REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MARCH 2023 TO 26 FEBRUARY 2024 |
FOR |
ROCKWATER GROUP LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MARCH 2023 TO 26 FEBRUARY 2024 |
FOR |
ROCKWATER GROUP LTD |
ROCKWATER GROUP LTD (REGISTERED NUMBER: 11814588) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MARCH 2023 TO 26 FEBRUARY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
ROCKWATER GROUP LTD |
COMPANY INFORMATION |
FOR THE PERIOD 1 MARCH 2023 TO 26 FEBRUARY 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Old Casino |
28 Fourth Avenue |
Hove |
East Sussex |
BN3 2PJ |
ROCKWATER GROUP LTD (REGISTERED NUMBER: 11814588) |
BALANCE SHEET |
26 FEBRUARY 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 3 |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | (5,808,908 | ) |
( |
) | ( |
) |
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 were approved by the director and authorised for issue on |
ROCKWATER GROUP LTD (REGISTERED NUMBER: 11814588) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MARCH 2023 TO 26 FEBRUARY 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared on the basis that the company will continue to be a going concern. If this assumption is not considered valid, then adjustments would need to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets and long term liabilities as current assets and liabilities. |
Turnover |
Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are physically delivered to the customer. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Improvements to property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the period 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 taxation is provided in full on timing differences which represent a liability at the balance sheet date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements. Deferred tax assets and liabilities are not discounted. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
ROCKWATER GROUP LTD (REGISTERED NUMBER: 11814588) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MARCH 2023 TO 26 FEBRUARY 2024 |
3. | INTANGIBLE FIXED ASSETS |
Patents |
and | Development |
licences | costs | Totals |
£ | £ | £ |
COST |
At 1 March 2023 |
Additions |
At 26 February 2024 |
AMORTISATION |
At 1 March 2023 |
Amortisation for period |
At 26 February 2024 |
NET BOOK VALUE |
At 26 February 2024 |
At 28 February 2023 |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
Long | to | and |
leasehold | property | fittings |
£ | £ | £ |
COST |
At 1 March 2023 |
Additions |
Disposals | ( |
) |
At 26 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for period |
Eliminated on disposal | ( |
) |
At 26 February 2024 |
NET BOOK VALUE |
At 26 February 2024 |
At 28 February 2023 |
ROCKWATER GROUP LTD (REGISTERED NUMBER: 11814588) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MARCH 2023 TO 26 FEBRUARY 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 March 2023 |
Additions |
Disposals | ( |
) |
At 26 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for period |
Eliminated on disposal | ( |
) |
At 26 February 2024 |
NET BOOK VALUE |
At 26 February 2024 |
At 28 February 2023 |
5. | STOCKS |
2024 | 2023 |
as restated |
£ | £ |
Stocks |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' loan accounts | - | 22,282 |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Bank loans and overdrafts |
Other loans |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 517,887 | 143,530 |
Other creditors |
Deposits control | 46,213 | 33,963 |
Deferred income |
Accrued expenses |
ROCKWATER GROUP LTD (REGISTERED NUMBER: 11814588) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MARCH 2023 TO 26 FEBRUARY 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
as restated |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Other loans - 2-5 years |
Deferred income |
9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the period ended 26 February 2024 and the year ended 28 February 2023: |
2024 | 2023 |
as restated |
£ | £ |
Balance outstanding at start of period |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
This balance represented the maximum amount outstanding during the year and the loan is interest free and repayable on demand. |
ROCKWATER GROUP LTD (REGISTERED NUMBER: 11814588) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MARCH 2023 TO 26 FEBRUARY 2024 |
10. | RELATED PARTY DISCLOSURES |
Rockwater Sandbanks & Branksome Limited |
As at the year end, the company owed Rockwater Sandbanks & Branksome Limited £2,129,176 (2023: £916,381). The balance is interest free and repayable on demand. |
During the year, the company received license fees of £96,000 from Rockwater Sandbanks & Branksome Limited. All transactions were undertaken on a commercial arms length basis. |
L Davis has a 46% shareholding and is a director in Rockwater Sandbanks & Branksome Limited. |
LDSD Limited |
As at the year end, LDSD Limited owed the company £135,536 (2023: £26,245 owed to). The balance is interest free and repayable on demand. |
During the year, the company paid consultancy fees of £125,000 to LDSD Limited. All transactions were |
undertaken on a commercial arms length basis. |
L Davis is the sole shareholder and director in LDSD Limited. |
Wavecatchers Limited |
As at the year end, Wavecatchers Limited owed the company £2,888 (2023: £11,252 owed to). The balance is interest free and repayable on demand. |
L Davis has a 54% shareholding and is a director in Wavecatchers Limited. |
LMD Chauffeurs Limited |
As at the year end, LMD Chauffeurs Limited owed the company £2,290 (2023: £nil). The balance is interest free and repayable on demand. |
L Davis is the sole shareholder and director in LMD Chauffeurs Limited. |
IW Inventa Ltd |
As at the year end, IW Inventa Ltd owed the company £2,810 (2023: £2,810). The balance is interest free and repayable on demand. |
L Davis was a director of IW Inventa Ltd during the year. |
IW Capital Ltd |
As at the year end, the company owed IW Capital Ltd £29,490 (2023: £33,000). The balance is interest free and repayable on demand. |
L Davis has a 34% shareholding and was a director of IW Capital Ltd during the year. |
11. | ACCOUNTING BASIS |
As stated in the accounting policy note, these financial statements have been prepared on the basis that the company will continue to be a going concern. During the year the company made a loss of £1,752,527, and as at the year end the current liabilities exceeded current assets by £3,789,298. |
The validity of this basis depends upon the continued support of the company's director. The director confirms that he will give the required support. |