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Registration number: SC148413

Rokpa Developments Limited

Unaudited Financial Statements

31 December 2021

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Rokpa Developments Limited

Contents

Accountants' Report

1

Balance Sheet

2

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Rokpa Developments Limited
for the Year Ended 31 December 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Rokpa Developments Limited for the year ended 31 December 2021 as set out on pages 2 to 9 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 http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Rokpa Developments Limited, as a body, in accordance with the terms of our engagement letter dated 21 September 2018. Our work has been undertaken solely to prepare for your approval the accounts of Rokpa Developments Limited and state those matters that we have agreed to state to the Board of Directors of Rokpa Developments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rokpa Developments Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Rokpa Developments Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Rokpa Developments Limited. You consider that Rokpa Developments 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 accounts of Rokpa Developments 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 accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

3 August 2022

 

Rokpa Developments Limited

(Registration number: SC148413)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

1,258

1,480

Current assets

 

Stocks

97,311

97,358

Debtors

5

1,551

67

Cash at bank and in hand

 

3,671

19,680

 

102,533

117,105

Creditors: Amounts falling due within one year

6

(92,919)

(100,754)

Net current assets

 

9,614

16,351

Total assets less current liabilities

 

10,872

17,831

Provisions for liabilities

-

(281)

Net assets

 

10,872

17,550

Capital and reserves

 

Allotted, called up and fully paid share capital

2

2

Profit and loss account

10,870

17,548

Total equity

 

10,872

17,550

 

Rokpa Developments Limited

(Registration number: SC148413)
Balance Sheet as at 31 December 2021 (continued)

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 3 August 2022
 

.........................................

Tsultim Palbar Lama

Director

 

Rokpa Developments Limited

Statement of Changes in Equity for the Year Ended 31 December 2021

Share capital
£

Profit and loss account
£

Total
£

At 1 January 2021

2

17,548

17,550

Loss for the year

-

(6,678)

(6,678)

Total comprehensive income

-

(6,678)

(6,678)

At 31 December 2021

2

10,870

10,872

Share capital
£

Retained earnings
£

Total
£

At 1 January 2020

2

17,759

17,761

Profit for the year

-

9,890

9,890

Gift aid distribution to parent charity

-

(10,101)

(10,101)

At 31 December 2020

2

17,548

17,550

 

Rokpa Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in Scotland .

The address of its registered office is:
Kagyu Samye Ling Tibetan Centre
Eskdalemuir
Langholm
Dumfries & Galloway
DG13 0QL

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

The shop and tearoom closed at the start of the Covid-19 pandemic and has not reopened. Once it is felt that is safe to do so, they will reopen and commence trading. The director remains confident that there are financial resources available to see the company through until normal operations resume and is satisfied that there are no material uncertainities about the company's ability to continue as a going concern.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

 

Rokpa Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021 (continued)

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Fixture and fittings

15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Rokpa Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021 (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2020 - 0).

 

Rokpa Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021 (continued)

4

Tangible assets

Plant and equipment
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 January 2021

21,754

22,989

44,743

At 31 December 2021

21,754

22,989

44,743

Depreciation

At 1 January 2021

21,311

21,952

43,263

Charge for the year

78

144

222

At 31 December 2021

21,389

22,096

43,485

Carrying amount

At 31 December 2021

365

893

1,258

At 31 December 2020

443

1,037

1,480

5

Debtors

2021
£

2020
£

Other debtors

1,551

67

1,551

67

6

Creditors

2021
£

2020
£

Due within one year

 

Other creditors

 

92,919

100,754

 

Rokpa Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021 (continued)

7

Related party transactions

Loans from related parties

2021

Parent
£

Total
£

At start of period

90,653

90,653

Interest transactions

2,266

2,266

At end of period

92,919

92,919

2020

Parent
£

Total
£

Advanced

90,000

90,000

Interest transactions

653

653

At end of period

90,653

90,653

Terms of loans from related parties

Interest charged at 2.5%.