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REGISTERED NUMBER: 05598956 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

ROUTEC (GB) LIMITED

ROUTEC (GB) LIMITED (REGISTERED NUMBER: 05598956)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ROUTEC (GB) LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2023







DIRECTORS: D M Coleman
P Moxon
Mrs J M Moxon





REGISTERED OFFICE: Borwick Drive
Grovehill Road
Beverley
East Yorkshire
HU17 0HQ





REGISTERED NUMBER: 05598956 (England and Wales)





ACCOUNTANTS: Sowerby
Chartered Accountants
Beckside Court
Annie Reed Road
Beverley
East Yorkshire
HU17 0LF

ROUTEC (GB) LIMITED (REGISTERED NUMBER: 05598956)

BALANCE SHEET
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,824,073 1,969,800

CURRENT ASSETS
Stocks 759,356 587,571
Debtors 5 2,180,216 2,294,279
Cash at bank and in hand 48,452 147,810
2,988,024 3,029,660
CREDITORS
Amounts falling due within one year 6 1,862,129 2,383,500
NET CURRENT ASSETS 1,125,895 646,160
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,949,968

2,615,960

CREDITORS
Amounts falling due after more than one year 7 (929,180 ) (1,076,366 )

PROVISIONS FOR LIABILITIES (154,287 ) (139,167 )
NET ASSETS 1,866,501 1,400,427

CAPITAL AND RESERVES
Called up share capital 75,020 75,020
Retained earnings 1,791,481 1,325,407
SHAREHOLDERS' FUNDS 1,866,501 1,400,427

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

ROUTEC (GB) LIMITED (REGISTERED NUMBER: 05598956)

BALANCE SHEET - continued
31 March 2023


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

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 and authorised for issue on 5 October 2023 and were signed on its behalf by:




D M Coleman - Director P Moxon - Director




Mrs J M Moxon - Director


ROUTEC (GB) LIMITED (REGISTERED NUMBER: 05598956)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023


1. STATUTORY INFORMATION

Routec (GB) Limited is a private company, limited by shares, incorporated and domiciled in England and has its registered office and principal place of business at Borwick Drive, Grovehill Road, Beverley, East Yorkshire.

The principal activity of the company is the manufacture of furniture.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

The directors, having taken into the factors discussed above as well as the uncertainties of the current economic environment, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts.

Turnover from the sale of goods is recognised at the point of sale.

Turnover from services is recognised on completion of service, or when those services span the year end date, by reference to the stage of completion at the balance sheet date.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on cost and 10% on cost
Motor vehicles - 25% on cost
Office equipment - 33% on cost and 20% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.


ROUTEC (GB) LIMITED (REGISTERED NUMBER: 05598956)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023


2. ACCOUNTING POLICIES - continued
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.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2022 - 41 ) .

ROUTEC (GB) LIMITED (REGISTERED NUMBER: 05598956)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023


4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Office
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 1,380,150 1,837,067 25,637 58,858 3,301,712
Additions - - - 18,932 18,932
At 31 March 2023 1,380,150 1,837,067 25,637 77,790 3,320,644
DEPRECIATION
At 1 April 2022 171,330 1,076,087 25,637 58,858 1,331,912
Charge for year 25,285 138,916 - 458 164,659
At 31 March 2023 196,615 1,215,003 25,637 59,316 1,496,571
NET BOOK VALUE
At 31 March 2023 1,183,535 622,064 - 18,474 1,824,073
At 31 March 2022 1,208,820 760,980 - - 1,969,800

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 April 2022
and 31 March 2023 753,532
DEPRECIATION
At 1 April 2022 358,629
Charge for year 75,353
At 31 March 2023 433,982
NET BOOK VALUE
At 31 March 2023 319,550
At 31 March 2022 394,903

ROUTEC (GB) LIMITED (REGISTERED NUMBER: 05598956)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,766,981 1,865,191
Amounts owed by group undertakings 393,999 411,999
Other debtors 2,486 1,379
Directors' current accounts - 2,362
Tax - 9,339
Prepayments 16,750 4,009
2,180,216 2,294,279

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 49,026 46,630
Other loans 59,029 56,156
Hire purchase contracts (see note 8) 39,131 59,921
Trade creditors 875,268 880,437
Tax 249,130 128,853
Social security and other taxes 56,342 29,266
VAT 142,691 190,473
Barclays sales ledger
financing account 368,338 972,953
Credit card 2,121 458
Accrued expenses 21,053 18,353
1,862,129 2,383,500

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 51,583 49,026
Bank loans - 2-5 years 72,946 124,529
Other loans - 1-2 years 62,049 59,029
Other loans - 2-5 years 205,852 195,833
Other loans more 5yrs instal 499,174 571,242
Hire purchase contracts (see note 8) 37,576 76,707
929,180 1,076,366

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 499,174 571,242

ROUTEC (GB) LIMITED (REGISTERED NUMBER: 05598956)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023


8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 39,131 59,921
Between one and five years 37,576 76,707
76,707 136,628

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Other loans 826,104 882,260
Hire purchase contracts 76,707 136,628
902,811 1,018,888

The hire purchase creditors are secured on the relevant assets that they are financing.

The sales ledger financing, provided by Barclays Bank plc, is secured via a fixed and floating charge on the assets of the company.

Other loans represent the mortgage obtained to acquire the company's premises. They are secured upon the freehold property of the company.

10. RELATED PARTY DISCLOSURES

At the year end the company owed to its directors £Nil (2022: £Nil owed to the directors).

This balance is not subject to interest and is repayable on demand.