Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-312025-05-292025-05-29false0No description of principal activitytruetrue1500000ROVOP Group LimitedC-ROVOP LLC2024-04-01false22truefalse 11622977 2024-04-01 2024-12-31 11622977 2023-04-01 2024-03-31 11622977 2024-12-31 11622977 2024-03-31 11622977 2023-04-01 11622977 c:Director1 2024-04-01 2024-12-31 11622977 c:Director1 2024-12-31 11622977 c:Director5 2024-04-01 2024-12-31 11622977 c:Director6 2024-04-01 2024-12-31 11622977 c:Director6 2024-12-31 11622977 c:RegisteredOffice 2024-04-01 2024-12-31 11622977 d:PlantMachinery 2024-04-01 2024-12-31 11622977 d:PlantMachinery 2024-12-31 11622977 d:PlantMachinery 2024-03-31 11622977 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-04-01 2024-12-31 11622977 d:CurrentFinancialInstruments 2024-12-31 11622977 d:CurrentFinancialInstruments 2024-03-31 11622977 d:Non-currentFinancialInstruments 2024-12-31 11622977 d:Non-currentFinancialInstruments 2024-03-31 11622977 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 11622977 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 11622977 d:ShareCapital 2024-12-31 11622977 d:ShareCapital 2024-03-31 11622977 d:ShareCapital 2023-04-01 11622977 d:OtherMiscellaneousReserve 2024-12-31 11622977 d:OtherMiscellaneousReserve 2024-03-31 11622977 d:RetainedEarningsAccumulatedLosses 2024-04-01 2024-12-31 11622977 d:RetainedEarningsAccumulatedLosses 2024-12-31 11622977 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 11622977 d:RetainedEarningsAccumulatedLosses 2024-03-31 11622977 d:RetainedEarningsAccumulatedLosses 2023-04-01 11622977 c:OrdinaryShareClass1 2024-04-01 2024-12-31 11622977 c:OrdinaryShareClass1 2024-12-31 11622977 c:OrdinaryShareClass1 2024-03-31 11622977 c:FRS102 2024-04-01 2024-12-31 11622977 c:Audited 2024-04-01 2024-12-31 11622977 c:FullAccounts 2024-04-01 2024-12-31 11622977 c:PrivateLimitedCompanyLtd 2024-04-01 2024-12-31 11622977 c:SmallCompaniesRegimeForAccounts 2024-04-01 2024-12-31 11622977 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 11622977 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 11622977 d:TaxLossesCarry-forwardsDeferredTax 2024-12-31 11622977 d:TaxLossesCarry-forwardsDeferredTax 2024-03-31 11622977 e:PoundSterling 2024-04-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 11622977














ROVOP ASSETS 2 LIMITED





               
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE 9 MONTH PERIOD ENDED 31 DECEMBER 2024

 
ROVOP ASSETS 2 LIMITED
 

COMPANY INFORMATION


Directors
G Park (resigned 28 February 2025)
N Potter 
D Dundas (appointed 28 February 2025)




Registered number
11622977



Registered office
Suite 1, 7th Floor
Floor 50 Broadway

London

SW1H 0BL




Independent auditor
Anderson Anderson & Brown Audit LLP

Kingshill View

Prime Four Business Park

Kingswells

Aberdeen

AB15 8PU





 
ROVOP ASSETS 2 LIMITED
 

CONTENTS



Page
Directors' responsibilities statement
1
Statement of comprehensive income
2
Balance sheet
3
Statement of changes in equity
4
Notes to the financial statements
5 - 10


 
ROVOP ASSETS 2 LIMITED
 

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2024

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 1

 
ROVOP ASSETS 2 LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2024

9 month period ended
31 December
Year ended
31 March
2024
2024
Note
£
£

  

Turnover
  
1,002,719
1,561,153

Administrative expenses
  
(32)
(30)

EBITDA
  
1,002,687
1,561,123

Depreciation
 4 
(1,050,621)
(2,250,408)

Profit on sale of tangible assets
  
979,524
388,527

Interest payable and similar expenses
  
(54,544)
(552,846)

Profit/(loss) before tax
  
877,046
(853,604)

Tax on profit/(loss)
  
(471,797)
493,896

Profit/(loss) for the period
  
405,249
(359,708)

There was no other comprehensive income for the 9 month period ended 31 December 2024 (Year ended 31 March 2024 :£NIL).

The notes on pages 5 to 10 form part of these financial statements.

Page 2

 
ROVOP ASSETS 2 LIMITED
REGISTERED NUMBER:11622977

BALANCE SHEET
AS AT 31 DECEMBER 2024

31 December
31 March
2024
2024
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,600,424
3,052,115

  
2,600,424
3,052,115

Current assets
  

Debtors: amounts falling due within one year
 5 
872,099
7,064,009

  
872,099
7,064,009

Creditors: amounts falling due within one year
 6 
(2,030,661)
(5,968,855)

Net current (liabilities)/assets
  
 
 
(1,158,562)
 
 
1,095,154

Total assets less current liabilities
  
1,441,862
4,147,269

  

Net assets
  
1,441,862
4,147,269


Financed by:
  

Shareholder loans including amortised interest and unamortised issue costs
 7 
-
3,110,656

Capital and reserves
  

Share capital
  
1
1

Profit and loss account
  
1,441,861
1,036,612

  
1,441,862
4,147,269


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the Board and were signed on its behalf by: 


D Dundas
Director

Date: 29 May 2025

The notes on pages 5 to 10 form part of these financial statements.

Page 3

 
ROVOP ASSETS 2 LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2023
1
1,396,320
1,396,321



Loss for the year
-
(359,708)
(359,708)



At 1 April 2024
1
1,036,612
1,036,613



Profit for the period
-
405,249
405,249


At 31 December 2024
1
1,441,861
1,441,862


The notes on pages 5 to 10 form part of these financial statements.

Page 4

 
ROVOP ASSETS 2 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

1.


General information

The Company is a private company limited by shares and is incorporated in the UK. The address of the registered office is Suite 1, 7th Floor 50 Broadway, London, England, SW1H 0BL. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements are prepared on a going concern basis, which assumes that the Company and wider Group that it is a member of will continue to meet its liabilities as they fall due.
Based on the financial projections prepared and taking account of possible downside scenarios the directors remain confident the Group can trade profitably and generate positive cash flows from operating activities to meet its financial obligations.
As a result of the above considerations, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Page 5

 
ROVOP ASSETS 2 LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Current and deferred tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
5 -12 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 6

 
ROVOP ASSETS 2 LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the period was 2 (year ended 31 March 2024 - 2).


4.


Tangible fixed assets







Plant and machinery

£



Cost or valuation


At 1 April 2024
11,289,327


Additions
719,407


Disposals
(1,687,469)



At 31 December 2024

10,321,265



Depreciation


At 1 April 2024
8,237,212


Charge for the period on owned assets
1,050,621


Disposals
(1,566,992)



At 31 December 2024

7,720,841



Net book value



At 31 December 2024
2,600,424



At 31 March 2024
3,052,115

Page 7

 
ROVOP ASSETS 2 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

           4.Tangible fixed assets (continued)

During the year, fixed assets were diposed of resulting in a profit on sale of tangible assets of £979,524 (March 2024 - £388,527). The profit includes insurance proceeds of £850,000 (March 2024 - £Nil) against an asset that was disposed of. 


5.


Debtors

31 December
31 March
2024
2024
£
£


Amounts owed by group undertakings
-
6,152,113

Other debtors
850,000
418,000

Deferred taxation (Note 8)
22,099
493,896

872,099
7,064,009



6.


Creditors: Amounts falling due within one year

31 December
31 March
2024
2024
£
£

Amounts owed to group undertakings
2,030,661
5,968,855

2,030,661
5,968,855



7.


Shareholder loans

31 December
31 March
2024
2024
£
£

Shareholder loans
-
3,110,656

-
3,110,656


In the prior year, the loans were due for repayment in December 2027 and incurred interest at 20% per annum. The liability included rolled up interest of £1,610,656. Due to a group restructure, the loan and accrued interest were settled in full on 2 May 2024. 





Page 8

 
ROVOP ASSETS 2 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

8.


Deferred tax






2024


£






At beginning of period
493,896


Charged to profit or loss
(471,797)



At end of period
22,099

The deferred tax asset is made up as follows:

31 December
31 March
2024
2024
£
£


Accelerated capital allowances
(9,488)
253,098

Tax losses carried forward
31,587
240,798

22,099
493,896


9.


Share capital

31 December
31 March
2024
2024
£
£
Allotted, called up and fully paid



1 (March 2024 - 1) Ordinary share of £1.00
1
1



10.


Contingent liabilities

The Company had provided standard security over the tangible fixed assets of the Company as a guarantee in relation to loan borrowings by a fellow group company. Due to a group restructure, this loan was repaid in full on 2 May 2024 and the security discharged.


11.


Related party transactions

The Company has taken advantage of the exemption from disclosing transactions with subsidiaries that are 100% owned under section 1AC.35 of FRS 102.
The Company owes £NIL (March 2024 - £1,500,000) in respect of loan notes to shareholders of the parent company. Interest payable has accrued on the loan amounting to £NIL (March 2024 - £1,610,65).
Interest of £54,544 (March 2024 - £552,846) was incurred in the period. During the period, the loan notes and accrued interest were settled in full.

Page 9

 
ROVOP ASSETS 2 LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

12.


Controlling party

The immediate parent company at 31 December 2024 is ROVOP Group Limited, a company incorporated in Scotland with its registered office at Silvertrees Drive, Westhill, Aberdeen, United Kingdom, AB32 6BH.
The Company is included in the consolidated financial statements of ROVOP Holdings Limited, a company incorporated in Scotland with its registered office at Silvertrees Drive, Westhill, Aberdeen, United Kingdom, AB32 6BH, for the period ended 31 December 2024. This is the only Company in the group to prepare consolidated financial statements.
Copies of the consolidated financial statements of ROVOP Holdings Limited can be requested from Silvertrees Drive, Westhill, Aberdeen, United Kingdom, AB32 6BH.
From 2 May 2024, there was a change in ownership of ROVOP Holdings Limited with C-ROVOP LLC, a company incorporated in the USA, becoming the ultimate parent company.


13.


Auditor's information

The auditor's report on the financial statements for the period ended 31 December 2024 was unqualified.

The audit report was signed on 29 May 2025 by Christopher Masson (Senior statutory auditor) on behalf of Anderson Anderson & Brown Audit LLP.


Page 10