Company Registration No. 03075632 (England and Wales)
ROSEGRANGE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
Dutchmans Chartered Accountants
3 Station Parade, Cherry Tree Rise
Buckhurst Hill, Essex IG9 6EU
ROSEGRANGE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ROSEGRANGE LTD
BALANCE SHEET
AS AT 31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
414,217
415,933
Current assets
Debtors
4
620
4,597
Cash at bank and in hand
28,366
23,604
28,986
28,201
Creditors: amounts falling due within one year
5
(18,556)
(18,409)
Net current assets
10,430
9,792
Total assets less current liabilities
424,647
425,725
Creditors: amounts falling due after more than one year
6
(208,967)
(235,763)
Net assets
215,680
189,962
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
215,580
189,862
Total equity
215,680
189,962
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ROSEGRANGE LTD
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2019
31 December 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 October 2020 and are signed on its behalf by:
S A Kestenbaum
Director
Company Registration No. 03075632
ROSEGRANGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 3 -
1
Accounting policies
Company information
Rosegrange Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
3 Station Parade, Cherry Tree Rise, Buckhurst Hill, Essex, IG9 6EU.
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 a
mounts
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
Turnover
Turnover is recognised at the fair value of the
rental income
received or receivable
.
1.3
Tangible fixed assets
Tangible fixed assets
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:
Freehold land and buildings
Not depreciated
Leasehold land and buildings
Over the period of the lease
1.4
Impairment of fixed assets
An adjustment for a diminution in value of property fixed assets will only be made where there is a permanent reduction in value.
1.5
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.
1.6
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 balance sheet 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.
ROSEGRANGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts 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 creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Taxation
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
ROSEGRANGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 5 -
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2019 and 31 December 2019
443,584
Depreciation and impairment
At 1 January 2019
27,651
Depreciation charged in the year
1,716
At 31 December 2019
29,367
Carrying amount
At 31 December 2019
414,217
At 31 December 2018
415,933
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
620
-
Other debtors
-
4,597
620
4,597
5
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans
10,342
9,995
Corporation tax
6,414
6,614
Other creditors
1,800
1,800
18,556
18,409
6
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
92,313
103,009
Other creditors
116,654
132,754
208,967
235,763
ROSEGRANGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 6 -
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100