REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2018 |
for |
Roscan Electronics Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2018 |
for |
Roscan Electronics Limited |
Roscan Electronics Limited (Registered number: 03425574) |
Contents of the Financial Statements |
for the Year Ended 31 March 2018 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Roscan Electronics Limited |
Company Information |
for the Year Ended 31 March 2018 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Suite 2, Victoria House |
South Street |
Farnham |
Surrey |
GU9 7QU |
BANKERS: |
115 Victoria Road |
Aldershot |
Hampshire |
Roscan Electronics Limited (Registered number: 03425574) |
Balance Sheet |
31 March 2018 |
31.3.18 | 31.3.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Roscan Electronics Limited (Registered number: 03425574) |
Balance Sheet - continued |
31 March 2018 |
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 on its behalf by: |
Roscan Electronics Limited (Registered number: 03425574) |
Notes to the Financial Statements |
for the Year Ended 31 March 2018 |
1. | STATUTORY INFORMATION |
Roscan Electronics Limited is a |
The company's registered number and registered office address can be found on the Company |
Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents income derived from the ordinary activities of the business, net of VAT and trade |
discounts. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of the business in 2003, is being |
amortised evenly over its estimated useful life, which is thought to be 20 years. |
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. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Computer & office equipmt | - |
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. |
Roscan Electronics Limited (Registered number: 03425574) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at |
the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of |
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at |
the operating result. |
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. |
Invoice financing |
The company has an invoice financing arrangement. The Facility has a funding cap of £375,000 which |
can be used for general working capital. The facilities are up for renewal on a 12 month basis and are |
secured over the assets of the company. Amounts drawn under the terms of the facility bear |
transaction fees and interest at base rate plus a margin. The company uses the facility when |
necessary. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2017 |
and 31 March 2018 |
AMORTISATION |
At 1 April 2017 |
Amortisation for year |
At 31 March 2018 |
NET BOOK VALUE |
At 31 March 2018 |
At 31 March 2017 |
Goodwill arose on the transfer of the business into the limited company from a partnership run by two |
of the company's directors. The valuation of goodwill on transfer was as agreed with the Inland |
Revenue share valuation office on 12 January 2005. |
Goodwill is being amortised over a period of 20 years, which is the lesser of its estimated life and 20 |
years, in line with standard accounting practice. |
Roscan Electronics Limited (Registered number: 03425574) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
5. | TANGIBLE FIXED ASSETS |
Fixtures | Computer |
Short | Plant and | and | & office |
leasehold | machinery | fittings | equipmt | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2017 |
Additions |
At 31 March 2018 |
DEPRECIATION |
At 1 April 2017 |
Charge for year |
At 31 March 2018 |
NET BOOK VALUE |
At 31 March 2018 |
At 31 March 2017 |
Included within fixed assets is plant and machinery purchased under finance contract with a net book |
value of £90,192 (2017 - £43,390). Depreciation charged on these items totalled £30,064 (2017 - |
£14,463). |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
Bank borrowings are secured by a debenture charge over the assets of the company, together with |
personal guarantees to £27,500 from each of the company directors. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Hire purchase contracts |
Roscan Electronics Limited (Registered number: 03425574) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
9. | RELATED PARTY DISCLOSURES |
N Martyn |
Director / Shareholder |
As at 31 March 2018 £96,416 (2017 - £275,834) is due to the company in respect of an overdrawn |
directors loan account. The loan is repayable on demand and interest charged at HMRC guidance |
rates of 3%. The interest charged in the year totalled £2,808. |
L Andrews |
Director / Shareholder |
As at 31 March 2018 £96,416 (2017 - £195,899 cr) is due to the company in respect of an overdrawn |
directors loan account. The loan is repayable on demand and interest charged at HMRC guidance |
rates of 3%. The interest charged in the year totalled £2,808. |
A Martyn |
Former Director |
An amount of £10,000 (2017 - £10,000) was due from A Martyn the company's former director. The |
loan is interest free and payable on demand. |
10. | ULTIMATE CONTROLLING PARTY |