Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-3100ROVOP Group Limited3000000truetruetrue15000002022-04-01falseNo description of principal activity22falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11622977 2022-04-01 2023-03-31 11622977 2021-04-01 2022-03-31 11622977 2023-03-31 11622977 2022-03-31 11622977 2021-04-01 11622977 c:Director1 2022-04-01 2023-03-31 11622977 c:Director5 2022-04-01 2023-03-31 11622977 c:RegisteredOffice 2022-04-01 2023-03-31 11622977 d:PlantMachinery 2022-04-01 2023-03-31 11622977 d:PlantMachinery 2023-03-31 11622977 d:PlantMachinery 2022-03-31 11622977 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 11622977 d:CurrentFinancialInstruments 2023-03-31 11622977 d:CurrentFinancialInstruments 2022-03-31 11622977 d:Non-currentFinancialInstruments 2023-03-31 11622977 d:Non-currentFinancialInstruments 2022-03-31 11622977 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 11622977 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 11622977 d:ShareCapital 2023-03-31 11622977 d:ShareCapital 2022-03-31 11622977 d:ShareCapital 2021-04-01 11622977 d:SharePremium 2023-03-31 11622977 d:SharePremium 2022-03-31 11622977 d:RevaluationReserve 2023-03-31 11622977 d:RevaluationReserve 2022-03-31 11622977 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 11622977 d:RetainedEarningsAccumulatedLosses 2023-03-31 11622977 d:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 11622977 d:RetainedEarningsAccumulatedLosses 2022-03-31 11622977 d:RetainedEarningsAccumulatedLosses 2021-04-01 11622977 c:FRS102 2022-04-01 2023-03-31 11622977 c:Audited 2022-04-01 2023-03-31 11622977 c:FullAccounts 2022-04-01 2023-03-31 11622977 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11622977 c:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 11622977 4 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure
Registered number: 11622977













ROVOP ASSETS 2 LIMITED






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

 
ROVOP ASSETS 2 LIMITED
 

COMPANY INFORMATION


Directors
G Park 
N Potter 




Registered number
11622977



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 2 LIMITED
 

CONTENTS



Page
Directors' responsibilities statement
1
Balance sheet
2
Statement of changes in equity
3
Notes to the financial statements
4 - 9


 
ROVOP ASSETS 2 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 2 LIMITED

REGISTERED NUMBER:11622977

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,257,297
6,540,035

  
5,257,297
6,540,035

Current assets
  

Stocks
 5 
-
85,888

Debtors: amounts falling due within one year
 6 
4,527,601
5,892,075

Cash at bank and in hand
 7 
1,267
1,267

  
4,528,868
5,979,230

Creditors: amounts falling due within one year
 8 
(5,832,034)
(8,624,440)

Net current liabilities
  
 
 
(1,303,166)
 
 
(2,645,210)

Total assets less current liabilities
  
3,954,131
3,894,825

  

Net assets
  
3,954,131
3,894,825


Financed by:
  

Shareholder loans including amortised interest and unamortised issue costs
  
2,557,810
4,208,636

Capital and reserves
  

Share capital
  
1
1

Profit and loss account
  
1,396,320
(313,812)

  
3,954,131
3,894,825


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 4 to 9 form part of these financial statements.

Page 2

 
ROVOP ASSETS 2 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 2021
1
(172,618)
(172,617)



Loss for the year
-
(141,194)
(141,194)



At 1 April 2022
1
(313,812)
(313,811)



Profit for the year
-
1,710,132
1,710,132


At 31 March 2023
1
1,396,320
1,396,321


The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
ROVOP ASSETS 2 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 Company has net current liabilities of £1,303,166; however creditors include loans due to Group companies of £5,832,034 for which the directors have received assurances will not be due for payment until the Company has adequate financial resource to do so.
As a result of the above considerations, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
ROVOP ASSETS 2 LIMITED
 

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

2.Accounting policies (continued)

 
2.4

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.

 
2.5

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.

 
2.6

Borrowing costs

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

 
2.7

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.

 
2.8

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.

 
2.9

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.

Page 5

 
ROVOP ASSETS 2 LIMITED
 

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

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

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
-
5 -12 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.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

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.

Page 6

 
ROVOP ASSETS 2 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


Employees

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


4.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 April 2022
11,334,857


Additions
766,112



At 31 March 2023

12,100,969



Depreciation


At 1 April 2022
4,794,822


Charge for the year on owned assets
2,048,850



At 31 March 2023

6,843,672



Net book value



At 31 March 2023
5,257,297



At 31 March 2022
6,540,035


5.


Stocks

2023
2022
£
£

Raw materials and consumables
-
85,888


Page 7

 
ROVOP ASSETS 2 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
4,527,201
5,892,075

Other debtors
400
-

4,527,601
5,892,075



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,267
1,267



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
5,832,034
8,617,440

Accruals and deferred income
-
7,000

5,832,034
8,624,440



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
2,557,810
4,208,636

2,557,810
4,208,636


The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£


Repayable other than by instalments
-
4,041,936

-
4,041,936

The loans are due for repayment in December 2027 and incur interest at 20% per annum. The liability includes rolled up interest of £1,057,810 (2022 - £1,041,963). The loans are secured by a standard security over the assets of the Company.

Page 8

 
ROVOP ASSETS 2 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Deferred tax




2022


£






At beginning of year
208,798


Charged to profit or loss
(208,798)



At end of year
-


11.


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.


12.


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.
The Company owes £1,500,000 (2022 - £3,000,000) in respect of loan notes to shareholders of the parent company. The loan notes are repayable in December 2027. Interest payable has accrued on the 
loan amounting to £1,057,810 (2022 - £1,041,936) and is included within creditors. 
During the year one of the shareholders waived their entitlement to the debt due resulting in an exceptional gain being reported in the profit and loss account of £2,209,245.


13.


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.


14.


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 9