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Registered number: 08137167










ROSE AND NORTH LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024

 
ROSE AND NORTH LIMITED
REGISTERED NUMBER: 08137167

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,875
3,115

  
2,875
3,115

Current assets
  

Stocks
  
500
500

Debtors: amounts falling due within one year
 5 
409,025
334,475

Cash at bank and in hand
  
23,704
2

  
433,229
334,977

Creditors: amounts falling due within one year
 6 
(283,127)
(271,006)

Net current assets
  
 
 
150,102
 
 
63,971

Total assets less current liabilities
  
152,977
67,086

Creditors: amounts falling due after more than one year
 7 
(109,619)
(29,841)

  

Net assets
  
43,358
37,245


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
43,258
37,145

  
43,358
37,245

Page 1

 
ROSE AND NORTH LIMITED
REGISTERED NUMBER: 08137167
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Miss H V North
Director

Date: 29 August 2024

The notes on pages 3 to 8 form part of these financial statements.
Page 2

 
ROSE AND NORTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Rose and North Limited is a private company limited by shares and incorporated in England and Wales, registration number 08137167. The registered office is The Old Bank, 49-50 Mere Street, Diss, Norfolk, England, IP22 4AG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The Director has considered the Company’s position at the time of signing the financial statements,  the current financial strength of the Company, together with the range of measures the Director can take to mitigate ongoing costs should they need to.
Based on this, the Director has concluded that they have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future, and, based on the economic environment recovering within the timeframe currently being widely anticipated, at least twelve months from the date of signing these financial statements.  They therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.



Page 3

 
ROSE AND NORTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.
Page 4

 
ROSE AND NORTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%
Straight line
Improvement to property
-
25%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 5

 
ROSE AND NORTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Tangible fixed assets





Office equipment
Improvements to property
Total

£
£
£



Cost or valuation


At 1 August 2023
17,617
3,752
21,369


Additions
1,197
-
1,197


Disposals
(9,907)
(3,752)
(13,659)



At 31 July 2024

8,907
-
8,907



Depreciation


At 1 August 2023
14,502
3,752
18,254


Charge for the year on owned assets
1,420
-
1,420


Disposals
(9,890)
(3,752)
(13,642)



At 31 July 2024

6,032
-
6,032



Net book value



At 31 July 2024
2,875
-
2,875



At 31 July 2023
3,115
-
3,115

Page 6

 
ROSE AND NORTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

5.


Debtors

2024
2023
£
£


Other debtors
403,649
328,693

Prepayments and accrued income
5,376
5,782

409,025
334,475



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
24,101

Bank loans
6,000
6,000

Other loans
16,518
22,194

Corporation tax
160,322
119,864

Other taxation and social security
523
650

Other creditors
41,556
50,395

Accruals and deferred income
58,208
47,802

283,127
271,006



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
24,597
29,841

Other loans
85,022
-

109,619
29,841


Page 7

 
ROSE AND NORTH LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
6,000
6,000

Other loans
16,518
22,194


22,518
28,194

Amounts falling due 1-2 years

Bank loans
6,000
6,000

Other loans
18,082
-


24,082
6,000

Amounts falling due 2-5 years

Bank loans
18,597
23,841

Other loans
66,940
-


85,537
23,841


132,137
58,035



9.


Transactions with directors

At the year end, the director owed the company £335,816 (2023: £260,860).  Interest has been charged on this loan.
 
Page 8