)
(12,700)
Period ended 30 November 2023:
Profit
-
-
266,729
266,729
Other comprehensive income:
Tax relating to other comprehensive income
-
(51,449)
(51,449)
Total comprehensive income
-
(51,449)
266,729
215,280
Other movements
-
205,794
(154,346)
51,448
Balance at 30 November 2023
100
154,345
99,583
254,028
RORASA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 4 -
1
Accounting policies
Company information
Rorasa Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, Gallery Court, 28 Arcadia Avenue, London, N3 2FG.
1.1
Reporting period
The financial statements is presented for a period longer than one year. This is because the reporting period was changed to November 2023. Therefore, the comparative amounts in the financial statements are not entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 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 principal accounting policies adopted are set out below.
1.3
Turnover
Turnover represents rental income recognised on an accruals basis and is accounted for when due.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
20% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment property
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the director.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand.
RORASA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.7
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements 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 are initially recognised at transaction price.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
RORASA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2023
2022
Number
Number
Total
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2022 and 30 November 2023
502
Depreciation and impairment
At 1 October 2022
100
Depreciation charged in the Period
100
At 30 November 2023
200
Carrying amount
At 30 November 2023
302
At 30 September 2022
402
5
Investment property
2023
£
Fair value
At 1 October 2022
5,822,029
Additions
65,328
At 30 November 2023
5,887,357
RORASA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
5
Investment property
(Continued)
- 7 -
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the director.
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
114,179
5,266
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,080
Other creditors
333,979
1,558,235
333,979
1,559,315
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
5,580,770
5,064,172
The above loan is secured by way of a fixed charge over the assets of the company.