REGISTERED NUMBER: |
Financial Statements for the Year Ended 31st March 2023 |
for |
Rostek UK Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
Additions |
At 31st March 2023 |
DEPRECIATION |
At 1st April 2022 |
Charge for year |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.3.23 | 31.3.22 |
£ | £ |
Within one year |
Between one and five years |
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 |
Charge to Income Statement during year |
Balance at 31st March 2023 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.23 | 31.3.22 |
value: | £ | £ |
Ordinary | £1 | 655,000 | 655,000 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |