Rocnorth Limited 31/10/2021 iXBRL
Rocnorth Limited 31/10/2021 iXBRL
Company registration number:
03458355
ROCNORTH LIMITED
STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2021
2021 | 2020 | ||||||||
Note | £ | £ | £ | £ | |||||
Fixed assets | |||||||||
Tangible assets | 5 |
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_______ | _______ | ||||||||
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Current assets | |||||||||
Debtors | 6 |
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Cash at bank and in hand |
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_______ | _______ | ||||||||
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Creditors: amounts falling due | |||||||||
within one year | 7 |
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_______ | _______ | ||||||||
Net current assets |
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_______ | _______ | ||||||||
Total assets less current liabilities |
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_______ | _______ | ||||||||
Net assets |
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_______ | _______ | ||||||||
Capital and reserves | |||||||||
Called up share capital |
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Revaluation reserve | 8 |
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Profit and loss account | 8 |
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_______ | _______ | ||||||||
Shareholders funds |
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_______ | _______ | ||||||||
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;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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
25 May 2022
, and are signed on behalf of the board by:
Director
Company registration number:
03458355
ROCNORTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2021
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
3.
Accounting policies
Basis of preparation
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
Taxation
Tangible assets
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 | - |
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Computer equipment | - |
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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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
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
(2020:
2
).
5.
Tangible assets
Fixtures, fittings and equipment | Motor vehicles | Investment Properties | Total | ||
£ | £ | £ | £ | ||
Cost | |||||
At 1 November 2020 and 31 October 2021 |
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_______ | _______ | _______ | _______ | ||
Depreciation | |||||
At 1 November 2020 |
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- |
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Charge for the year |
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- |
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_______ | _______ | _______ | _______ | ||
At 31 October 2021 |
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- |
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_______ | _______ | _______ | _______ | ||
Carrying amount | |||||
At 31 October 2021 |
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_______ | _______ | _______ | _______ | ||
At 31 October 2020 |
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_______ | _______ | _______ | _______ | ||
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 2021 | |||
Aggregate cost | 249,032 | 249,032 | |
Aggregate depreciation | - | - | |
_______ | _______ | ||
Carrying amount |
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249,032 | |
_______ | _______ | ||
At 31 October 2020 | |||
Aggregate cost | 249,032 | 249,032 | |
Aggregate depreciation | - | - | |
_______ | _______ | ||
Carrying amount |
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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
2021 | 2020 | |||
£ | £ | |||
Trade debtors |
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Other debtors |
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_______ | _______ | |||
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_______ | _______ | |||
7.
Creditors: amounts falling due within one year
2021 | 2020 | |||
£ | £ | |||
Accruals and deferred income |
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Social security and other taxes | 7,683 | 9,622 | ||
_______ | _______ | |||
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_______ | _______ | |||
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: | |||||
2021 | |||||
Balance brought forward | Advances /(credits) to the directors | Amounts repaid | Balance o/standing | ||
£ | £ | £ | £ | ||
Directors | 35,781 | (37,507) | 10,038 | 8,312 | |
_______ | _______ | _______ | _______ | ||
2020 | |||||
Balance brought forward | Advances /(credits) to the directors | Amounts repaid | Balance o/standing | ||
£ | £ | £ | £ | ||
Directors | (6,998) | - | 42,779 | 35,781 | |
_______ | _______ | _______ | _______ | ||