Rockwater Group Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11814588 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021

FOR

ROCKWATER GROUP LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

L S Davis

REGISTERED OFFICE:

The Old Casino

28 Fourth Avenue

Hove

East Sussex

BN3 2PJ

REGISTERED NUMBER:

11814588 (England and Wales)

ACCOUNTANTS:

Cardens Accountants LLP

The Old Casino

28 Fourth Avenue

Hove

East Sussex

BN3 2PJ

FIXED ASSETS

Intangible assets

3

5,384

-

Tangible assets

4

3,391,712

687,763

3,397,096

687,763

CURRENT ASSETS

Stocks

5

59,000

-

Debtors

6

349,832

136,490

Cash at bank

16,979

354,062

425,811

490,552

CREDITORS

Amounts falling due within one year

7

736,804

43,721

NET CURRENT (LIABILITIES)/ASSETS

(310,993

)

446,831

TOTAL ASSETS LESS CURRENT LIABILITIES

3,086,103

1,134,594

CREDITORS

Amounts falling due after more than one year

8

4,758,235

1,375,611

NET LIABILITIES

(1,672,132

)

(241,017

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(1,672,232

)

(241,117

)

(1,672,132

)

(241,017

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 November 2021 and were signed by:

L S Davis - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are physically delivered to the customer.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of four years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% on cost

Fixtures and fittings

-

25% on cost

Computer Equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 1 ) .

3.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

Additions

7,179

At 28 February 2021

7,179

AMORTISATION

Amortisation for year

1,795

At 28 February 2021

1,795

NET BOOK VALUE

At 28 February 2021

5,384

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Freehold

to

and

Computer

property

property

fittings

Equipment

Totals

£

£

£

£

£

COST

At 29 February 2020

550,755

138,759

-

800

690,314

Additions

-

2,158,834

818,038

3,436

2,980,308

Disposals

-

-

(109,599

)

-

(109,599

)

At 28 February 2021

550,755

2,297,593

708,439

4,236

3,561,023

DEPRECIATION

At 29 February 2020

-

2,463

-

88

2,551

Charge for year

-

115,576

56,366

869

172,811

Eliminated on disposal

-

-

(6,051

)

-

(6,051

)

At 28 February 2021

-

118,039

50,315

957

169,311

NET BOOK VALUE

At 28 February 2021

550,755

2,179,554

658,124

3,279

3,391,712

At 28 February 2020

550,755

136,296

-

712

687,763

5.

STOCKS

2021

2020

£

£

Stocks

59,000

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

132,100

66,496

Directors' loan accounts

23,453

28,330

VAT

162,961

26,248

Prepayments

31,318

15,416

349,832

136,490

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

7,500

-

Trade creditors

502,459

12,890

Social security and other taxes

23,416

4,015

Other creditors

194,236

25,256

Accrued expenses

9,193

1,560

736,804

43,721

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 1-2 years

10,000

-

Bank loans - 2-5 years

30,000

-

Bank loans more 5 yr by instal

2,500

-

Other loans - 2-5 years

4,567,521

1,375,611

Accruals and deferred income

148,214

-

4,758,235

1,375,611

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

2,500

-

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 28 February 2021 and the period ended 28 February 2020:

2021

2020

£

£

L S Davis

Balance outstanding at start of year

28,330

-

Amounts advanced

42,852

50,100

Amounts repaid

(47,729

)

(21,770

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

23,453

28,330

This balance represented the maximum amount outstanding during the year and the loan is interest free and repayable on demand.

10.	RELATED PARTY DISCLOSURES

During the year, the company had transfers with LDSD Limited, as at 28 February 2021 LDSD Limited owed the company £86,337 (2020: £19,997). All transactions were undertaken on a commercial arms length basis and any outstanding amounts are interest free and repayable on demand.

During the year, the company had transfers with IW Capital Limited, as at 28 February 2021 IW Capital was owed by the company £24,000 (2020: £25,000). All transactions were undertaken on a commercial arms length basis and any outstanding amounts are interest free and repayable on demand.

During the year, the company had transfers with Crowdfinders Limited, as at 28 February 2021 Crowdfinders was owed by the company £37,652 (2020 : (£2,749)). All transactions were undertaken on a commercial arms length basis and any outstanding amounts are interest free and repayable on demand.

11.	POST BALANCE SHEET EVENTS

Just prior to the balance sheet date a third wave of the outbreak COVID-19 virus occoured continuing the global pandemic recognised by the World health Organisation (WHO).

The effect of UK government measures to limit the spread of the virus have been widespread, urging people to remain at home wherever possible, including working from home if available and undertake social distancing measures. Part of the measures have been to close all non essential businesses from opening to the public and forcing the closure of bars and restaurants.

Due to the above restrictions the main venue has been subject to opening and closing restrictions during the year. The takeaway shacks also have closures on certain takeaway items such as alcohol which makes a large percentage of drinks sales.

This combined with the building works being reduced due to the Covid restrictions meant the trading during the year was severely disrupted by Covid.

The business also took advantage of the BBL loan incentive provided by the government, this incentive provides a loan of up to £50K to business along with a year holiday period for repayments and a years interest covered by the Govenrment, the charge has been reflected in the accounts along with a Gov grant to cover the charge.

The business also took advantage of the Furlough scheme which was a scheme providing business's staff a payment up to 80% to keep them employed during the closure of businesses, the scheme was bought in via Gov grants to match against the wages charge.

The management has assessed the impact of the above measures on the business and will have to wait further announcements by the government before making any further decisions on the properties not currently occupied.

The directors continue to monitor the situation as it rapidly changes and believe the company is positioned well to react to further developments.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is L S Davis.

This was by virtue of his 100%. holding of the issued share capital.