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REGISTERED NUMBER: 08543137 (England and Wales)












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: S Hollis
A J Hollis





SECRETARY: A J Hollis





REGISTERED OFFICE: Wey Court West
Union Road
Farnham
Surrey
GU9 7PT





REGISTERED NUMBER: 08543137 (England and Wales)





ACCOUNTANTS: Shaw Gibbs Limited
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 1,464 4,361
Investments 5 - 2
1,464 4,363

CURRENT ASSETS
Stocks 6 4,931,837 10,793,190
Debtors 7 1,126,471 1,156,279
Cash at bank 91 39,737
6,058,399 11,989,206
CREDITORS
Amounts falling due within one year 8 (9,473,135 ) (15,282,748 )
NET CURRENT LIABILITIES (3,414,736 ) (3,293,542 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(3,413,272

)

(3,289,179

)

CAPITAL AND RESERVES
Called up share capital 11 20 20
Retained earnings 12 (3,413,292 ) (3,289,199 )
SHAREHOLDERS' FUNDS (3,413,272 ) (3,289,179 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 May 2025 and were signed on its behalf by:





S Hollis - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 25% on cost

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 5 (2023 - 7 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 June 2023
and 31 May 2024 51,259 36,288 3,573 91,120
DEPRECIATION
At 1 June 2023 47,545 36,080 3,134 86,759
Charge for year 2,643 83 171 2,897
At 31 May 2024 50,188 36,163 3,305 89,656
NET BOOK VALUE
At 31 May 2024 1,071 125 268 1,464
At 31 May 2023 3,714 208 439 4,361

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 June 2023 2
Impairments (2 )
At 31 May 2024 -
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 2

6. STOCKS
2024 2023
£    £   
Stocks 4,931,837 10,793,190

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 12,500 126,255
Rockwood Investments - 692
VAT 15,419 4,333
Deferred tax asset 1,090,038 1,017,968
Prepayments and accrued income 8,514 7,031
1,126,471 1,156,279

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 3,462,787 12,687,236
Trade creditors 676,838 395,284
Income tax 131,693 96,272
Amounts owed to group undertakings 3,128,641 1,934
Social security and other taxes 482 -
Other creditors 34,446 6,820
Pensions 168 219
Directors' current accounts 1,660,770 1,612,101
Accrued expenses 377,310 482,882
9,473,135 15,282,748

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 (1,017,968 )
Accelerated capital allowances 366
Trading losses utilised 80,903
Accrued interest not paid (153,339 )
Balance at 31 May 2024 (1,090,038 )

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: £    £   
2 Ordinary £1 20 20

12. RESERVES
Retained
earnings
£   

At 1 June 2023 (3,289,199 )
Deficit for the year (124,093 )
At 31 May 2024 (3,413,292 )

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.