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REGISTERED NUMBER: 00797697 (England and Wales)












FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

ROSS LETTINGS (IW) LIMITED

ROSS LETTINGS (IW) LIMITED (REGISTERED NUMBER: 00797697)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ROSS LETTINGS (IW) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: Mr S A Ross
Mrs C J Ross
Mr B T Ross





REGISTERED OFFICE: 4 Kings Row
Armstrong Road
Maidstone
Kent
ME15 6AQ





REGISTERED NUMBER: 00797697 (England and Wales)





ACCOUNTANTS: Mackenzies
Chartered Accountants
1 Langley Court
Pyle Street
Newport
Isle of Wight
PO30 1LA

ROSS LETTINGS (IW) LIMITED (REGISTERED NUMBER: 00797697)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £ £ £
FIXED ASSETS
Tangible assets 4 183,769 151,105
Investment property 5 11,423,370 11,423,370
11,607,139 11,574,475

CURRENT ASSETS
Debtors 6 79,502 87,578
Cash at bank 4,233 14,665
83,735 102,243
CREDITORS
Amounts falling due within one year 7 6,946,865 7,393,821
NET CURRENT LIABILITIES (6,863,130 ) (7,291,578 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,744,009

4,282,897

CREDITORS
Amounts falling due after more than one
year

8

(1,429,630

)

(1,520,189

)

PROVISIONS FOR LIABILITIES 10 (185,505 ) (144,299 )
NET ASSETS 3,128,874 2,618,409

CAPITAL AND RESERVES
Called up share capital 11 4,600 4,600
Fair value reserve 12 932,862 932,862
Retained earnings 2,191,412 1,680,947
SHAREHOLDERS' FUNDS 3,128,874 2,618,409

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ROSS LETTINGS (IW) LIMITED (REGISTERED NUMBER: 00797697)

BALANCE SHEET - continued
31 DECEMBER 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 April 2025 and were signed on its behalf by:




Mr S A Ross - Director



Mrs C J Ross - Director


ROSS LETTINGS (IW) LIMITED (REGISTERED NUMBER: 00797697)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Ross Lettings (IW) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 20% on reducing balance
Computer equipment - 20% on reducing balance

Plant and machinery - 5% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

ROSS LETTINGS (IW) LIMITED (REGISTERED NUMBER: 00797697)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£ £ £ £
COST
At 1 January 2024 129,480 88,629 3,872 221,981
Additions - 130,479 - 130,479
Disposals - (88,629 ) - (88,629 )
At 31 December 2024 129,480 130,479 3,872 263,831
DEPRECIATION
At 1 January 2024 65,670 4,431 775 70,876
Charge for year 6,474 6,524 619 13,617
Eliminated on disposal - (4,431 ) - (4,431 )
At 31 December 2024 72,144 6,524 1,394 80,062
NET BOOK VALUE
At 31 December 2024 57,336 123,955 2,478 183,769
At 31 December 2023 63,810 84,198 3,097 151,105

5. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 January 2024
and 31 December 2024 11,423,370
NET BOOK VALUE
At 31 December 2024 11,423,370
At 31 December 2023 11,423,370

Fair value at 31 December 2024 is represented by:
£
Valuation in 2018 1,068,846
Cost 10,354,524
11,423,370

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£ £
Cost 10,354,525 10,354,525

ROSS LETTINGS (IW) LIMITED (REGISTERED NUMBER: 00797697)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 78,845 86,958
Prepayments and accrued income 657 620
79,502 87,578

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 41,582 -
Trade creditors 2,225 28,267
Amounts owed to related companies 2,439,608 2,439,608
Tax 185,805 123,690
VAT 72,702 7,044
Other creditors 38,856 47,318
Directors' current accounts 4,040,299 4,630,404
Accruals and deferred income 125,788 117,490
6,946,865 7,393,821

Amounts owed to related company were £2,439,608 (2023: £2,439,608) to Ross Group (IW) Limited.

Other creditors consists of rent deposits of £38,550 (2023: £47,300), and a company credit card balance of £306 (2023: £18).

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Bank loans - 1-5 years 1,429,630 1,520,189

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank loans 1,471,212 1,520,189

The bank loan is secured by a debenture including a fixed charge over the investment properties owned by Ross Lettings (IW) Limited and a floating charge over all other assets.

10. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 185,505 144,299

ROSS LETTINGS (IW) LIMITED (REGISTERED NUMBER: 00797697)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


10. PROVISIONS FOR LIABILITIES - continued

Deferred tax
£
Balance at 1 January 2024 144,299
Provided during year 41,206
Accelerated capital allowances
Balance at 31 December 2024 185,505

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
4,600 Ordinary £1 4,600 4,600

12. RESERVES
Fair value
reserve
£
At 1 January 2024
and 31 December 2024 932,862

13. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party. The directors between them hold the majority share capital of the parent company.