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Company No: 05042485 (England and Wales)

ROTAMIC ENGINEERING LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

ROTAMIC ENGINEERING LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

ROTAMIC ENGINEERING LIMITED

COMPANY INFORMATION

For the financial year ended 30 September 2023
ROTAMIC ENGINEERING LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 September 2023
DIRECTORS Mr A R Snell
Mr G Squires
REGISTERED OFFICE Little Moor House Falcon Road
Sowton Industrial Estate
Exeter
EX2 7LB
United Kingdom
COMPANY NUMBER 05042485 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
ROTAMIC ENGINEERING LIMITED

BALANCE SHEET

As at 30 September 2023
ROTAMIC ENGINEERING LIMITED

BALANCE SHEET (continued)

As at 30 September 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 360,479 412,966
Investments 5 8,200 8,200
368,679 421,166
Current assets
Stocks 6 1,269,433 1,231,077
Debtors 7 1,152,919 866,590
Cash at bank and in hand 830,455 543,456
3,252,807 2,641,123
Creditors: amounts falling due within one year 8 ( 888,849) ( 765,489)
Net current assets 2,363,958 1,875,634
Total assets less current liabilities 2,732,637 2,296,800
Creditors: amounts falling due after more than one year 9 ( 214,345) ( 283,648)
Provision for liabilities ( 43,000) ( 45,900)
Net assets 2,475,292 1,967,252
Capital and reserves
Called-up share capital 10 1,112 1,112
Capital redemption reserve 149,000 149,000
Profit and loss account 2,325,180 1,817,140
Total shareholder's funds 2,475,292 1,967,252

For the financial year ending 30 September 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Rotamic Engineering Limited (registered number: 05042485) were approved and authorised for issue by the Board of Directors on 01 December 2023. They were signed on its behalf by:

Mr G P Squires
Director
ROTAMIC ENGINEERING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
ROTAMIC ENGINEERING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Rotamic Engineering Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Little Moor House Falcon Road, Sowton Industrial Estate, Exeter, EX2 7LB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. There are no material departures from FRS 102.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Business Combinations

Business combinations are accounted for under the purchase method. The consideration for each acquisition is measured at the aggregate of the cost at acquisition date of assets given, liabilities incurred or assumed, plus any costs directly attributable to the business combination.
When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

A total of £4,303 (2022: £4,303) has been recognised as revenue in the year as a release of the Regional Growth Fund Grant (RGF).

The deferred income relating to the RGF grant is broken down as follows:-
The Regional Growth Fund Grant - 2023: £180,731 (2022: £185,034)

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 33 32

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 October 2022 400,930 400,930
At 30 September 2023 400,930 400,930
Accumulated amortisation
At 01 October 2022 400,930 400,930
At 30 September 2023 400,930 400,930
Net book value
At 30 September 2023 0 0
At 30 September 2022 0 0

4. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 October 2022 3,596,339 10,029 38,231 58,412 3,703,011
Additions 56,565 0 1,514 9,424 67,503
Disposals 0 0 0 ( 9,255) ( 9,255)
At 30 September 2023 3,652,904 10,029 39,745 58,581 3,761,259
Accumulated depreciation
At 01 October 2022 3,196,843 9,506 32,027 51,669 3,290,045
Charge for the financial year 114,014 131 1,539 4,043 119,727
Disposals 0 0 0 ( 8,992) ( 8,992)
At 30 September 2023 3,310,857 9,637 33,566 46,720 3,400,780
Net book value
At 30 September 2023 342,047 392 6,179 11,861 360,479
At 30 September 2022 399,496 523 6,204 6,743 412,966

5. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 October 2022 8,200
At 30 September 2023 8,200
Carrying value at 30 September 2023 8,200
Carrying value at 30 September 2022 8,200

6. Stocks

2023 2022
£ £
Raw materials 114,594 76,406
Work in progress 742,999 599,240
Finished goods 411,840 555,431
1,269,433 1,231,077

7. Debtors

2023 2022
£ £
Trade debtors 1,033,777 699,549
Amounts owed by Parent undertakings 0 64,433
Prepayments and accrued income 119,142 102,608
1,152,919 866,590

8. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 373,662 343,050
Amounts owed to Group undertakings 8,200 8,200
Amounts owed to directors 0 572
Accruals and deferred income 49,105 17,016
Taxation and social security 384,223 326,098
Obligations under finance leases and hire purchase contracts (secured) 65,000 65,000
Other creditors 8,659 5,553
888,849 765,489

9. Creditors: amounts falling due after more than one year

2023 2022
£ £
Deferred income 176,428 180,731
Obligations under finance leases and hire purchase contracts (secured) 37,917 102,917
214,345 283,648

The hire purchase contracts are secured against the assets to which they relate. At 30 September 2023, the hire purchase liabilities are £102,917 (2022: £167,917)

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000
56 Ordinary A shares of £ 1.00 each 56 56
56 Ordinary B shares of £ 1.00 each 56 56
1,112 1,112

The rights attached to each type of Ordinary shares (Ordinary, Ordinary A and Ordinary B) is that each share is entitled to one vote in any circumstances. Shares are entitled to dividend payments or any other distribution. Dividends may be paid to the holders of one or more classes of shares to the exclusion of the other(s) or to all classes of shares, in each case at the same or differing rates. Shares are entitled to participate in a distribution arising from a winding up of the company. The shares are non-redeemable.

11. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
after five years 875,000 975,000

12. Ultimate controlling party

Parent Company:

Rotamic Precision Holdings Limited
Little Moor House Falcon Road
Sowton Industrial Estate
Exeter, EX2 7LB
United Kingdom