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Registration number: 13392038

Romee Property Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Romee Property Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Romee Property Ltd

(Registration number: 13392038)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

410,000

235,757

Current assets

 

Debtors

5

19,395

2,762

Cash at bank and in hand

 

136,551

1,777

 

155,946

4,539

Creditors: Amounts falling due within one year

6

(498,495)

(135,544)

Net current liabilities

 

(342,549)

(131,005)

Total assets less current liabilities

 

67,451

104,752

Creditors: Amounts falling due after more than one year

6

(107,138)

(107,128)

Net liabilities

 

(39,687)

(2,376)

Capital and reserves

 

Called up share capital

2

2

Other reserves

(38,728)

-

Retained earnings

(961)

(2,378)

Shareholders' deficit

 

(39,687)

(2,376)

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 February 2025 and signed on its behalf by:
 

.........................................
Mr R H Sheppard
Director

 

Romee Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
61 Stalls Road
Andover
Hampshire
SP11 6TF

These financial statements were authorised for issue by the Board on 20 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis due to the continuing support of the directors.

Revenue recognition

Turnover is derived from the rental of properties.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Romee Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Recognition and measurement
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
 

 

Romee Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Investment properties

2024
£

At 1 June

235,757

Additions

225,881

Fair value adjustments

(51,638)

At 31 May

410,000

The investment property is included at its open market value of £410,000 and is based on the directors' valuation. The property initially cost £461,638

There has been no valuation of investment property by an independent valuer.

5

Debtors

Current

2024
£

2023
£

Prepayments

6,304

2,225

Other debtors

13,091

537

 

19,395

2,762

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

493,913

133,807

Accruals and deferred income

 

1,640

1,737

Other creditors

 

2,942

-

 

498,495

135,544

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

107,138

107,128

Secured by way of mortgage of the property 1 Tyne Court, Andover, SP10 5HE.

 

Romee Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

107,138

107,128

Current loans and borrowings

2024
£

2023
£

Other borrowings

493,913

133,807

8

Profit and loss account

2024
£

2023
£

Distributable reserves

(961)

(2,378)

Non-distributable reserves

(38,728)

-

(39,689)

(2,378)

9

Related party transactions

Other transactions with directors

Included within other borrowings is £493,913 (2023: £133,807) due to a director of the company. The loan is interest free and repayable on demand.