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Registration number: SC713460

The Rocks Property Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

The Rocks Property Holdings Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 12

 

The Rocks Property Holdings Limited

Company Information

Director

Mr Neil Morrison

Registered office

9 Erray Road
Tobermory
Isle of Mull
Argyll
PA75 6PS

Accountants

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

 

The Rocks Property Holdings Limited

Director's Report for the Year Ended 31 October 2023

The director presents his report and the financial statements for the year ended 31 October 2023.

Director of the company

The director who held office during the year was as follows:

Mr Neil Morrison

Principal activity

The principal activity of the company is property ownership

Small companies provision statement

This report has been prepared 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 director on 8 April 2024
 

.........................................
Mr Neil Morrison
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
The Rocks Property Holdings Limited
for the Year Ended 31 October 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Rocks Property Holdings Limited for the year ended 31 October 2023 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of The Rocks Property Holdings Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Rocks Property Holdings Limited and state those matters that we have agreed to state to the Board of Directors of The Rocks Property Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Rocks Property Holdings Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Rocks Property Holdings Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Rocks Property Holdings Limited. You consider that The Rocks Property Holdings Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of The Rocks Property Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Jack MacDonald & Co
Cuan Aille
1 Aldersyde
Taynuilt
Argyll
PA35 1AG

8 April 2024

 

The Rocks Property Holdings Limited

Profit and Loss Account for the Year Ended 31 October 2023

Note

2023
£

2022
£

Turnover

 

21,000

-

Gross profit

 

21,000

-

Administrative expenses

 

(10,116)

(600)

Operating profit/(loss)

 

10,884

(600)

Interest payable and similar expenses

 

(9,081)

-

Profit/(loss) before tax

1,803

(600)

Tax on profit/(loss)

 

(229)

-

Profit/(loss) for the financial year

 

1,574

(600)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

The Rocks Property Holdings Limited

Statement of Comprehensive Income for the Year Ended 31 October 2023

2023
£

2022
£

Profit/(loss) for the year

1,574

(600)

Total comprehensive income for the year

1,574

(600)

 

The Rocks Property Holdings Limited

(Registration number: SC713460)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

846,400

846,400

Current assets

 

Debtors

4

184,008

-

Cash at bank and in hand

 

32,131

100

 

216,139

100

Creditors: Amounts falling due within one year

5

(729,229)

(847,000)

Net current liabilities

 

(513,090)

(846,900)

Total assets less current liabilities

 

333,310

(500)

Creditors: Amounts falling due after more than one year

5

(332,236)

-

Net assets/(liabilities)

 

1,074

(500)

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

974

(600)

Shareholders' funds/(deficit)

 

1,074

(500)

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 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 director on 8 April 2024
 

.........................................
Mr Neil Morrison
Director

 

The Rocks Property Holdings Limited

Statement of Changes in Equity for the Year Ended 31 October 2023

Share capital
£

Retained earnings
£

Total
£

At 1 November 2022

100

(600)

(500)

Profit for the year

-

1,574

1,574

At 31 October 2023

100

974

1,074

Share capital
£

Retained earnings
£

Total
£

Loss for the year

-

(600)

(600)

New share capital subscribed

100

-

100

At 31 October 2022

100

(600)

(500)

 

The Rocks Property Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 sales/value added tax, returns, rebates and discounts.

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

The tax expense for the period comprises current 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.

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 taxable income.

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:

 

The Rocks Property Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Asset class

Depreciation method and rate

Land & buildings

in accordance with the property

Plant & machinery

20% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

The Rocks Property Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

3

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 November 2022

846,400

846,400

At 31 October 2023

846,400

846,400

Depreciation

Carrying amount

At 31 October 2023

846,400

846,400

At 31 October 2022

846,400

846,400

Included within the net book value of land and buildings above is £846,400 (2022 - £846,400) in respect of freehold land and buildings.
 

4

Debtors

Current

2023
£

2022
£

Other debtors

184,008

-

 

184,008

-

 

The Rocks Property Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

2,600

600

Taxation and social security

229

-

Other creditors

726,400

846,400

729,229

847,000

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

332,236

-

6

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

7

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

332,236

-

Bank borrowings

The Mortgage Lender Ltd is denominated in GBP with a nominal interest rate of 5.44%%, and the final instalment is due on 30 April 2043. The carrying amount at year end is £332,236 (2022 - £Nil).

Secured on Hillhouse, Howwood, Johnstone

 

The Rocks Property Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

8

Related party transactions

Summary of transactions with parent

Dunard Holdings Ltd
 

Loans to related parties

2023

Parent
£

Total
£

Advanced

184,008

184,008

At end of period

184,008

184,008

Loans from related parties

2023

Parent
£

Total
£

At start of period

846,400

846,400

Advanced

50,000

50,000

Repaid

184,000

184,000

At end of period

1,080,400

1,080,400

2022

Parent
£

Total
£

Advanced

846,400

846,400

At end of period

846,400

846,400

9

Parent and ultimate parent undertaking

The company's immediate parent is Dunard Holdings Limited, incorporated in Scotland.