Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-28holding and receiving rental income from investment property.2022-03-01false22falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09710144 2022-03-01 2023-02-28 09710144 2021-03-01 2022-02-28 09710144 2023-02-28 09710144 2022-02-28 09710144 c:Director1 2022-03-01 2023-02-28 09710144 d:FurnitureFittings 2022-03-01 2023-02-28 09710144 d:FurnitureFittings 2023-02-28 09710144 d:FurnitureFittings 2022-02-28 09710144 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 09710144 d:ComputerEquipment 2022-03-01 2023-02-28 09710144 d:ComputerEquipment 2023-02-28 09710144 d:ComputerEquipment 2022-02-28 09710144 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 09710144 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 09710144 d:FreeholdInvestmentProperty 2022-03-01 2023-02-28 09710144 d:FreeholdInvestmentProperty 2023-02-28 09710144 d:FreeholdInvestmentProperty 2022-02-28 09710144 d:FreeholdInvestmentProperty 2 2022-03-01 2023-02-28 09710144 d:CurrentFinancialInstruments 2023-02-28 09710144 d:CurrentFinancialInstruments 2022-02-28 09710144 d:Non-currentFinancialInstruments 2023-02-28 09710144 d:Non-currentFinancialInstruments 2022-02-28 09710144 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 09710144 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 09710144 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 09710144 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 09710144 d:ShareCapital 2023-02-28 09710144 d:ShareCapital 2022-02-28 09710144 d:RetainedEarningsAccumulatedLosses 2023-02-28 09710144 d:RetainedEarningsAccumulatedLosses 2022-02-28 09710144 c:FRS102 2022-03-01 2023-02-28 09710144 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 09710144 c:FullAccounts 2022-03-01 2023-02-28 09710144 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Registered number: 09710144










RED ROCK LONDON LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
RED ROCK LONDON LIMITED
REGISTERED NUMBER: 09710144

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
11,202
14,308

Investment property
 5 
750,000
835,017

  
761,202
849,325

Current assets
  

Debtors
 6 
5,754
-

Cash at bank and in hand
 7 
4,943
27,741

Creditors: amounts falling due within one year
 8 
(32,115)
(27,461)

Net current (liabilities)/assets
  
 
 
(21,418)
 
 
280

Total assets less current liabilities
  
739,784
849,605

Creditors: amounts falling due after more than one year
 9 
(696,249)
(707,517)

Provisions for liabilities
  

Deferred tax
  
(2,455)
(2,141)

Net assets
  
41,080
139,947


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
40,980
139,847

  
41,080
139,947


Page 1

 
RED ROCK LONDON LIMITED
REGISTERED NUMBER: 09710144
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

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 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 income and retained earnings 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: 




John Frankiewicz
Director

Date: 29 November 2023

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
RED ROCK LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Red Rock London Limited (“the Company”) is a private company limited by shares, incorporated in England and Wales. 
The registered office address is Moorgate House, 201 Silbury Boulevard, Milton Keynes, MK9 1LZ.

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

Revenue recognition

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover 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 3

 
RED ROCK LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.3

Current and deferred taxation

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.

 
2.4

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
15%
per annum
Computer equipment
-

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.

Page 4

 
RED ROCK LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.5

Investment property

Investment property is carried at fair value determined annually by the Directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

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.

 
2.7

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.

 
2.8

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.

 
2.9

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.
Page 5

 
RED ROCK LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
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.

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 balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet 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.


3.


Employees

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

Page 6

 
RED ROCK LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 March 2022
32,622
-
32,622


Additions
-
2,042
2,042



At 28 February 2023

32,622
2,042
34,664



Depreciation


At 1 March 2022
18,314
-
18,314


Charge for the year on owned assets
4,893
255
5,148



At 28 February 2023

23,207
255
23,462



Net book value



At 28 February 2023
9,415
1,787
11,202



At 28 February 2022
14,308
-
14,308

Page 7

 
RED ROCK LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 March 2022
835,017


Additions at cost
25,625


Surplus on revaluation
(110,642)



At 28 February 2023
750,000

The 2023 valuations were made by the Directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
860,642
835,017


6.


Debtors

2023
2022
£
£


Trade debtors
4,667
-

Other debtors
1,087
-

5,754
-



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
4,943
27,741


Page 8

 
RED ROCK LONDON LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
4,091
9,829

Other taxation and social security
-
5,588

Other creditors
4,943
5,963

Accruals and deferred income
23,081
6,081

32,115
27,461



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other creditors
696,249
707,517



10.


Related party transactions

At the balance sheet date a total of £696,249 (2022: £707,517) was owed to the Directors by the Company. This amount is included within other creditors.
No interests have been charged on these balances and the loans are repayable on demand.

 
Page 9