Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01falseNo description of principal activity22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09928502 2022-04-01 2023-03-31 09928502 2021-04-01 2022-03-31 09928502 2023-03-31 09928502 2022-03-31 09928502 2021-04-01 09928502 c:Director1 2022-04-01 2023-03-31 09928502 d:FurnitureFittings 2022-04-01 2023-03-31 09928502 d:FurnitureFittings 2023-03-31 09928502 d:FurnitureFittings 2022-03-31 09928502 d:FreeholdInvestmentProperty 2023-03-31 09928502 d:FreeholdInvestmentProperty 2022-03-31 09928502 d:FreeholdInvestmentProperty 2 2022-04-01 2023-03-31 09928502 d:CurrentFinancialInstruments 2023-03-31 09928502 d:CurrentFinancialInstruments 2022-03-31 09928502 d:Non-currentFinancialInstruments 2023-03-31 09928502 d:Non-currentFinancialInstruments 2022-03-31 09928502 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 09928502 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 09928502 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 09928502 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 09928502 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-03-31 09928502 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-03-31 09928502 d:ShareCapital 2023-03-31 09928502 d:ShareCapital 2022-03-31 09928502 d:OtherMiscellaneousReserve 2022-04-01 2023-03-31 09928502 d:OtherMiscellaneousReserve 2023-03-31 09928502 d:OtherMiscellaneousReserve 2022-03-31 09928502 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 09928502 d:RetainedEarningsAccumulatedLosses 2023-03-31 09928502 d:RetainedEarningsAccumulatedLosses 2022-03-31 09928502 c:FRS102 2022-04-01 2023-03-31 09928502 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 09928502 c:FullAccounts 2022-04-01 2023-03-31 09928502 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 09928502 2 2022-04-01 2023-03-31 09928502 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 09928502 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 iso4217:GBP xbrli:pure

Registered number: 09928502









ROCKLAND APARTMENTS LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
ROCKLAND APARTMENTS LTD
REGISTERED NUMBER: 09928502

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 5 
2,500,000
3,335,150

  
2,500,000
3,335,150

Current assets
  

Debtors: amounts falling due within one year
 6 
48,690
14,857

Cash at bank and in hand
  
31,451
85,367

  
80,141
100,224

Creditors: amounts falling due within one year
 7 
(38,462)
(1,784,460)

Net current assets/(liabilities)
  
 
 
41,679
 
 
(1,684,236)

Total assets less current liabilities
  
2,541,679
1,650,914

Creditors: amounts falling due after more than one year
  
(1,725,500)
-

Provisions for liabilities
  

Deferred tax
 10 
(95,094)
(345,957)

  
 
 
(95,094)
 
 
(345,957)

Net assets
  
721,085
1,304,957


Capital and reserves
  

Called up share capital 
  
1
1

Other reserves
 11 
720,443
1,304,730

Profit and loss account
 11 
641
226

  
721,085
1,304,957


Page 1

 
ROCKLAND APARTMENTS LTD
REGISTERED NUMBER: 09928502
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



M Docker
Director

Date: 5 October 2023

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
ROCKLAND APARTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

The entity is a private company, limited by shares and incorporated in England and Wales. The address of the registered office is 101 New Cavendish Street, 1st Floor south London, W1W 6XH. The financial statements are presented in sterling, which is the functional currency of the Company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
ROCKLAND APARTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
Straight LIine

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
ROCKLAND APARTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.8

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 5

 
ROCKLAND APARTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 April 2022
3,598



At 31 March 2023

3,598



Depreciation


At 1 April 2022
3,598



At 31 March 2023

3,598



Net book value



At 31 March 2023
-



At 31 March 2022
-

Page 6

 
ROCKLAND APARTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
3,335,150


Surplus on revaluation
(835,150)



At 31 March 2023
2,500,000

The valuation of the Investment Property was made on the 8th August 2022 by Belleveue Mortlakes Chartered Surveyors, on an open market value for an existing use basis and represents the residential right of 185 Bow Common Lane, London E3 4JJ, which forms part of the security against the loan provided by Aldermore Bank Plc to Galemore Two Limited (company registration number: 07700942), the ultimate controlling party (refer to note 11). 



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
1,684,772
1,684,772

1,684,772
1,684,772


6.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
33,599
-

Other debtors
14,911
13,887

Prepayments and accrued income
180
970

48,690
14,857


Page 7

 
ROCKLAND APARTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
25,000
1,769,168

Corporation tax
-
6,728

Accruals and deferred income
13,462
8,564

38,462
1,784,460



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
1,725,500
-

1,725,500
-


Secured loans
The bank loan provided by Aldermore Bank is secured on the investment property.
The residential holdings of the units in Investment Properties, which transferred to the 100% subsidiary of the Company in the year ended 31 March 2017, form part of the security against the loan.


9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£




Amounts falling due after more than 5 years

Bank loans
1,725,500
-

1,725,500
-

1,725,500
-


Page 8

 
ROCKLAND APARTMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Deferred taxation




2023
2022


£

£






At beginning of year
(345,957)
(161,521)


Charged to profit or loss
250,863
(184,436)



At end of year
(95,094)
(345,957)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Revaluation of investment property
(95,094)
(345,957)

(95,094)
(345,957)

The deferred tax provision for the year under review relates to the notional tax charge after indexation at the applicable substantive future corporation tax rates (25%) arising on the unrealised gains on disposal of the units in investment properties at the Company's retained residential holding element.


11.


Reserves

Other reserves

Non-distributable reserves represent the unrealised gains/losses that occur on the annual revaluations of the units in Investment Properties for the year under review for the residential holding of the property, net/gross of the annual deferred tax cost/(credit) attributable to the investment property.

Profit and loss account

Profit & loss reserves are calculated after taking into account the profit/(loss) and interim dividends payable in the year. During the year under review, an interim dividend of £69,000 (2022: £123,000) was paid to the members of the company.


12.


Related party transactions

Included in debtors is an amount of £33,599 (2022: -£1,769,168) owed by the ultimate controlling party.


13.


Ultimate controlling party

The ultimate controlling party is Galemore 2 Limited, a company incorporated in the UK (company registration number: 07700942).

 
Page 9