De Rosa (RSL) Limited Filleted accounts for Companies House (small and micro)

De Rosa (RSL) Limited Filleted accounts for Companies House (small and micro)

DE ROSA (RSL) LTD - Company Information

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COMPANY REGISTRATION NUMBER: 08375169
De Rosa (RSL) Limited
Filleted Unaudited Financial Statements
30 September 2019
De Rosa (RSL) Limited
Financial Statements
Year ended 30 September 2019
Contents
Page
Officers and professional advisers
1
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
4
De Rosa (RSL) Limited
Officers and Professional Advisers
The board of directors
R Horsfield
A Cliffe
Registered office
No 2 Silkwood Office Park
Fryers Way
Wakefield
WF5 9TJ
Accountants
Parsons
Chartered Accountants
No 2 Silkwood Office Park
Fryers Way
Wakefield
West Yorkshire
WF5 9TJ
De Rosa (RSL) Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of De Rosa (RSL) Limited
Year ended 30 September 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of De Rosa (RSL) Limited for the year ended 30 September 2019, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of De Rosa (RSL) Limited, as a body, in accordance with the terms of our engagement letter dated 5 April 2017. Our work has been undertaken solely to prepare for your approval the financial statements of De Rosa (RSL) Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than De Rosa (RSL) Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that De Rosa (RSL) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of De Rosa (RSL) Limited. You consider that De Rosa (RSL) Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of De Rosa (RSL) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Parsons Chartered Accountants
No 2 Silkwood Office Park Fryers Way Wakefield West Yorkshire WF5 9TJ
29 June 2020
De Rosa (RSL) Limited
Statement of Financial Position
30 September 2019
2019
2018
Note
£
£
Fixed assets
Investments
4
2,154,108
2,154,108
Current assets
Debtors
5
8,327
–
Creditors: amounts falling due within one year
6
2,092,217
2,082,912
------------
------------
Net current liabilities
2,083,890
2,082,912
------------
------------
Total assets less current liabilities
70,218
71,196
--------
--------
Capital and reserves
Called up share capital
975
975
Share premium account
29,850
29,850
Profit and loss account
39,393
40,371
--------
--------
Shareholders funds
70,218
71,196
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 29 June 2020 , and are signed on behalf of the board by:
R Horsfield
Director
Company registration number: 08375169
De Rosa (RSL) Limited
Notes to the Financial Statements
Year ended 30 September 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is No 2 Silkwood Office Park, Fryers Way, Wakefield, WF5 9TJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a 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. Debt instruments are subsequently measured at amortised cost.
4. Investments
Shares in group undertakings
£
Cost
At 1 October 2018 and 30 September 2019
2,154,108
------------
Impairment
At 1 October 2018 and 30 September 2019
–
------------
Carrying amount
At 30 September 2019
2,154,108
------------
At 30 September 2018
2,154,108
------------
5. Debtors
2019
2018
£
£
Other debtors
8,327
–
-------
----
6. Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
5
–
Amounts owed to group undertakings and undertakings in which the company has a participating interest
2,090,044
2,004,386
Other creditors
2,168
78,526
------------
------------
2,092,217
2,082,912
------------
------------
7. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2019
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
R Horsfield
( 38,893)
37,813
( 1,080)
A Cliffe
( 18,430)
23,512
5,082
--------
--------
-------
( 57,323)
61,325
4,002
--------
--------
-------
2018
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
R Horsfield
( 17,190)
( 21,703)
( 38,893)
A Cliffe
( 19,347)
917
( 18,430)
--------
--------
--------
( 36,537)
( 20,786)
( 57,323)
--------
--------
--------
8. Related party transactions
As at the balance sheet date the company owed £2,090,044 (2018: £2,004,386) to a subsidiary at a below market rate of interest.