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DIRECTOR'S REPORT AND UNAUDITED FINANCIAL STATEMENTS
PAGES FOR FILING WITH REGISTRAR
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FOR THE YEAR ENDED 31 MARCH 2018
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Company Registration No. 08326630 (England and Wales)
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REGISTERED NUMBER:08326630
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BALANCE SHEET
AS AT 31 MARCH 2018
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
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REGISTERED NUMBER:08326630
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BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2018
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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Mr L J Beck
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The notes on pages 3 to 7 form part of these financial statements.
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ROSIE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
Rosie Finance Limited is a private company limited by shares and registered in England and Wales. The company’s registered number is 08326630 and the company’s registered office is 1st Floor, 7-10 Chandos Street, London, W1G 9DQ.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Interest income is recognised in the statement of income and retained earnings using the effective interest method.
All borrowing costs are recognised in the statement of income and retained earnings in the year in which they are incurred.
Tax is recognised in the statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
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ROSIE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
2.Accounting policies (continued)
Investments in associates are measured at cost less accumulated impairment.
Unlisted investments, being financing loans made to unrelated businesses, are measured at cost less accumulated impairment.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
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ROSIE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
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The average monthly number of employees, including directors, during the year was 1 (2017 - 1).
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Investments in subsidiary companies
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Investments in associates
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The aggregate of the capital and reserves as at 31 March 2018 and of the profit or loss for the year ended on that date for the associate undertakings were as follows:
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Aggregate of capital and reserves
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Proft/(loss) for the year
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Middlesbrough Linthorpe Road 2014 LLP
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Eastbourne Terminus Road 2014 LLP
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Radlett Beaumont Gate 2015 LLP
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Swindon Regent Street 2015 LLP
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8 Beaumont Gate Radlett 2016 Limited
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ROSIE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
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Called up share capital not paid
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Cash and cash equivalents
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Cash at bank and in hand is measured at fair value, which is calculated as amounts held on deposit at banks employed by the company less any impairments. No impairments to cash balances have been made in these accounts as all cash deposits are held at credible financial institutions.
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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ROSIE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
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Allotted, called up and fully paid
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100 (2017 - 100) Ordinary shares of £1.00 each
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Related party transactions
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During the year the director advanced amounts to the company totalling £Nil (2017: £318,929) and received amounts totalling £1,316,374 (2017: £Nil). At the balance sheet date, the company owed the director £9,585,934 (2017: £10,902,308). No interest is charged on the above balance.
During the year the company advanced amounts of £Nil (2017: £Nil) to LLP's in which the company is a designated member, received amounts totalling £79,000 (2017: £1,370,533) and recharged expenses totalling £Nil (2017: £Nil). The company charged interest to the LLP's totalling £147,966 (2017: £224,578) and interest received totalled £147,966 (2017: £224,578). As at the balance sheet date, the LLP's owed the company £2,542,000 (2017: £2,621,000).
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