14 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 xbrli:pure xbrli:shares iso4217:GBP 09753875 2022-01-01 2022-12-31 09753875 2022-12-31 09753875 2021-12-31 09753875 2021-01-01 2021-12-31 09753875 2021-12-31 09753875 bus:Director1 2022-01-01 2022-12-31 09753875 core:LandBuildings core:OwnedOrFreeholdAssets 2021-12-31 09753875 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 09753875 core:LandBuildings core:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 09753875 core:WithinOneYear 2022-12-31 09753875 core:WithinOneYear 2021-12-31 09753875 core:AfterOneYear 2021-12-31 09753875 core:ShareCapital 2022-12-31 09753875 core:ShareCapital 2021-12-31 09753875 core:RetainedEarningsAccumulatedLosses 2022-12-31 09753875 core:RetainedEarningsAccumulatedLosses 2021-12-31 09753875 core:BetweenOneFiveYears 2022-12-31 09753875 core:BetweenOneFiveYears 2021-12-31 09753875 core:LandBuildings core:OwnedOrFreeholdAssets 2021-12-31 09753875 bus:SmallEntities 2022-01-01 2022-12-31 09753875 bus:Audited 2022-01-01 2022-12-31 09753875 bus:FullAccounts 2022-01-01 2022-12-31 09753875 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 09753875 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 09753875 core:FurnitureFittingsToolsEquipment 2022-01-01 2022-12-31 09753875 core:FurnitureFittingsToolsEquipment 2021-12-31 09753875 core:FurnitureFittingsToolsEquipment 2022-12-31
COMPANY REGISTRATION NUMBER: 09753875
Rochmills Developments Limited
Filleted Financial Statements
For the year ended
31 December 2022
Rochmills Developments Limited
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
5
1,105,842
1,126,456
Current assets
Debtors
6
5,958,721
6,064,118
Cash at bank and in hand
2,271
5,095
------------
------------
5,960,992
6,069,213
Creditors: amounts falling due within one year
7
6,109,613
6,021,125
------------
------------
Net current (liabilities)/assets
( 148,621)
48,088
------------
------------
Total assets less current liabilities
957,221
1,174,544
Creditors: amounts falling due after more than one year
8
1,243,995
---------
------------
Net assets/(liabilities)
957,221
( 69,451)
---------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
957,121
( 69,551)
---------
--------
Shareholders funds/(deficit)
957,221
( 69,451)
---------
--------
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: 09753875
Rochmills Developments 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.
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 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 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.
Operating leases
Assets leased to third parties under operating leases are included in property, plant and equipment. Rents receivable from operating leaes are credited to the Statement of Comprehensive Income in accordance with the terms of the lease.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Equipment
-
33% straight line
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2021: 9 ).
5. Tangible assets
Freehold property
Equipment
Total
£
£
£
Cost
At 1 January 2022
1,121,883
6,859
1,128,742
Additions
5,395
5,395
Disposals
( 23,161)
( 23,161)
------------
--------
------------
At 31 December 2022
1,098,722
12,254
1,110,976
------------
--------
------------
Depreciation
At 1 January 2022
2,286
2,286
Charge for the year
2,848
2,848
------------
--------
------------
At 31 December 2022
5,134
5,134
------------
--------
------------
Carrying amount
At 31 December 2022
1,098,722
7,120
1,105,842
------------
--------
------------
At 31 December 2021
1,121,883
4,573
1,126,456
------------
--------
------------
6. Debtors
2022
2021
£
£
Trade debtors
2,324
254
Amounts owed by group undertakings
5,821,074
6,013,981
Other debtors
135,323
49,883
------------
------------
5,958,721
6,064,118
------------
------------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
15,024
44,946
Amounts owed to group undertakings
4,318,072
5,566,871
Corporation tax
1,609
Social security and other taxes
14,360
27,768
Amounts owed to Pension fund
1,567,618
236,386
Other creditors
192,930
145,154
------------
------------
6,109,613
6,021,125
------------
------------
Included within other creditors is a loan from S & H Pension fund which is secured against the assets of the company.
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
1,243,995
----
------------
The company has a loan from S & H Pension fund. The comparative balance has been updated to show the balance due after one year as at the comparative year end date. The loan is secured against the assets of the company.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2022
2021
£
£
Not later than 1 year
5,200
5,200
Later than 1 year and not later than 5 years
867
6,067
-------
--------
6,067
11,267
-------
--------
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. Directors' advances, credits and guarantees
During the year a Director had a loan account with the company, the closing amount owed to the company was £57,201 (2021 - £59,881). No interest has been charged and the loan is repayable on demand.
12. Related party transactions
Exemption is taken from disclosing group related party transactions as set out in FRS 102 section 1A.
13. Controlling party
The company is a subsidiary of Rochmills (Holdings) Limited which prepares group consolidated financial statements. The address of the registered office is Burlington House, 369 Wellingborough Road, Northampton, England, NN1 4EU. The ultimate controlling party is J S Sehmi.