Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31truetrue22022-04-01falseNo description of principal activity2falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11696633 2022-04-01 2023-03-31 11696633 2021-04-01 2022-03-31 11696633 2023-03-31 11696633 2022-03-31 11696633 2021-04-01 11696633 c:RestatedAmount 2022-03-31 11696633 c:RestatedAmount 2021-04-01 11696633 d:Director1 2022-04-01 2023-03-31 11696633 d:Director2 2022-04-01 2023-03-31 11696633 d:RegisteredOffice 2022-04-01 2023-03-31 11696633 c:PlantMachinery 2022-04-01 2023-03-31 11696633 c:PlantMachinery 2023-03-31 11696633 c:PlantMachinery 2022-03-31 11696633 c:PlantMachinery c:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 11696633 c:CurrentFinancialInstruments 2023-03-31 11696633 c:CurrentFinancialInstruments 2022-03-31 11696633 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 11696633 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 11696633 c:ShareCapital 2023-03-31 11696633 c:ShareCapital 2022-03-31 11696633 c:ShareCapital 2021-04-01 11696633 c:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 11696633 c:RetainedEarningsAccumulatedLosses 2023-03-31 11696633 c:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 11696633 c:RetainedEarningsAccumulatedLosses 2022-03-31 11696633 c:RetainedEarningsAccumulatedLosses c:RestatedAmount 2022-03-31 11696633 c:RetainedEarningsAccumulatedLosses 2021-04-01 11696633 c:RetainedEarningsAccumulatedLosses c:RestatedAmount 2021-04-01 11696633 d:FRS102 2022-04-01 2023-03-31 11696633 d:Audited 2022-04-01 2023-03-31 11696633 d:FullAccounts 2022-04-01 2023-03-31 11696633 d:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11696633 d:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 11696633 c:AcceleratedTaxDepreciationDeferredTax 2023-03-31 11696633 c:AcceleratedTaxDepreciationDeferredTax 2022-03-31 11696633 4 2022-04-01 2023-03-31 11696633 c:RetainedEarningsAccumulatedLosses c:PriorPeriodErrorIncreaseDecrease 2022-04-01 2023-03-31 11696633 c:RetainedEarningsAccumulatedLosses c:PriorPeriodErrorIncreaseDecrease 2021-04-01 2022-03-31 11696633 c:PriorPeriodErrorIncreaseDecrease 2022-04-01 2023-03-31 11696633 c:PriorPeriodErrorIncreaseDecrease 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure
Registered number: 11696633













ROVOP ASSETS 3 LIMITED






INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2023

 
ROVOP ASSETS 3 LIMITED
 

COMPANY INFORMATION


Directors
G Park 
N Potter 




Registered number
11696633



Registered office
Suite 1, 7th Floor
Floor 50 Broadway

London

SW1H 0BL




Independent auditor
Anderson Anderson & Brown Audit LLP

Kingshill View

Prime Four Business Park

Kingswells

Aberdeen

AB15 8PU





 
ROVOP ASSETS 3 LIMITED
 

CONTENTS



Page
Directors' responsibilities statement
1
Balance sheet
2
Statement of changes in equity
3 - 4
Notes to the financial statements
5 - 10


 
ROVOP ASSETS 3 LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 1

 
ROVOP ASSETS 3 LIMITED

REGISTERED NUMBER:11696633

BALANCE SHEET
AS AT 31 MARCH 2023

2023
Restated 2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
3,277,090

  
-
3,277,090

Current assets
  

Debtors: amounts falling due within one year
 5 
4,853,022
1,540,951

Cash at bank and in hand
 6 
573
573

  
4,853,595
1,541,524

Creditors: amounts falling due within one year
 7 
(2,004,209)
(2,011,209)

Net current assets/(liabilities)
  
 
 
2,849,386
 
 
(469,685)

Total assets less current liabilities
  
2,849,386
2,807,405

Provisions for liabilities
  

Deferred tax
 8 
-
(1,333)

  
 
 
-
 
 
(1,333)

Net assets
  
2,849,386
2,806,072


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
2,849,385
2,806,071

  
2,849,386
2,806,072


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: 



G Park
Director
Date: 26 September 2023

The notes on pages 5 to 10 form part of these financial statements.

Page 2

 
ROVOP ASSETS 3 LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2022 (as previously stated)
1
3,877,000
3,877,001

Prior year adjustment (Note 10)
-
(1,070,929)
(1,070,929)

At 1 April 2022 (as restated)
1
2,806,071
2,806,072


Comprehensive income for the year

Profit for the year
-
43,314
43,314


At 31 March 2023
1
2,849,385
2,849,386


The notes on pages 5 to 10 form part of these financial statements.

Page 3

 
ROVOP ASSETS 3 LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2021 (as previously stated)
1
3,503,840
3,503,841

Prior year adjustment (Note 10)
-
(653,340)
(653,340)

At 1 April 2021 (as restated)
1
2,850,500
2,850,501



Loss for the year
-
(44,429)
(44,429)


At 31 March Restated 2022
1
2,806,071
2,806,072


The notes on pages 5 to 10 form part of these financial statements.

Page 4

 
ROVOP ASSETS 3 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

The Company is a private company limited by shares and is incorporated in the UK. The address of the registered office is Suite 1, 7th Floor 50 Broadway, London, England, SW1H 0BL. 

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

Going concern

The financial statements are prepared on a going concern basis, which assumes that the Company and wider Group that it is a member of will continue to meet its liabilities as they fall due.
Based on the financial projections prepared and taking account of possible downside scenarios the directors remain confident the Group can trade profitably and generate positive cash flows from operating activities to meet its financial obligations.
The key assets of the Company were transferred to another subsidiary of the Group prior to the end of the financial year in order to simplify the Group structure. The Company will remain a going concern until such time as the remaining assets and liabilities are settled.

 
2.3

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.

Page 5

 
ROVOP ASSETS 3 LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Current and deferred tax

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.

 
2.5

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.6

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:

Plant and machinery
-
6 - 9 years

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.

 
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.

Page 6

 
ROVOP ASSETS 3 LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
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

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.11

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like amounts owed to and from related parties and other debtors and creditors. These are measured at amortised cost and 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.


3.


Employees

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

Page 7

 
ROVOP ASSETS 3 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Plant and machinery

£





At 1 April 2022
5,863,276


Additions
22,976


Transfers intra group
(5,886,252)



At 31 March 2023

-





At 1 April 2022
2,586,186


Charge for the year on owned assets
782,271


Transfers intra group
(3,368,457)



At 31 March 2023

-



Net book value



At 31 March 2023
-



At 31 March 2022
3,277,090


5.


Debtors

2023
Restated 2022
£
£


Amounts owed by group undertakings
4,852,622
1,540,951

Other debtors
400
-

4,853,022
1,540,951



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
573
573


Page 8

 
ROVOP ASSETS 3 LIMITED
 
 
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
2,004,209
2,004,209

Accruals and deferred income
-
7,000

2,004,209
2,011,209



8.


Deferred tax




2023
2022


£

£






At beginning of year
1,333
16,636


Charged to profit or loss
(1,333)
(15,303)



At end of period
-
1,333

The provision for deferred tax is made up as follows:

2023
2022
£
£


Accelerated capital allowances
-
1,333

-
1,333


9.


Prior year adjustment

The accounts for 2021 and 2022 have been restated to incorporate the amendment to the revenue recognition policy which had been incorrectly applied. This adjustment resulted in a decrease in sales relating to the hire of equipment. The change has resulted in a reduction in turnover and profit for the year of £417,589 in the prior period and £653,340 in 2021. Net assets and profits available for distribution brought forward at 31 March 2022 have decreased by an accumulated total of £1,070,929.


10.


Contingent liabilities

The Company has provided standard security over the fixed assets of the Company as a guarantee in relation to loan borrowings by a fellow group company.


11.


Related party transactions

The Company has taken advantage of the exemption from disclosing transactions with subsidiaries that are 100% owned under section 1AC.35 of FRS 102.

Page 9

 
ROVOP ASSETS 3 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Controlling party

The immediate parent company at 31 March 2023 is ROVOP Group Limited, a company incorporated in Scotland with its registered office at Silvertrees Drive, Westhill, Aberdeen, United Kingdom, AB32 6BH.
The Company is included in the consolidated financial statements of ROVOP Holdings Limited, a company incorporated in Scotland with its registered office at Silvertrees Drive, Westhill, Aberdeen, United Kingdom, AB32 6BH, for the period ended 31 March 2023. This is the only company in the group to prepare consolidated financial statements.
Copies of the consolidated financial statements of ROVOP Holdings Limited can be requested from Silvertrees Drive, Westhill, Aberdeen, United Kingdom, AB32 6BH.

The ultimate parent company is ROVOP Guernsey Limited, a company incorporated in Guernsey with its registered office at PO Box 656, East Wing, Trafalgar Court, Les Banques, St Peter Port, Guernsey, GY1 3PP.


13.


Auditor's information

The auditor's report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 26 September 2023 by Christopher Masson (Senior statutory auditor) on behalf of Anderson Anderson & Brown Audit LLP.


Page 10