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Registration number: 03581715

Rorcon Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Rorcon Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 8

 

Rorcon Ltd

(Registration number: 03581715)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

107,680

83,340

Current assets

 

Stocks

5

1,146,881

329,722

Debtors

6

106,182

1,069,357

Investments

7

25,000

25,000

Cash at bank and in hand

 

973,205

631,892

 

2,251,268

2,055,971

Creditors: Amounts falling due within one year

8

(618,003)

(945,489)

Net current assets

 

1,633,265

1,110,482

Net assets

 

1,740,945

1,193,822

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

1,740,845

1,193,722

Shareholders' funds

 

1,740,945

1,193,822

For the financial year ending 30 June 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 November 2023 and signed on its behalf by:
 

.........................................
T A Grogan
Director

 

Rorcon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
1371 Warwick Road
Knowle
Solihull
B93 9LW

These financial statements were authorised for issue by the Board on 2 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements

Preparation of the financial statements requires management to make significant judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the change takes place if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

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.

 

Rorcon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Equipment

straight line 10%

Furniture, fittings and equipment

straight line 20% - 33.33%

Motor vehicles

straight line 20%

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

 

Rorcon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company under contracts of service (including directors) during the year, was 47 (2022 - 76).

 

Rorcon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

134,504

15,000

149,504

Additions

14,488

40,571

55,059

At 30 June 2023

148,992

55,571

204,563

Depreciation

At 1 July 2022

55,354

10,810

66,164

Charge for the year

20,508

10,211

30,719

At 30 June 2023

75,862

21,021

96,883

Carrying amount

At 30 June 2023

73,130

34,550

107,680

At 30 June 2022

79,150

4,190

83,340

5

Stocks

2023
£

2022
£

Work in progress

1,146,881

329,722

6

Debtors

Current

2023
£

2022
£

Trade debtors

44,654

980,640

Prepayments

8,023

7,712

Other debtors

53,505

81,005

 

106,182

1,069,357

7

Current asset investments

2023
£

2022
£

Other investments

25,000

25,000

8

Creditors

Creditors: amounts falling due within one year

 

Rorcon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

2023
£

2022
£

Due within one year

Trade creditors

46,142

36,532

Taxation and social security

546,623

865,520

Other creditors

25,238

43,437

618,003

945,489

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

10

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £1,320.00 (2022 - £2,300.00) per ordinary share

 

132,000

 

230,000

         

11

Related party transactions

 

Rorcon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

25,942

24,960

Contributions paid to money purchase schemes

-

100,000

25,942

124,960

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
No.

2022
No.

Accruing benefits under money purchase pension scheme

2

2

Dividends paid to directors

   

2023
£

 

2022
£

T A Grogan

       

Interim dividends

 

67,320

 

117,300

         

L A Grogan

       

Interim dividends

 

64,680

 

112,700

         

Summary of transactions with entities with joint control or significant interest

Rorcon International Tunnelling and Mining Limited
 

Loans to related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

56,005

56,005

Advanced

58,303

58,303

Repaid

(98,303)

(98,303)

At end of period

16,005

16,005

 

Rorcon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

2022

Entities with joint control or significant influence
£

Total
£

At start of period

5,000

5,000

Advanced

51,005

51,005

At end of period

56,005

56,005

Terms of loans to related parties

Interest free loan repayable on demand