Registered number
11100074
The Room Network Limited
Unaudited Filleted Accounts
31 October 2024
The Room Network Limited
Registered number: 11100074
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 170,636 170,974
Current assets
Debtors 4 40,910 13,710
Cash at bank and in hand 528 1,000
41,438 14,710
Creditors: amounts falling due within one year 5 (189,541) (159,431)
Net current liabilities (148,103) (144,721)
Total assets less current liabilities 22,533 26,253
Creditors: amounts falling due after more than one year 6 (123,159) (140,000)
Net liabilities (100,626) (113,747)
Capital and reserves
Called up share capital 3 3
Profit and loss account (100,629) (113,750)
Shareholders' funds (100,626) (113,747)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Sarah Whitehouse
Director
Approved by the board on 22 July 2025
The Room Network Limited
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Going Concern
The company has the continuing financial support of the directors who are confident of the ability of the company to continue to trade as a going concern.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Investment property Plant and machinery etc Total
£ £ £
Cost
At 1 November 2023 169,681 1,631 171,312
At 31 October 2024 169,681 1,631 171,312
Depreciation
At 1 November 2023 - 338 338
Charge for the year - 338 338
At 31 October 2024 - 676 676
Net book value
At 31 October 2024 169,681 955 170,636
At 31 October 2023 169,681 1,293 170,974
Investment Property 2024 2023
£ £
Historical cost 169,681 169,681
Revaluation - -
169,681 169,681
The property has been valued by the directors using their knowledge of property and local market conditions.
4 Debtors 2024 2023
£ £
Trade debtors 37,200 -
Other debtors 3,710 13,710
40,910 13,710
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 2,662
Trade creditors 1,544 3,372
Other creditors 187,997 153,397
189,541 159,431
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank and mortgage loans 123,159 140,000
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years - 78,418
Secured bank loans 123,159 140,000
The loan is secured on the investment property, 27 Ivory Close Stoke on Trent.
8 Revaluation reserve 2024 2023
£ £
At 1 November 2023 - 2,959
Transferred to revenue reserves on sale of property - (2,959)
At 31 October 2024 - -
9 Related party transactions
The directors are also shareholders and directors of True Property Investment Ltd "TP" and Truestays Mangement Ltd 'TM'. The company received loans from TP of £29,900 on an interest free basis. The total outstanding to TP at the year end was £98,332 (2023 £68,432). The company received a loan of £4,500 (2023 nil) from TM which was still outstanding at the year end.The company also charged TM management fees and received rental income, on normal commercial terms, of £62,417 (2023 £10,000) and TPI £6,000 (2023 nil). TP owed 6,917 and TM £31,200 at the year end.
10 Controlling party
The company is controlled by its directors who own 100% of the issued share capital.
11 Other information
The Room Network Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Croft
Uttoxeter Road
Rugeley
Abbots Bromley
Rugeley
WS15 3EQ
The Room Network Limited 11100074 false 2023-11-01 2024-10-31 2024-10-31 VT Final Accounts April 2025 Sarah Whitehouse No description of principal activity 11100074 2022-11-01 2023-10-31 11100074 core:RevaluationReserve core:LandBuildings 2022-11-01 2023-10-31 11100074 core:WithinOneYear 2023-10-31 11100074 core:AfterOneYear 2023-10-31 11100074 core:ShareCapital 2023-10-31 11100074 core:RetainedEarningsAccumulatedLosses 2023-10-31 11100074 core:RevaluationReserve 2022-10-31 11100074 2023-11-01 2024-10-31 11100074 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 11100074 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 11100074 bus:Director40 2023-11-01 2024-10-31 11100074 1 2023-11-01 2024-10-31 11100074 2 2023-11-01 2024-10-31 11100074 core:LandBuildings 2023-11-01 2024-10-31 11100074 core:PlantMachinery 2023-11-01 2024-10-31 11100074 core:RevaluationReserve core:LandBuildings 2023-11-01 2024-10-31 11100074 countries:England 2023-11-01 2024-10-31 11100074 bus:FRS102 2023-11-01 2024-10-31 11100074 bus:FilletedAccounts 2023-11-01 2024-10-31 11100074 2024-10-31 11100074 core:WithinOneYear 2024-10-31 11100074 core:AfterOneYear 2024-10-31 11100074 core:ShareCapital 2024-10-31 11100074 core:RetainedEarningsAccumulatedLosses 2024-10-31 11100074 core:LandBuildings 2024-10-31 11100074 core:PlantMachinery 2024-10-31 11100074 core:RevaluationReserve 2024-10-31 11100074 2023-10-31 11100074 core:LandBuildings 2023-10-31 11100074 core:PlantMachinery 2023-10-31 11100074 core:RevaluationReserve 2023-10-31 iso4217:GBP xbrli:pure