Company registration number SC547007 (Scotland)
ROCC HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ROCC HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ROCC HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,681,538
1,983,911
Investment property
4
3,450,624
2,477,581
Investments
5
101
100
5,132,263
4,461,592
Current assets
Stocks
-
3,370
Debtors
6
531,292
58,679
Cash at bank and in hand
22,490
37,268
553,782
99,317
Creditors: amounts falling due within one year
7
(4,526,713)
(4,377,895)
Net current liabilities
(3,972,931)
(4,278,578)
Total assets less current liabilities
1,159,332
183,014
Provisions for liabilities
(258,233)
(53,255)
Net assets
901,099
129,759
Capital and reserves
Called up share capital
500
500
Non-distributable profits reserve
8
729,782
Distributable profit and loss reserves
170,817
129,259
Total equity
901,099
129,759
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 December 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.
ROCC HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 September 2024 and are signed on its behalf by:
J M Pirrie
Director
Company Registration No. SC547007
ROCC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
ROCC Holdings Limited is a private company limited by shares incorporated in Scotland. The registered office is 221 West George Street, Glasgow, United Kingdom, G2 2ND.
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 investment properties at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
At 31 December 2023 the company had net current liabilities of £3,972,931 (2022 - £4,278,578), including £4,458,099 due to directors and close family members. The directors are confident that, with the continued support of the shareholders, future sources of funding will be more than adequate for the company's needs. The directors will not withdraw any loan repayments in excess of the annual cashflow. As such, the financial statements have been prepared on the going concern basis.true
1.3
Turnover
Turnover represents gross rents received and receivable and fees received during the period, as well as income from farming activities being the sale of crops and the hiring of plant and tractors.
Gross rents received and receivable from properties are included in the Profit and Loss Account on the basis that credit is taken when these rents fall due for payment. Provision is made against any rents due but not considered to be recoverable.
1.4
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:
Freehold land and buildings
0 - 10% on cost
Plant and equipment
10-20% on cost
Fixtures and fittings
5-20% on cost
Motor vehicles
20% on cost with 10% residual
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.
ROCC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.7
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.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
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.
ROCC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
1,682,677
225,731
23,672
116,334
2,048,414
Additions
28,103
71,752
171
100,026
Disposals
(56,004)
(278,613)
(4,051)
(80,950)
(419,618)
At 31 December 2023
1,654,776
18,870
19,792
35,384
1,728,822
Depreciation and impairment
At 1 January 2023
13,712
41,377
1,655
7,759
64,503
Depreciation charged in the year
19,413
14,339
1,839
12,440
48,031
Eliminated in respect of disposals
(53,654)
(950)
(10,646)
(65,250)
At 31 December 2023
33,125
2,062
2,544
9,553
47,284
Carrying amount
At 31 December 2023
1,621,651
16,808
17,248
25,831
1,681,538
At 31 December 2022
1,668,965
184,354
22,017
108,575
1,983,911
ROCC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Investment property
2023
£
Fair value
At 1 January 2023
2,477,581
Additions
973,043
At 31 December 2023
3,450,624
The directors have considered the values included above and believe that these are a true reflection of current fair values.
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
101
100
Movements in fixed asset investments
Shares in joint ventures
£
Cost or valuation
At 1 January 2023
100
Additions
1
At 31 December 2023
101
Carrying amount
At 31 December 2023
101
At 31 December 2022
100
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
48,293
8,898
Other debtors
482,999
49,781
531,292
58,679
ROCC HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
24,091
13,170
Taxation and social security
17,616
Other creditors
4,485,006
4,364,725
4,526,713
4,377,895
8
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
-
-
Non distributable profits in the year
729,782
-
At the end of the year
729,782
-
9
Related party transactions
Included within other payables are amounts of £2,320,099 (2022 - £2,187,442) and £1,718,000 (2022 - £1,730,000) owed to the directors J M Pirrie and M Carey respectively. Also included within other payables is an amount of £420,000 (2022 - £420,000) owed to close family members of the directors. The loans are interest free and have no fixed repayment terms.
10
Parent company
The company is under the control of its directors.