Company registration number 01794587 (England and Wales)
ROSEGRADE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ROSEGRADE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
57
281
Current assets
Stocks
1,115,425
1,115,425
Debtors
4
214,651
197,199
Cash at bank and in hand
3,406
5,231
1,333,482
1,317,855
Creditors: amounts falling due within one year
5
(5,966,732)
(5,830,583)
Net current liabilities
(4,633,250)
(4,512,728)
Net liabilities
(4,633,193)
(4,512,447)
Capital and reserves
Called up share capital
329,799
329,799
Profit and loss reserves
(4,962,992)
(4,842,246)
Total equity
(4,633,193)
(4,512,447)
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 18 March 2025 and are signed on its behalf by:
Mr PJ Hollis
Director
Company registration number 01794587 (England and Wales)
ROSEGRADE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Rosegrade Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10 Hadleigh Business & Learning Centre, Crockatt Road, Hadleigh, Suffolk, IP7 6RH.
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
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:
Office equipment
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.
1.3
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.
ROSEGRADE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
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.
1.4
Stocks
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Financial instruments
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.
1.6
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.
1.7
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.
1.8
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.9
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.
ROSEGRADE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Office equipment
£
Cost
At 1 April 2023 and 31 March 2024
4,688
Depreciation and impairment
At 1 April 2023
4,407
Depreciation charged in the year
224
At 31 March 2024
4,631
Carrying amount
At 31 March 2024
57
At 31 March 2023
281
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,625
2,328
Other debtors
213,026
194,871
214,651
197,199
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
20,378
8,675
Taxation and social security
2,482
3,618
Other creditors
5,943,872
5,818,290
5,966,732
5,830,583
ROSEGRADE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
6
Related party transactions
Transactions with related parties
There was a balance outstanding at the year end between the Company and a company in which R.T. Sadik has an interest, as well as a balance due to Mr Sadik personally. No interest has been charged on these balances.
2024
2023
£
£
Construction Machinery Center Co LLC
3,227,512
3,227,512
The company has provided funding to Alphabet Developments LLP, in which Rosegrade Limited are a designated member. Alphabet Developments holds jointly owned property in which is of relevance to the potential sale of the stock premises owned by Rosegrade. During the year expenses have been incurred relating to that site, which Rosegrade have funded. No intertest has been charged on this amount at this stage. At the reporting date the balance owed by Alphabet Developments LLP was £200,059 (2023: £191,634).
7
Going concern
The company is under the control of R.T. Sadik who had £2,684,756 (2023: £2,560,733 ) owing to him by the company at the year end. R.T, Sadik has indicated that he is willing to defer any claim to repayment until all other claims by the creditors of the company have been met.
The company owes £3,227,512 (2023: £3,227,512) to Construction Machinery Center Co LLC, in which R.T. Sadik has an interest, and they are willing to defer any claim to repayment until all other claims by the creditors of the company have been met.
As this continuing support has been confirmed, the accounts have continued to be prepared on a going concern basis.