Company registration number 10308341 (England and Wales)
ROM PROPERTY HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
ROM PROPERTY HOLDINGS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
ROM PROPERTY HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
18,631
5,952
Investment property
5
460,000
215,271
478,631
221,223
Current assets
Trade and other receivables
6
25,600
756
Cash and cash equivalents
30,055
42,018
55,655
42,774
Current liabilities
7
(91,144)
(88,297)
Net current liabilities
(35,489)
(45,523)
Total assets less current liabilities
443,142
175,700
Non-current liabilities
8
(45,493)
(45,493)
Provisions for liabilities
(65,840)
-
0
Net assets
331,809
130,207
Equity
Called up share capital
200
200
Revaluation reserve
183,547
-
0
Retained earnings
148,062
130,007
Total equity
331,809
130,207
ROM PROPERTY HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2024
31 August 2024
- 2 -

For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has 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 income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 20 January 2025 and are signed on its behalf by:
Ms L M Masson
Director
Company registration number 10308341 (England and Wales)
ROM PROPERTY HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
Share capital
Revaluation reserve
Retained earnings
Total
£
£
£
£
Balance at 1 September 2022
200
-
0
106,249
106,449
Year ended 31 August 2023:
Profit and total comprehensive income
-
-
23,758
23,758
Balance at 31 August 2023
200
-
0
130,007
130,207
Year ended 31 August 2024:
Profit
-
-
18,055
18,055
Other comprehensive income:
Revaluation of property, plant and equipment
-
244,729
-
244,729
Tax relating to other comprehensive income
-
(61,182)
-
0
(61,182)
Total comprehensive income
-
183,547
18,055
201,602
Balance at 31 August 2024
200
183,547
148,062
331,809
ROM PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
1
Accounting policies
Company information

ROM Property Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Quay, 30 Channel Way, Ocean Village, Southampton, Hampshire, SO14 3TG.

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. The principal accounting policies adopted are set out below.

1.2
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Property, plant and equipment

Property, plant and equipment 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:

Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance

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.

ROM PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Impairment of non-current 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.

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.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are measured at transaction price including transaction costs.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

ROM PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are recognised at transaction price.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised at transaction price.

1.8
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.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
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 non-current 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.

1.11
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.

ROM PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
4
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 September 2023
6,453
Additions
36,000
Disposals
(19,000)
At 31 August 2024
23,453
Depreciation and impairment
At 1 September 2023
501
Depreciation charged in the year
4,321
At 31 August 2024
4,822
Carrying amount
At 31 August 2024
18,631
At 31 August 2023
5,952
ROM PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
5
Investment property
2024
£
Fair value
At 1 September 2023
215,271
Revaluations
244,729
At 31 August 2024
460,000

 

Investment property comprises £460,000 (31 August 2023: £215,271). The fair value of the investment property has been arrived at on the basis of a valuation carried out on 20th February 2024 by Primmer Olds who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties

6
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
600
-
0
Other receivables
25,000
756
25,600
756
7
Current liabilities
2024
2023
£
£
Trade payables
2,514
-
0
Corporation tax
2,354
11,177
Other taxation and social security
3,370
-
0
Other payables
82,906
77,120
91,144
88,297
8
Non-current liabilities
2024
2023
£
£
Other payables
45,493
45,493
ROM PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 9 -
9
Related party transactions

During the year the company received rents of £26,500 (2023: £26,000) from ROM Scaffolding Services Limited a company under common control.

 

As at the year end the company owed £81,490 (2023: £74,675) to ROM Scaffolding Services Limited.

 

As at the year end the company was owed £25,000 by ROM Property Lettings a company under common control.

10
Control

The company is controlled by the directors.

2024-08-312023-09-01falsefalsefalse20 January 2025CCH SoftwareCCH Accounts Production 2024.310No description of principal activityMr R O'MahonyMr P HardyMs L M Masson103083412023-09-012024-08-31103083412024-08-31103083412023-08-3110308341core:OtherPropertyPlantEquipment2024-08-3110308341core:OtherPropertyPlantEquipment2023-08-3110308341core:CurrentFinancialInstrumentscore:WithinOneYear2024-08-3110308341core:CurrentFinancialInstrumentscore:WithinOneYear2023-08-3110308341core:Non-currentFinancialInstrumentscore:AfterOneYear2024-08-3110308341core:Non-currentFinancialInstrumentscore:AfterOneYear2023-08-3110308341core:CurrentFinancialInstruments2024-08-3110308341core:CurrentFinancialInstruments2023-08-3110308341core:ShareCapital2024-08-3110308341core:ShareCapital2023-08-3110308341core:RevaluationReserve2024-08-3110308341core:RevaluationReserve2023-08-3110308341core:RetainedEarningsAccumulatedLosses2024-08-3110308341core:RetainedEarningsAccumulatedLosses2023-08-3110308341core:ShareCapital2022-08-3110308341core:RevaluationReserve2022-08-3110308341core:RetainedEarningsAccumulatedLosses2022-08-3110308341bus:Director32023-09-012024-08-3110308341core:RetainedEarningsAccumulatedLosses2022-09-012023-08-31103083412022-09-012023-08-3110308341core:RetainedEarningsAccumulatedLosses2023-09-012024-08-3110308341core:RevaluationReserve2023-09-012024-08-3110308341core:FurnitureFittings2023-09-012024-08-3110308341core:MotorVehicles2023-09-012024-08-3110308341core:OtherPropertyPlantEquipment2023-08-3110308341core:OtherPropertyPlantEquipment2023-09-012024-08-31103083412023-08-3110308341core:WithinOneYear2024-08-3110308341core:WithinOneYear2023-08-3110308341core:Non-currentFinancialInstruments2024-08-3110308341core:Non-currentFinancialInstruments2023-08-3110308341bus:PrivateLimitedCompanyLtd2023-09-012024-08-3110308341bus:FRS1022023-09-012024-08-3110308341bus:AuditExemptWithAccountantsReport2023-09-012024-08-3110308341bus:Director12023-09-012024-08-3110308341bus:Director22023-09-012024-08-3110308341bus:SmallCompaniesRegimeForAccounts2023-09-012024-08-3110308341bus:FullAccounts2023-09-012024-08-31xbrli:purexbrli:sharesiso4217:GBP