IRIS Accounts Production v24.2.0.383 05684606 director 1.5.23 31.3.24 31.3.24 0 0 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh056846062023-04-30056846062024-03-31056846062023-05-012024-03-31056846062022-04-30056846062022-05-012023-04-30056846062023-04-3005684606ns15:EnglandWales2023-05-012024-03-3105684606ns14:PoundSterling2023-05-012024-03-3105684606ns10:Director12023-05-012024-03-3105684606ns10:PrivateLimitedCompanyLtd2023-05-012024-03-3105684606ns10:SmallEntities2023-05-012024-03-3105684606ns10:AuditExempt-NoAccountantsReport2023-05-012024-03-3105684606ns10:SmallCompaniesRegimeForDirectorsReport2023-05-012024-03-3105684606ns10:SmallCompaniesRegimeForAccounts2023-05-012024-03-3105684606ns10:FullAccounts2023-05-012024-03-3105684606ns10:OrdinaryShareClass12023-05-012024-03-3105684606ns5:CurrentFinancialInstruments2024-03-3105684606ns5:CurrentFinancialInstruments2023-04-3005684606ns5:Non-currentFinancialInstruments2024-03-3105684606ns5:Non-currentFinancialInstruments2023-04-3005684606ns5:ShareCapital2024-03-3105684606ns5:ShareCapital2023-04-3005684606ns5:RevaluationReserve2024-03-3105684606ns5:RevaluationReserve2023-04-3005684606ns5:RetainedEarningsAccumulatedLosses2024-03-3105684606ns5:RetainedEarningsAccumulatedLosses2023-04-3005684606ns10:RegisteredOffice2023-05-012024-03-3105684606ns5:LeaseholdImprovements2023-05-012024-03-3105684606ns5:ComputerEquipment2023-05-012024-03-3105684606ns5:LandBuildings2023-04-3005684606ns5:LeaseholdImprovements2023-04-3005684606ns5:ComputerEquipment2023-04-3005684606ns5:LandBuildings2023-05-012024-03-3105684606ns5:LandBuildings2024-03-3105684606ns5:LeaseholdImprovements2024-03-3105684606ns5:ComputerEquipment2024-03-3105684606ns5:LandBuildings2023-04-3005684606ns5:LeaseholdImprovements2023-04-3005684606ns5:ComputerEquipment2023-04-3005684606ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3105684606ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-04-3005684606ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-03-3105684606ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-04-3005684606ns5:AcceleratedTaxDepreciationDeferredTax2024-03-3105684606ns5:AcceleratedTaxDepreciationDeferredTax2023-04-3005684606ns5:TaxLossesCarry-forwardsDeferredTax2024-03-3105684606ns5:TaxLossesCarry-forwardsDeferredTax2023-04-3005684606ns5:DeferredTaxation2023-04-3005684606ns5:DeferredTaxation2023-05-012024-03-3105684606ns5:DeferredTaxation2024-03-3105684606ns10:OrdinaryShareClass12024-03-3105684606ns5:RevaluationReserve2023-04-30
REGISTERED NUMBER: 05684606 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 MAY 2023 TO 31 MARCH 2024

FOR

ROUND CLOCK LIMITED

ROUND CLOCK LIMITED (REGISTERED NUMBER: 05684606)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 MAY 2023 TO 31 MARCH 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


ROUND CLOCK LIMITED (REGISTERED NUMBER: 05684606)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 3,504,133 2,740,199

CURRENT ASSETS
Debtors 6 7,923 12,726
Cash at bank 8,303 207
16,226 12,933
CREDITORS
Amounts falling due within one year 7 944,089 1,060,070
NET CURRENT LIABILITIES (927,863 ) (1,047,137 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,576,270

1,693,062

CREDITORS
Amounts falling due after more than
one year

8

(1,550,000

)

(1,550,000

)

PROVISIONS FOR LIABILITIES 11 (187,979 ) (53,975 )
NET ASSETS 838,291 89,087

CAPITAL AND RESERVES
Called up share capital 12 1,100 1,100
Non-distributable reserve 13 1,291,344 846,744
Retained earnings (454,153 ) (758,757 )
SHAREHOLDERS' FUNDS 838,291 89,087

ROUND CLOCK LIMITED (REGISTERED NUMBER: 05684606)

BALANCE SHEET - continued
31 MARCH 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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 Profit and loss account has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 September 2024 and were signed by:





Mr J P Millins - Director


ROUND CLOCK LIMITED (REGISTERED NUMBER: 05684606)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 MAY 2023 TO 31 MARCH 2024


1. STATUTORY INFORMATION

Round Clock Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 05684606

Registered office: Croydon Hall
Felons Oak
Rodhuish
Minehead
Somerset
TA24 6QT

2. STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 2% on cost
Equipment - 25% on reducing balance

Tangible fixed assets are originally recorded at cost.

ROUND CLOCK LIMITED (REGISTERED NUMBER: 05684606)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 31 MARCH 2024


3. 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 accounts receivable and payable, loans from banks and other third parties and loans to / from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted transaction price less any impairment.

If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of the estimated cash flows discounted at the asset's original effective rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet and measured as detailed above.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Finance costs are charged to the profit and loss over the term of the financial asset / liability using the effective interest method so that the amount charged is at a constant rate on the carrying amount.


ROUND CLOCK LIMITED (REGISTERED NUMBER: 05684606)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 31 MARCH 2024


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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 period 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.

Investment property
Investment property is represented in the accounts at fair value on an annual basis.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL (2023 - NIL).

ROUND CLOCK LIMITED (REGISTERED NUMBER: 05684606)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 31 MARCH 2024


5. TANGIBLE FIXED ASSETS
Improvements
Freehold to
property property Equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 May 2023 1,912,000 964,789 12,658 2,889,447
Additions - 40,511 - 40,511
Fair value adjustment 741,497 - - 741,497
At 31 March 2024 2,653,497 1,005,300 12,658 3,671,455
DEPRECIATION
At 1 May 2023 - 141,952 7,296 149,248
Charge for period - 16,845 1,229 18,074
At 31 March 2024 - 158,797 8,525 167,322
NET BOOK VALUE
At 31 March 2024 2,653,497 846,503 4,133 3,504,133
At 30 April 2023 1,912,000 822,837 5,362 2,740,199

Freehold property valuation for the purposes of the accounts has been provided by the director.

Cost or valuation at 31 March 2024 is represented by:

Improvements
Freehold to
property property Equipment Totals
£    £    £    £   
Valuation in 2019 1,316,000 - - 1,316,000
Valuation in 2020 200,000 - - 200,000
Valuation in 2021 300,000 - - 300,000
Valuation in 2023 (788,000 ) - - (788,000 )
Valuation in 2024 741,497 - - 741,497
Cost 884,000 1,005,300 12,658 1,901,958
2,653,497 1,005,300 12,658 3,671,455

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
VAT - 2,555
Prepayments and accrued income 7,923 10,171
7,923 12,726

ROUND CLOCK LIMITED (REGISTERED NUMBER: 05684606)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 31 MARCH 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 9) 41,707 44,658
Trade creditors 74,533 65,973
Amounts owed to group undertakings 687,197 856,955
VAT 46,903 -
Other creditors 89,820 89,820
Director's current account 27 -
Accruals and deferred income 3,902 2,664
944,089 1,060,070

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 9) 1,550,000 1,550,000

9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 41,707 44,658

Amounts falling due between one and two years:
Bank loans - 1-5 years 1,550,000 1,550,000

In February 2023 HSBC has exercised the right to cancel the Bounceback Loan, with the remaining balance being payable immediately.

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Loan 1,550,000 1,550,000

Folk Nominee Limited holds both a fixed charge over the freehold land, and an all assets debenture over the tangible fixed assets of the company.

ROUND CLOCK LIMITED (REGISTERED NUMBER: 05684606)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 31 MARCH 2024


11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 1,033 1,019
Tax losses carried forward (132,410 ) (128,301 )
Other timing differences 319,356 181,257
187,979 53,975

Deferred
tax
£   
Balance at 1 May 2023 53,975
Provided during period 134,004
Balance at 31 March 2024 187,979

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,100 Ordinary £1 1,100 1,100

13. RESERVES
Non-distri
reserve
£   
At 1 May 2023 846,744
Fair value movement 444,600

At 31 March 2024 1,291,344

14. RELATED PARTY DISCLOSURES

Included in other creditors is a loan balance of £683,697 (2023: £853,455) due to the parent company Pure Leisure Management Holdings Ltd. This amount is interest free and repayable on demand.

Included in other creditors is a loan balance of £3,336 (2023: £3,336) due to a group company Pure Management Ltd. This amount is interest free and repayable on demand.

Included in other creditor is a loan balance of £164 (2023: £164) due to a group company Pure Technical Productions Ltd. This amount is interest free and repayable on demand.

ROUND CLOCK LIMITED (REGISTERED NUMBER: 05684606)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 MAY 2023 TO 31 MARCH 2024


15. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Pure Leisure Management Holdings Ltd.

16. PARENT COMPANY

The company is a wholly owned subsidiary of Pure Leisure Management Holdings Ltd, whose address is Croydon Hall, Felons Oak, Rodhuish, Minehead, Somerset TA24 6QT.