Company registration number 12397418 (England and Wales)
ROCKING HORSE GROUP UK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
PAGES FOR FILING WITH REGISTRAR
ROCKING HORSE GROUP UK LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
ROCKING HORSE GROUP UK LIMITED
BALANCE SHEET
AS AT
30 APRIL 2022
30 April 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,076
1,522
Current assets
Debtors
4
2,676
Cash at bank and in hand
58,408
43,089
61,084
43,089
Creditors: amounts falling due within one year
5
(895,843)
(388,675)
Net current liabilities
(834,759)
(345,586)
Net liabilities
(833,683)
(344,064)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(833,783)
(344,164)
Total equity
(833,683)
(344,064)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 12 September 2022 and are signed on its behalf by:
T Walker
Director
Company Registration No. 12397418
ROCKING HORSE GROUP UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2022
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 10 January 2020
Period ended 30 April 2021:
Loss and total comprehensive income for the period
-
(344,164)
(344,164)
Issue of share capital
6
100
-
100
Balance at 30 April 2021
100
(344,164)
(344,064)
Year ended 30 April 2022:
Loss and total comprehensive income for the year
-
(489,619)
(489,619)
Balance at 30 April 2022
100
(833,783)
(833,683)
ROCKING HORSE GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2022
- 3 -
1
Accounting policies
Company information
Rocking Horse Group UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 City Road, London, EC1 Y2AB. . The principal place of business is The Foundry, 77 Fulham Palace Road, London, W6 8AF.
1.1
Reporting period
The financial statements presented are for the full year to 30 April 2022. The comparative amounts are for a period of sixteen months from 10 January 2020 to 30 April 2021.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
The company is a cost hub for the Group which will always incur losses and have a balance sheet in deficit but is fully supported by the Group.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resource and support in place to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
ROCKING HORSE GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
ROCKING HORSE GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
3
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2021 and 30 April 2022
1,782
Depreciation and impairment
At 1 May 2021
260
Depreciation charged in the year
446
At 30 April 2022
706
Carrying amount
At 30 April 2022
1,076
At 30 April 2021
1,522
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
660
Other debtors
2,016
2,676
ROCKING HORSE GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2022
- 6 -
5
Creditors: amounts falling due within one year
2022
2021
£
£
Amounts owed to group undertakings
890,503
384,715
Other creditors
5,340
3,960
895,843
388,675
Quilam Special Opportunities Limited hold a fixed and floating charge over the assets and undertakings of the company, its parent and that of its sister subsidiaries.
On 2 March 2022, Shawbrook Bank Limited secured a fixed and floating charge over the assets and undertakings of the company, its parent and that of its sister subsidiaries.
Amounts owed to group undertakings incur interest at 7.5% and are repayable on demand.
6
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
1,486