Company registration number 05518401 (England and Wales)
ROCKHILL BUSINESS PARK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
ROCKHILL BUSINESS PARK LIMITED
COMPANY INFORMATION
Directors
Mr D S Philp
Mrs A Philp
Mr J C Tonkin
Mrs V R Tonkin
Company number
05518401
ROCKHILL BUSINESS PARK LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
ROCKHILL BUSINESS PARK LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,522,393
1,456,654
Current assets
Stocks
10,000
10,000
Debtors
4
36,014
59,653
Cash at bank and in hand
40,041
38,987
86,055
108,640
Creditors: amounts falling due within one year
5
(384,702)
(708,312)
Net current liabilities
(298,647)
(599,672)
Total assets less current liabilities
1,223,746
856,982
Creditors: amounts falling due after more than one year
6
(467,319)
(40,823)
Provisions for liabilities
(89,412)
(55,632)
Net assets
667,015
760,527
Capital and reserves
Called up share capital
100
100
Revaluation reserve
7
185,027
280,912
Profit and loss reserves
481,888
479,515
Total equity
667,015
760,527
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ROCKHILL BUSINESS PARK LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 5 March 2024 and are signed on its behalf by:
Mr D S Philp
Director
Company Registration No. 05518401
ROCKHILL BUSINESS PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information
Rockhill Business Park Limited is a private company limited by shares incorporated in England and Wales. The principal place of business is Rockhill Business Park, Higher Bugle, St Austell, Cornwall, PL26 8RA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from the construction of units is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land & buildings freehold
2% per annum on the straight line method
Plant & machinery
15% per annum on the reducing balance method
Fixtures, fittings & equipment
15% per annum on the reducing balance method
Computer equipment
33.33% per annum on the straight line method
Motor vehicles
25% per annum on the reducing balance method
Cafe fixtures & equipment
15% per annum on the reducing balance method
No depreciation is provided in respect of freehold buildings as the residual value is at least equal to cost. Any depreciation would not therefore be material.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
ROCKHILL BUSINESS PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell after making due allowances for obsolete and slow moving items.
1.6
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.7
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
ROCKHILL BUSINESS PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
4
ROCKHILL BUSINESS PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
3
Tangible fixed assets
Land & buildings freehold
Plant & machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Cafe fixtures & equipment
Total
£
£
£
£
£
£
£
Cost
At 1 August 2022
1,345,122
222,273
2,182
6,370
43,477
30,402
1,649,826
Additions
141,273
17,110
112
158,495
Disposals
(3,500)
(8,686)
(12,186)
Revaluation
(66,395)
(66,395)
At 31 July 2023
1,420,000
239,383
2,182
6,482
39,977
21,716
1,729,740
Depreciation and impairment
At 1 August 2022
144,521
1,538
5,864
21,726
19,523
193,172
Depreciation charged in the year
14,229
97
381
4,945
1,632
21,284
Eliminated in respect of disposals
(1,531)
(5,578)
(7,109)
At 31 July 2023
158,750
1,635
6,245
25,140
15,577
207,347
Carrying amount
At 31 July 2023
1,420,000
80,633
547
237
14,837
6,139
1,522,393
At 31 July 2022
1,345,122
77,752
644
506
21,751
10,879
1,456,654
ROCKHILL BUSINESS PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
3
Tangible fixed assets
(Continued)
- 7 -
The freehold land and buildings were revalued in August 2022 by Mr Thomas Blake MRICS of Jefferys, a firm of Chartered Surveyors who are independent of the company, on the basis of market value. The comparable carrying amount on an historical cost basis would be £1,162,297 (2022: £1,021,024).
Motor vehicles with a carrying value of £12,227 (2022: £16,303) are held under hire purchase contracts.
Fixed assets with a carrying amount of £1,507,319 have been pledged to secure the borrowings of the company.
4
Debtors: amounts falling due within one year
2023
2022
£
£
Trade debtors
23,009
48,088
Other debtors
13,005
11,565
36,014
59,653
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loan (secured)
43,182
294,551
Trade creditors
10,525
31,120
Corporation tax
542
4,727
Other taxation and social security
529
1,261
Other creditors
329,924
376,653
384,702
708,312
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loan (secured)
461,642
29,920
Other creditors
5,677
10,903
467,319
40,823
Hire purchase agreements are secured against the assets to which they relate. The outstanding amount at 31 July 2023 was £10,903 (2022: £15,677).
Mr D S Philp and Mr J C Tonkin, directors, have each given a £40,000 personal guarantee in respect of the bank borrowing. The remainder is secured by the first legal charge over Rockhill Business Park and its associated assets.
ROCKHILL BUSINESS PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 8 -
7
Revaluation reserve
2023
2022
£
£
At the beginning of the year
280,912
280,912
Revaluation deficit arising in the year
(66,395)
Deferred tax on revaluation of tangible assets
(29,490)
-
At the end of the year
185,027
280,912
The deferred tax calculated on the gain on revaluation of land and buildings recognised in the revaluation reserve has been included in the deferred tax liability at the year end and amounts to £64,426 (2022: £34,936). Such tax would become payable only if the properties were sold.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
11,248
16,422