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ROSSBAY LIMITED
(A Company Limited by Guarantee)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
The company is a private company limited by guarantee incorporated in England and Wales. The address of the registered office is disclosed on the company information page of these financial statements.
The trading address is 18 Providence Court, Providence House.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Income represents rents receivable. Sums paid by way of service charges do not form part of the income of the company for accounting purposes neither do payments to provide services. The reason for this is that all sums received by a landlord, or a managing agent on its behalf, are held on trust to use for the purpose they were collected and to return any unused funds. The money does not belong to the landlord.
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including directors, during the year was 2 (2023 - 2).
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The company is a private company limited by guarantee, not having share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute an amount towards the assets of the company in the event of liquidation.
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