Rossi Facility Services Ltd
Registered number: 07101898
Statement of Financial Position
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 21,252 21,952
Current assets
Debtors 5 1,578,881 605,082
Cash at bank and in hand 1,942,511 1,107,472
3,521,392 1,712,554
Creditors: amounts falling due within one year 6 (1,823,108) (1,353,683)
Net current assets 1,698,284 358,871
Total assets less current liabilities 1,719,536 380,823
Creditors: amounts falling due after more than one year 7 (19,064) (64,777)
Net assets 1,700,472 316,046
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 1,699,472 315,046
Shareholder's funds 1,700,472 316,046
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
E Alksmantas
Director
Approved by the board on 21 March 2025
Rossi Facility Services Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Employees and directors 2023 2022
Number Number
Average number of directors and persons employed by the company 204 198
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 13,780
At 31 December 2023 13,780
Amortisation
At 1 January 2023 13,780
At 31 December 2023 13,780
Net book value
At 31 December 2023 -
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 32,433 40,264 72,697
Additions 6,384 - 6,384
At 31 December 2023 38,817 40,264 79,081
Depreciation
At 1 January 2023 23,001 27,744 50,745
Charge for the year 3,954 3,130 7,084
At 31 December 2023 26,955 30,874 57,829
Net book value
At 31 December 2023 11,862 9,390 21,252
At 31 December 2022 9,432 12,520 21,952
5 Debtors 2023 2022
£ £
Trade debtors 937,633 605,082
Prepayments 4,150 -
Accrued income 622,308 -
Deferred tax asset 2,340 -
Other debtors 12,450 -
1,578,881 605,082
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,033 -
Trade creditors 438,761 609,345
Accruals 3,361 -
Corporation tax 490,926 88,991
Other taxes and social security costs 505,359 327,031
Other creditors 374,668 328,316
1,823,108 1,353,683
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 19,064 38,885
Obligations under finance lease and hire purchase contracts - 25,892
19,064 64,777
8 Prior year adjustment
The prior year comparatives have been restated to adjust understated assets and understated liabilities, these have not impacted on the retained earnings. This adjustment has meant the cash at bank and in hand has increased by £328,317 and the creditors: amounts falling due within one year have increased by £328,317.
9 Other information
Rossi Facility Services Ltd is a private company limited by shares and incorporated in England. Its registered office is:
16 Berkeley Street
Mayfair
London
W1J 8DZ
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