Company registration number 04812295 (England and Wales)
S & L ROSSER LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
S & L ROSSER LTD
COMPANY INFORMATION
Directors
Mr S T Rosser
Mrs L E Rosser
Company number
04812295
Registered office
18 Broadsands Park Road
Paignton
Devon
TQ4 6JG
Accountants
The Accountancy & Tax Centre
272 Union Street
Torre
Torquay
Devon
TQ2 5QY
Business address
18 Broadsands Park Road
Paignton
Devon
TQ4 6JG
S & L ROSSER LTD
CONTENTS
Page
Directors' report
1
Accountants' report
2
Statement of income and retained earnings
3
Balance sheet
4
Notes to the financial statements
5 - 10
S & L ROSSER LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
The directors present their annual report and financial statements for the year ended 30 June 2024.
Principal activities
The principal activity of the company continued to be that of residential property letting.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr S T Rosser
Mrs L E Rosser
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr S T Rosser
Director
24 February 2025
S & L ROSSER LTD
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF S & L ROSSER LTD
- 2 -
You consider that the company is exempt from an audit for the year ended 30 June 2024. You have acknowledged, on the balance sheet, your responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Companies Act 2006, and for preparing accounts which give a true and fair view of the state of affairs of the company and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared these accounts set out on pages 3 to 10 from the accounting records of the company and on the basis of information and explanations you have given us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
24 February 2025
The Accountancy & Tax Centre
272 Union Street
Torre
Torquay
Devon
TQ2 5QY
S & L ROSSER LTD
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
2024
2023
Notes
£
£
Turnover
48,505
42,162
Cost of sales
(25,639)
(18,919)
Gross profit
22,866
23,243
Administrative expenses
(25,853)
(25,195)
Other operating income
30
Operating loss
(2,957)
(1,952)
Interest receivable and similar income
321
157
Amounts written off investments
4
40,000
30,000
Profit before taxation
37,364
28,205
Tax on profit
(7,600)
(5,700)
Profit for the financial year
29,764
22,505
Retained earnings brought forward
929,479
920,974
Dividends
(6,000)
(14,000)
Retained earnings carried forward
953,243
929,479
The profit and loss account has been prepared on the basis that all operations are continuing operations.
S & L ROSSER LTD
BALANCE SHEET
- 4 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
1,406
784
Investment property
6
985,000
945,000
Investments
7
1,801
1,801
988,207
947,585
Current assets
Debtors
8
3,809
1,649
Cash at bank and in hand
24,215
34,246
28,024
35,895
Creditors: amounts falling due within one year
9
(5,403)
(4,016)
Net current assets
22,621
31,879
Total assets less current liabilities
1,010,828
979,464
Provisions for liabilities
(57,385)
(49,785)
Net assets
953,443
929,679
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
953,243
929,479
Total equity
953,443
929,679
For the financial year ended 30 June 2024 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 year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 24 February 2025 and are signed on its behalf by:
Mr S T Rosser
Mrs L E Rosser
Director
Director
Company registration number 04812295 (England and Wales)
S & L ROSSER LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
1
Accounting policies
Company information
S & L Rosser Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 18 Broadsands Park Road, Paignton, Devon, TQ4 6JG.
1.1
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rental of premises provided in the normal course of business.
1.3
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:
Fixtures, fittings & equipment
25% reducing balance & 33.33% 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.
1.4
Investment property
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. Changes in fair value are recognised in profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
S & L ROSSER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash and cash equivalents
Cash and cash equivalents 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 shown within borrowings in current liabilities.
1.8
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 measured 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.
S & L ROSSER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 7 -
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, loans from fellow group companies and preference shares that are classified as debt, 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.
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.
1.9
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.
1.10
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.11
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.
S & L ROSSER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 8 -
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.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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 year was:
2024
2023
Number
Number
Total
2
2
S & L ROSSER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
4
Amounts written off investments
2024
2023
£
£
Fair value gains/(losses)
Gain on investment properties
40,000
30,000
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023
3,254
Additions
1,262
Disposals
(766)
At 30 June 2024
3,750
Depreciation and impairment
At 1 July 2023
2,470
Depreciation charged in the year
342
Eliminated in respect of disposals
(468)
At 30 June 2024
2,344
Carrying amount
At 30 June 2024
1,406
At 30 June 2023
784
6
Investment property
2024
£
Fair value
At 1 July 2023
945,000
Revaluations
40,000
At 30 June 2024
985,000
Investment property comprises of properties held for rental purposes. The fair value of the investment property has been arrived at by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. There has been no independent valuation.
S & L ROSSER LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
7
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1,801
1,801
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
4
Prepayments and accrued income
3,805
1,649
3,809
1,649
9
Creditors: amounts falling due within one year
2024
2023
£
£
Payments received on account
3,822
2,654
Trade creditors
1,093
628
Taxation and social security
225
Other creditors
2
Accruals and deferred income
488
507
5,403
4,016
S & L ROSSER LTD
DETAILED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
2024
2024
2023
2023
£
£
£
£
Turnover
Rental income
48,505
42,162
Cost of sales
Purchases and other direct costs
Commissions payable
4,223
3,332
Rent and rates
279
219
Cleaning
3,498
2,836
Power, light and heat
626
518
Property repairs and maintenance
7,586
3,779
Premises insurance
2,326
2,101
Licences
159
159
Management fees
4,788
3,975
Advertising
348
348
Telecommunications
306
260
Service charges
1,500
1,392
Total purchases and other direct costs
25,639
18,919
Total cost of sales
(25,639)
(18,919)
Gross profit
47.14%
22,866
55.13%
23,243
Other operating income
Sundry income
30
-
Administrative expenses
Directors' remuneration
24,000
23,862
Travelling expenses
324
198
Professional subscriptions
35
35
Accountancy
789
769
Printing and stationery
31
24
Sundry expenses
34
13
Depreciation
342
249
Profit or loss on sale of tangible assets (non exceptional)
298
45
(25,853)
(25,195)
Operating loss
(2,957)
(1,952)
Interest receivable and similar income
Bank interest received
321
157
321
157
Other gains and losses
OGL - Change in fair value of investment property
40,000
30,000
Profit before taxation
77.03%
37,364
66.90%
28,205
S & L ROSSER LTD
FIVE YEAR SUMMARY
FOR THE YEAR ENDED 30 JUNE 2024
2024
2023
2022
2021
2020
£
£
£
£
£
A
Turnover
48,505
42,162
47,292
40,969
34,757
B
Trade purchases
-
-
-
-
-
C
Cost of sales
25,639
18,919
14,878
18,094
17,368
D
Gross profit/(loss)
22,866
23,243
32,414
22,875
17,389
E
Profit/(loss) before tax
37,364
28,205
78,432
29,021
17,253
F
Tax
7,600
5,700
12,350
4,750
3,420
G
Profit/(loss) after tax
29,764
22,505
66,082
24,271
13,833
H
Dividends
6,000
14,000
-
50,000
20,000
I
Total fixed assets
988,207
947,585
917,809
853,145
826,015
J
Stocks
-
-
-
K
Trade debtors
-
-
-
-
-
L
Trade creditors
1,093
628
990
765
38
M
Current assets
28,024
35,895
51,815
38,657
84,587
N
Current liabilities
5,403
4,016
4,365
4,975
2,796
O
Net current assets/(liabilities)
22,621
31,879
47,450
33,682
81,791
P
Long term finance
-
-
-
-
-
Q
Net total bank borrowings
-
-
-
-
-
R
Net assets
953,443
929,679
921,174
855,092
880,821
S
Number of shares
200
200
200
200
200
Ratios
Formulae
1
Gross profit/(loss)
D/A
47.14%
55.13%
68.54%
55.83%
50.03%
2
Profitability
G/A
61.36%
53.38%
139.73%
59.24%
39.80%
3
Return on capital
G/R
3.12%
2.42%
7.17%
2.84%
1.57%
4
Asset utilisation
A/I
0.05
0.04
0.05
0.05
0.04
5
Liquidity
M/N
5.19
8.94
11.87
7.77
30.25
6
Stock turnover days
J/C x 365
-
-
-
-
-
7
Sales credit days
K/A x 365
-
-
-
-
-
8
Purchase credit days
L/B x 365
-
-
-
-
-
9
Apparent tax rate
F/E
20.34%
20.21%
15.75%
16.37%
19.82%
10
Gearing
P/R
-
-
-
-
-
11
Bankers' cover
(I+J+K)/Q
-
-
-
-
-
12
Net assets per share
R/S
4,767
4,648
4,606
4,275
4,404
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