0
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2021-04-01
Sage Accounts Production Advanced 2021 - FRS102_2021
1,133,371
34,285
1,167,656
1,167,656
1,133,371
xbrli:pure
xbrli:shares
iso4217:GBP
07910641
2021-04-01
2022-03-31
07910641
2022-03-31
07910641
2021-03-31
07910641
2021-03-31
07910641
bus:OrdinaryShareClass1
2021-04-01
2022-03-31
07910641
bus:OrdinaryShareClass2
2021-04-01
2022-03-31
07910641
bus:LeadAgentIfApplicable
2021-04-01
2022-03-31
07910641
bus:Director1
2021-04-01
2022-03-31
07910641
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-04-01
2022-03-31
07910641
core:WithinOneYear
2022-03-31
07910641
core:WithinOneYear
2021-03-31
07910641
core:AfterOneYear
2022-03-31
07910641
core:AfterOneYear
2021-03-31
07910641
core:ShareCapital
2022-03-31
07910641
core:ShareCapital
2021-03-31
07910641
core:RetainedEarningsAccumulatedLosses
2022-03-31
07910641
core:RetainedEarningsAccumulatedLosses
2021-03-31
07910641
core:LandBuildings
core:OwnedOrFreeholdAssets
2022-03-31
07910641
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-03-31
07910641
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-03-31
07910641
bus:SmallEntities
2021-04-01
2022-03-31
07910641
bus:AuditExemptWithAccountantsReport
2021-04-01
2022-03-31
07910641
bus:FullAccounts
2021-04-01
2022-03-31
07910641
bus:SmallCompaniesRegimeForAccounts
2021-04-01
2022-03-31
07910641
bus:PrivateLimitedCompanyLtd
2021-04-01
2022-03-31
07910641
bus:OrdinaryShareClass1
2022-03-31
07910641
bus:OrdinaryShareClass1
2021-03-31
07910641
bus:OrdinaryShareClass2
2022-03-31
07910641
bus:OrdinaryShareClass2
2021-03-31
07910641
bus:AllOrdinaryShares
2022-03-31
07910641
bus:AllOrdinaryShares
2021-03-31
07910641
core:EntitiesControlledByKeyManagementPersonnel
2021-04-01
2022-03-31
COMPANY REGISTRATION NUMBER:
07910641
Filleted Unaudited Financial Statements
|
|
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
Rorem Financial Limited
|
|
Year ended 31 March 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Rorem Financial Limited for the year ended 31 March 2022, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Rorem Financial Limited in accordance with the terms of our engagement letter dated 2 September 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Rorem Financial Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rorem Financial Limited and its director for our work or for this report.
It is your duty to ensure that Rorem Financial Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Rorem Financial Limited. You consider that Rorem Financial Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Rorem Financial Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
RIVERSIDE ACCOUNTANCY LANCASTER LIMITED
Chartered accountants
Second Floor, Riverside Offices
26 St George's Quay
Lancaster
LA1 1RD
21 December 2022
Statement of Financial Position
|
|
31 March 2022
Fixed assets
Tangible assets
|
4
|
1,167,656
|
1,133,371
|
|
|
|
|
Current assets
Debtors
|
5
|
92,657
|
119,146
|
Cash at bank and in hand
|
2,006
|
11,115
|
|
--------
|
---------
|
|
94,663
|
130,261
|
|
|
|
|
Creditors: amounts falling due within one year
|
6
|
6,528,674
|
5,699,644
|
|
------------
|
------------
|
Net current liabilities
|
6,434,011
|
5,569,383
|
|
------------
|
------------
|
Total assets less current liabilities
|
(
5,266,355)
|
(
4,436,012)
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
7
|
3,144,199
|
3,981,252
|
|
------------
|
------------
|
Net liabilities
|
(
8,410,554)
|
(
8,417,264)
|
|
------------
|
------------
|
|
|
|
|
Capital and reserves
Called up share capital
|
8
|
200
|
200
|
Profit and loss account
|
(
8,410,754)
|
(
8,417,464)
|
|
------------
|
------------
|
Shareholders deficit
|
(
8,410,554)
|
(
8,417,264)
|
|
------------
|
------------
|
|
|
|
|
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 Section 1A of 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 income statement has not been delivered.
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued)
|
|
31 March 2022
These financial statements were approved by the
board of directors
and authorised for issue on
21 December 2022
, and are signed on behalf of the board by:
Company registration number:
07910641
Notes to the Financial Statements
|
|
Year ended 31 March 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Fernhill Estate Office, Fernhill Road, Sutton, Newport, Shropshire, TF10 8DJ, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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. The financial statements are rounded to the nearest £1.
Going concern
The company has a deficit of assets at the year end, the company has full support of its directors and therefore they believe it to be appropriate to prepare the accounts on a going concern basis. However, the company does hold some land which has significant investment value in the future.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. 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.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 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 entity 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. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Tangible assets
|
Freehold property
|
|
£
|
Cost
|
|
At 1 April 2021
|
1,133,371
|
Additions
|
34,285
|
|
------------
|
At 31 March 2022
|
1,167,656
|
|
------------
|
Depreciation
|
|
At 1 April 2021 and 31 March 2022
|
–
|
|
------------
|
Carrying amount
|
|
At 31 March 2022
|
1,167,656
|
|
------------
|
At 31 March 2021
|
1,133,371
|
|
------------
|
|
|
5.
Debtors
|
2022
|
2021
|
|
£
|
£
|
Trade debtors
|
–
|
15,197
|
Other debtors
|
92,657
|
103,949
|
|
--------
|
---------
|
|
92,657
|
119,146
|
|
--------
|
---------
|
|
|
|
6.
Creditors:
amounts falling due within one year
|
2022
|
2021
|
|
£
|
£
|
Trade creditors
|
49,472
|
64,683
|
Other creditors
|
6,479,202
|
5,634,961
|
|
------------
|
------------
|
|
6,528,674
|
5,699,644
|
|
------------
|
------------
|
|
|
|
7.
Creditors:
amounts falling due after more than one year
|
2022
|
2021
|
|
£
|
£
|
Other creditors
|
3,144,199
|
3,981,252
|
|
------------
|
------------
|
|
|
|
8.
Called up share capital
Issued, called up and fully paid
|
2022
|
2021
|
|
No.
|
£
|
No.
|
£
|
Ordinary A Shares shares of £ 1 each
|
100
|
100
|
100
|
100
|
Ordinary B Shares shares of £ 1 each
|
100
|
100
|
100
|
100
|
|
----
|
----
|
----
|
----
|
|
200
|
200
|
200
|
200
|
|
----
|
----
|
----
|
----
|
|
|
|
|
|
9.
Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021 : 2).
10.
Related party transactions
Included within debtors is a balance of £83,907 (2021 - 91,694) owed by connected companies in which Mr S Cornes has an interest. This represents the maximum amounts owing in the year. In the year no interest has been charges as seen previously, due to advice from the company's external tax advisors. There is an amount included in creditors due within one year of £6,477,627 (2021 - £5,633,631) which is owed to connected companies.
11.
Controlling party
The company was under the control of Mr S Cornes throughout the current period. Under the Articles of Association, Parkhill 2000 Limited is the ultimate beneficiary of the economic value of the company.