Roselea Properties Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 02734033 (England and Wales)

Roselea Properties Ltd

Unaudited Financial Statements

for the Year Ended 30 September 2022

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

P A Edwards

Mrs F K A Edwards

REGISTERED OFFICE:

Moss Bank

Lippiatt Lane

SHIPHAM

Somerset

BS25 1QY

REGISTERED NUMBER:

02734033 (England and Wales)

ACCOUNTANTS:

Maxwells

Chartered Accountants

4 King Square

Bridgwater

Somerset

TA6 3YF

BANKERS:

Lloyds Bank PLC

Cheddar Branch

PO Box 1000

BX1 1LT

FIXED ASSETS

Tangible assets

5

127,949

128,323

CURRENT ASSETS

Stocks

2,185,994

2,413,766

Debtors

106,231

154,495

Cash at bank

727,272

635,275

3,019,497

3,203,536

CREDITORS

Amounts falling due within one year

1,488,692

175,152

NET CURRENT ASSETS

1,530,805

3,028,384

TOTAL ASSETS LESS CURRENT LIABILITIES

1,658,754

3,156,707

CREDITORS

Amounts falling due after more than one year

(26,668

)

(1,565,601

)

PROVISIONS FOR LIABILITIES

-

(71

)

NET ASSETS

1,632,086

1,591,035

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,631,986

1,590,935

SHAREHOLDERS' FUNDS

1,632,086

1,591,035

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 30 September 2022 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 April 2023 and were signed on its behalf by:

P A Edwards - Director

1.	STATUTORY INFORMATION

Roselea Properties Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

not provided

Plant and machinery etc

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 October 2021

and 30 September 2022

129,070

DEPRECIATION

At 1 October 2021

747

Charge for year

374

At 30 September 2022

1,121

NET BOOK VALUE

At 30 September 2022

127,949

At 30 September 2021

128,323

Included in cost of land and buildings is freehold land of £ 127,949 (2021 - £ 127,949 ) which is not depreciated.

6.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.22

30.9.21

£

£

Bank loans

1,459,122

1,630,699

The bank loans are secured by fixed and floating charges and negative pledges over Land on the west side of Bristol Road, Bridgwater known as peninsula 23, Land at Woodlands South Industrial Estate, Bridgwater and Car park land at Woodlands Business Park, Bristol Road, Bridgwater.

Bank loans also includes a government secured bounce back loan.

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2022 and 30 September 2021:

30.9.22

30.9.21

£

£

P A Edwards

Balance outstanding at start of year

80,637

1,026

Amounts repaid

(80,637

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

6,753

80,637