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Company registration number: 02183663
Bold Rock Management and Investments Ltd
Unaudited financial statements
31 March 2023
Bold Rock Management and Investments Ltd
Contents
Directors and other information
Strategic report
Directors report
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Statement of cash flows
Notes to the financial statements
Bold Rock Management and Investments Ltd
Directors and other information
Directors Mr Mark Sater
Miss Corinne D.L. Evens
Company number 02183663
Registered office C/O Severin Finance
23 Dorset Road
London
SW8 1EF
Accountants Severin Finance Limited
23 Dorset Road
London
SW8 1EF
Bold Rock Management and Investments Ltd
Strategic report
Year ended 31 March 2023
This report was approved by the board of directors on 19 October 2023 and signed on behalf of the board by:
Mr Mark Sater
Director
Bold Rock Management and Investments Ltd
Directors report
Year ended 31 March 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2023.
Directors
The directors who served the company during the year were as follows:
Mr Mark Sater
Miss Corinne D.L. Evens
Dividends
The directors do not recommend the payment of a dividend.
This report was approved by the board of directors on .............................. and signed on behalf of the board by:
Mr Mark Sater
Director
Bold Rock Management and Investments Ltd
Statement of comprehensive income
Year ended 31 March 2023
2023 2022
Note £ £
Turnover 4 17,271 111,730
Staff costs 5 ( 15,932) ( 3,127)
Depreciation and other amounts written off tangible and intangible fixed assets ( 346,059) ( 647)
Other operating expenses ( 113,843) 232,185
_______ _______
Operating (loss)/profit ( 458,563) 340,141
Other interest receivable and similar income 184,049 ( 91,462)
_______ _______
(Loss)/profit before taxation ( 274,514) 248,679
Tax on (loss)/profit - -
_______ _______
(Loss)/profit for the financial year and total comprehensive income ( 274,514) 248,679
_______ _______
All the activities of the company are from continuing operations.
Bold Rock Management and Investments Ltd
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Investments 9 7,094,797 8,402,368
_______ _______
7,094,797 8,402,368
Current assets
Debtors 10 3,264,150 3,630,951
Cash at bank and in hand 180,642 91,694
_______ _______
3,444,792 3,722,645
Creditors: amounts falling due
within one year 12 ( 38,391) ( 34,956)
_______ _______
Net current assets 3,406,401 3,687,689
_______ _______
Total assets less current liabilities 10,501,198 12,090,057
Creditors: amounts falling due
after more than one year 13 ( 8,037,020) ( 9,351,365)
_______ _______
Net assets 2,464,178 2,738,692
_______ _______
Capital and reserves
Called up share capital 9,021 9,021
Revaluation reserve 2,834,731 2,834,731
Profit and loss account ( 379,574) ( 105,060)
_______ _______
Shareholders funds 2,464,178 2,738,692
_______ _______
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the board of directors and authorised for issue on 19 October 2023 , and are signed on behalf of the board by:
Mr Mark Sater
Director
Company registration number: 02183663
Bold Rock Management and Investments Ltd
Statement of changes in equity
Year ended 31 March 2023
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 1 April 2021 9,021 2,834,731 ( 353,739) 2,490,013
(Loss)/profit for the year 248,679 248,679
_______ _______ _______ _______
Total comprehensive income for the year - - 248,679 248,679
_______ _______ _______ _______
At 31 March 2022 and 1 April 2022 9,021 2,834,731 ( 105,060) 2,738,692
(Loss)/profit for the year ( 274,514) ( 274,514)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 274,514) ( 274,514)
_______ _______ _______ _______
At 31 March 2023 9,021 2,834,731 ( 379,574) 2,464,178
_______ _______ _______ _______
Bold Rock Management and Investments Ltd
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/O Severin Finance, 23 Dorset Road, London, SW8 1EF.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and 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 and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
4. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2023 2022
Production staff - 1
_______ _______
The aggregate payroll costs incurred during the year were:
2023 2022
£ £
Wages and salaries 15,932 -
Social security costs - 3,127
_______ _______
15,932 3,127
_______ _______
6. Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
2023 2022
£ £
Remuneration 15,932 -
_______ _______
7. Earnings per share
Basic earnings/(loss) per share
The earnings/(loss) and weighted average number of shares used in the calculation of basic earnings/(loss) per share are as follows:
2023 2022
£ £
(Loss)/profit for the year attributable to the owners of the company ( 274,514) 248,679
_______ _______
Diluted earnings/(loss) per share
The earnings/(loss) and weighted average number of shares used in the calculation of diluted earnings/(loss) per share are as follows:
2023 2022
£ £
Earnings/(loss) used in calculation of basic earnings/(loss) per share ( 274,514) 248,679
_______ _______
8. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 April 2022 and 31 March 2023 7,102 7,102
_______ _______
Depreciation
At 1 April 2022 and 31 March 2023 7,102 7,102
_______ _______
Carrying amount
At 31 March 2023 - -
_______ _______
At 31 March 2022 - -
_______ _______
9. Investments
Shares in group undertakings Participating interests Total
£ £ £
Cost
At 1 April 2022 and 31 March 2023 1,000 7,093,797 7,094,797
_______ _______ _______
Impairment
At 1 April 2022 and 31 March 2023 - - -
_______ _______ _______
Carrying amount
At 31 March 2023 1,000 7,093,797 7,094,797
_______ _______ _______
At 31 March 2022 1,000 7,093,797 7,094,797
_______ _______ _______
10. Debtors
2023 2022
£ £
Amounts owed by group undertakings 3,264,150 3,636,797
Other debtors - ( 5,846)
_______ _______
3,264,150 3,630,951
_______ _______
11. Cash and cash equivalents
2023 2022
£ £
Cash at bank and in hand 180,642 91,694
Bank overdrafts ( 3,435) -
_______ _______
177,207 91,694
_______ _______
12. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 38,391 34,956
_______ _______
13. Creditors: amounts falling due after more than one year
2023 2022
£ £
Amounts owed to group undertakings 8,037,020 -
Amounts owed to undertakings in which the company has a participating interest - 9,351,365
_______ _______
8,037,020 9,351,365
_______ _______
14. Analysis of changes in net debt
At 1 April 2022 Cash flows At 31 March 2023
£ £ £
Cash and cash equivalents 91,694 88,948 180,642
Bank overdrafts - (3,435) (3,435)
Debt due within one year (34,956) - (34,956)
Debt due after one year (9,351,365) 1,314,345 (8,037,020)
_______ _______ _______
( 9,294,627) 1,399,858 ( 7,894,769)
_______ _______ _______