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Registered Number: 11388386
England and Wales

 

 

 

ROLCOR INVESTMENTS LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 June 2022

End date: 31 May 2023
Directors James Roland Cordell Clack
Lucy Joanne Gaitskell
Registered Number 11388386
Registered Office 24 Warminster Road
Westbury
Wiltshire
BA13 3PE
Accountants aa Chartered Accountants
Fenlake House
Fenlake Business Centre
Fengate
Peterborough
PE1 5BQ
1
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Rolcor Investments Ltd for the year ended 31 May 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Rolcor Investments Ltd for the year ended 31 May 2023 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the companys 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, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
This report is made solely to the Board of Directors of Rolcor Investments Ltd, as a body, in accordance with the terms of our engagement letter dated 27 February 2024. Our work has been undertaken solely to prepare for your approval the accounts of Rolcor Investments Ltd and state those matters that we have agreed to state to the Board of Directors of Rolcor Investments Ltd, 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 Rolcor Investments Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Rolcor Investments Ltd 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 Rolcor Investments Ltd. You consider that Rolcor Investments Ltd 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 Rolcor Investments Ltd. 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
31 May 2023



....................................................
aa Chartered Accountants
Fenlake House
Fenlake Business Centre
Fengate
Peterborough
PE1 5BQ
27 February 2024
2
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 146,650    114,949 
Investments 4 2    2 
146,652    114,951 
Current assets      
Debtors 5 8,737    1,361 
Cash at bank and in hand 217    15,014 
8,954    16,375 
Creditors: amount falling due within one year 6 (48,966)   (32,947)
Net current liabilities (40,012)   (16,572)
 
Total assets less current liabilities 106,640    98,379 
Creditors: amount falling due after more than one year 7 (120,082)   (122,358)
Net liabilities (13,442)   (23,979)
 

Capital and reserves
     
Called up share capital 8 10    10 
Reserves 9 31,717   
Profit and loss account (45,169)   (23,989)
Shareholder's funds (13,442)   (23,979)
 


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

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 27 February 2024 and were signed on its behalf by:


-------------------------------
James Roland Cordell Clack
Director
3
General Information
Rolcor Investments Ltd is a private company, limited by shares, registered in England and Wales, registration number 11388386, registration address 24 Warminster Road, Westbury, Wiltshire, BA13 3PE.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Change in accounting policy
The properties within the business have been valued this year which has in turn generated a change in accounting policy from FRS105 to FRS102 (1a).


Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Website cost
Planning and operating costs for the company's website are charged to the income statement as incurred.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 20% Reducing Balance
Fixtures and Fittings 20% Reducing Balance
Computer Equipment 20% Reducing Balance
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
2.

Average number of employees

Average number of employees during the year was 2 (2022 : 2).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Computer Equipment   Investment properties   Total
  £   £   £   £   £
At 01 June 2022 260    479    1,543    113,283    115,565 
Additions     420      420 
Disposals        
Revaluations       31,717    31,717 
At 31 May 2023 260    479    1,963    145,000    147,702 
Depreciation
At 01 June 2022 52    146    418      616 
Charge for year 42    67    327      436 
On disposals        
At 31 May 2023 94    213    745      1,052 
Net book values
Closing balance as at 31 May 2023 166    266    1,218    145,000    146,650 
Opening balance as at 01 June 2022 208    333    1,125    113,283    114,949 


4.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 June 2022  
Additions 2    2 
Transfer to/from tangible fixed assets  
Disposals  
At 31 May 2023 2    2 

5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Amount Owed by Participating Interests 8,561    1,346 
Other Debtors   (1)
PAYE & Social Security 176    16 
8,737    1,361 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Bank Loans & Overdrafts 2,743    1,168 
Accrued Expenses 461   
Other Creditors   3,656 
Wages & Salaries Control Account 66   
Directors' Current Accounts 45,696    28,123 
48,966    32,947 

7.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts (secured)   20,251 
Bank Loans & Overdrafts 120,082    102,107 
120,082    122,358 

8.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
10 Class A shares of £1.00 each 10    10 
10    10 

9.

Reserves

2023
£
  2022
£
Revaluation of Fixed Assets 31,717   
31,717   

10.

Related Party Transactions

  1. During the year the company entered into the following transactions with related parties.:
Particulars   Current
£
Rolcor Serviced Accommodation Ltd 8,086 
Daffodil House Ltd 476 


11.

Director loan

As at the balance sheet date the company owed the directors £45,696 (2022: £28,123). This loan is interest free and repayable on demand.
4