Rockset Limited 03198254 false 2023-11-01 2024-10-31 2024-10-31 The principal activity of the company is property investment Digita Accounts Production Advanced 6.30.9574.0 true true 03198254 2023-11-01 2024-10-31 03198254 2024-10-31 03198254 bus:OrdinaryShareClass1 2024-10-31 03198254 core:CurrentFinancialInstruments 2024-10-31 03198254 core:CurrentFinancialInstruments core:WithinOneYear 2024-10-31 03198254 bus:SmallEntities 2023-11-01 2024-10-31 03198254 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 03198254 bus:FilletedAccounts 2023-11-01 2024-10-31 03198254 bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 03198254 bus:RegisteredOffice 2023-11-01 2024-10-31 03198254 bus:CompanySecretary1 2023-11-01 2024-10-31 03198254 bus:Director1 2023-11-01 2024-10-31 03198254 bus:Director3 2023-11-01 2024-10-31 03198254 bus:OrdinaryShareClass1 2023-11-01 2024-10-31 03198254 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 03198254 bus:Agent1 2023-11-01 2024-10-31 03198254 countries:EnglandWales 2023-11-01 2024-10-31 03198254 2023-10-31 03198254 2022-11-01 2023-10-31 03198254 2023-10-31 03198254 bus:OrdinaryShareClass1 2023-10-31 03198254 core:CurrentFinancialInstruments 2023-10-31 03198254 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 03198254 core:RevaluationReserve core:LandBuildings 2022-11-01 2023-10-31 03198254 core:LandBuildings 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03198254

Rockset Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Rockset Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Rockset Limited

Company Information

Directors

Mrs K H Shah

Mr K G Shah

Company secretary

Mr K Shah

Registered office

26 Carlton Avenue
Kenton
HA3 8AY

Accountants

Richlands Business Advisers Limited
Chartered Accountants42-46 Station Road
Edgware
Middlesex
HA8 7AB

 

Rockset Limited

(Registration number: 03198254)
Balance Sheet as at 31 October 2024

Note

2024
£

(As restated)


2023
£

Fixed assets

 

Investment property

4

900,000

900,000

Current assets

 

Debtors

5

9,100

10,221

Cash at bank and in hand

 

45,039

44,086

 

54,139

54,307

Creditors: Amounts falling due within one year

6

(26,600)

(43,202)

Net current assets

 

27,539

11,105

Total assets less current liabilities

 

927,539

911,105

Provisions for liabilities

(157,584)

(157,584)

Net assets

 

769,955

753,521

Capital and reserves

 

Called up share capital

7

100

100

Revaluation reserve

472,750

472,750

Retained earnings

297,105

280,671

Shareholders' funds

 

769,955

753,521

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

Approved and authorised by the Board on 9 July 2025 and signed on its behalf by:
 

.........................................
Mr K G Shah
Director

 

Rockset Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
26 Carlton Avenue
Kenton
HA3 8AY
United Kingdom

These financial statements were authorised for issue by the Board on 9 July 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, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Restatement of comparative figures
The comparative figures for the financial year ended 31 October 2024 has been restated to reflect the deferred tax liabilities of £195,083.50 incurred on the fair value adjustments of investment properties, which was accounted for in the prior year.
 

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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.

 

Rockset Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

The current income 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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:

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Rockset Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Investment properties

2024
£

At 1 November

900,000

At 31 October

900,000

The fair value of the investment properties at the date of the balance sheet was £900,000. The fair value of the investment properties were assessed internally by the directors at the year end.

5

Debtors

Current

2024
£

(As restated)


2023
£

Trade debtors

9,100

9,135

Prepayments

-

1,086

 

9,100

10,221

 

Rockset Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

(As restated)


2023
£

Due within one year

 

Other creditors

 

11,999

29,346

Accrued expenses

 

840

750

Corporation tax payable

 

13,622

13,058

Directors current account

 

139

48

 

26,600

43,202

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

472,750

472,750

 

Rockset Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

9

Transition to FRS 102

This is the first year the company is preparing accounts under FRS 102 Section 1A. The policies applied under the entities previous accounting framework for subsequent measurement of investment properties are different to FRS 102 and have impacted on the equity or profit or loss. Previous period's profit or loss have been reinstated.

Balance Sheet at 1 November 2022
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Capital and reserves

Called up share capital

100

-

-

100

Retained earnings

244,750

-

-

244,750

Total equity

244,850

-

-

244,850

Balance Sheet at 31 October 2023
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Investment property

269,666

-

630,334

900,000

Provisions for liabilities

-

-

157,583

157,583

Net assets

269,666

-

787,917

1,057,583

Capital and reserves

Called up share capital

100

-

-

100

Retained earnings

280,671

-

472,750

753,421

Total equity

280,771

-

472,750

753,521