Silverfin false false 31/12/2023 01/01/2023 31/12/2023 N J Mee 17/05/2018 D J O'Loglen 01/04/2023 G J Tolsma 14/07/2023 25/09/2017 22 November 2024 The principal activity of the company continued to be that of project management consultancy. 09701759 2023-12-31 09701759 bus:Director1 2023-12-31 09701759 bus:Director2 2023-12-31 09701759 bus:Director3 2023-12-31 09701759 2022-12-31 09701759 core:CurrentFinancialInstruments 2023-12-31 09701759 core:CurrentFinancialInstruments 2022-12-31 09701759 core:Non-currentFinancialInstruments 2023-12-31 09701759 core:Non-currentFinancialInstruments 2022-12-31 09701759 core:ShareCapital 2023-12-31 09701759 core:ShareCapital 2022-12-31 09701759 core:RetainedEarningsAccumulatedLosses 2023-12-31 09701759 core:RetainedEarningsAccumulatedLosses 2022-12-31 09701759 core:OtherPropertyPlantEquipment 2022-12-31 09701759 core:OtherPropertyPlantEquipment 2023-12-31 09701759 2023-01-01 2023-12-31 09701759 bus:FilletedAccounts 2023-01-01 2023-12-31 09701759 bus:SmallEntities 2023-01-01 2023-12-31 09701759 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 09701759 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 09701759 bus:Director1 2023-01-01 2023-12-31 09701759 bus:Director2 2023-01-01 2023-12-31 09701759 bus:Director3 2023-01-01 2023-12-31 09701759 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-01-01 2023-12-31 09701759 2022-01-01 2022-12-31 09701759 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 09701759 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 09701759 (England and Wales)

ROCKWELL PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

ROCKWELL PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

ROCKWELL PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
ROCKWELL PROPERTIES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 6,299 6,440
6,299 6,440
Current assets
Debtors 5 902,079 776,809
Cash at bank and in hand 76,511 102,021
978,590 878,830
Creditors: amounts falling due within one year 6 ( 855,134) ( 306,158)
Net current assets 123,456 572,672
Total assets less current liabilities 129,755 579,112
Creditors: amounts falling due after more than one year 7 ( 1,103,735) ( 1,939,818)
Net liabilities ( 973,980) ( 1,360,706)
Capital and reserves
Called-up share capital 1 1
Profit and loss account ( 973,981 ) ( 1,360,707 )
Total shareholder's deficit ( 973,980) ( 1,360,706)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Rockwell Properties Limited (registered number: 09701759) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

N J Mee
Director

22 November 2024

ROCKWELL PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
ROCKWELL PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
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

Rockwell Properties Limited (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 2nd Floor 140 Wardour Street, London, W1F 8ZT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 financial statements have been prepared on the going concern basis, which assumes that the Company will continue to trade for the foreseeable future, being a period of at least twelve months from the date of approval of these financial statements, and will be able to meet its debts as they fall due.

The Company made a profit of £386,726 during the year but had net liabilities of £973,980. The Company relies upon borrowings of £1,103,735 due to its parent and other related party entities. The Company is reliant on the ongoing support from its parent entity, which the directors have confirmed.


As a result, the directors are confident that the Company's access to working capital will be sufficient to support the business in the foreseeable future, and accordingly, consider it appropriate to prepare the financial statements on a going concern basis.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 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.

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.

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.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

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. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

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

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including directors 13 6

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 47,307 47,307
Additions 3,125 3,125
At 31 December 2023 50,432 50,432
Accumulated depreciation
At 01 January 2023 40,867 40,867
Charge for the financial year 3,266 3,266
At 31 December 2023 44,133 44,133
Net book value
At 31 December 2023 6,299 6,299
At 31 December 2022 6,440 6,440

5. Debtors

2023 2022
£ £
Trade debtors 530,000 150,000
Amounts owed by group undertakings 60,065 6,890
Other debtors 312,014 619,919
902,079 776,809

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 241,618 70,880
Amounts owed to group undertakings 2,010 6,790
Other taxation and social security 424,763 115,896
Other creditors 186,743 112,592
855,134 306,158

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

2023 2022
£ £
Other creditors 1,103,735 1,939,818

There are no amounts included above in respect of which any security has been given by the small entity.

8. Financial commitments

Pensions

The company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 7,376 7,381

9. Ultimate controlling party

Parent Company:

MCCI S.A.R.L, a company registered in Monaco.