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ROC Property Ltd

Annual Report and Unaudited Financial Statements
Year Ended 30 September 2024

Registration number: 05790348

 

ROC Property Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

ROC Property Ltd

Balance Sheet

30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

230

435

Investment property

5

720,000

329,261

 

720,230

329,696

Current assets

 

Debtors

6

292,027

115,523

Cash at bank and in hand

 

42,711

100,525

 

334,738

216,048

Creditors: Amounts falling due within one year

7

(153,066)

(86,369)

Net current assets

 

181,672

129,679

Total assets less current liabilities

 

901,902

459,375

Creditors: Amounts falling due after more than one year

7

(134,854)

(321,512)

Provisions for liabilities

(98,000)

(109)

Net assets

 

669,048

137,754

Capital and reserves

 

Called up share capital

9

2

2

Other reserves

293,055

-

Profit and loss account

375,991

137,752

Shareholders' funds

 

669,048

137,754

 

ROC Property Ltd

Balance Sheet

30 September 2024

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 15 April 2025
 

.........................................
Mrs J O'Connell
Director

Company Registration Number: 05790348

 

ROC Property Ltd

Notes to the Unaudited Financial Statements

Year Ended 30 September 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:
Unit 16 Dunkeswell Business Park
Flightway
Dunkeswell
Honiton
EX14 4RD

These financial statements were authorised for issue by the director on 15 April 2025.

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There are no material departures from FRS 102.

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 functional currency of ROC Property Ltd is considered to be pounds sterling because it is the currency of the primary economic environment in which the company operates.

Going concern

The director is satisfied that the company has adequate resources available to discharge its obligations as they fall due for a period of at least 12 months from the date of approval of these financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Revenue recognition

Turnover represents property rental income, recognised on a straight line basis over the life of the tenancy.

Consultancy income is recognised as services are provided.

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 corporation 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.

 

ROC Property Ltd

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet 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:

Asset class

Depreciation method and rate

Plant and equipment

25% reducing balance

Computers

33% straight line

Investment property

Investment Properties are carried at fair value, derived from market data, including rental yields. Changes in farir value are recognsied in profit or loss. At the balance sheet date any changes in fair value are transferred from retained earnings to an other reserve. Defferred tax relating to investment property valuations follow the same treatment.

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.

 

ROC Property Ltd

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 0).

 

ROC Property Ltd

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2023

4,383

4,383

At 30 September 2024

4,383

4,383

Depreciation

At 1 October 2023

3,948

3,948

Charge for the year

205

205

At 30 September 2024

4,153

4,153

Carrying amount

At 30 September 2024

230

230

At 30 September 2023

435

435

5

Investment properties

2024
£

At 1 October

329,261

Fair value adjustments

390,739

At 30 September

720,000

Investment properties are included in the balance sheet at the directors' valuation as at 30 September, based on an existing use open market value.

6

Debtors

2024
£

2023
£

Trade debtors

30,000

-

Other debtors

262,027

112,705

Prepayments

-

2,818

292,027

115,523

 

ROC Property Ltd

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

34,008

28,538

Corporation tax

 

80,000

29,641

Social security and other taxes

 

37,258

25,991

Accruals and deferred income

 

1,800

2,199

 

153,066

86,369

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

134,854

321,512

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

134,854

171,512

Other borrowings

-

150,000

134,854

321,512

Current loans and borrowings

2024
£

2023
£

Bank borrowings

34,008

28,538

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       
 

ROC Property Ltd

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

10

Related party transactions

Within other debtors, is an amount of £262,027 (2023: £112,705) owed by the shareholders jointly (one of which is a director) to the company. Interest has been charged on this balance at HMRC's official rate of interest.