0 30 September 2023 false false false false false false false false false true false false false false false false No description of principal activity 2022-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 3,280,000 70,000 3,350,000 3,350,000 3,280,000 xbrli:pure xbrli:shares iso4217:GBP 10798908 2022-01-01 2022-12-31 10798908 2022-12-31 10798908 2021-12-31 10798908 2021-12-31 10798908 bus:Director1 2022-01-01 2022-12-31 10798908 core:WithinOneYear 2022-12-31 10798908 core:WithinOneYear 2021-12-31 10798908 core:AfterOneYear 2022-12-31 10798908 core:AfterOneYear 2021-12-31 10798908 core:ShareCapital 2022-12-31 10798908 core:ShareCapital 2021-12-31 10798908 core:RevaluationReserve 2022-12-31 10798908 core:RevaluationReserve 2021-12-31 10798908 core:RetainedEarningsAccumulatedLosses 2022-12-31 10798908 core:RetainedEarningsAccumulatedLosses 2021-12-31 10798908 core:BetweenOneFiveYears 2022-12-31 10798908 core:BetweenOneFiveYears 2021-12-31 10798908 core:MoreThanFiveYears 2022-12-31 10798908 core:MoreThanFiveYears 2021-12-31 10798908 core:RevaluationInvestmentPropertyDeferredTax 2022-12-31 10798908 core:RevaluationInvestmentPropertyDeferredTax 2021-12-31 10798908 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 10798908 core:LandBuildings core:OwnedOrFreeholdAssets 2021-12-31 10798908 core:LandBuildings core:OwnedOrFreeholdAssets 2021-12-31 10798908 core:LandBuildings core:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 10798908 bus:SmallEntities 2022-01-01 2022-12-31 10798908 bus:Audited 2022-01-01 2022-12-31 10798908 bus:FullAccounts 2022-01-01 2022-12-31 10798908 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 10798908 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31
COMPANY REGISTRATION NUMBER: 10798908
Rochmills Property Limited
Filleted Financial Statements
For the year ended
31 December 2022
Rochmills Property Limited
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
4
3,350,000
3,280,000
Current assets
Debtors
5
1,889,481
2,249,521
Cash at bank and in hand
32,042
31,926
------------
------------
1,921,523
2,281,447
Creditors: amounts falling due within one year
6
200,974
235,770
------------
------------
Net current assets
1,720,549
2,045,677
------------
------------
Total assets less current liabilities
5,070,549
5,325,677
Creditors: amounts falling due after more than one year
7
1,529,326
1,546,824
Provisions
82,328
99,828
------------
------------
Net assets
3,458,895
3,679,025
------------
------------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
484,932
484,932
Profit and loss account
2,973,863
3,193,993
------------
------------
Shareholders funds
3,458,895
3,679,025
------------
------------
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 income and retained earnings 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: 10798908
Rochmills Property 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.
Going concern
During the year the company has made a loss but has net assets at the statement of financial position date. Support is available by other group companies, who have indicated that they will support the company for the foreseeable future. The directors, having considered the above, continue to adopt the going concern basis in preparing the financial statements which assumes that the company will continue in operation for the foreseeable future.
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 by the company are considered to be investment properties and as such are included in the financial statements at their market value. The directors have valued the properties to their fair value using their knowledge of the market and their property expertise. Judgement is made in respect of the condition and longevity of the properties to determine this valuation. of the market value of the properties as at the year end date.
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 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.
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
£
Cost or valuation
At 1 January 2022
3,280,000
Revaluations
70,000
------------
At 31 December 2022
3,350,000
------------
Depreciation
At 1 January 2022 and 31 December 2022
------------
Carrying amount
At 31 December 2022
3,350,000
------------
At 31 December 2021
3,280,000
------------
The Properties 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.
5. Debtors
2022
2021
£
£
Trade debtors
74,906
78,421
Amounts owed by group undertakings
1,804,309
2,159,732
Other debtors
10,266
11,368
------------
------------
1,889,481
2,249,521
------------
------------
6. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
12,674
48,000
Trade creditors
792
211
Amounts owed to group undertakings and undertakings in which the company has a participating interest
6,938
Social security and other taxes
71,798
36,075
Other creditors
108,772
151,484
---------
---------
200,974
235,770
---------
---------
The bank loan is secured against the investment properties and assets held by the company.
7. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
1,529,326
1,546,824
------------
------------
The bank loan is secured against the investment 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
82,328
99,828
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2022
2021
£
£
Fair value adjustment of investment property
117,328
99,828
---------
--------
9. Operating leases
As lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
2022
2021
£
£
Not later than 1 year
29,500
29,500
Later than 1 year and not later than 5 years
118,000
118,000
Later than 5 years
441,853
471,353
---------
---------
589,353
618,853
---------
---------
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
2022
2021
£
£
Not later than 1 year
206,648
160,248
Later than 1 year and not later than 5 years
688,871
482,365
Later than 5 years
1,507
62,323
---------
---------
897,026
704,936
---------
---------
10. 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 .
11. Related party transactions
Exemption is taken from disclosing group related party transactions as set out in FRS 102 section 1A.
12. 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.