Company registration number 08638760 (England and Wales)
ROTAMAC ENERGY SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
ROTAMAC ENERGY SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ROTAMAC ENERGY SOLUTIONS LIMITED (REGISTERED NUMBER: 08638760)
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,928
Current assets
Debtors
4
349,753
337,540
Cash at bank and in hand
2,606
693,174
352,359
1,030,714
Creditors: amounts falling due within one year
5
(398,918)
(551,842)
Net current (liabilities)/assets
(46,559)
478,872
Total assets less current liabilities
(46,559)
486,800
Creditors: amounts falling due after more than one year
6
(329,494)
(484,829)
Provisions for liabilities
(1,506)
Net (liabilities)/assets
(376,053)
465
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
(376,253)
265
Total equity
(376,053)
465
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ROTAMAC ENERGY SOLUTIONS LIMITED (REGISTERED NUMBER: 08638760)
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 August 2023 and are signed on its behalf by:
Mr S Baxter
Director
ROTAMAC ENERGY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information
Rotamac Energy Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Rotamac House, Redlands Lane, Salehurst, Robertsbridge, East Sussex, TN32 5NA.
1.1
Reporting period
The company has extended it's reporting period to 18 months to become consistent with group companies.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
15% Straight Line
Computer equipment
33% Straight Line
Motor vehicles
25% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
ROTAMAC ENERGY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2021
Number
Number
Total
3
8
ROTAMAC ENERGY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2023
- 5 -
3
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2021
15,271
9,134
59
24,464
Additions
1,044
1,044
Disposals
(15,271)
(10,178)
(59)
(25,508)
At 28 February 2023
Depreciation and impairment
At 1 September 2021
13,320
3,157
59
16,536
Eliminated in respect of disposals
(13,320)
(3,157)
(59)
(16,536)
At 28 February 2023
Carrying amount
At 28 February 2023
At 31 August 2021
1,951
5,977
7,928
4
Debtors
2023
2021
Amounts falling due within one year:
£
£
Trade debtors
247,974
247,974
Other debtors
101,779
89,566
349,753
337,540
5
Creditors: amounts falling due within one year
2023
2021
£
£
Bank loans
105,283
16,671
Trade creditors
98,535
262,689
Taxation and social security
204,391
Other creditors
195,100
68,091
398,918
551,842
ROTAMAC ENERGY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2023
- 6 -
6
Creditors: amounts falling due after more than one year
2023
2021
£
£
Bank loans and overdrafts
329,494
484,829
As at the balance sheet date, there was a long term loan of £221,638 (2021: £250,000), this is secured against the assets of the company.
7
Financial commitments, guarantees and contingent liabilities
Last year the company borrowed £487,500 from its bankers for business interruption loans. As part of its loan scheme the UK government guaranteed the advance and paid the interest and fees due for the first 12 months
8
Related party transactions
As at the balance sheet date, the company owed £191,270 (2021 - £6,432) to a related party, this balance is included within other creditors.
During the year a balance of £nil (2021 - £13,378) owed by a related party was written off to the profit and loss.