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Registration number: 09296724

IP-ROCO Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2021

 

IP-ROCO Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

IP-ROCO Limited

Company Information

Directors

Mr O V Staicu

Mr B Blackburn

Mr J R Hart

Registered office

Bridgeworks Business Centre Suite 1B
Bridgeworks Business Centre
Broughton Avenue
Doncaster
South Yorkshire
DN5 9QD

Accountants

Cameron Alexander Accountants Limited
Chartered Certified Accountants
2 Western Street
Barnsley
S70 2BP

 

IP-ROCO Limited

(Registration number: 09296724)
Balance Sheet as at 30 November 2021

Note

2021
£

2020
£

Current assets

 

Stocks

3

686

2,362

Debtors

4

13

59

Cash at bank and in hand

 

6,087

2,668

 

6,786

5,089

Creditors: Amounts falling due within one year

5

(17,289)

(12,210)

Total assets less current liabilities

 

(10,503)

(7,121)

Creditors: Amounts falling due after more than one year

5

(18,661)

(23,039)

Net liabilities

 

(29,164)

(30,160)

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

(29,264)

(30,260)

Shareholders' deficit

 

(29,164)

(30,160)

For the financial year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 17 August 2022 and signed on its behalf by:
 

.........................................
Mr O V Staicu
Director

 

IP-ROCO Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

1

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

IP-ROCO Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2020 - 3).

3

Stocks

2021
£

2020
£

Other inventories

686

2,362

 

IP-ROCO Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

4

Debtors

Current

2021
£

2020
£

Trade debtors

-

59

Other debtors

13

-

 

13

59

5

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Bank loans and overdrafts

7

769

-

trade creditors

 

16,160

11,910

Accruals and deferred income

 

360

300

 

17,289

12,210

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

7

2,775

4,990

Other non-current financial liabilities

 

15,886

18,049

 

18,661

23,039

6

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         
 

IP-ROCO Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

7

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

2,775

4,990

2021
£

2020
£

Current loans and borrowings

Bank borrowings

769

-