Registration number:
Room to Let (Salisbury) Limited
for the Year Ended 30 September 2024
Room to Let (Salisbury) Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Room to Let (Salisbury) Limited
Company Information
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Director |
Mr I Matthews |
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Registered office |
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Accountants |
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Room to Let (Salisbury) Limited
(Registration number: 12193214)
Balance Sheet as at 30 September 2024
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2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
Room to Let (Salisbury) Limited
(Registration number: 12193214)
Balance Sheet as at 30 September 2024 (continued)
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Room to Let (Salisbury) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Room to Let (Salisbury) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
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2 |
Accounting policies (continued) |
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Fixtures and Fittings |
25% Reducing Balance |
Investment property
Financial instruments
Classification
Recognition and measurement
At the end of each reporting period, an entity shall measure all financial instruments which constitute a financing arrangement at fair value and recognise changes in fair value in profit or loss.
Room to Let (Salisbury) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
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Tangible assets |
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Fixtures and fittings |
Total |
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Cost or valuation |
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At 1 October 2023 |
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At 30 September 2024 |
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Depreciation |
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At 1 October 2023 |
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Charge for the year |
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At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
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Investment properties |
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2024 |
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At 1 October |
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At 30 September |
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Investment properties are recorded at fair value as assessed by the director at the balance sheet date and this is also the historic cost.
Room to Let (Salisbury) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
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Debtors |
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Current |
2024 |
2023 |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Loan
The Bounceback Loan is unsecured for a period of 60 months and attracts interest at 2.5% per annum. Repayments are made monthly.
Amounts due for repayment:
Less than 1 year: £1,800 (2023 - £1,800)
More than 1 year and less than 5 years: £2,100 (2023 - £3,900)
Room to Let (Salisbury) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
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Creditors (continued) |
Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Indebtedness
The company has a mortgage loan of £309,867 secured on the freehold property. This loan is currently on an interest only basis and is repayable after 5 years from the balance sheet date.
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Share capital |
Allotted, called up and fully paid shares
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2023 |
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No. |
£ |
No. |
£ |
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10 |
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10 |
Room to Let (Salisbury) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
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Loans and borrowings |
Non-current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
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Other borrowings |
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Current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
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Related party transactions |
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Transactions with the director |
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2024 |
At 1 October 2023 |
Advances to director |
At 30 September 2024 |
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Mr I Matthews |
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The loan is interest free with no fixed date of repayment |
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Summary of transactions with associates
Loans from related parties
Room to Let (Salisbury) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)
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Related party transactions (continued) |
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2024 |
Breeze Developments Ltd |
Total |
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At start of period |
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Advanced from Breeze Developments Ltd |
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Repaid to Breeze Developments Ltd |
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At end of period |
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2023 |
Breeze Developments Ltd |
Total |
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Advanced from Breeze Developments Ltd |
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Repaid to Breeze Developments Ltd |
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At end of period |
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The loans are interest free with no fixed date of repayment. Breeze Developments Ltd is owned by Mr I Matthews