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ROSEMONT ESTATES LTD |
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Financial Statements |
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for the Year Ended 31 May 2021 |
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ROSEMONT ESTATES LTD |
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Financial Statements |
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for the Year Ended 31 May 2021 |
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ROSEMONT ESTATES LTD (REGISTERED NUMBER: 09411825) |
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Contents of the Financial Statements |
for the year ended 31 May 2021 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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ROSEMONT ESTATES LTD |
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Company Information |
for the year ended 31 May 2021 |
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Director: |
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Registered office: |
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Registered number: |
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Accountants: |
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Chartered Accountants |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
ROSEMONT ESTATES LTD (REGISTERED NUMBER: 09411825) |
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Balance Sheet |
31 May 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
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Investment property | 5 |
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Current assets |
Debtors | 6 |
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Cash at bank |
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Creditors |
Amounts falling due within one year | 7 |
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Net current assets |
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Total assets less current liabilities |
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Creditors |
Amounts falling due after more than one
year |
8 |
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Net assets |
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Capital and reserves |
Called up share capital | 9 |
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Retained earnings | 10 |
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Shareholders' funds |
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The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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ROSEMONT ESTATES LTD (REGISTERED NUMBER: 09411825) |
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Notes to the Financial Statements |
for the year ended 31 May 2021 |
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1. | Statutory information |
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Rosemont Estates Ltd is a
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2. | Accounting policies |
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Basis of preparing the financial statements |
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Going concern |
Following the emergence and spread of the coronavirus (COVID-19) the directors have examined the possible effects on the business of the company and believe its impact will be minimal with no disruption to operations. |
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The Company meets its day-to-day working capital requirements through its bank facilities and director loans. The director will provide the necessary financial support to enable the Company to continue in operational existence and meet its liabilities as they fall due for the foreseeable future. The director, therefore has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For these reasons, the director continue to adopt the going concern basis in preparing the financial statements. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Turnover |
Turnover represents rents and other property income receivable for the year net of Value Added Tax. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Investment property |
Investment property is included at fair value. Gains and losses are recognised in the income statement. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
ROSEMONT ESTATES LTD (REGISTERED NUMBER: 09411825) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2021 |
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2. | Accounting policies - continued |
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Financial instruments policy |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
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Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
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Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management. |
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Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
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3. | Employees and directors |
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The average number of employees during the year was NIL (2020 - NIL). |
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4. | Tangible fixed assets |
Fixtures |
and |
fittings |
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Cost |
At 1 June 2020 |
and 31 May 2021 |
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Depreciation |
At 1 June 2020 |
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Charge for year |
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At 31 May 2021 |
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Net book value |
At 31 May 2021 |
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At 31 May 2020 |
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5. | Investment property |
Total |
£ |
Fair value |
At 1 June 2020 |
and 31 May 2021 |
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Net book value |
At 31 May 2021 |
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At 31 May 2020 |
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ROSEMONT ESTATES LTD (REGISTERED NUMBER: 09411825) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2021 |
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6. | Debtors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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7. | Creditors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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8. | Creditors: amounts falling due after more than one year |
2021 | 2020 |
£ | £ |
Other creditors |
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9. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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10. | Reserves |
Retained |
earnings |
£ |
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At 1 June 2020 |
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Deficit for the year | ( |
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At 31 May 2021 |
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Included in the retained earnings is £113,735 (2020: £113,735) relating to the revaluation of the investment property. This balance is not distributable amongst the shareholders until the property is sold. |
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11. | Related party disclosures |
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As at the balance sheet date, included within other creditors due within one year is £1,458 (2020: £1,458) owed to a company under common control. |
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As at the balance sheet date, included within other creditors due after more than one year is £7,478,827 (2020: £7,478,827) owed to the director of the company. The loan is unsecured and no interest is accruing on the loan. |
ROSEMONT ESTATES LTD (REGISTERED NUMBER: 09411825) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2021 |
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12. | Ultimate controlling party |
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The company's parent company and largest group to consolidate these financial statements is Welbourne Holdings Limited, a company registered in England and Wales. |