Rock Associates Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 06908331 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

FOR

ROCK ASSOCIATES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

J Rock

Mrs J Rock

SECRETARY:

Mrs J Rock

REGISTERED OFFICE:

The Old Manor

Main Street

Leire

Lutterworth

Leicestershire

LE17 5HF

REGISTERED NUMBER:

06908331 (England and Wales)

ACCOUNTANTS:

Howards Limited

Chartered Certified Accountants

Newport House

Newport Road

Stafford

Staffordshire

ST16 1DA

FIXED ASSETS

Tangible assets

5

1,297

11,449

Investments

6

100

100

1,397

11,549

CURRENT ASSETS

Stocks

-

169,050

Debtors

7

832,533

375,856

Cash at bank

134,337

308,333

966,870

853,239

CREDITORS

Amounts falling due within one year

8

(138,115

)

(127,821

)

NET CURRENT ASSETS

828,755

725,418

TOTAL ASSETS LESS CURRENT LIABILITIES

830,152

736,967

PROVISIONS FOR LIABILITIES

(246

)

(2,175

)

ACCRUALS AND DEFERRED INCOME

(19,130

)

(11,939

)

NET ASSETS

810,776

722,853

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

810,775

722,852

SHAREHOLDERS' FUNDS

810,776

722,853

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 23 January 2023 and were signed on its behalf by:

J Rock - Director

Mrs J Rock - Director

1.	STATUTORY INFORMATION

Rock Associates Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 06908331 and the registered office address is Tong Lodge, Church Street, Burbage, Leicester, Leicestershire LE10 2DA.

The principal activity of the company is that of caravan sales.

2.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Functional currency

The financial statements are prepared in sterling (£). The functional currency of the company is sterling (£).

Significant judgements and estimates

In determining and applying accounting policies, judgement is often required in respect of items where the choice of specific policy, accounting estimate or assumption to be followed could materially affect the reported results or net asset position of the company; it may later be determined that a different choice would have been more appropriate. Management considers that certain accounting estimates and assumptions relating to revenue, taxation, tangible fixed assets, provisions and contingent liabilities and accruals are its critical accounting estimates.

Turnover

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

Tangible fixed assets

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

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

20% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated.

Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

The company recognises that post sales liabilities exist for 12 months after sales are made, therefore the company recognises a warranty provision for these costs.

Government grants

Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment.

Grants received in relation to tangible fixed assets are credited to deferred income and released to profit and

loss over the useful lives of the related assets, whereas those in relation to expenditure are credited to profit and loss when the expenditure is charged to profit and loss.

Government grants, which include amounts received under the Coronavirus Job Retention Scheme, are

recognised at the fair value of the grant received or receivable when there is reasonable assurance that the

grant conditions will be met and the grants will be received. The income is recognised in other income on a

systematic basis over the periods in which the associated costs are incurred, using the accrual model.

Government grants, which include the amounts received from the Coronavirus Business Interruption Loan

Scheme that cover interest and fees payable to the lender, are treated as basic financial instruments. The

interest and fees paid by the Government are included as grants in the period where the benefit is received.

Impairment of non financial assets

At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Inventories are also assessed for impairment at each reporting date. The carrying amount of each item of inventory, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of inventory or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 5 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 June 2021

37,013

1,500

1,820

40,333

Disposals

(14,000

)

-

-

(14,000

)

At 31 May 2022

23,013

1,500

1,820

26,333

DEPRECIATION

At 1 June 2021

25,564

1,500

1,820

28,884

Charge for year

1,752

-

-

1,752

Eliminated on disposal

(5,600

)

-

-

(5,600

)

At 31 May 2022

21,716

1,500

1,820

25,036

NET BOOK VALUE

At 31 May 2022

1,297

-

-

1,297

At 31 May 2021

11,449

-

-

11,449

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 June 2021

and 31 May 2022

100

NET BOOK VALUE

At 31 May 2022

100

At 31 May 2021

100

7.

DEBTORS

2022

2021

£

£

Amounts falling due within one year:

Trade debtors

517,935

54,640

Amounts owed by group undertakings

21,417

7,386

Other debtors

93,181

123,830

632,533

185,856

Amounts falling due after more than one year:

Amounts owed by group undertakings

200,000

190,000

Aggregate amounts

832,533

375,856

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

9,244

596

Taxation and social security

120,394

118,168

Other creditors

8,477

9,057

138,115

127,821

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2022 and 31 May 2021:

2022

2021

£

£

J Rock and Mrs J Rock

Balance outstanding at start of year

123,830

88,239

Amounts advanced

228,896

376,967

Amounts repaid

(259,545

)

(341,376

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

93,181

123,830

The overdrawn directors loan account was cleared within nine months of the year end by way of a dividend.