Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-302023-04-30false2022-05-0144falsefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10595971 2022-05-01 2023-04-30 10595971 2021-05-01 2022-04-30 10595971 2023-04-30 10595971 2022-04-30 10595971 2021-05-01 10595971 c:CompanySecretary1 2022-05-01 2023-04-30 10595971 c:Director1 2022-05-01 2023-04-30 10595971 c:Director2 2022-05-01 2023-04-30 10595971 c:Director3 2022-05-01 2023-04-30 10595971 c:Director4 2022-05-01 2023-04-30 10595971 c:Director5 2022-05-01 2023-04-30 10595971 c:RegisteredOffice 2022-05-01 2023-04-30 10595971 d:CurrentFinancialInstruments 2023-04-30 10595971 d:CurrentFinancialInstruments 2022-04-30 10595971 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 10595971 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 10595971 d:UKTax 2022-05-01 2023-04-30 10595971 d:UKTax 2021-05-01 2022-04-30 10595971 d:ShareCapital 2022-05-01 2023-04-30 10595971 d:ShareCapital 2023-04-30 10595971 d:ShareCapital 2021-05-01 2022-04-30 10595971 d:ShareCapital 2022-04-30 10595971 d:ShareCapital 2021-05-01 10595971 d:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 10595971 d:RetainedEarningsAccumulatedLosses 2023-04-30 10595971 d:RetainedEarningsAccumulatedLosses 2021-05-01 2022-04-30 10595971 d:RetainedEarningsAccumulatedLosses 2022-04-30 10595971 d:RetainedEarningsAccumulatedLosses 2021-05-01 10595971 c:FRS102 2022-05-01 2023-04-30 10595971 c:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 10595971 c:FullAccounts 2022-05-01 2023-04-30 10595971 c:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 10595971 d:Subsidiary1 2022-05-01 2023-04-30 10595971 d:Subsidiary1 1 2022-05-01 2023-04-30 10595971 2 2022-05-01 2023-04-30 10595971 6 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure

Registered number: 10595971










ROCKPORT ESTATES LIMITED








UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023
 


 
ROCKPORT ESTATES LIMITED
 

COMPANY INFORMATION


DIRECTORS
Mark Pears CBE 
Sir Trevor Pears 
David Pears 
Stuart Robinson 
WPG Registrars Limited 




COMPANY SECRETARY
William Bennett



REGISTERED NUMBER
10595971



REGISTERED OFFICE
Ground Floor
30 City Road

London

EC1Y 2AB





 
ROCKPORT ESTATES LIMITED
 

CONTENTS



Page
Directors' Report
1
Statement of Comprehensive Income
2
Statement of Financial Position
3
Statement of Changes in Equity
4
Notes to the Financial Statements
5 - 9


 
ROCKPORT ESTATES LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2023

The directors present their report and the financial statements for the year ended 30 April 2023.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of a holding company.

DIRECTORS

The directors who served during the year were:

Mark Pears CBE 
Sir Trevor Pears 
David Pears 
Stuart Robinson 
WPG Registrars Limited 

SMALL COMPANIES NOTE

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





William Bennett
Secretary

Date: 3 November 2023

Page 1

 
ROCKPORT ESTATES LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2023

2023
2022
Note
£
£

  

Income from shares in group undertakings
  
-
4,300,000

Amounts written back/(off) investments
 6 
485,475
(2,123,008)

Interest receivable and similar income
 4 
-
15,362

PROFIT BEFORE TAX
  
485,475
2,192,354

Tax on profit
 5 
-
(2,919)

PROFIT FOR THE FINANCIAL YEAR
  
485,475
2,189,435

  

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
  
485,475
2,189,435

The notes on pages 5 to 9 form part of these financial statements.

Page 2

 
ROCKPORT ESTATES LIMITED
REGISTERED NUMBER: 10595971

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Investments
 6 
4,838,855
4,353,380

  
4,838,855
4,353,380

CURRENT ASSETS
  

Cash at bank and in hand
  
104,419
356,338

  
104,419
356,338

Creditors: amounts falling due within one year
 7 
(2,127,692)
(2,379,611)

NET CURRENT LIABILITIES
  
 
 
(2,023,273)
 
 
(2,023,273)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
2,815,582
2,330,107

  

NET ASSETS
  
2,815,582
2,330,107


CAPITAL AND RESERVES
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
2,814,582
2,329,107

TOTAL EQUITY
  
2,815,582
2,330,107


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




Mark Pears CBE
Stuart Robinson
Director
Director


Date: 3 November 2023

The notes on pages 5 to 9 form part of these financial statements.

Page 3

 
ROCKPORT ESTATES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2022
1,000
2,329,107
2,330,107


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
485,475
485,475
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
485,475
485,475


AT 30 APRIL 2023
1,000
2,814,582
2,815,582



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2021
1,000
139,672
140,672


COMPREHENSIVE INCOME FOR THE YEAR

Profit for the year
-
2,189,435
2,189,435
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
2,189,435
2,189,435


AT 30 APRIL 2022
1,000
2,329,107
2,330,107


The notes on pages 5 to 9 form part of these financial statements.

Page 4

 
ROCKPORT ESTATES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


GENERAL INFORMATION

Rockport Estates Limited is a company limited by shares incorporated in England and Wales. The registered office is Ground Floor, 30 City Road, London, EC1Y 2AB. The principal place of business is Haskell House, 152 West End Lane, London, NW6 1SD.

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 other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The company's functional and presentational currency is GBP and rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

GOING CONCERN

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing these financial statements.

 
2.4

INTEREST INCOME

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

 
2.5

TAXATION

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 reporting date in the countries where the Company operates and generates income.

 
2.6

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 5

 
ROCKPORT ESTATES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

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.

 
2.8

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

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.

 
2.10

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 6

 
ROCKPORT ESTATES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

3.


EMPLOYEES

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
4
4


4.


INTEREST RECEIVABLE

2023
2022
£
£


Other interest receivable
-
15,362

-
15,362


5.


TAXATION


2023
2022
£
£

CORPORATION TAX


Current tax on profits for the year
-
2,919


TOTAL CURRENT TAX
-
2,919

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 19.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
485,475
2,192,354


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19.5% (2022 - 19%)
94,668
416,547

EFFECTS OF:


Expenses not deductible for tax purposes
(94,668)
403,372

Non-taxable income
-
(817,000)

TOTAL TAX CHARGE FOR THE YEAR
-
2,919

Page 7

 
ROCKPORT ESTATES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

6.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies

£



COST OR VALUATION


At 1 May 2022
4,353,380


Fair value movements
485,475



At 30 April 2023
4,838,855






NET BOOK VALUE



At 30 April 2023
4,838,855


SUBSIDIARY UNDERTAKING


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Phoenix Leisure Management Limited
Ground Floor, 30 City Road, London, United Kingdom, EC1Y 2AB
Ordinary
100%

The aggregate of the share capital and reserves as at 30 April 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit

Phoenix Leisure Management Limited
4,838,855
485,476

HSBC have a fixed charge over the company's shares in its subsidiary.


7.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Amounts owed to group undertakings
2,127,692
2,376,692

Corporation tax
-
2,919

2,127,692
2,379,611


Page 8

 
ROCKPORT ESTATES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

8.


RELATED PARTY TRANSACTIONS

Debtors include an amount of £nil (2022 - £nil) owed from WPG Treasury Limited, a company in which the directors Sir Trevor Pears CMG, Mark Pears CBE and David Pears have an interest. The financial statements include interest receivable in the period amounted to £nil (2022 - £15,362).
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.


9.


CONTROLLING PARTY

The ultimate controlling party is Pears Property Ventures Limited, a company incorporated in England. The registered office is Ground Floor, 30 City Road, London, EC1Y 2AB.


Page 9