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COMPANY REGISTRATION NUMBER: 09500094
Roadside Technologies Limited
Filleted Unaudited Abridged Financial Statements
31 March 2023
Roadside Technologies Limited
Abridged Financial Statements
Year Ended 31 March 2023
Contents
Page
Director's report
1
Abridged statement of financial position
2
Notes to the abridged financial statements
4
Roadside Technologies Limited
Director's Report
Year Ended 31 March 2023
The director presents his report and the unaudited abridged financial statements of the company for the year ended 31 March 2023 .
Director
The director who served the company during the year was as follows:
Mr C Moseley
Review of the business
Roadside Technologies Ltd are based in Chesterfield, Derbyshire centrally located on the M1 and surrounding UK road network, where we manufacture a range of innovative, solar powered, roadside equipment which are hired, sold and supported nationwide to a range of industry sectors. Our location allows us to reach most major cities within 2 hours. We also have three locations across England and Scotland, to ensure that any of our equipment can be delivered within 24 hours' notice.
With a combined 40 years of experience within the highways and hire industry, we have the knowledge to provide cost effective and innovative solutions including Mobile VMS Variable Message Signs and Speed Reduction Equipment. Our product range is continually evolving as we use the latest and most innovative industry supply partners to offer some of the highest specification Mobile Variable Message Signs (VMS) and I.T.S (Intelligent Transport Systems) available.
The company has proven resilient over the last couple of years despite difficult trading conditions caused by the coronavirus pandemic and has indeed generated strong growth in turnover due to demand for its products.
The increased cash generated continues to be reinvested into the hire fleet and development of new innovative solutions, which in turn creates further employment, drives further growth in terms of geographical expansion and increased market share.
I am delighted to have significantly increased the size of our hire fleet, the team and created of a number of senior positions that have been crucial to supporting our growth ambitions and would like to personally thank the entire team who continue to work so hard to keep our customers happy.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 7 November 2023 and signed on behalf of the board by:
Mr C Moseley
Director
Roadside Technologies Limited
Abridged Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
5
1,141,756
698,804
Current Assets
Debtors
640,218
546,785
Cash at bank and in hand
137,839
---------
---------
778,057
546,785
Creditors: amounts falling due within one year
547,034
381,587
---------
---------
Net Current Assets
231,023
165,198
------------
---------
Total Assets Less Current Liabilities
1,372,779
864,002
Creditors: amounts falling due after more than one year
256,554
72,872
Provisions
255,315
172,297
------------
---------
Net Assets
860,910
618,833
------------
---------
Capital and Reserves
Called up share capital
7
100
100
Profit and loss account
860,810
618,733
---------
---------
Shareholders Funds
860,910
618,833
---------
---------
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 year ending 31 March 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 year 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 .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Roadside Technologies Limited
Abridged Statement of Financial Position (continued)
31 March 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 7 November 2023 , and are signed on behalf of the board by:
Mr C Moseley
Director
Company registration number: 09500094
Roadside Technologies Limited
Notes to the Abridged Financial Statements
Year Ended 31 March 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 Griffin Close, Ireland Industrial Estate, Staveley, Chesterfield, S43 3LJ.
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 financial statements have been prepared on the historical cost basis .
The financial statements are prepared in sterling, which is the functional currency of the entity.
All of the members have consented to the preparation of abridged accounts in accordance with Section 444(2A) of the Companies Act 2006.
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. Turnover from hire of equipment is recognised on a straight line basis over the period of the hire.
Income tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Hire fleet
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
25% straight line
Computer equipment
-
33% straight line
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2022: 11 ).
5. Tangible assets
£
Cost
At 1 April 2022
988,453
Additions
687,473
Disposals
( 41,305)
------------
At 31 March 2023
1,634,621
------------
Depreciation
At 1 April 2022
289,649
Charge for the year
224,423
Disposals
( 21,207)
------------
At 31 March 2023
492,865
------------
Carrying amount
At 31 March 2023
1,141,756
------------
At 31 March 2022
698,804
------------
6. Secured liabilities
The aggregate amount of secured liabilities, secured on specific assets of the company, at the year end was £350,927 (2022: £114,006).
7. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
105,360
71,728
Later than 1 year and not later than 5 years
66,756
79,650
---------
---------
172,116
151,378
---------
---------