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REGISTERED NUMBER: 13507702 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 26 FEBRUARY 2024

FOR

ROCKWATER SANDBANKS & BRANKSOME LIMITED

ROCKWATER SANDBANKS & BRANKSOME LIMITED (REGISTERED NUMBER: 13507702)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ROCKWATER SANDBANKS & BRANKSOME LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 26 FEBRUARY 2024







DIRECTOR: L S Davis





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





REGISTERED NUMBER: 13507702 (England and Wales)





ACCOUNTANTS: Galloways Accounting (Hove) Limited
The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ

ROCKWATER SANDBANKS & BRANKSOME LIMITED (REGISTERED NUMBER: 13507702)

BALANCE SHEET
26 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 3 16,347 18,390
Tangible assets 4 7,850,619 3,655,019
7,866,966 3,673,409

CURRENT ASSETS
Stocks 5 65,953 15,723
Debtors 6 2,492,122 1,085,264
Cash at bank 102 59,107
2,558,177 1,160,094
CREDITORS
Amounts falling due within one year 7 2,392,019 1,364,556
NET CURRENT ASSETS/(LIABILITIES) 166,158 (204,462 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,033,124

3,468,947

CREDITORS
Amounts falling due after more than one
year

8

14,837,218

6,343,168
NET LIABILITIES (6,804,094 ) (2,874,221 )

CAPITAL AND RESERVES
Called up share capital 117 100
Share premium 419 -
Retained earnings (6,804,630 ) (2,874,321 )
(6,804,094 ) (2,874,221 )

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

The members have not required the company to obtain an audit of its financial statements for the year 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 SANDBANKS & BRANKSOME LIMITED (REGISTERED NUMBER: 13507702)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 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 new 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.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - 10% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Computer equipment - 25% 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 year 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.

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 year was 109 (2023 - 53 ) .

ROCKWATER SANDBANKS & BRANKSOME LIMITED (REGISTERED NUMBER: 13507702)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 26 FEBRUARY 2024

3. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 27 February 2023
and 26 February 2024 20,433
AMORTISATION
At 27 February 2023 2,043
Amortisation for year 2,043
At 26 February 2024 4,086
NET BOOK VALUE
At 26 February 2024 16,347
At 26 February 2023 18,390

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 27 February 2023 2,789,078 508,532 535
Additions - 4,266,774 -
Disposals - - -
At 26 February 2024 2,789,078 4,775,306 535
DEPRECIATION
At 27 February 2023 66,344 24,060 27
Charge for year 55,782 285,533 134
Eliminated on disposal - - -
At 26 February 2024 122,126 309,593 161
NET BOOK VALUE
At 26 February 2024 2,666,952 4,465,713 374
At 26 February 2023 2,722,734 484,472 508

ROCKWATER SANDBANKS & BRANKSOME LIMITED (REGISTERED NUMBER: 13507702)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 26 FEBRUARY 2024

4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 27 February 2023 494,402 734 3,793,281
Additions 527,003 16,144 4,809,921
Disposals (111,406 ) - (111,406 )
At 26 February 2024 909,999 16,878 8,491,796
DEPRECIATION
At 27 February 2023 47,727 104 138,262
Charge for year 179,139 2,448 523,036
Eliminated on disposal (20,121 ) - (20,121 )
At 26 February 2024 206,745 2,552 641,177
NET BOOK VALUE
At 26 February 2024 703,254 14,326 7,850,619
At 26 February 2023 446,675 630 3,655,019

5. STOCKS
2024 2023
£    £   
Stocks 65,953 15,723

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 24,982 -
Amounts owed by group undertakings 2,351,401 846,438
Other debtors - 5,123
Directors' loan accounts 100 100
VAT - 175,802
Prepayments 115,639 57,801
2,492,122 1,085,264

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans 15,000 -
Trade creditors 1,627,023 1,168,107
Amounts owed to group undertakings 408 53,100
Social security and other taxes 256,119 368
VAT 68,690 -
Other creditors 251,720 3,816
Deferred income 74,361 -
Accrued expenses 98,698 139,165
2,392,019 1,364,556

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other loans - 2-5 years 14,837,218 6,343,168

ROCKWATER SANDBANKS & BRANKSOME LIMITED (REGISTERED NUMBER: 13507702)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 26 FEBRUARY 2024

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 26 February 2024 and the period ended 26 February 2023:

2024 2023
£    £   
L S Davis
Balance outstanding at start of year 100 100
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 100 100

10. RELATED PARTY DISCLOSURES

Rockwater Group Limited
As at the year end, Rockwater Group Limited owed the company £2,129,176 (2023: £846,438). The balance is interest free and repayable on demand.

During the year, the company paid license fees of £96,000 to Rockwater Group Limited. All transactions were undertaken on a commercial arms length basis.

L Davis has a 49% shareholding and is a director in Rockwater Group Limited.

LDSD Limited
As at the year end, LDSD Limited owed the company £204,450 (2023: £53,100 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.

Helm Gallery Limited
As at the year end, Helm Gallery Limited owed the company £15,735 (2023: £nil). The balance is interest free and repayable on demand.

L Davis has a 70% shareholding and is a director in Helm Gallery Limited.

LMD Chauffeurs Limited
As at the year end, LMD Chauffeurs Limited owed the company £2,040 (2023: £nil). The balance is interest free and repayable on demand.

L Davis is the sole shareholder and director in LMD Chauffeurs Limited.

IW Capital Ltd
As at the year end, the company owed IW Capital Ltd £408 (2023: £nil). 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. ULTIMATE CONTROLLING PARTY

There is no controlling party as no one person has control.