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Registration number: 03199646

Rostev Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Rostev Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Rostev Limited

Company Information

Director

Mr M R Chaplin

Registered office

42-46 Station Road
Edgware
Middlesex
HA8 7AB

Accountants

Richlands Business Advisers Limited
Chartered Accountants
42-46 Station Road
Edgware
Middlesex
HA8 7AB

 

Rostev Limited

(Registration number: 03199646)
Balance Sheet as at 31 May 2024

Note

2024
£

(As restated)


2023
£

Fixed assets

 

Tangible assets

4

488

651

Investment property

5

1,035,000

1,035,000

 

1,035,488

1,035,651

Current assets

 

Debtors

6

114

3,335

Cash at bank and in hand

 

5,546

5,476

 

5,660

8,811

Creditors: Amounts falling due within one year

7

(122,733)

(117,420)

Net current liabilities

 

(117,073)

(108,609)

Total assets less current liabilities

 

918,415

927,042

Provisions for liabilities

(125,392)

(125,392)

Net assets

 

793,023

801,650

Capital and reserves

 

Called up share capital

8

476,345

476,345

Revaluation reserve

376,175

376,175

Retained earnings

(59,497)

(50,870)

Shareholders' funds

 

793,023

801,650

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.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Rostev Limited

(Registration number: 03199646)
Balance Sheet as at 31 May 2024

These financial statements have been prepared and delivered 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 February 2025
 

.........................................
Mr M R Chaplin
Director

 

Rostev Limited

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 and Wales.

The address of its registered office is:
42-46 Station Road
Edgware
Middlesex
HA8 7AB
England

These financial statements were authorised for issue by the director on 28 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Restatement of comparative figures
The comparative figures for the financial year ended 31st May 2024 has been restated to reflect the deferred tax liabilities of £125,931.63 incurred on the fair value adjustments of investment properties, which was accounted for in the prior year.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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.

 

Rostev Limited

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

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.

 

Rostev Limited

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

11,885

11,885

At 31 May 2024

11,885

11,885

Depreciation

At 1 June 2023

11,234

11,234

Charge for the year

163

163

At 31 May 2024

11,397

11,397

Carrying amount

At 31 May 2024

488

488

At 31 May 2023

651

651

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings.
 

5

Investment properties

2024
£

At 1 June

1,035,000

At 31 May

1,035,000

The fair value of the investment properties at the date of the balance sheet was £1,035,000. The fair value of the investment properties were assessed internally by the directors at the year end..

 

Rostev Limited

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

6

Debtors

Current

2024
£

(As restated)


2023
£

Prepayments

114

3,335

 

114

3,335

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

(As restated)


2023
£

Due within one year

 

Trade creditors

 

5,008

439

Other creditors

 

37,937

37,937

Accrued expenses

 

1,320

1,320

Directors current account

 

78,468

77,724

 

122,733

117,420

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share capital of £1 each

476,345

476,345

476,345

476,345

       

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

376,175

376,175

 

Rostev Limited

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

10

Transition to FRS 102

This is the first year the company is preparing accounts under FRS 102 Section 1A. The policies applied under the entities previous accounting framework for subsequent measurement of investment properties are different to FRS 102 and have impacted on the equity or profit or loss. Previous period's profit or loss have been reinstated.

Balance Sheet at 1 June 2022
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Capital and reserves

Called up share capital

476,345

-

-

476,345

Retained earnings

(31,519)

-

-

(31,519)

Total equity

444,826

-

-

444,826

Balance Sheet at 31 May 2023
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Investment property

533,434

-

501,566

1,035,000

Provisions for liabilities

-

-

125,392

125,392

Net assets

533,434

-

626,958

1,160,392

Capital and reserves

Called up share capital

476,345

-

-

476,345

Retained earnings

(50,870)

-

376,175

325,305

Total equity

425,475

-

376,175

801,650