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2021-09-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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xbrli:shares
iso4217:GBP
05161921
2021-09-01
2023-02-28
05161921
2023-02-28
05161921
2021-08-31
05161921
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2021-08-31
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05161921
2020-08-31
05161921
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2023-02-28
05161921
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2021-09-01
2023-02-28
05161921
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2021-09-01
2023-02-28
05161921
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2023-02-28
05161921
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2023-02-28
05161921
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2021-08-31
05161921
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2023-02-28
05161921
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2021-08-31
05161921
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2023-02-28
05161921
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2021-08-31
05161921
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2023-02-28
05161921
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05161921
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2023-02-28
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2023-02-28
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2023-02-28
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2023-02-28
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2021-09-01
2023-02-28
STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS |
|
All of the members of Rookoo Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the period ending 28 February 2023 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
05161921
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS |
|
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF
ROOKOO LIMITED |
|
PERIOD FROM 1 SEPTEMBER 2021 TO 28 FEBRUARY 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Rookoo Limited for the period ended 28 February 2023, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
LANGARD LIFFORD HALL LIMITED
Accountants and Registered Auditors
Lifford Hall
Lifford Lane
Kings Norton
Birmingham
B30 3JN
18 October 2023
ABRIDGED STATEMENT OF FINANCIAL POSITION |
|
28 February 2023
|
28 Feb 23 |
31 Aug 21 |
Note |
£ |
£ |
£ |
£ |
|
|
|
|
|
Fixed assets
Tangible assets |
5 |
|
9,939 |
|
10,728 |
|
|
|
|
|
|
Current assets
Stock |
88,563 |
|
101,071 |
|
Debtors |
4,601 |
|
2,335 |
|
Cash at bank and in hand |
650 |
|
650 |
|
|
------------ |
|
------------ |
|
|
93,814 |
|
104,056 |
|
|
|
|
|
|
Creditors: amounts falling due within one year |
78,497 |
|
47,736 |
|
|
------------ |
|
------------ |
|
Net current assets |
|
15,317 |
|
56,320 |
|
|
------------ |
|
------------ |
Total assets less current liabilities |
|
25,256 |
|
67,048 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
6 |
|
83,903 |
|
96,228 |
|
|
------------ |
|
------------ |
Net liabilities |
|
(
58,647) |
|
(
29,180) |
|
|
------------ |
|
------------ |
|
|
|
|
|
|
Capital and reserves
Called up share capital |
|
200 |
|
200 |
Profit and loss account |
|
(
58,847) |
|
(
29,380) |
|
|
------------ |
|
------------ |
Shareholders deficit |
|
(
58,647) |
|
(
29,180) |
|
|
------------ |
|
------------ |
|
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the period ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the period in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued) |
|
28 February 2023
These abridged financial statements were approved by the
board of directors
and authorised for issue on
18 October 2023
, and are signed on behalf of the board by:
Company registration number:
05161921
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS |
|
PERIOD FROM 1 SEPTEMBER 2021 TO 28 FEBRUARY 2023
1.
General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lifford Hall, Lifford Lane, Kings Norton, Birmingham, B30 3JN.
2.
Statement of Compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting Policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The members' attention is drawn to the deficit showing on the balance sheet. The accounts have been prepared on the going concern basis, following assurances from the director of his continued financial support.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and machinery |
- |
15% reducing balance |
|
Fixtures and fittings |
- |
15% reducing balance |
|
Computer equipment |
- |
25% reducing balance |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee Numbers
The average number of persons employed by the company during the period amounted to
3
(2021:
3
).
5.
Tangible Assets
|
£ |
Cost |
|
At 1 September 2021 |
23,266 |
Additions |
2,137 |
|
------------ |
At 28 February 2023 |
25,403 |
|
------------ |
Depreciation |
|
At 1 September 2021 |
12,538 |
Charge for the period |
2,926 |
|
------------ |
At 28 February 2023 |
15,464 |
|
------------ |
Carrying amount |
|
At 28 February 2023 |
9,939 |
|
------------ |
At 31 August 2021 |
10,728 |
|
------------ |
|
|
6.
Creditors:
amounts falling due after more than one year
Included within creditors: amounts falling due after more than one year is an amount of £58,264 (2021: £26,851) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
7.
Director's Advances, Credits and Guarantees
Amounts owed to the director at the balance sheet date are included in creditors and totalled £48,255 (2021: £52,710).
8.
Related Party Transactions
The company occupies and operates its business from premises owned by D G Onions and M Onions, the parents of the director
R D C Onions
. No rent is charged for the use of the premises. There were no other related party transactions during the year that require disclosure.