REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31st March 2023 |
for |
ROCLIFF LIMITED |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31st March 2023 |
for |
ROCLIFF LIMITED |
ROCLIFF LIMITED (REGISTERED NUMBER: 07909951) |
Contents of the Financial Statements |
FOR THE YEAR ENDED 31ST MARCH 2023 |
Page |
Company Information | 1 |
Income Statement | 2 |
Abridged Balance Sheet | 3 |
Notes to the Financial Statements | 4 |
ROCLIFF LIMITED |
Company Information |
FOR THE YEAR ENDED 31ST MARCH 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
The Old Police Station |
Whitburn Street |
Bridgnorth |
Shropshire |
WV16 4QP |
ROCLIFF LIMITED (REGISTERED NUMBER: 07909951) |
Income Statement |
FOR THE YEAR ENDED 31ST MARCH 2023 |
31.3.22 | 31.3.23 |
as restated |
£ | £ | Notes | £ | £ |
INCOME |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
592,898 | 641,871 |
312,558 | 408,860 |
Other operating income |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
Tax on profit |
PROFIT FOR THE FINANCIAL YEAR |
ROCLIFF LIMITED (REGISTERED NUMBER: 07909951) |
Abridged Balance Sheet |
31ST MARCH 2023 |
31.3.22 | 31.3.23 |
as restated |
£ | £ | Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
1,234,679 | Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
ROCLIFF LIMITED (REGISTERED NUMBER: 07909951) |
Notes to the Financial Statements |
FOR THE YEAR ENDED 31ST MARCH 2023 |
1. | STATUTORY INFORMATION |
Rocliff Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Income represents net invoiced sales of services, excluding value added tax. |
Tangible fixed assets |
Leasehold Improvements | - |
Plant and machinery | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Workwear and linen stocks are written off systematically commencing with the date that they are brought ino use so as to match consumption with their anticipated useful lives to the business. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
ROCLIFF LIMITED (REGISTERED NUMBER: 07909951) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administration expenses. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.3.23 | 31.3.22 |
as | restated |
£ | £ |
Depreciation - owned assets |
Government grants | ( |
) |
5. | PRIOR YEAR ADJUSTMENT |
A supplier accrual of £116,003, part of which has become statute barred since finalisation of the company's 31st March 2022 accounts, has been released after the company reaching a settlement with the supplier. £32,996 relates to the year ended 31st March 2022 and £83,007 relates to the years ended 31st March 2021 and previously. Corporation tax of £22,040, assessable in the year ended 31st March 2023, is attributable to the release. |
Prior year corporation tax charges for the years ended 31st March 2020 to 31st March 2021 have been increased by £44,577 due to an error in the adding back of depreciation charges on workwear and similar items within the company's external accountant's software. Consequential prior year adjustments for deferred tax have resulted in a total charge of £211,748, £120,781 for the year ended 31st March 2022 and £90,967 for the years ended 31st March 2021 and previously. |
ROCLIFF LIMITED (REGISTERED NUMBER: 07909951) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
6. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1st April 2022 |
Additions |
Disposals | ( |
) |
At 31st March 2023 |
DEPRECIATION |
At 1st April 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
7. | PROVISIONS FOR LIABILITIES |
31.3.23 | 31.3.22 |
as | restated |
£ | £ |
Deferred tax | 244,445 | 192,523 |
Deferred |
tax |
£ |
Balance at 1st April 2022 |
Provision for the year | 51,922 |
Balance at 31st March 2023 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.03.23 | 31.03.22 |
value: | £ | £ |
50 | Ordinary A | £1.00 | 50.00 | 50.00 |
50 | Ordinary B | £1.00 | 50.00 | 50.00 |
100.00 | 100.00 |