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COMPANY REGISTRATION NUMBER: 10799087
Rochmills Limited
Filleted Financial Statements
For the year ended
31 December 2022
Rochmills Limited
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
4
3,993,011
3,868,392
Current assets
Debtors
5
3,042,230
3,240,758
Cash at bank and in hand
24,884
36,298
------------
------------
3,067,114
3,277,056
Creditors: amounts falling due within one year
6
1,190,756
1,790,879
------------
------------
Net current assets
1,876,358
1,486,177
------------
------------
Total assets less current liabilities
5,869,369
5,354,569
Creditors: amounts falling due after more than one year
7
1,909,362
1,979,560
Provisions
269,472
321,318
------------
------------
Net assets
3,690,535
3,053,691
------------
------------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
1,092,711
1,028,241
Profit and loss account
2,597,724
2,025,350
------------
------------
Shareholders funds
3,690,535
3,053,691
------------
------------
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 Section 1A of 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 29 September 2023 , and are signed on behalf of the board by:
K U S Sehmi
Director
Company registration number: 10799087
Rochmills Limited
Notes to the Financial Statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 369 Wellingborough Road, Northampton, NN1 4EU.
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 measured at revalued amount through the statement of comprehensive income.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as disclosed in the accounting policies. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Property revaluation The Properties owned have been revalued using the professional expertise of the directors and previously through the services of a professional valuer. Judgement is made in respect of the condition and longevity of the properties to determine this valuation.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the material amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
33% straight line
Equipment
-
33% straight line
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
4. Tangible assets
Freehold property
Plant and machinery
Equipment
Investment property
Total
£
£
£
£
£
Cost or valuation
At 1 January 2022
2,514,530
6,615
12,898
1,403,850
3,937,893
Additions
14,161
14,161
Revaluations
( 14,530)
75,000
60,470
------------
-------
--------
------------
------------
At 31 December 2022
2,514,161
6,615
12,898
1,478,850
4,012,524
------------
-------
--------
------------
------------
Depreciation
At 1 January 2022
50,077
6,615
12,809
69,501
Charge for the year
50,413
89
50,502
Revaluations
( 100,490)
( 100,490)
------------
-------
--------
------------
------------
At 31 December 2022
6,615
12,898
19,513
------------
-------
--------
------------
------------
Carrying amount
At 31 December 2022
2,514,161
1,478,850
3,993,011
------------
-------
--------
------------
------------
At 31 December 2021
2,464,453
89
1,403,850
3,868,392
------------
-------
--------
------------
------------
Freehold property was revalued by the directors at the year end date. The last valuation carried out by qualified valuers was in December 2018.
5. Debtors
2022
2021
£
£
Trade debtors
65,047
52,090
Amounts owed by group undertakings
2,971,034
3,017,660
Other debtors
6,149
171,008
------------
------------
3,042,230
3,240,758
------------
------------
6. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
75,550
80,900
Trade creditors
7,195
34,696
Amounts owed to group undertakings
947,713
1,417,637
Corporation tax
30,838
Social security and other taxes
14,695
45,362
Other creditors
114,765
212,284
------------
------------
1,190,756
1,790,879
------------
------------
The bank loan is secured against the properties and assets held by the company.
7. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
1,909,362
1,979,560
------------
------------
The bank loan is secured against the properties and assets held by the company.
8. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2022
2021
£
£
Included in provisions
269,472
321,318
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2022
2021
£
£
Revaluation of tangible assets
361,558
321,318
---------
---------
9. Operating leases
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
2022
2021
£
£
Not later than 1 year
257,622
76,416
Later than 1 year and not later than 5 years
302,143
172,062
Later than 5 years
609,534
327,267
------------
---------
1,169,299
575,745
------------
---------
10. Contingencies
The company has provided cross guarantees for certain other group companies.
11. Summary audit opinion
The auditor's report for the year dated 30 September 2023 was unqualified .
The senior statutory auditor was Jonathan Day , for and on behalf of Streets Audit LLP .
12. Related party transactions
Exemption is taken from disclosing group related party transactions as set out in FRS 102 section 1A. A director maintained a loan account with the company, it remained in credit throughout the year.
13. Controlling party
The company is a wholly owned subsidiary of Rochmills (Holdings) Limited, a company registered in England and Wales. Rochmills (Holdings) Limited prepare group accounts. The address of the registered office is Burlington House, 369 Wellingborough Road, Northampton, England, NN1 4EU. The ultimate controlling party is J S Sehmi.