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REGISTERED NUMBER: 07164547 (England and Wales)
















Financial Statements for the Year Ended 31st March 2023

for

Rostek UK Limited

Rostek UK Limited (Registered number: 07164547)






Contents of the Financial Statements
for the Year Ended 31st March 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Rostek UK Limited

Company Information
for the Year Ended 31st March 2023







DIRECTORS: M Roschier
J Earnshaw
H H Roschier
D Barlow
E Jouhten





SECRETARY: A Howson





REGISTERED OFFICE: Suite F1, Epic House
18 Darnall Road
Sheffield
S9 5AB





REGISTERED NUMBER: 07164547 (England and Wales)





AUDITORS: Allen, West & Foster Limited
Chartered Accountants
Omega Court
364-366 Cemetery Road
Sharrow
Sheffield
South Yorkshire
S11 8FT

Rostek UK Limited (Registered number: 07164547)

Statement of Financial Position
31st March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 51,849 24,282

CURRENT ASSETS
Stocks 9,920 9,710
Debtors 5 1,781,053 1,001,272
Cash at bank and in hand 93,896 270,924
1,884,869 1,281,906
CREDITORS
Amounts falling due within one year 6 1,067,460 639,699
NET CURRENT ASSETS 817,409 642,207
TOTAL ASSETS LESS CURRENT
LIABILITIES

869,258

666,489

PROVISIONS FOR LIABILITIES 9 12,565 4,245
NET ASSETS 856,693 662,244

CAPITAL AND RESERVES
Called up share capital 10 655,000 655,000
Share premium 6,666 6,666
Retained earnings 195,027 578
SHAREHOLDERS' FUNDS 856,693 662,244

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14th June 2023 and were signed on its behalf by:





J Earnshaw - Director


Rostek UK Limited (Registered number: 07164547)

Notes to the Financial Statements
for the Year Ended 31st March 2023

1. STATUTORY INFORMATION

Rostek UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods and applications made, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant & machinery - 25% reducing balance
Fixtures & fittings - 15% reducing balance
Computer equipment - 25% straight line

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss.If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Stocks and long term contract balances
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Quantity surveyors regularly review the stage of completion of long term contracts. This assessment forms the basis of the measurement of work in progress. The stage of completion of a project is applied to the total expected contract cost, this is then compared to the cost to date and results in either an accrual for costs or an addition to work in progress.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over their estimated selling price less cost to complete and realise is recognised as an impairment loss in the accounts. Reversals of impairment losses are also recognised in the accounts.

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 statement of financial position date.


Rostek UK Limited (Registered number: 07164547)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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.

Currency presentation
The financial statements are presented in Sterling (£) which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Financial instruments
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS 102 to all of its financial Instruments.
Financial Instruments are recognised in the company's balance sheet when it becomes party to the contractual provisions of the instrument.The only financial instruments are basic, being cash, debtors and creditors.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 14 ) .

Rostek UK Limited (Registered number: 07164547)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st April 2022 113,447
Additions 41,262
At 31st March 2023 154,709
DEPRECIATION
At 1st April 2022 89,165
Charge for year 13,695
At 31st March 2023 102,860
NET BOOK VALUE
At 31st March 2023 51,849
At 31st March 2022 24,282

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 1,747,264 963,686
Other debtors 33,789 37,586
1,781,053 1,001,272

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 546,319 221,774
Taxation and social security 95,898 15,028
Other creditors 425,243 402,897
1,067,460 639,699

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.23 31.3.22
£    £   
Within one year 31,500 31,500
Between one and five years 40,000 71,500
71,500 103,000

8. SECURED DEBTS

A debenture exists in favour of HSBC Bank Plc. This covers any monies becoming due to HSBC Bank Plc and is secured by fixed and floating charge over the assets of the company.

Rostek UK Limited (Registered number: 07164547)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2023

9. PROVISIONS FOR LIABILITIES
31.3.23 31.3.22
£    £   
Deferred tax 12,565 4,245

Deferred
tax
£   
Balance at 1st April 2022 4,245
Charge to Income Statement during year 8,320
Balance at 31st March 2023 12,565

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
655,000 Ordinary £1 655,000 655,000

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stephen Allen ACA FCCA (Senior Statutory Auditor)
for and on behalf of Allen, West & Foster Limited

12. RELATED PARTY DISCLOSURES

During the year the company purchased goods from Rostek OY amounting to £248,785 (2022: £129,490). At the balance sheet date the amount owing to Rostek OY and included in trade creditors was £64,078 (2022: £8,521).

During the year Rostek OY charged the company £6,612 (2022: £6,285) in respect of chairman's fees and £20,627 (2022: £18,461) in management charges.

The company is a wholly owned subsidiary of Rostek OY, a company registered in Finland. The registered office is Tillinmaentie 1 E, Fin 02330, Espoo, Finland.

No individual has outright control of Rostek OY.