Registered number
10602571
Rothwell Interiors Ltd
Filleted Accounts
28 February 2023
Rothwell Interiors Ltd
Registered number: 10602571
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 89,495 76,108
Current assets
Debtors 4 440,009 14,751
Cash at bank and in hand 50,282 292,245
490,291 306,996
Creditors: amounts falling due within one year 5 (293,632) (273,223)
Net current assets 196,659 33,773
Net assets 286,154 109,881
Capital and reserves
Called up share capital 2 2
Profit and loss account 286,152 109,879
Shareholders' funds 286,154 109,881
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr M Rothwell
Director
Approved by the board on 9 November 2023
Rothwell Interiors Ltd
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Vehicles 20% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2022 3,939 78,959 82,898
Additions 2,443 24,995 27,438
At 28 February 2023 6,382 103,954 110,336
Depreciation
At 1 March 2022 131 6,659 6,790
Charge for the year 925 13,126 14,051
At 28 February 2023 1,056 19,785 20,841
Net book value
At 28 February 2023 5,326 84,169 89,495
At 28 February 2022 3,808 72,300 76,108
4 Debtors 2023 2022
£ £
Trade debtors 440,009 14,751
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 15,000
Trade creditors 115,349 3,714
Taxation and social security costs 157,949 140,212
Director's account 266 73,732
Other creditors 20,068 40,565
293,632 273,223
6 Other information
Rothwell Interiors Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 2B Little Malgraves Industrial Estate
Lower Dunton Road
Upminster
Essex
RM14 3TE
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