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Company No: 09345623 (England and Wales)

ROCKPOOL GROUP LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

ROCKPOOL GROUP LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

ROCKPOOL GROUP LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
ROCKPOOL GROUP LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 800,650 894,377
Investments 4 76,419 76,419
877,069 970,796
Current assets
Debtors
- due within one year 5 1,906,107 1,172,607
- due after more than one year 5 195,448 191,312
Cash at bank and in hand 8,478 15,606
2,110,033 1,379,525
Creditors: amounts falling due within one year 6 ( 90,823) ( 154,890)
Net current assets 2,019,210 1,224,635
Total assets less current liabilities 2,896,279 2,195,431
Creditors: amounts falling due after more than one year 7 ( 409,257) ( 458,398)
Provision for liabilities 0 ( 10,508)
Net assets 2,487,022 1,726,525
Capital and reserves
Called-up share capital 8 355 355
Profit and loss account 2,486,667 1,726,170
Total shareholder's funds 2,487,022 1,726,525

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Rockpool Group Ltd (registered number: 09345623) were approved and authorised for issue by the Director on 30 October 2024. They were signed on its behalf by:

B Griffin
Director
ROCKPOOL GROUP LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
ROCKPOOL GROUP LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Rockpool Group Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 7.19 Paintworks, Bath Road, Bristol, BS4 3EA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
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.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for management services provided to a fellow group company in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings depreciated over the life of the lease
Vehicles 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset investments

Interests in subsidiaries are initially measured at cost, including transaction costs 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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Land and buildings Vehicles Total
£ £ £
Cost
At 01 April 2023 910,246 87,991 998,237
Disposals 0 ( 87,991) ( 87,991)
At 31 March 2024 910,246 0 910,246
Accumulated depreciation
At 01 April 2023 73,064 30,796 103,860
Charge for the financial year 36,532 5,866 42,398
Disposals 0 ( 36,662) ( 36,662)
At 31 March 2024 109,596 0 109,596
Net book value
At 31 March 2024 800,650 0 800,650
At 31 March 2023 837,182 57,195 894,377

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 April 2023 76,419
At 31 March 2024 76,419
Carrying value at 31 March 2024 76,419
Carrying value at 31 March 2023 76,419

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.03.2024
Ownership
31.03.2023
Rockpool Digital Ltd Unit 7.19 Paintworks, Bath Road, Bristol, BS4 3EA The design and build of websites, mobile sites and web applications. Ordinary 100.00% 100.00%
Rockpool Ventures Ltd Unit 7.19 Paintworks, Bath Road, Bristol, BS4 3EA The identification, research and development of technology innovation. Ordinary 100.00% 100.00%
Highline Ventures Ltd Unit 7.19 Paintworks, Bath Road, Bristol, BS4 3EA Letting of property. Ordinary 50.00% 50.00%

5. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Amounts owed by Group undertakings 1,895,013 1,160,000
Prepayments 11,094 12,607
1,906,107 1,172,607
Debtors: amounts falling due after more than one year
Amounts owed by Group undertakings 195,448 191,312

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 25,700 0
Trade creditors 1,014 3,010
Amounts owed to director 54,000 118,000
Accruals and deferred income 3,280 22,849
Other taxation and social security 6,829 11,031
90,823 154,890

HSBC UK Bank plc holds a fixed and floating charge over the assets to which the loan relates. The loan term is 14 years and carries an interest rate of 3% per annum over base rate.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 409,257 458,398

HSBC UK Bank plc holds a fixed and floating charge over the assets to which the loan relates. The loan term is 14 years and carries an interest rate of 3% per annum over the base rate.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured / repayable by instalments) 282,462 214,013

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
35,500 Ordinary shares of £ 0.01 each 355 355

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2024 2023
£ £
Amounts owed by company in which Rockpool Group Ltd hold a participating interest 195,448 191,362

The loan is repayable on demand and is provided interest free.

Transactions with the entity's director

2024 2023
£ £
Owed to directors 54,000 118,000

The loan is repayable on demand and is provided interest free.

The company has taken exemption under section 33 of FRS 102 not to disclose transactions with wholly owned members of the same group headed by Rockpool Group Ltd.