| REGISTERED NUMBER: |
| ROCKWOOD HOMES LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2024 |
| REGISTERED NUMBER: |
| ROCKWOOD HOMES LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2024 |
| ROCKWOOD HOMES LIMITED (REGISTERED NUMBER: 08543137) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 May 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| ROCKWOOD HOMES LIMITED |
| COMPANY INFORMATION |
| for the year ended 31 May 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Wey Court West |
| Union Road |
| Farnham |
| Surrey |
| GU9 7PT |
| ROCKWOOD HOMES LIMITED (REGISTERED NUMBER: 08543137) |
| BALANCE SHEET |
| 31 May 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Retained earnings | 12 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| ROCKWOOD HOMES LIMITED (REGISTERED NUMBER: 08543137) |
| BALANCE SHEET - continued |
| 31 May 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| ROCKWOOD HOMES LIMITED (REGISTERED NUMBER: 08543137) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 May 2024 |
| 1. | STATUTORY INFORMATION |
| Rockwood Homes Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
| The accounts have been prepared on a going concern basis despite the loss incurred in the year. The directors are confident the company will continue to be able to pay liabilities when they fall due for reasons fully explained in note 15. |
| Turnover |
| Turnover represents the net invoiced sales, excluding value added tax. Turnover is recognised when the contracts are completed on property disposal. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Stocks |
| Stocks consist of the price of property purchases, together with any subsequent improvement costs, legal and professional fees, and display furniture involved with the purchase and improvement of the properties. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| ROCKWOOD HOMES LIMITED (REGISTERED NUMBER: 08543137) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 May 2024 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Computer |
| machinery | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 June 2023 |
| and 31 May 2024 |
| DEPRECIATION |
| At 1 June 2023 |
| Charge for year |
| At 31 May 2024 |
| NET BOOK VALUE |
| At 31 May 2024 |
| At 31 May 2023 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 June 2023 |
| Impairments | ( |
) |
| At 31 May 2024 |
| NET BOOK VALUE |
| At 31 May 2024 |
| At 31 May 2023 |
| 6. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Stocks |
| ROCKWOOD HOMES LIMITED (REGISTERED NUMBER: 08543137) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 May 2024 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Other debtors |
| Rockwood Investments | - | 692 |
| VAT |
| Deferred tax asset |
| Prepayments and accrued income |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Income tax | 131,693 | 96,272 |
| Amounts owed to group undertakings |
| Social security and other taxes |
| Other creditors |
| Pensions | 168 | 219 |
| Directors' current accounts | 1,660,770 | 1,612,101 |
| Accrued expenses |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Mortgage | 3,462,787 | 12,687,236 |
| The loans used to purchase the properties to be developed are secured with a first charge on the properties. The charges are secured in favour of Tarnprop lending Ltd, Atelier Capital Partners Ltd and Fiducian Nominees Ltd. |
| The loans are also secured by a personal guarantee from the directors, and a fixed & floating charge over the company's assets. |
| 10. | DEFERRED TAX |
| £ |
| Balance at 1 June 2023 | ( |
) |
| Accelerated capital allowances | 366 |
| Trading losses utilised | 80,903 |
| Accrued interest not paid | (153,339 | ) |
| Balance at 31 May 2024 | ( |
) |
| ROCKWOOD HOMES LIMITED (REGISTERED NUMBER: 08543137) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 May 2024 |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 20 | 20 |
| 12. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 June 2023 | ( |
) |
| Deficit for the year | ( |
) |
| At 31 May 2024 | ( |
) |
| 13. | ULTIMATE CONTROLLING PARTY |
| During the year, the company became a 100% subsidiary of The Really Interesting Property Company Limited. The ultimate controlling party are the directors. |
| 14. | GOING CONCERN |
| The accounts have been prepared on the going concern basis. |
| There is a net balance sheet deficiency of £3,413,272. The directors project that the company will obtain the finance required to operate for the next 12 months from the date of signing these accounts through regular business activities and external sources of finance. |
| The major part of the company's working capital requirements are provided by a collection of loans from Fiduciam Nominees Ltd, Atelier Capital Partners Limited and Tarn & Co Limited. It is anticipated the loans will be repaid from the sale of properties, the net realisable value of which are anticipated to be in excess of the borrowing. |
| The directors have also provided significant support in the form of a loan. The facility will continue for the foreseeable future. |