Registered number
10733737
Sorcerer Rotational Ltd
Filleted Abridged Accounts
31 March 2022
Sorcerer Rotational Ltd
Registered number: 10733737
Abridged Balance Sheet
as at 31 March 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 20,608 24,745
Current assets
Debtors 115,166 1,927
Cash at bank and in hand 216,156 10,900
331,322 12,827
Creditors: amounts falling due within one year (221,589) (51,367)
Net current assets/(liabilities) 109,733 (38,540)
Total assets less current liabilities 130,341 (13,795)
Creditors: amounts falling due after more than one year (40,651) (45,827)
Provisions for liabilities (3,077) (3,074)
Net assets/(liabilities) 86,613 (62,696)
Capital and reserves
Called up share capital 1 1
Profit and loss account 86,612 (62,697)
Shareholders' funds 86,613 (62,696)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
Debtors includes a loan to Atom Fabs Ltd. £115,166 was owing at 31st March 2022. The loan was repaid on 20th July 2022.This company has the same directors and shareholders as Sorcerer Rotational Ltd.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
Mr. G. Smillie
Director
Approved by the board on 4 August 2022
Sorcerer Rotational Ltd
Notes to the Abridged Accounts
for the year ended 31 March 2022
1 Accounting policies
Basis of preparation
The abridged accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office Platform 3% straight Line
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Total
£
Cost
At 1 April 2021 31,277
At 31 March 2022 31,277
Depreciation
At 1 April 2021 6,532
Charge for the year 4,137
At 31 March 2022 10,669
Net book value
At 31 March 2022 20,608
At 31 March 2021 24,745
4 Loans 2022 2021
£ £
Creditors include:
Instalments falling due for payment after more than five years 18,822 24,544
Secured bank loans 45,776 50,000
The Loan is with HSBC UK and underwritten by U.K. Government. The interest rate is 2.5% repayments started on 26th June 2021. The first year's interest was paid by U.K. Government and the interest that would have been payable is offset as a Grant in the accounts.
5 Events after the reporting date
A Loan to Atom Fabs Ltd. was repaid in full on 20th July 2022
6 Related party transactions
The Company has loaned a total of £214,000 to Atom Fabs Ltd. A company controlled and owned by the same shareholders and directors. At 31st March 2022 the balance outstanding was £115,166.34. The company received a management fee of £20,000 from Atom Fabs Ltd. shown under other operating income. Sales includes charges to Atom Fabs Ltd. totalling £8357.66 of which £8084 was for office overheads. Cost of Sales includes charges from Atom Fabs Ltd. for materials & labour totalling £423,007. The materials were charged at cost value.
7 Controlling party
The controlling parties are Mr. G. Smillie,Mr. T. Hopkins & Mr. L. Chant who each own one third of the company's share capital.
8 Other information
Sorcerer Rotational Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 2 Plot 5
Millfield Industrial Estate
Chard
Somerset
TA20 2BB
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