| |
|
|
|
|
| 2. |
Summary of Significant Accounting Policies |
|
|
|
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements. |
|
|
|
Statement of compliance |
|
The financial statements of the company for the year ended 31 October 2025 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006. |
|
|
|
Basis of preparation |
|
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. |
|
|
|
Turnover |
|
Turnover comprises rents receivable net of value added tax. |
|
|
|
Tangible assets and depreciation |
|
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows: |
|
|
| |
|
Fixtures, fittings and equipment |
- |
15% Straight line |
|
|
|
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. |
|
|
|
Investment properties |
|
Investment property is property held either to earn rental income, or for capital appreciation (including future re-development) or for both, but not for sale in the ordinary course of business. Investment property is initially measured at cost, which includes the purchase cost and any directly attributable expenditure. Investment property is subsequently valued at its fair value at each reporting date, by professional external valuers. The difference between the fair value of an investment property at the reporting date and its carrying value prior to the valuation is recognised in the Profit and Loss Account as a fair value gain or loss. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in the Profit and Loss Account. |
|
|
|
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. |
|
|
|
Borrowing costs |
|
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred. |
|
|
|
Provisions |
|
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense. |
|
|
|
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. |
|
|
|
Related parties |
|
For the purposes of these financial statements a party is considered to be related to the company if: |
|
|
| |
■ |
the party has the ability, directly or indirectly, through one or more intermediaries to control the company or exercise significant influence over the company in making financial and operating policy decisions or has joint control over the company; |
| |
■ |
the company and the party are subject to common control; |
| |
■ |
the party is an associate of the company or forms part of a joint venture with the company; |
| |
■ |
the party is a member of key management personnel of the company or the company's parent, or a close family member of such as an individual, or is an entity under the control, joint control or significant influence of such individuals; |
| |
■ |
the party is a close family member of a party referred to above or is an entity under the control or significant influence of such individuals. |
|
Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the company. |
|
|
|
Taxation and deferred taxation |
|
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date. |
|
|
|
Ordinary share capital |
|
The ordinary share capital of the company is presented as equity. |
| |
|
|
|
|
|
| 11. |
Related party transactions |
|
|
|
During the year, Rock Holdings Limited repaid £855,671 (2024: £107,896) to CP Hire Limited, a company whose directors include Mr David and Andrew Hutchinson, who are also directors of Rock Holdings Limited. The balance owing at the year end to CP Hire Limited is of £1,109,430 (2024: £1,875,101 - of which £25,000 is repayable within one year- includes interest charged on the advance of £55,145 (2024: £109,772). |
|
|
|
The following amounts are due to other connected parties: |
| |
|
|
|
2025 |
2024 |
| |
|
|
|
£ |
£ |
|
|
| |
CP Hire Limited - repayable within 12 months |
|
|
25,000 |
250,000 |
| |
Amounts falling due after more than one year |
|
|
994,430 |
1,625,101 |
| |
|
|
|
───────── |
───────── |
| |
|
|
|
1,019,430 |
1,875,101 |
| |
|
|
|
═════════ |
═════════ |
|
|
|
During the year, Rock Holdings Limited repaid £855,671 (2024: £107,896) to CP Hire Limited, a company whose directors include Mr David and Andrew Hutchinson, who are also directors of Rock Holdings Limited. The balance owing at the year end to CP Hire Limited is of £1,109,430 (2024: £1,875,101 - of which £25,000 is repayable within one year- includes interest charged on the advance of £55,145 (2024: £109,772). |