Company Registration No. 07538595 (England and Wales)
ROCKFISH QUAYSIDE LIMITED
Unaudited accounts
for the year ended 30 April 2024
ROCKFISH QUAYSIDE LIMITED
Unaudited accounts
Contents
ROCKFISH QUAYSIDE LIMITED
Company Information
for the year ended 30 April 2024
Directors
N S Sandhu
M H Tonks
J Perkes
Company Number
07538595 (England and Wales)
Registered Office
1 MAIDENFIELD TEIGNMOUTH ROAD
MAIDENCOMBE
TORQUAY
DEVON
TQ1 4SY
Accountants
FARQUHAR PARTNERSHIP LIMITED
151 WHITELADIES ROAD
CLIFTON
BRISTOL
BS8 2RA
ROCKFISH QUAYSIDE LIMITED
Statement of financial position
as at 30 April 2024
Tangible assets
447,450
290,633
Inventories
372,759
80,817
Cash at bank and in hand
70,790
72,572
Creditors: amounts falling due within one year
(699,922)
(281,174)
Net current assets
32,290
81,156
Total assets less current liabilities
479,740
371,789
Creditors: amounts falling due after more than one year
(260,046)
(129,000)
Provisions for liabilities
Deferred tax
(7,198)
(8,489)
Net assets
212,496
234,300
Called up share capital
2
2
Profit and loss account
212,494
234,298
Shareholders' funds
212,496
234,300
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2025 and were signed on its behalf by
N S Sandhu
Director
Company Registration No. 07538595
ROCKFISH QUAYSIDE LIMITED
Notes to the Accounts
for the year ended 30 April 2024
ROCKFISH QUAYSIDE LIMITED is a private company, limited by shares, registered in England and Wales, registration number 07538595. The registered office is 1 MAIDENFIELD TEIGNMOUTH ROAD, MAIDENCOMBE, TORQUAY, DEVON, TQ1 4SY.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Over the term of the lease
Plant & machinery
15% reducing balance basis
Motor vehicles
25% reducing balance basis
Fixtures & fittings
15% reducing balance basis
Computer equipment
15% reducing balance basis
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
ROCKFISH QUAYSIDE LIMITED
Notes to the Accounts
for the year ended 30 April 2024
The Company recognises a right of use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short term leases (defined as leases with a term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the lease term. Lease incentives are spread over the term of the lease. The lease liability is presented as a separate line in the Balance Sheet. The lease liability is initially measured at the present value of all future lease payments, discounted at the rate implicit in the lease, or if this rate is not readily determined, the incremental borrowing rate of the Company. Lease payments included in the measurement of the lease liability include:
• fixed and variable lease payments, less any lease incentives;
• the amount expected to be payable by the lessee under residual value guarantees;
• the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and
• payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest rate method) and by reducing the carrying amount by any lease payments made. The Company remeasures the lease liability and makes a corresponding adjustment to the related right of use asset whenever:
• the lease term has changed or there is a change in the assessment of exercise of a purchase option; or
• a lease contract is modified and the lease modification is not accounted for as a separate lease in which case the liability is remeasured by discounting the revised lease payments using a revised discount rate.
Right of use assets are presented within Tangible Fixed Assets on the Balance Sheet. The right of use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day of the lease and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Right of use assets are depreciated over the shorter period of lease term and useful life of the underlying asset, unless a lease transfers ownership of the underlying asset or the cost of the right of use assets reflects that the Company expects to exercise a purchase option, in which case the right of use asset is depreciated over the useful life of the underlying asset. The depreciation starts at commencement of the lease.
For this year where the company is first applying the Periodic Review 2024, lease liabilities and right-of-use assets have been calculated as if starting on the transition date of 1 May 2023. The company has applied the same obtainable borrowing rate to all these leases.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
ROCKFISH QUAYSIDE LIMITED
Notes to the Accounts
for the year ended 30 April 2024
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 May 2023
267,124
67,212
6,650
12,537
7,656
361,179
Additions
184,723
2,990
-
-
-
187,713
Disposals
-
(3,952)
-
-
-
(3,952)
At 30 April 2024
451,847
66,250
6,650
12,537
7,656
544,940
At 1 May 2023
18,921
35,890
1,664
9,222
4,849
70,546
Charge for the year
23,479
4,774
1,247
497
421
30,418
On disposals
-
(3,474)
-
-
-
(3,474)
At 30 April 2024
42,400
37,190
2,911
9,719
5,270
97,490
At 30 April 2024
409,447
29,060
3,739
2,818
2,386
447,450
At 30 April 2023
248,203
31,322
4,986
3,315
2,807
290,633
Land & Buildings - Right of use assets include buildings with a net book value of £174,600.
Finished goods
338,023
80,817
Amounts falling due within one year
Trade debtors
113,929
98,092
Amounts due from group undertakings etc.
90,137
44,287
Accrued income and prepayments
25,116
23,176
Other debtors
59,481
43,386
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
43,000
43,000
Obligations under finance leases and hire purchase contracts
5,532
-
Trade creditors
539,025
177,145
Taxes and social security
8,208
9,839
Other creditors
89,410
35,855
ROCKFISH QUAYSIDE LIMITED
Notes to the Accounts
for the year ended 30 April 2024
8
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
174,046
-
Bank borrowings are secured by a fixed and floating charge over the company's current and future assets.
9
Deferred taxation
2024
2023
Accelerated capital allowances
9,336
10,329
Tax losses carried forward
(2,119)
(1,794)
Other deferred taxation
(19)
(46)
Provision at start of year
8,489
8,956
Credited to the profit and loss account
(1,291)
(467)
Provision at end of year
7,198
8,489
Allotted, called up and fully paid:
200 Ordinary shares of £0.01 each
2
2
11
Operating lease commitments
2024
2023
At 30 April 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
-
19,000
Later than one year and not later than five years
-
76,000
Later than five years
-
61,750
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loan repayable on demand, interest charged at HMRC official rate
18,867
424
-
19,291
ROCKFISH QUAYSIDE LIMITED
Notes to the Accounts
for the year ended 30 April 2024
The company is a wholly owned subsidiary of Rockfish Quayside Holdings Limited (company no. 12713240) whose registered office is 1 Maidenfield, Teignmouth Road, Maidencombe, Torquay TQ1 4SY.
14
Average number of employees
During the year the average number of employees was 21 (2023: 20).