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Company No: 14136855 (England and Wales)

ROCKWOOD INNOVATION CENTRE LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

ROCKWOOD INNOVATION CENTRE LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

ROCKWOOD INNOVATION CENTRE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 May 2024
ROCKWOOD INNOVATION CENTRE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 May 2024
Note 31.05.2024 31.05.2023
£ £
Fixed assets
Tangible assets 3 939 1,184
939 1,184
Current assets
Debtors 4 53,200 300
Cash at bank and in hand 6,729 93,351
59,929 93,651
Creditors: amounts falling due within one year 5 ( 130,251) ( 104,078)
Net current liabilities (70,322) (10,427)
Total assets less current liabilities (69,383) (9,243)
Net liabilities ( 69,383) ( 9,243)
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account ( 69,483 ) ( 9,343 )
Total shareholder's deficit ( 69,383) ( 9,243)

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

Director's responsibilities:

The financial statements of Rockwood Innovation Centre Limited (registered number: 14136855) were approved and authorised for issue by the Director on 01 August 2025. They were signed on its behalf by:

Jonathan Paul Walker
Director
ROCKWOOD INNOVATION CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
ROCKWOOD INNOVATION CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Rockwood Innovation Centre Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Rockwood House Princes Point, Parkhill Road, Torquay, TQ1 2DU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £69,383. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line/reducing balance] basis over its expected useful life, as follows:

Computer equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Year ended
31.05.2024
Period from
27.05.2022 to
31.05.2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 4 2

3. Tangible assets

Computer equipment Total
£ £
Cost
At 01 June 2023 1,225 1,225
At 31 May 2024 1,225 1,225
Accumulated depreciation
At 01 June 2023 41 41
Charge for the financial year 245 245
At 31 May 2024 286 286
Net book value
At 31 May 2024 939 939
At 31 May 2023 1,184 1,184

4. Debtors

31.05.2024 31.05.2023
£ £
Amounts owed by associates 53,000 0
Amounts owed by director 0 100
Other debtors 200 200
53,200 300

5. Creditors: amounts falling due within one year

31.05.2024 31.05.2023
£ £
Amounts owed to Group undertakings 123,126 100,000
Accruals 6,400 3,250
Other taxation and social security 725 828
130,251 104,078

6. Called-up share capital

31.05.2024 31.05.2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

7. Related party transactions

The company has taken advantage of the disclosure exemption in FRS 102 1A section 33.1A and not disclosed transactions with 100% owned group companies.