2 2 Rocnorth Limited 03458355 false 2023-11-01 2024-10-31 2024-10-31 The principal activity of the company is property investment company Digita Accounts Production Advanced 6.30.9574.0 true 03458355 2023-11-01 2024-10-31 03458355 2024-10-31 03458355 core:CurrentFinancialInstruments 2024-10-31 03458355 core:CurrentFinancialInstruments core:WithinOneYear 2024-10-31 03458355 core:FurnitureFittings 2024-10-31 03458355 core:OfficeEquipment 2024-10-31 03458355 1 2024-10-31 03458355 bus:SmallEntities 2023-11-01 2024-10-31 03458355 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 03458355 bus:FilletedAccounts 2023-11-01 2024-10-31 03458355 bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 03458355 bus:RegisteredOffice 2023-11-01 2024-10-31 03458355 bus:Director2 2023-11-01 2024-10-31 03458355 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 03458355 core:FurnitureFittings 2023-11-01 2024-10-31 03458355 core:OfficeEquipment 2023-11-01 2024-10-31 03458355 countries:EnglandWales 2023-11-01 2024-10-31 03458355 1 2023-11-01 2024-10-31 03458355 2023-10-31 03458355 core:FurnitureFittings 2023-10-31 03458355 core:OfficeEquipment 2023-10-31 03458355 1 2023-10-31 03458355 2022-11-01 2023-10-31 03458355 2023-10-31 03458355 core:CurrentFinancialInstruments 2023-10-31 03458355 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 03458355 core:FurnitureFittings 2023-10-31 03458355 core:OfficeEquipment 2023-10-31 03458355 1 2023-10-31 03458355 1 2022-11-01 2023-10-31 03458355 1 2022-10-31 xbrli:pure iso4217:GBP

Registration number: 03458355

Rocnorth Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Rocnorth Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 6

 

Rocnorth Limited

(Registration number: 03458355)
Statement of Financial Position as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

135

236

Investment property

5

805,000

805,000

 

805,135

805,236

Current assets

 

Debtors

6

14,117

37,318

Cash at bank and in hand

 

76,146

62,359

 

90,263

99,677

Creditors: Amounts falling due within one year

7

(28,215)

(33,431)

Net current assets

 

62,048

66,246

Net assets

 

867,183

871,482

Capital and reserves

 

Called up share capital

1,000

1,000

Revaluation reserve

555,968

555,968

Profit and loss account

310,215

314,514

Shareholders' funds

 

867,183

871,482

For the financial year ending 31 October 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 17 April 2025 and signed on its behalf by:
 


Mr C M Kallis
Director

 

Rocnorth Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
Plym House,
3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT

Principal activity

The principal activity of the company is property investment company

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

 

Rocnorth Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

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 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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:

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.

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.

 

Rocnorth Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Rocnorth Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 November 2023

33,515

4,000

37,515

At 31 October 2024

33,515

4,000

37,515

Depreciation

At 1 November 2023

33,284

3,995

37,279

Charge for the year

100

1

101

At 31 October 2024

33,384

3,996

37,380

Carrying amount

At 31 October 2024

131

4

135

At 31 October 2023

231

5

236

5

Investment properties

2024
£

At 1 November

805,000

At 31 October

805,000

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

6

Debtors

2024
£

2023
£

Other debtors

11,594

34,637

Prepayments

2,523

2,681

14,117

37,318

 

Rocnorth Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

7,684

10,574

Accruals and deferred income

20,531

22,857

28,215

33,431

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9

Related party transactions

Transactions with directors

2024

At 1 November 2023
£

Advances to director
£

Repayments by director
£

At 31 October 2024
£

Directors

32,616

9,848

(33,000)

9,464

         
       

 

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Directors

11,964

21,602

(950)

32,616