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REGISTERED NUMBER: 11814588 (England and Wales)















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: L S Davis





REGISTERED OFFICE: The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ





REGISTERED NUMBER: 11814588 (England and Wales)





ACCOUNTANTS: Galloways Accounting (Hove) Limited
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 4,659 6,696
Tangible assets 4 3,292,461 3,795,923
3,297,120 3,802,619

CURRENT ASSETS
Stocks 5 46,892 51,660
Debtors 6 419,490 271,762
Cash at bank 2,110 3,190
468,492 326,612
CREDITORS
Amounts falling due within one year 7 4,257,790 2,600,098
NET CURRENT LIABILITIES (3,789,298 ) (2,273,486 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(492,178

)

1,529,133

CREDITORS
Amounts falling due after more than one
year

8

7,069,055

7,337,839
NET LIABILITIES (7,561,233 ) (5,808,706 )

CAPITAL AND RESERVES
Called up share capital 202 202
Retained earnings (7,561,435 ) (5,808,908 )
(7,561,233 ) (5,808,706 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 26 February 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 26 February 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 Income Statement has not been delivered.

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




L S Davis - Director


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 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. The financial statements have been prepared under the historical cost convention.

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.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Development costs are being amortised evenly over their estimated useful life of four years.

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 - 10% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

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 147 (2023 - 245 ) .

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 5,447 7,179 12,626
Additions 336 - 336
At 26 February 2024 5,783 7,179 12,962
AMORTISATION
At 1 March 2023 545 5,385 5,930
Amortisation for period 579 1,794 2,373
At 26 February 2024 1,124 7,179 8,303
NET BOOK VALUE
At 26 February 2024 4,659 - 4,659
At 28 February 2023 4,902 1,794 6,696

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
Long to and
leasehold property fittings
£    £    £   
COST
At 1 March 2023 550,755 3,439,319 1,118,628
Additions - 47,018 136,808
Disposals - (20,005 ) -
At 26 February 2024 550,755 3,466,332 1,255,436
DEPRECIATION
At 1 March 2023 74,118 747,464 526,286
Charge for period 22,030 344,659 305,722
Eliminated on disposal - (49 ) -
At 26 February 2024 96,148 1,092,074 832,008
NET BOOK VALUE
At 26 February 2024 454,607 2,374,258 423,428
At 28 February 2023 476,637 2,691,855 592,342

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 23,500 41,789 5,173,991
Additions - 27,264 211,090
Disposals - - (20,005 )
At 26 February 2024 23,500 69,053 5,365,076
DEPRECIATION
At 1 March 2023 11,332 18,868 1,378,068
Charge for period 5,875 16,310 694,596
Eliminated on disposal - - (49 )
At 26 February 2024 17,207 35,178 2,072,615
NET BOOK VALUE
At 26 February 2024 6,293 33,875 3,292,461
At 28 February 2023 12,168 22,921 3,795,923

5. STOCKS
2024 2023
as restated
£    £   
Stocks 46,892 51,660

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade debtors 41,994 37,698
Amounts owed by group undertakings 143,525 2,810
Other debtors 99,321 82,673
Directors' loan accounts - 22,282
Prepayments 134,650 126,299
419,490 271,762

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Bank loans and overdrafts 10,000 10,000
Other loans 168,509 -
Trade creditors 682,141 640,684
Amounts owed to group undertakings 2,158,666 986,878
Tax 194 7,944
Social security and other taxes 263,439 177,955
VAT 517,887 143,530
Other creditors 113,122 149,671
Deposits control 46,213 33,963
Deferred income 46,449 41,500
Accrued expenses 251,170 407,973
4,257,790 2,600,098

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 10,000 10,000
Bank loans - 2-5 years 2,500 12,500
Other loans - 2-5 years 6,994,055 7,231,410
Deferred income 62,500 83,929
7,069,055 7,337,839

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
£    £   
L S Davis
Balance outstanding at start of period 22,282 23,676
Amounts repaid (22,282 ) (1,394 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period - 22,282

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.