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Company registration number: NI644655
White Rock Interiors Ltd
Unaudited filleted financial statements
31 March 2024
White Rock Interiors Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
White Rock Interiors Ltd
Directors and other information
Directors Mr Charlie Nicholas
Miss Niamh Bruton
Company number NI644655
Registered office 6 Clanna Rury
Claudy
Co Derry
BT47 4FB
Business address 6 Clanna Rury
Claudy
Co Derry
BT47 4FB
Accountants PFS Accountants and Auditors Limited
122 Main Street
Dungiven
Derry
BT47 4LG
Bankers Danske Bank
Donegall Square West
Belfast
Co Antrim
BT1 6JS
White Rock Interiors Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of White Rock Interiors Ltd
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of White Rock Interiors Ltd for the year ended 31 March 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of White Rock Interiors Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of White Rock Interiors Ltd and state those matters that we have agreed to state to the board of directors of White Rock Interiors Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than White Rock Interiors Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that White Rock Interiors Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of White Rock Interiors Ltd. You consider that White Rock Interiors Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of White Rock Interiors Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
PFS Accountants and Auditors Limited
Chartered Cerified Accountants
122 Main Street
Dungiven
Derry
BT47 4LG
19 March 2025
White Rock Interiors Ltd
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 4 736 920
_______ _______
736 920
Current assets
Debtors 5 54,324 55,164
Cash at bank and in hand 659 3,612
_______ _______
54,983 58,776
Creditors: amounts falling due
within one year 6 ( 1,900) 928
_______ _______
Net current assets 53,083 59,704
_______ _______
Total assets less current liabilities 53,819 60,624
Creditors: amounts falling due
after more than one year 7 ( 14,167) ( 18,750)
Provisions for liabilities ( 140) ( 184)
_______ _______
Net assets 39,512 41,690
_______ _______
Capital and reserves
Profit and loss account 39,512 41,690
_______ _______
Shareholders funds 39,512 41,690
_______ _______
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 March 2025 , and are signed on behalf of the board by:
Mr Charlie Nicholas
Director
Company registration number: NI644655
White Rock Interiors Ltd
Statement of changes in equity
Year ended 31 March 2024
Profit and loss account Total
£ £
At 1 April 2022 43,422 43,422
Loss for the year ( 1,732) ( 1,732)
_______ _______
Total comprehensive income for the year ( 1,732) ( 1,732)
_______ _______
At 31 March 2023 and 1 April 2023 41,690 41,690
Loss for the year ( 2,178) ( 2,178)
_______ _______
Total comprehensive income for the year ( 2,178) ( 2,178)
_______ _______
At 31 March 2024 39,512 39,512
_______ _______
White Rock Interiors Ltd
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is White Rock Interiors Ltd, 6 Clanna Rury, Claudy, Co Derry, BT47 4FB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 April 2023 and 31 March 2024 1,840 1,840
_______ _______
Depreciation
At 1 April 2023 920 920
Charge for the year 184 184
_______ _______
At 31 March 2024 1,104 1,104
_______ _______
Carrying amount
At 31 March 2024 736 736
_______ _______
At 31 March 2023 920 920
_______ _______
5. Debtors
2024 2023
£ £
Trade debtors 19,220 19,220
Other debtors 35,104 35,944
_______ _______
54,324 55,164
_______ _______
6. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 900 1,104
Corporation tax - ( 3,032)
Other creditors 1,000 1,000
_______ _______
1,900 ( 928)
_______ _______
7. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 14,167 18,750
_______ _______