JH Rockingham Limited - Accounts to registrar (filleted) - small 23.2.5
JH Rockingham Limited - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2023 |
| FOR |
| JH ROCKINGHAM LIMITED |
| JH ROCKINGHAM LIMITED (REGISTERED NUMBER: 10873156) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 May 2023 |
| Page |
| Company Information | 1 |
| Abridged Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| JH ROCKINGHAM LIMITED |
| COMPANY INFORMATION |
| for the year ended 31 May 2023 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| 19-20 Bourne Court |
| Southend Road |
| Woodford Green |
| Essex |
| IG8 8HD |
| JH ROCKINGHAM LIMITED (REGISTERED NUMBER: 10873156) |
| ABRIDGED BALANCE SHEET |
| 31 May 2023 |
| 2023 | 2022 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Stocks |
| Debtors |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 4 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| ( |
) | ( |
) |
| 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 |
| JH ROCKINGHAM LIMITED (REGISTERED NUMBER: 10873156) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 May 2023 |
| 1. | STATUTORY INFORMATION |
| JH Rockingham Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The financial statements have been prepared on the going concern basis. The directors have considered relevant information, including the annual budget, the timing of the future cashflows, and the impact of subsequent events in making their assessment.The company's stock and work in progress represents properties being developed. These developments are shown at the lower of cost, including associated cost and net realisable value. Once the development is completed, they will be disposed at the prevailing market value for a profit and will generate significant cash inflows to pay all outstanding liabilities. |
| As part of the going concern assessment, the directors have also taken into account the assurances from members that further funds will be made available to support the company's working capital requirements, if needed. |
| Critical accounting judgements and key sources of estimation uncertainty |
| Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
| The items in the financial statements where these judgements and estimates have been made include: |
| - assessing the recoverability of the intercompany balances. |
| Stocks |
| Property that is held with the intention of selling is included in stocks. Stocks are valued at the lower of cost, including associated costs and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and selling expenses. |
| Financial instruments |
| Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
| Such assets are subsequently carried at amortised cost using the effective interest method. |
| Basic financial liabilities, including trade and other payables, bank loans and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| JH ROCKINGHAM LIMITED (REGISTERED NUMBER: 10873156) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 May 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Borrowing costs |
| Borrowing costs which are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised. |
| During the year, borrowing costs amounting to £2,225,430 (2022 - £1,844,635) were capitalised as part of stocks. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2022 - NIL). |
| 4. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
| 2023 | 2022 |
| £ | £ |
| Repayable by instalments |
| Bank loans | 6,640 | 24,589 |
| 5. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2023 | 2022 |
| £ | £ |
| Bank loans |
| The bank loan is secured by way of a fixed and floating charge over the properties held by the company. |
| 6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| JH ROCKINGHAM LIMITED (REGISTERED NUMBER: 10873156) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 May 2023 |
| 7. | CONTINGENT LIABILITIES |
| There were no contingent liabilities at the balance sheet date. |
| 8. | CAPITAL COMMITMENTS |
| The company had no capital commitments at 31 May 2023 or 31 May 2022. |
| 9. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| At the balance sheet date, the company owed £111,646 (2022 - £111,646) to Avani Construction Ltd, a company connected by virtue of common control. |
| 10. | AUDITOR LIABILITY LIMITATION AGREEMENT |
| The company has entered into a liability limitation agreement with Raffingers, the statutory auditor, in respect of the statutory audit for the year ended 31 May 2023.The proportionate liability agreement follows the standard terms in appendix B to the Financial Reporting Councils' June 2008 Guidance on Auditor Liability Agreements and as approved by the members on 2 October 2023. |