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Registration number: 09560361

Solid Rock Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Solid Rock Properties Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Solid Rock Properties Limited

Company Information

Directors

Mr P N Pinkney

Mrs S G A Pinkney

Registered office

Courtwood House
Silver Street Head
Sheffield
South Yorkshire
S1 2DD

Accountants

CHF Accountancy Limited
Courtwood House
Silver Street Head
Sheffield
South Yorkshire
S1 2DD

 

Solid Rock Properties Limited

(Registration number: 09560361)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

5

348,000

354,000

Current assets

 

Debtors

6

147

135

Cash at bank and in hand

 

180,093

170,311

 

180,240

170,446

Creditors: Amounts falling due within one year

7

(339,111)

(338,673)

Net current liabilities

 

(158,871)

(168,227)

Total assets less current liabilities

 

189,129

185,773

Provisions for liabilities

(15,565)

(16,690)

Net assets

 

173,564

169,083

Capital and reserves

 

Called up share capital

100

100

Other reserves

88,646

93,521

Retained earnings

84,818

75,462

Shareholders' funds

 

173,564

169,083

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 27 November 2024 and signed on its behalf by:
 

.........................................
Mrs S G A Pinkney
Director

   
     
 

Solid Rock Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Courtwood House
Silver Street Head
Sheffield
South Yorkshire
S1 2DD
United Kingdom

These financial statements were authorised for issue by the Board on 27 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of gross rental income receivable in the accounting period in the ordinary course of the company’s activities.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Solid Rock Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture Fittings and Equipment

50% on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers rent receivable in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Solid Rock Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

1,758

1,758

At 30 April 2024

1,758

1,758

Depreciation

At 1 May 2023

1,758

1,758

At 30 April 2024

1,758

1,758

Carrying amount

At 30 April 2024

-

-

 

Solid Rock Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Investment properties

2024
£

At 1 May

354,000

Fair value adjustments

(6,000)

At 30 April

348,000

Fair value of the company's investment properties was determined by the directors at 30 April 2024 based on their assessment of the local property market.

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

2024
£

2023
£

Prepayments

147

135

 

147

135

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

2,195

1,727

Accruals and deferred income

864

864

Other creditors

336,052

336,082

339,111

338,673