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REGISTERED NUMBER: 02039328 (England and Wales)










Financial Statements

For The Year Ended 31 March 2024

for

The Rolls Of Monmouth Limited

The Rolls Of Monmouth Limited (Registered number: 02039328)






Contents of the Financial Statements
For The Year Ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


The Rolls Of Monmouth Limited

Company Information
For The Year Ended 31 March 2024







DIRECTOR: A Moya



SECRETARY: Miss L Y Kedward



REGISTERED OFFICE: The Hendre
Monmouth
Monmouthshire
NP25 5HG



REGISTERED NUMBER: 02039328 (England and Wales)



SENIOR STATUTORY AUDITOR: Mark Spashett



AUDITORS: Kingscott Dix Limited
Chartered Accountants
and Statutory Auditor
Goodridge Court
Goodridge Avenue
Gloucester
Gloucestershire
GL2 5EN

The Rolls Of Monmouth Limited (Registered number: 02039328)

Statement of Financial Position
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,856,262 4,811,044

CURRENT ASSETS
Stocks 31,902 34,112
Debtors 5 60,271 64,790
Cash at bank and in hand 214,984 233,011
307,157 331,913
CREDITORS
Amounts falling due within one year 6 207,880 157,320
NET CURRENT ASSETS 99,277 174,593
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,955,539

4,985,637

CREDITORS
Amounts falling due after more than one year 7 (2,801,941 ) (2,748,593 )

PROVISIONS FOR LIABILITIES (55,364 ) (29,818 )
NET ASSETS 2,098,234 2,207,226

CAPITAL AND RESERVES
Called up share capital 10 1,450,000 1,450,000
Revaluation reserve 2,520,991 2,534,037
Retained earnings (1,872,757 ) (1,776,811 )
SHAREHOLDERS' FUNDS 2,098,234 2,207,226

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 December 2024 and were signed by:





A Moya - Director


The Rolls Of Monmouth Limited (Registered number: 02039328)

Notes to the Financial Statements
For The Year Ended 31 March 2024

1. STATUTORY INFORMATION

The Rolls Of Monmouth Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. 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 as modified by the revaluation of certain assets.

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.

Turnover from bar sales, shop sales, catering and other sales is recognised at the point of sale when the significant risks and rewards of ownership of the goods have passed to the buyer.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Freehold property- 2% on cost
Plant and machinery- 25% on cost
Fixtures and fittings- 20% on cost
Motor vehicles- 25% on reducing balance
Computer equipment- 20% on cost

The company has adopted the FRS 102 transitional exemption to value the property at its deemed cost without adopting a policy of revaluation.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

The Rolls Of Monmouth Limited (Registered number: 02039328)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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

Cash and cash equivalents
Cash and cash equivalents 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 current liabilities.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors and bank loans, 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.

Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire.


The Rolls Of Monmouth Limited (Registered number: 02039328)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

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.

Going concern
A promissory loan note assigned to Antarctica International Inc, the holding company, in respect of the debt to the former holding company now totals £2,789,441 with interest and has been extended to 31 March 2030.

The accounts have been prepared on a going concern basis which assumes that the company will be able to restructure this debt as well as the ongoing financial support of the holding company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2023 - 24 ) .

The Rolls Of Monmouth Limited (Registered number: 02039328)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 April 2023 4,833,000 572,330 279,799
Additions - 107,397 39,492
At 31 March 2024 4,833,000 679,727 319,291
DEPRECIATION
At 1 April 2023 269,600 406,991 218,710
Charge for year 33,700 47,210 22,805
At 31 March 2024 303,300 454,201 241,515
NET BOOK VALUE
At 31 March 2024 4,529,700 225,526 77,776
At 31 March 2023 4,563,400 165,339 61,089

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 38,370 9,445 5,732,944
Additions - 8,050 154,939
At 31 March 2024 38,370 17,495 5,887,883
DEPRECIATION
At 1 April 2023 22,426 4,173 921,900
Charge for year 3,986 2,020 109,721
At 31 March 2024 26,412 6,193 1,031,621
NET BOOK VALUE
At 31 March 2024 11,958 11,302 4,856,262
At 31 March 2023 15,944 5,272 4,811,044

The Rolls Of Monmouth Limited (Registered number: 02039328)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 March 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Valuation in 2015 2,277,543 - -
Cost 2,555,457 679,727 319,291
4,833,000 679,727 319,291

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2015 - - 2,277,543
Cost 38,370 17,495 3,610,340
38,370 17,495 5,887,883

The net book value of assets held under Hire Purchase agreements at 31 March 2024 was £69,099 (2023: £64,682) with depreciation charged of £1,191 (2023: £1,118).

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 14,304 3,971
Corporation tax 14,296 14,296
VAT 23,139 38,767
Prepayments and accrued income 8,532 7,756
60,271 64,790

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts (see note 8) 86,162 32,975
Trade creditors 22,701 40,794
Social security and other taxes 9,147 -
Other creditors 3,821 4,560
Deferred income 68,676 59,375
Accrued expenses 7,373 9,616
207,880 157,320

The Rolls Of Monmouth Limited (Registered number: 02039328)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 2,500 12,500
Promissory Note 2,789,441 2,726,093
2,801,941 2,748,593

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 86,162 32,975

Non-cancellable operating leases
31.3.24 31.3.23
£    £   
Within one year - 12,643

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 22,500 32,500
Hire purchase contracts 86,162 32,975
Promissory Note 2,789,441 2,726,093
2,898,103 2,791,568

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
1,450,000 Ordinary £1 1,450,000 1,450,000

The Rolls Of Monmouth Limited (Registered number: 02039328)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Spashett (Senior Statutory Auditor)
for and on behalf of Kingscott Dix Limited

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

13. ULTIMATE CONTROLLING PARTY

The controlling party is Antartica International Inc.

The ultimate controlling party is Travel & Leisure Marketing Corp.

Antartica International Inc is based in the British Virgin Islands and Travel & Leisure Marketing Corp is based in Panama City.

Mr Adolfo Garcia-Baudrit is considered to be the controlling party, by virtue of his 100% shareholding in Travel & Leisure Marketing Corp.