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Rockstar (Scilly) Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 January 2023

Registration number: 08912023

 

Rockstar (Scilly) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Rockstar (Scilly) Limited

Company Information

Directors

J L Francis

N George

Registered office

Lowin House
Tregolls Road
Cornwall
TRURO

Bankers

Barclays Bank Plc

Accountants

Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

 

Rockstar (Scilly) Limited

Balance Sheet

31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

26,746

23,725

Current assets

 

Stocks

5

15,304

14,276

Debtors

6

13,064

13,064

Cash at bank and in hand

 

194,521

196,267

 

222,889

223,607

Creditors: Amounts falling due within one year

7

(66,368)

(91,137)

Net current assets

 

156,521

132,470

Total assets less current liabilities

 

183,267

156,195

Creditors: Amounts falling due after more than one year

7

(22,992)

(33,067)

Provisions for liabilities

(4,987)

(4,319)

Net assets

 

155,288

118,809

Capital and reserves

 

Called up share capital

9

100

100

Profit and loss account

155,188

118,709

Shareholders' funds

 

155,288

118,809

 

Rockstar (Scilly) Limited

Balance Sheet

31 January 2023

For the financial year ending 31 January 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 25 October 2023 and signed on its behalf by:
 

.........................................
N George
Director

Company Registration Number: 08912023

 

Rockstar (Scilly) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Lowin House
Tregolls Road
Cornwall
TRURO

The principal place of business is:
The Mermaid Inn
The Bank
St Marys
Isles of Scilly
TR21 0HY

These financial statements were authorised for issue by the Board on 25 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Rockstar (Scilly) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2023

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

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

20% straight line

Other property, plant and equipment

20% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

 

Rockstar (Scilly) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2023

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2022 - 14).

 

Rockstar (Scilly) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2023

4

Tangible assets

Leasehold land and buildings
£

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 February 2022

4,986

17,981

48,803

71,770

Additions

-

-

11,218

11,218

At 31 January 2023

4,986

17,981

60,021

82,988

Depreciation

At 1 February 2022

3,992

13,843

30,210

48,045

Charge for the year

499

1,035

6,663

8,197

At 31 January 2023

4,491

14,878

36,873

56,242

Carrying amount

At 31 January 2023

495

3,103

23,148

26,746

At 31 January 2022

994

4,138

18,593

23,725

5

Stocks

2023
£

2022
£

Other inventories

15,304

14,276

6

Debtors

2023
£

2022
£

Prepayments

13,000

13,000

Other debtors

64

64

13,064

13,064

 

Rockstar (Scilly) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

11,100

11,100

Trade creditors

 

24,009

11,028

Social security and other taxes

 

15,287

13,349

Outstanding defined contribution pension costs

 

836

435

Other creditors

 

412

4,032

Accruals

 

3,600

31,971

Corporation tax

11,124

19,222

 

66,368

91,137

Due after one year

 

Loans and borrowings

8

22,992

33,067

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

22,992

33,067

8

Loans and borrowings

2023
£

2022
£

Loans and borrowings due after one year

Bank borrowings

22,992

33,067

2023
£

2022
£

Current loans and borrowings

Bank borrowings

11,100

11,100

 

Rockstar (Scilly) Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £52,000 (2022 - £104,993).