Rocnorth Limited 31/10/2019 iXBRL

Rocnorth Limited 31/10/2019 iXBRL

ROCNORTH LIMITED - Company Information

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Company registration number: 03458355
Rocnorth Limited
Unaudited filleted financial statements
31 October 2019
ROCNORTH LIMITED
Contents
Statement of financial position
Notes to the financial statements
ROCNORTH LIMITED
STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 806,551 807,414
_______ _______
806,551 807,414
Current assets
Debtors 6 1,241 774
Cash at bank and in hand 17,136 967
_______ _______
18,377 1,741
Creditors: amounts falling due
within one year 7 ( 23,465) ( 44,661)
_______ _______
Net current liabilities ( 5,088) ( 42,920)
_______ _______
Total assets less current liabilities 801,463 764,494
_______ _______
Net assets 801,463 764,494
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Revaluation reserve 555,968 555,968
Profit and loss account 8 244,495 207,526
_______ _______
Shareholders funds 801,463 764,494
_______ _______
For the year ending 31 October 2019 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 04 May 2020 , and are signed on behalf of the board by:
Mr CM Kallis
Director
Company registration number: 03458355
ROCNORTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Plym House, 3 Longbridge Road, Plymouth, PL6 8LT.
Principal activity
The principal activity of the company is that of a property investment company.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts.When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings, fixtures and equipment - 15 % straight line
Computer equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2018: 2 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Investment Properties Total
£ £ £ £
Cost or valuation
At 1 November 2018 and 31 October 2019 33,515 4,000 805,000 842,515
_______ _______ _______ _______
Depreciation
At 1 November 2018 31,126 3,975 - 35,101
Charge for the year 857 6 - 863
_______ _______ _______ _______
At 31 October 2019 31,983 3,981 - 35,964
_______ _______ _______ _______
Carrying amount
At 31 October 2019 1,532 19 805,000 806,551
_______ _______ _______ _______
At 31 October 2018 2,389 25 805,000 807,414
_______ _______ _______ _______
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Total
£ £
At 31 October 2019
Aggregate cost 249,032 249,032
Aggregate depreciation - -
_______ _______
Carrying amount 249,032 249,032
_______ _______
At 31 October 2018
Aggregate cost 249,032 249,032
Aggregate depreciation - -
_______ _______
Carrying amount 249,032 249,032
_______ _______
The investment properties were valued on an open market basis on 31 October 2019 by the directors. This year the Directors beleive the values held in relation to the investment properties are reflective of the current market values.
6. Debtors
2019 2018
£ £
Trade debtors 1,241 774
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Accruals and deferred income 7,856 12,100
Social security and other taxes 8,611 942
Other creditors 6,998 31,619
_______ _______
23,465 44,661
_______ _______
8. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Loans to / (from) directors at 1 November 2018 Loans to / (from) the directors Amounts repaid Balance at 31 October 2019
£ £ £ £
Directors ( 31,619) 24,621 - ( 6,998)
_______ _______ _______ _______
Loans to / (from) directors at 1 November 2017 Loans to / (from) the directors Amounts repaid Balance at 31 October 2018
£ £ £ £
Directors ( 229,055) ( 67,844) 265,280 ( 31,619)
_______ _______ _______ _______