| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 30 September 2024 |
| for |
| Joseph Rochford Holdings Ltd |
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 30 September 2024 |
| for |
| Joseph Rochford Holdings Ltd |
| Joseph Rochford Holdings Ltd (Registered number: 11625704) |
| Contents of the Financial Statements |
| for the Year Ended 30 September 2024 |
| Page |
| Balance Sheet | 1 |
| Notes to the Financial Statements | 2 |
| Joseph Rochford Holdings Ltd (Registered number: 11625704) |
| Balance Sheet |
| 30 September 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| Investment property | 7 |
| CURRENT ASSETS |
| Debtors | 8 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve | 12 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Joseph Rochford Holdings Ltd (Registered number: 11625704) |
| Notes to the Financial Statements |
| for the Year Ended 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| Joseph Rochford Holdings Ltd is a |
| Registered number: |
| Registered office: |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Significant judgements and estimates |
| Estimates and judgements are continually evaluated and are based on historical experience and other |
| factors, including expectations of future events that are believed to be reasonable under the |
| circumstances. |
| (a) Critical accounting estimates and assumptions |
| The company makes estimates and assumptions concerning the future.The resulting accounting |
| estimates will, by definition, seldom equal the related actual results. The estimates and assumptions |
| that have a significant risk of causing a material adjustment to the carrying amounts of assets and |
| liabilities within the next financial year are addressed below. |
| (i) Useful economic lives of tangible assets |
| The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful |
| economic lives and residual values of the assets. The useful economic lives and residual values are |
| re-assessed annually. They are amended when necessary to reflect current estimates, based on |
| technological advancement, future investments, economic utilisation and the physical condition of the |
| assets. See the note below for the carrying amount of the fixed assets and for the useful economic |
| lives for each class of assets. |
| (ii) Impairment of debtors |
| The company makes an estimate of the recoverable value of trade and other debtors. When assessing |
| impairment of trade and other debtors, management considers factors including the current credit |
| rating of the debtor, the ageing profile of debtors and historical experience. See the note below for the |
| net carrying amount of the debtors and associated impairment provision |
| Joseph Rochford Holdings Ltd (Registered number: 11625704) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Intellectual property |
| Intellectual property is stated at cost or valuation less accumulated amortisation and accumulated impairment losses. Amortisation is calculated, using the straight-line method, once the asset has reached completion, to allocate the depreciable cost or valuation of the assets to their residual values over their estimated useful lives over 5 years. |
| Where factors, such as technological advancement, indicate that residual value or useful life have changed, the residual value, useful life or amortisation rate are amended prospectively to reflect the new circumstances. |
| The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. |
| Development costs that are directly attributable to the design and testing of identifiable and unique software controlled by the company and it's subsidiary companies are recognised as intangible assets when the following criteria are met: |
| - it is technically feasible to complete the software so that it will be available for use, |
| - management intends to complete the software and use or sell it, |
| - there is an ability to use or sell the software, |
| - it can be demonstrated how the software will generate probable future economic benefits, |
| - adequate technical, financial and other resources to complete any development, and to use or sell the software are available, and |
| - the expenditure attributable to the software during its development can be reliably be measured. |
| Tangible fixed assets |
| Land and buildings | - |
| Plant and machinery etc | - |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Investment property |
| Investment properties are revalued annually at their open market value in accordance with FRS 102. |
| Investment property whose fair value can be measured reliably without undue cost or effort is |
| measured at fair value at each reporting date with changes in fair value recognised in profit or loss. No |
| taxation charge arises from these revaluations until the disposal of a property, although a deferred tax |
| charge provision is made in accordance with FRS 102. |
| No depreciation is provided on the properties, in accordance with the provisions of FRS 102, in order to |
| give a true and fair view . This is a departure from the requirements of the Companies Act 2006. In the |
| opinion of the directors these properties are held primarily for their investment potential and so their |
| current value is of more significance than any measure of consumption and to depreciate them would |
| not give a true and fair view. If this departure from the Act had not been made, the profit for the year |
| would have been reduced by depreciation. However, the amount of depreciation cannot reasonably be |
| quantified and the amount which might otherwise have been shown cannot be separately identified or |
| quantified. |
| The cost of investment properties are recognised in the financial statements once an irrevocable |
| purchase contract has been entered into. Sales of investment properties are recorded once an |
| irrevocable sales contract has been entered into provided that the sale has completed by the date |
| these financial statements are approved by the director. |
| The properties are treated as fixed assets until the date of sale. |
| Joseph Rochford Holdings Ltd (Registered number: 11625704) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST OR VALUATION |
| At 1 October 2023 |
| Additions | ( |
) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| Cost or valuation at 30 September 2024 is represented by: |
| Other |
| intangible |
| assets |
| £ |
| Valuation in 2021 | 200,000 |
| Cost | 54,619 |
| 254,619 |
| Due to the continued uncertainty in the business climate, the directors are in the process of reassessing the valuation of the intellectual property but are not yet in a position to quantify this change. |
| Joseph Rochford Holdings Ltd (Registered number: 11625704) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 October 2023 |
| and 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| Cost or valuation at 30 September 2024 is represented by: |
| Land and |
| buildings |
| £ |
| Valuation in 2016 | 127,100 |
| Valuation in 2017 | 5,285 |
| Cost | 2,012,615 |
| 2,145,000 |
| If freehold land & buildings had not been revalued they would have been included at the following historical cost: |
| 2024 | 2023 |
| £ | £ |
| Cost | 2,012,615 | 2,012,615 |
| Value of land in freehold land and buildings | 1,408,572 | 1,408,572 |
| Freehold land & buildings were valued on an open market basis on 30 September 2024 by the directors . |
| Joseph Rochford Holdings Ltd (Registered number: 11625704) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 7. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 October 2023 |
| and 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| Investment properties were valued on a fair value basis by the directors at the year end |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Amounts owed by group undertakings |
| Other debtors |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| Amounts owed to group undertakings |
| Taxation and social security |
| 10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| Joseph Rochford Holdings Ltd (Registered number: 11625704) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| The bank loans are secured by fixed and floating charges over all of the property or other undertakings of the company and its subsidiary Joseph Rochford Gardens Ltd. |
| 12. | RESERVES |
| Retained earnings include non-distributable reserves of £1,906,668 |
| 13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023: |
| 2024 | 2023 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| The loan to the director is interest free and is expected to be fully repaid. |
| 15. | RELATED PARTY DISCLOSURES |
| The company incurred charges totalling £0 (2023: £100,000) from Claygate Holdings Limited, whose services were for fees paid in relation to the acquisition of East End Farm. This company is controlled by Mr C M Wray. These amounts are charged at normal commercial rates. |
| 16. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is |