Company Registration No. 01623182 (England and Wales)
Rope Assemblies Limited
Annual report and financial statements
For the year ended 31 March 2023
Pages for filing with registrar
ROPE ASSEMBLIES LIMITED
Rope Assemblies Limited
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
ROPE ASSEMBLIES LIMITED
Rope Assemblies Limited
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
580,815
568,588
Current assets
Stocks
187,960
218,678
Debtors
5
128,098
125,950
Cash at bank and in hand
699,293
652,334
1,015,351
996,962
Creditors: amounts falling due within one year
6
(137,154)
(207,726)
Net current assets
878,197
789,236
Total assets less current liabilities
1,459,012
1,357,824
Provisions for liabilities
(10,267)
(4,522)
Net assets
1,448,745
1,353,302
Capital and reserves
Called up share capital
7
101
101
Revaluation reserve
8
192,311
192,311
Profit and loss reserves
1,256,333
1,160,890
Total equity
1,448,745
1,353,302

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 21 August 2023 and are signed on its behalf by:
A  Harper
Director
Company Registration No. 01623182
ROPE ASSEMBLIES LIMITED
Rope Assemblies Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Rope Assemblies Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 6, Hallcroft Industrial Estate, Aurillac way, Retford, Nottinghamshire, DN22 7PX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for goods net of VAT and trade discounts.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

ROPE ASSEMBLIES LIMITED
Rope Assemblies Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
Current tax

The tax currently payable is based on taxable profit for the period. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Leases

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Administrative staff
4
4
Production staff
11
11
Total
15
15
ROPE ASSEMBLIES LIMITED
Rope Assemblies Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
3
Intangible fixed assets
Website Development Costs
£
Cost
At 1 April 2022 and 31 March 2023
11,720
Amortisation and impairment
At 1 April 2022 and 31 March 2023
11,720
Carrying amount
At 31 March 2023
-
0
At 31 March 2022
-
0
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
505,000
183,077
688,077
Additions
-
0
34,815
34,815
Disposals
-
0
(16,029)
(16,029)
At 31 March 2023
505,000
201,863
706,863
Depreciation and impairment
At 1 April 2022
7,100
112,389
119,489
Depreciation charged in the year
-
0
19,922
19,922
Eliminated in respect of disposals
-
0
(13,363)
(13,363)
At 31 March 2023
7,100
118,948
126,048
Carrying amount
At 31 March 2023
497,900
82,915
580,815
At 31 March 2022
497,900
70,688
568,588

The historical cost of land and buildings is £309,947 (2022: £309,947).

 

No depreciation has been recorded on the properties as the Directors consider the market value of the buildings to exceed their cost. This is reasonable given our knowledge of the current property market and the nature of the properties.

ROPE ASSEMBLIES LIMITED
Rope Assemblies Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
115,222
118,858
Amounts owed by group undertakings
3,152
3,372
Other debtors
9,724
3,720
128,098
125,950
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
74,764
125,482
Amounts owed to group undertakings
4,200
3,600
Corporation tax
18,183
37,700
Other taxation and social security
33,970
32,435
Other creditors
6,037
8,509
137,154
207,726
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
1 Ordinary A of £1 each
1
1
101
101
8
Revaluation reserve
2023
2022
£
£
At the beginning and end of the year
192,311
192,311
ROPE ASSEMBLIES LIMITED
Rope Assemblies Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
9
Related party transactions

The company has taken advantage of the exemption available with FRS 102 Section 33 'Related party disclosures' not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.

10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Sarah Yardley BSc ACA.
The auditor was MGR Weston Kay LLP.
11
Parent company

The ultimate parent company is Unusual Industries Limited, a company registered in England and Wales.

 

Unusual Industries Limited has included the company in its group accounts, copies of which are available from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

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