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REGISTERED NUMBER: 09860229 (England and Wales)
















STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR


HARDROCK DEVELOPMENTS LIMITED


HARDROCK DEVELOPMENTS LIMITED (REGISTERED NUMBER: 09860229)







CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023





Page



Company Information  

1



Strategic Report  

2



Report of the Director  

3



Report of the Independent Auditors  

4



Income Statement  

7



Other Comprehensive Income  

8



Balance Sheet  

9



Statement of Changes in Equity  

10



Cash Flow Statement  

11



Notes to the Cash Flow Statement  

12



Notes to the Financial Statements

13




HARDROCK DEVELOPMENTS LIMITED


COMPANY INFORMATION

FOR THE YEAR ENDED 30 NOVEMBER 2023









DIRECTOR:

E W B Gunnery







REGISTERED OFFICE:

45 Oakfield Road


Clifton


Bristol


BS8 2AX







REGISTERED NUMBER:

09860229 (England and Wales)







AUDITORS:

Gordon Wood Scott & Partners Limited


Statutory Auditors


Dean House


94 Whiteladies Road


Clifton


Bristol


BS8 2QX


HARDROCK DEVELOPMENTS LIMITED (REGISTERED NUMBER: 09860229)


STRATEGIC REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2023


The director presents his strategic report for the year ended 30 November 2023.


REVIEW OF BUSINESS

The principal activities of the business continues to be the construction and sale of 198 residential properties at Holburne Park, Bath.


The loss for the year of £8,573,276 arose from increased interest costs forecast to the end of the development caused by an extended selling period.


Up to the year end the company has sold 107 open market homes at an average selling price of £955,292 and 29 affordable homes to a Registered Social Landlord at an average selling price of £140,931.


At the year end, 5 open market homes were reserved or exchanged by purchasers with a further 57 homes to sell.


PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks identified by the director relate to further inflationary cost pressures and the potential slow down in the housing market which could result from the recent increases in interest rates.


SECTION 172(1) STATEMENT

Our key stakeholder groups are our customers, supply chain, local government and our parent company. Throughout the year we have engaged with our stakeholders to ensure we are acting in line with our responsibilities under s.172 of the Companies Act 2006.


Customers - we engage with our customers throughout the period from initial reservation through to moving in and then following up to ensure customer satisfaction and to receive and respond to feedback.


Supply chain - engagement is an essential part of the company's product delivery and this is achieved by regular meetings both before and during the construction phases.


Local government - the company has engaged with the local authority in order to negotiate a planning permission for the development which meets the demands for both private and social housing. Regular liaison has continued during the year where minor variations to the planning consent has been required.


Parent company - ICG Longbow Development Debt Company Limited is the company's principal lender and engagement takes place on a regular basis including formal monthly meetings where decisions concerning the property development are reviewed and ratified.


FUTURE DEVELOPMENTS

The company anticipates that sales will be completed later than originally forecast due to build delays resulting in more homes being delivered towards the end of the construction contract.


ON BEHALF OF THE BOARD:






E W B Gunnery - Director



30 August 2024


HARDROCK DEVELOPMENTS LIMITED (REGISTERED NUMBER: 09860229)


REPORT OF THE DIRECTOR

FOR THE YEAR ENDED 30 NOVEMBER 2023


The director presents his report with the financial statements of the company for the year ended 30 November 2023.


DIVIDENDS

No dividends will be distributed for the year ended 30 November 2023.


DIRECTOR

E W B Gunnery held office during the whole of the period from 1 December 2022 to the date of this report.


DISCLOSURE IN THE STRATEGIC REPORT

Future developments of the business are discussed in the Strategic Report.


STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable 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 director is 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 enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors,  Gordon Wood Scott & Partners Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.


ON BEHALF OF THE BOARD:






E W B Gunnery - Director



30 August 2024


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

HARDROCK DEVELOPMENTS LIMITED


Opinion

We have audited the financial statements of Hardrock Developments Limited (the 'company') for the year ended 30 November 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 November 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report.  We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Material uncertainty relating to going concern

We draw attention to note 2 in the financial statement, which indicates that the company forecasts significant future losses and is dependent upon support from its principal lender to enable it to meet its financial obligations as they fall due. As stated in note 2, these events and conditions indicate that a material uncertainty exists which may cast doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.


Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard.


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-

the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

HARDROCK DEVELOPMENTS LIMITED



Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.


We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-

certain disclosures of director's remuneration specified by law are not made; or

-

we have not received all the information and explanations we require for our audit.


Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:


Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

-


the engagement partner ensured that the engagement team collectively had the appropriate competence,     capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;


-


we identified the laws and regulations applicable to the company through discussions with directors and other management and from our commercial knowledge and experience of the residential property sector;


-


we focused on specific laws and regulations which we considered may have a direct material effect on the   financial statements or the operations of the company, including the Companies Act 2006, taxation legislation,     environmental, and health and safety legislation;


-


we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and


-


identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.



We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

-


making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;


-


considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.



REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

HARDROCK DEVELOPMENTS LIMITED



To address the risk of fraud through management bias and override of controls, we:

-


performed analytical procedures to identify any unusual or unexpected relationships;


-


tested journal entries to identify unusual transactions;


-


assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;


-


investigated the rationale behind significant or unusual transactions.



In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-


agreeing financial statement disclosures to underlying supporting documentation;


-


reading the minutes of meetings of those charged with governance;


-


enquiring of management as to actual and potential litigation and claims;


-


reviewing the company's legal expenses.



There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.


Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.


Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.





Richard Williams (Senior Statutory Auditor)

for and on behalf of Gordon Wood Scott & Partners Limited

Statutory Auditors

Dean House

94 Whiteladies Road

Clifton

Bristol

BS8 2QX


30 August 2024


HARDROCK DEVELOPMENTS LIMITED (REGISTERED NUMBER: 09860229)


INCOME STATEMENT

FOR THE YEAR ENDED 30 NOVEMBER 2023



30.11.23


30.11.22


Notes

£   

£   



TURNOVER

14,978,950


20,870,100




Cost of sales

(23,524,877

)

(31,372,076

)


GROSS LOSS

(8,545,927

)

(10,501,976

)



Administrative expenses

(29,270

)

(86,956

)


(8,575,197

)

(10,588,932

)



Other operating income

-


13,393



OPERATING LOSS

4

(8,575,197

)

(10,575,539

)



Interest receivable and similar income

1,921


1,535



LOSS BEFORE TAXATION

(8,573,276

)

(10,574,004

)



Tax on loss

6

-


-



LOSS FOR THE FINANCIAL YEAR

(8,573,276

)

(10,574,004

)



HARDROCK DEVELOPMENTS LIMITED (REGISTERED NUMBER: 09860229)


OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 NOVEMBER 2023



30.11.23


30.11.22


Notes

£   

£   



LOSS FOR THE YEAR

(8,573,276

)

(10,574,004

)




OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME

FOR THE YEAR

(8,573,276

)

(10,574,004

)



HARDROCK DEVELOPMENTS LIMITED (REGISTERED NUMBER: 09860229)


BALANCE SHEET

30 NOVEMBER 2023



30.11.23


30.11.22


Notes

£   

£   


FIXED ASSETS

Tangible assets

7

283


424




CURRENT ASSETS

Stocks

8

25,697,393


22,715,771



Debtors

9

166,225


1,141,766



Cash at bank

4,318,085


6,911,998



30,181,703


30,769,535



CREDITORS

Amounts falling due within one year

10

(104,568,954

)

(96,583,651

)


NET CURRENT LIABILITIES

(74,387,251

)

(65,814,116

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

(74,386,968

)

(65,813,692

)



CREDITORS

Amounts falling due after more than one

year

11

(1,944,922

)

(1,944,922

)


NET LIABILITIES

(76,331,890

)

(67,758,614

)



CAPITAL AND RESERVES

Called up share capital

13

1,219,287


1,219,287



Share premium

14

1,212,826


1,212,826



Other reserves

14

337,966


337,966



Retained earnings

14

(79,101,969

)

(70,528,693

)


(76,331,890

)

(67,758,614

)



The financial statements were approved by the director and authorised for issue on 30 August 2024 and were signed by:






E W B Gunnery - Director



HARDROCK DEVELOPMENTS LIMITED (REGISTERED NUMBER: 09860229)


STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 NOVEMBER 2023



Called up



share


Retained


Share


Other


Total


capital


earnings


premium


reserves


equity

£   

£   

£   

£   

£   


Balance at 1 December 2021

1,219,287


(59,954,689

)

1,212,826


337,966


(57,184,610

)



Changes in equity

Total comprehensive income

-


(10,574,004

)

-


-


(10,574,004

)


Balance at 30 November 2022

1,219,287


(70,528,693

)

1,212,826


337,966


(67,758,614

)



Changes in equity

Total comprehensive income

-


(8,573,276

)

-


-


(8,573,276

)


Balance at 30 November 2023

1,219,287


(79,101,969

)

1,212,826


337,966


(76,331,890

)



HARDROCK DEVELOPMENTS LIMITED (REGISTERED NUMBER: 09860229)


CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 NOVEMBER 2023



30.11.23


30.11.22


Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

(12,514,303

)

(12,670,411

)


Net cash from operating activities

(12,514,303

)

(12,670,411

)



Cash flows from investing activities

Interest received

1,921


1,535



Net cash from investing activities

1,921


1,535




Cash flows from financing activities

New loans in year

9,918,469


11,380,207



Net cash from financing activities

9,918,469


11,380,207




Decrease in cash and cash equivalents

(2,593,913

)

(1,288,669

)


Cash and cash equivalents at beginning of

year

2

6,911,998


8,200,667




Cash and cash equivalents at end of year

2

4,318,085


6,911,998




HARDROCK DEVELOPMENTS LIMITED (REGISTERED NUMBER: 09860229)


NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 NOVEMBER 2023


1.

RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS


30.11.23


30.11.22

£   

£   



Loss before taxation

(8,573,276

)

(10,574,004

)



Depreciation charges

141


209




Finance income

(1,921

)

(1,535

)


(8,575,056

)

(10,575,330

)



Increase in stocks

(2,981,622

)

(2,552,748

)



Decrease/(increase) in trade and other debtors

975,540


(680,896

)



(Decrease)/increase in trade and other creditors

(1,933,165

)

1,138,563




Cash generated from operations

(12,514,303

)

(12,670,411

)



2.

CASH AND CASH EQUIVALENTS



The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:



Year ended 30 November 2023


30.11.23


1.12.22

£   

£   



Cash and cash equivalents

4,318,085


6,911,998




Year ended 30 November 2022


30.11.22


1.12.21

£   

£   



Cash and cash equivalents

6,911,998


8,200,667





3.

ANALYSIS OF CHANGES IN NET FUNDS



At 1.12.22

Cash flow

At 30.11.23

£   

£   

£   



Net cash



Cash at bank

6,911,998


(2,593,913

)

4,318,085



6,911,998


(2,593,913

)

4,318,085




Total

6,911,998


(2,593,913

)

4,318,085




HARDROCK DEVELOPMENTS LIMITED (REGISTERED NUMBER: 09860229)


NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023


1.

STATUTORY INFORMATION



Hardrock Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.


The presentation currency of the financial statements is the Pound Sterling (£).


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.  



The director considers that there are material uncertainties regarding the continued use of the going concern basis of accounting, however having carefully considered the matters referred to below, he has concluded that the going concern basis continues to be appropriate.



The company's business plan has been severely impacted by two issues:


1. Increased build costs arising from inflation, poor ground conditions and delays partly caused by the planning system.


2. Increased interest costs caused by the extended development programme.



The company forecasts significant future losses which have been recognised in the accounts for this year and the previous year. It is currently unlikely that the shareholders will recover any of their equity or loan investments and it also unlikely that the company's principal lender will recover all of their loan.



The principal lender exercised their step-in rights on 17th September 2020 as a result of Events of Default as defined within the Facility Agreement governing its loan arrangements. The loan balance outstanding at the year end was £98,198,626.



The principal lender has confirmed to the director its present intention to continue to lend financial support to the company, which it is able to do, to enable the company to meet its financial obligations as they fall due for a period of at least 12 months from the date of signature of these financial statements.



Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Where turnover relates to house sales, profit is taken on legal completion.


Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.  


Computer equipment

-

33% on reducing balance



Stocks


Work-in-progress is valued at the lower of cost and net realisable value.



Cost includes all direct expenditure, an appropriate proportion of fixed and variable overheads and capitalised borrowing costs.


HARDROCK DEVELOPMENTS LIMITED (REGISTERED NUMBER: 09860229)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2023


2.

ACCOUNTING POLICIES - continued



Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

Short term debtors are measured at transaction price less any impairment.

Short term creditors are measured at transaction price.

Cash is represented by deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Other financial liabilities, including borrowings are initially measured at fair value and subsequently measured at amortised cost using the effective interest rate method, with interest expense recognised on an effective yield basis.


Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

3.

EMPLOYEES AND DIRECTORS



There were no staff costs for the year ended 30 November 2023 nor for the year ended 30 November 2022.



The average number of employees during the year was NIL (2022 - NIL).



The director received remuneration amounting to £120,000 (2022: £120,000) from amounts paid to connected parties.


4.

OPERATING LOSS



The operating loss is stated after charging:



30.11.23


30.11.22

£   

£   



Depreciation - owned assets

141


210




HARDROCK DEVELOPMENTS LIMITED (REGISTERED NUMBER: 09860229)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2023


5.

AUDITORS' REMUNERATION


30.11.23


30.11.22

£   

£   



Fees payable to the company's auditors for the audit of the company's

financial statements

10,805


9,095




Taxation compliance services

550


550




Other non- audit services

17,156


16,500




6.

TAXATION



Analysis of the tax charge


No liability to UK corporation tax arose for the year ended 30 November 2023 nor for the year ended 30 November 2022.


7.

TANGIBLE FIXED ASSETS


Computer


equipment

£   



COST


At 1 December 2022


and 30 November 2023

946




DEPRECIATION


At 1 December 2022

522




Charge for year

141




At 30 November 2023

663




NET BOOK VALUE


At 30 November 2023

283




At 30 November 2022

424




8.

STOCKS


30.11.23


30.11.22

£   

£   



Work-in-progress

25,697,393


22,715,771




Work-in-progress includes capitalised interest of £nil (2022 - £nil). The total value of work-in-progress is pledged as security for liabilities.

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



30.11.23


30.11.22

£   

£   



Other debtors

115,794


129,334




VAT

12,922


22,669




Called up share capital not paid

1


1




Prepayments and accrued income

37,508


989,762



166,225


1,141,766




HARDROCK DEVELOPMENTS LIMITED (REGISTERED NUMBER: 09860229)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2023


10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



30.11.23


30.11.22

£   

£   



Payments on account

7,500


6,000




Trade creditors

912,299


1,324,085




Amounts owed to group undertakings

98,198,626


88,280,157




Accruals and deferred income

5,450,529


6,973,409



104,568,954


96,583,651




11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR



30.11.23


30.11.22

£   

£   



Directors' loan accounts

1,944,922


1,944,922




12.

SECURED DEBTS



The following secured debts are included within creditors:



30.11.23


30.11.22

£   

£   



Owed to group undertakings

98,198,626


88,280,157





The loan is secured by a fixed legal charge over the land and buildings at Warminster Road, Bath, a debenture over the company's assets, charges over the company's bank accounts and charges over the "A" shares, "C" shares and "D" shares.


13.

CALLED UP SHARE CAPITAL



Allotted, Called Up and Fully Paid:


Number:


Class:


Nominal


30.11.22



30.11.21





Value


£



£





766,000


A Ordinary


£1


766,000



766,000




1


B Ordinary


£1


1



1




219,472


C Ordinary


£1


219,472



219,472




233,814


D Ordinary


£1


233,814



233,814




Total



1,219,287



1,219,287





A Ordinary, C Ordinary and D Ordinary Shares


Each share has one vote and the rights to dividends. Rights to distributions after distributions to the B shareholder.The shares lose their voting rights after the B Share Notice has been served on the company.



B Ordinary Share


No right to vote until such time as a B Share Notice has been executed and served on the company. No rights to received dividends. Priority rights to distribution.



The B Share Notice was served on the company on 17th September 2020.


HARDROCK DEVELOPMENTS LIMITED (REGISTERED NUMBER: 09860229)


NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2023


14.

RESERVES


Retained


Share


Other



earnings


premium


reserves


Totals

£   

£   

£   

£   




At 1 December 2022

(70,528,693

)

1,212,826


337,966


(68,977,901

)



Deficit for the year

(8,573,276

)

(8,573,276

)



At 30 November 2023

(79,101,969

)

1,212,826


337,966


(77,551,177

)



15.

RELATED PARTY DISCLOSURES


Shareholders who were formerly directors of the company were owed £1,944,922 (2022: £1,944,922) at the year end and other shareholders who were not former directors were owed £337,966 (2022: £337,966) by the company. The loans are repayable after repayment of the company's loan from its principle lender. In accordance with the requirements of FRS102, the loans from shareholders who were not directors of the company at the time the loans were issued have been discounted with the resulting notional interest treated as a capital contribution which is included within "Other reserves". As the repayment of these loans is unlikely, the discounted value of the loans is reduced to £nil and the corresponding capital contribution is £337,966.

The company purchased development management services during the year amounting to £120,000 (2022: £120,000) from a company controlled by the director, at the year end the amount outstanding was £12,000 (2022: £12,000).

The loan from the controlling entity is referred to in Notes 10 & 12 above, the interest charged during the year was £13,082,056 (2022: £11,535,683).

16.

ULTIMATE CONTROLLING PARTY



The controlling party is ICG Longbow Development Debt Company Limited.



The ultimate controlling party is Intermediate Capital Group Plc.