Company registration number 05766556 (England and Wales)
ROSELOCK HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
LB GROUP
19th Floor
1 Westfield Avenue
London
E20 1HZ
ROSELOCK HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr A J Philp
Mr L Philp
Secretary
Mr L Philp
Company number
05766556
Registered office
19th Floor
1 Westfield Avenue
London
E20 1HZ
Auditor
LB Group Limited (Stratford)
19th Floor
1 Westfield Avenue
London
E20 1HZ
Bankers
National Westminster Bank PLC
250 Bishopgate
London
England
EC2M 4AA
ROSELOCK HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 26
ROSELOCK HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present the strategic report for the year ended 30 April 2024.

Review of the business

Roselock Holdings Limited and its subsidiary Roselock Limited is a provider of residential and supported living services for disabled individuals in the UK. Roselock has built a reputation for high-quality care, providing personalised support to people with physical and learning disabilities, as well as complex medical needs. The company operates a network of five care homes across the South East of England.

 

The UK’s care sector is currently facing significant challenges, including rising demand for services, recruitment and retention issues, and increased regulatory scrutiny. The disabled care market, in particular, is growing as more individuals live longer and require complex, ongoing care. Additionally, local authority funding constraints continue to create pressure on service providers.

 

Despite these challenges, Roselock remains well-positioned in the market, owing to its strong reputation for quality care, excellent Care Quality Commission (CQC) ratings, and a dedicated, experienced workforce. We are committed to maintaining the highest standards of care, meeting and exceeding the requirements of the CQC at all times.

 

The Group has maintained consistent turnover of £3.3million in the last few years. Profit before tax reduced to £720,375 from £837,256. The directors feel the level of turnover is maintainable going forward.

The net assets of the group has grown from £4million to £4.4million and cash position within the group remains strong at £381,262 (2023: £376,453).

 

 

On behalf of the board

Mr A J Philp
Director
31 January 2025
ROSELOCK HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -

The directors present their annual report and financial statements for the year ended 30 April 2024.

Principal activities

The principal activity of the company during the year was that of a holding company.

 

The Group has maintained consistent turnover and slightly increased its gross margin in the year. However, the pre tax profit of the group has fallen from £837,256 to £720,375.

 

In the next year the Group expects to show similar results.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £30,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A J Philp
Mr L Philp
Auditor

The auditor is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr A J Philp
Director
31 January 2025
ROSELOCK HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ROSELOCK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ROSELOCK HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of Roselock Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

ROSELOCK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ROSELOCK HOLDINGS LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

ROSELOCK HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ROSELOCK HOLDINGS LIMITED
- 6 -

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Middleton (Senior Statutory Auditor)
For and on behalf of LB Group Limited (Stratford)
31 January 2025
Chartered Accountants
Statutory Auditor
19th Floor
1 Westfield Avenue
London
E20 1HZ
ROSELOCK HOLDINGS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
3,257,604
3,252,166
Cost of sales
(358,476)
(392,538)
Gross profit
2,899,128
2,859,628
Administrative expenses
(2,141,217)
(1,995,814)
Operating profit
4
757,911
863,814
Interest payable and similar expenses
7
(37,536)
(26,558)
Profit before taxation
720,375
837,256
Tax on profit
8
(358,628)
(360,001)
Profit for the financial year
20
361,747
477,255
Profit for the financial year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ROSELOCK HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
2024
2023
£
£
Profit for the year
361,747
477,255
Other comprehensive income
-
-
Total comprehensive income for the year
361,747
477,255
Total comprehensive income for the year is all attributable to the owners of the parent company.
ROSELOCK HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
297,218
300,968
Investment property
11
1,580,000
1,580,000
1,877,218
1,880,968
Current assets
Debtors
14
3,568,788
3,248,503
Cash at bank and in hand
381,262
376,453
3,950,050
3,624,956
Creditors: amounts falling due within one year
15
(1,087,484)
(929,651)
Net current assets
2,862,566
2,695,305
Total assets less current liabilities
4,739,784
4,576,273
Creditors: amounts falling due after more than one year
16
(361,696)
(517,873)
Provisions for liabilities
Deferred tax liability
18
15,167
27,226
(15,167)
(27,226)
Net assets
4,362,921
4,031,174
Capital and reserves
Called up share capital
19
2
2
Profit and loss reserves
20
4,362,919
4,031,172
Total equity
4,362,921
4,031,174
The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
31 January 2025
Mr A J Philp
Director
Company registration number 05766556 (England and Wales)
ROSELOCK HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
11
1,580,000
1,580,000
Investments
12
1,912,500
1,912,500
3,492,500
3,492,500
Current assets
Debtors
14
1,608,469
1,618,469
Cash at bank and in hand
34,519
88,166
1,642,988
1,706,635
Creditors: amounts falling due within one year
15
(149,400)
(317,895)
Net current assets
1,493,588
1,388,740
Total assets less current liabilities
4,986,088
4,881,240
Creditors: amounts falling due after more than one year
16
(348,363)
(494,540)
Net assets
4,637,725
4,386,700
Capital and reserves
Called up share capital
19
2
2
Profit and loss reserves
20
4,637,723
4,386,698
Total equity
4,637,725
4,386,700

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £281,024 (2023 - £295,081 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
31 January 2025
Mr A J Philp
Director
Company registration number 05766556 (England and Wales)
ROSELOCK HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
2
3,578,917
3,578,919
Year ended 30 April 2023:
Profit and total comprehensive income
-
477,255
477,255
Dividends
9
-
(25,000)
(25,000)
Balance at 30 April 2023
2
4,031,172
4,031,174
Year ended 30 April 2024:
Profit and total comprehensive income
-
361,747
361,747
Dividends
9
-
(30,000)
(30,000)
Balance at 30 April 2024
2
4,362,919
4,362,921
ROSELOCK HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2022
2
4,116,617
4,116,619
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
295,081
295,081
Dividends
9
-
(25,000)
(25,000)
Balance at 30 April 2023
2
4,386,698
4,386,700
Year ended 30 April 2024:
Profit and total comprehensive income
-
281,025
281,025
Dividends
9
-
(30,000)
(30,000)
Balance at 30 April 2024
2
4,637,723
4,637,725
ROSELOCK HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
22
421,698
(218,167)
Interest paid
(37,536)
(26,558)
Income taxes paid
(156,616)
(129,689)
Net cash inflow/(outflow) from operating activities
227,546
(374,414)
Investing activities
Purchase of tangible fixed assets
(34,117)
(15,701)
Net cash used in investing activities
(34,117)
(15,701)
Financing activities
Repayment of bank loans
(158,620)
(160,849)
Dividends paid to equity shareholders
(30,000)
(25,000)
Net cash used in financing activities
(188,620)
(185,849)
Net increase/(decrease) in cash and cash equivalents
4,809
(575,964)
Cash and cash equivalents at beginning of year
376,453
952,417
Cash and cash equivalents at end of year
381,262
376,453
ROSELOCK HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
23
(14,306)
(187,732)
Interest paid
(36,532)
(25,697)
Income taxes paid
(24,189)
(26,219)
Net cash outflow from operating activities
(75,027)
(239,648)
Investing activities
Dividends received
200,000
200,000
Net cash generated from investing activities
200,000
200,000
Financing activities
Repayment of bank loans
(148,620)
(151,061)
Dividends paid to equity shareholders
(30,000)
(25,000)
Net cash used in financing activities
(178,620)
(176,061)
Net decrease in cash and cash equivalents
(53,647)
(215,709)
Cash and cash equivalents at beginning of year
88,166
303,875
Cash and cash equivalents at end of year
34,519
88,166
ROSELOCK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
1
Accounting policies
Company information

Roselock Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 19th Floor, 1 Westfield Avenue, London, E20 1HZ.

 

The group consists of Roselock Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Roselock Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Roselock Limited has been included in the group financial statements using the purchase method of accounting. Accordingly, the group profit and loss account and statement of cash flows include the results and cash flows of Roselock Limited for the year. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition.

 

ROSELOCK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.6
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.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
Over 40 years
Fixtures, fittings & equipment
15% reducing balance
Computer equipment
Over 4 years
Motor vehicles
Over 5 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

ROSELOCK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
1.7
Investment property

Investment properties are included in the balance sheet at their open market value. Depreciation is only provided on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

 

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

 

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

ROSELOCK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Financial instruments

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 entity after deducting all of its financial liabilities.

 

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

 

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

 

1.11
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ROSELOCK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 19 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Retirement benefits

The company operates a defined contribution scheme for the benefit of its employees. The assets of the scheme are held separately from those of the company. Contributions payable are charged to the profit and loss account in the year they are payable.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover

An analysis of the group's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Turnover
3,257,605
3,252,166
ROSELOCK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
37,867
41,519
Operating lease charges
30,000
64,667
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,500
3,000
Audit of the financial statements of the company's subsidiaries
14,500
13,500
18,000
16,500
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
54
51
2
2

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,473,636
1,447,091
-
0
-
0
Social security costs
119,616
109,312
-
-
Pension costs
199,972
150,908
-
0
-
0
1,793,224
1,707,311
-
0
-
0
ROSELOCK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
37,156
26,558
Other finance costs:
Other interest
380
-
Total finance costs
37,536
26,558
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
375,720
361,642
Adjustments in respect of prior periods
(5,033)
119
Total current tax
370,687
361,761
Deferred tax
Origination and reversal of timing differences
(12,059)
(1,760)
Total tax charge
358,628
360,001

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
720,375
837,256
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.50%)
180,094
163,265
Tax effect of expenses that are not deductible in determining taxable profit
9,467
8,096
Tax effect of income not taxable in determining taxable profit
(9,645)
(4,712)
Adjustments in respect of prior years
(5,033)
119
Other permanent differences
209,127
200,000
Deferred tax adjustments in respect of prior years
(25,382)
(1,760)
Tax at marginal rate
-
0
(5,007)
Taxation charge
358,628
360,001
ROSELOCK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
30,000
25,000
10
Tangible fixed assets
Group
Land and buildings Freehold
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
325,889
372,819
85,100
134,894
918,702
Additions
-
0
17,333
4,634
12,150
34,117
At 30 April 2024
325,889
390,152
89,734
147,044
952,819
Depreciation and impairment
At 1 May 2023
133,825
299,819
78,295
105,795
617,734
Depreciation charged in the year
5,147
12,222
3,873
16,625
37,867
At 30 April 2024
138,972
312,041
82,168
122,420
655,601
Carrying amount
At 30 April 2024
186,917
78,111
7,566
24,624
297,218
At 30 April 2023
192,064
73,000
6,805
29,099
300,968
The company had no tangible fixed assets at 30 April 2024 or 30 April 2023.
11
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 May 2023 and 30 April 2024
1,580,000
1,580,000

Investment property comprises Broomhill Lodge, The Old Registry and Highview House. The fair value of the investment properties have been arrived at on the basis of a valuation carried out by the director.

12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
1,912,500
1,912,500
ROSELOCK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
12
Fixed asset investments
(Continued)
- 23 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 and 30 April 2024
1,912,500
Carrying amount
At 30 April 2024
1,912,500
At 30 April 2023
1,912,500
13
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Roselock Limited
England
Ordinary
100.00
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
185,911
66,697
-
0
-
0
Other debtors
3,382,877
2,857,717
1,608,469
1,618,469
Prepayments and accrued income
-
0
324,089
-
0
-
0
3,568,788
3,248,503
1,608,469
1,618,469
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
17
158,619
161,062
148,619
151,062
Amounts owed to group undertakings
-
0
-
0
(41,280)
129,199
Corporation tax payable
575,713
361,642
37,476
29,222
Other taxation and social security
37,365
28,064
-
-
Other creditors
281,709
293,855
1,687
5,643
Accruals and deferred income
34,078
85,028
2,898
2,769
1,087,484
929,651
149,400
317,895
ROSELOCK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
16
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
17
361,696
517,873
348,363
494,540
17
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
520,315
678,935
496,982
645,602
Payable within one year
158,619
161,062
148,619
151,062
Payable after one year
361,696
517,873
348,363
494,540

The long-term loans are secured with National Westminster Bank PLC by way of fixed and floating charges over the assets of the company.

18
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
15,167
27,226
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 May 2023
27,226
-
Credit to profit or loss
(12,059)
-
Liability at 30 April 2024
15,167
-
ROSELOCK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
19
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of 1p each
200
200
2
2
Ordinary B of 1p each
20
20
-
-
20
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
4,031,172
3,578,917
4,386,698
4,116,617
Profit for the year
361,747
477,255
281,025
295,081
Dividends
(30,000)
(25,000)
(30,000)
(25,000)
At the end of the year
4,362,919
4,031,172
4,637,723
4,386,698
21
Controlling party

The ultimate controlling party is Mr A J Philp by virtue of his shareholding.

22
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit for the year after tax
361,747
477,255
Adjustments for:
Taxation charged
358,628
360,001
Finance costs
37,536
26,558
Depreciation and impairment of tangible fixed assets
37,867
41,519
Movements in working capital:
Increase in debtors
(320,285)
(1,187,396)
(Decrease)/increase in creditors
(53,795)
63,896
Cash generated from/(absorbed by) operations
421,698
(218,167)
ROSELOCK HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
23
Cash absorbed by operations - company
2024
2023
£
£
Profit for the year after tax
281,025
295,081
Adjustments for:
Taxation charged
32,443
29,222
Finance costs
36,532
25,697
Investment income
(200,000)
(200,000)
Movements in working capital:
Decrease/(increase) in debtors
10,000
(30,003)
Decrease in creditors
(174,306)
(307,729)
Cash absorbed by operations
(14,306)
(187,732)
24
Analysis of changes in net debt - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
376,453
4,809
381,262
Borrowings excluding overdrafts
(678,935)
158,620
(520,315)
(302,482)
163,429
(139,053)
25
Analysis of changes in net debt - company
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
88,166
(53,647)
34,519
Borrowings excluding overdrafts
(645,602)
148,620
(496,982)
(557,436)
94,973
(462,463)
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