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30 September 2023
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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
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2022-01-01
2022-12-31
10798908
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2022-12-31
10798908
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2021-12-31
10798908
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2022-12-31
10798908
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2021-12-31
10798908
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2022-12-31
10798908
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2021-12-31
10798908
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2022-12-31
10798908
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2021-12-31
10798908
core:RetainedEarningsAccumulatedLosses
2022-12-31
10798908
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2021-12-31
10798908
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2022-12-31
10798908
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2021-12-31
10798908
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2022-12-31
10798908
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2021-12-31
10798908
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2022-12-31
10798908
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2021-12-31
10798908
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2022-12-31
10798908
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2021-12-31
10798908
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2021-12-31
10798908
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2022-01-01
2022-12-31
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10798908
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2022-01-01
2022-12-31
COMPANY REGISTRATION NUMBER:
10798908
Rochmills Property Limited |
|
Filleted Financial Statements |
|
Rochmills Property Limited |
|
Statement of Financial Position |
|
31 December 2022
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:
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.