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Registration number: 12258599

Rasson Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Rasson Properties Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 5

 

Rasson Properties Limited

(Registration number: 12258599)
Statement of Financial Position as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

264,374

264,832

Current assets

 

Cash at bank and in hand

 

7,743

8,065

Creditors: Amounts falling due within one year

5

(275,590)

(275,045)

Net current liabilities

 

(267,847)

(266,980)

Net liabilities

 

(3,473)

(2,148)

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(3,474)

(2,149)

Shareholders' deficit

 

(3,473)

(2,148)

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 27 May 2025
 


Ms A K Swinnen
Director

 

Rasson Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
14 Bossell Park
Buckfastleigh
Devon
TQ11 0DX

Principal activity

The principal activity of the company is that of the letting and operating of own real estate.

2

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

 

Rasson Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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:

Asset class

Depreciation method and rate

Freehold properties

NA

Leasehold properties

NA

Plant & machinery

25% reducing balance

Fixtures & fittings

25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Rasson Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Tangible assets

Land and buildings
£

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 November 2023

165,000

98,000

3,383

595

266,978

At 31 October 2024

165,000

98,000

3,383

595

266,978

Depreciation

At 1 November 2023

-

-

1,739

407

2,146

Charge for the year

-

-

411

47

458

At 31 October 2024

-

-

2,150

454

2,604

Carrying amount

At 31 October 2024

165,000

98,000

1,233

141

264,374

At 31 October 2023

165,000

98,000

1,644

188

264,832

Included within the net book value of land and buildings above is £165,000 (2023 - £165,000) in respect of freehold land and buildings and £98,000 (2023 - £98,000) in respect of long leasehold land and buildings.
 

 

Rasson Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

5

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

660

720

Other creditors

274,930

274,325

275,590

275,045

6

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

7

Related party transactions

Transactions with the director

2024

At 1 November 2023
£

Repayments by director
£

At 31 October 2024
£

Director

(274,325)

(605)

(274,930)

       
     

 

2023

At 1 November 2022
£

Repayments by director
£

At 31 October 2023
£

Director

(273,326)

(999)

(274,325)