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Sage Accounts Production Advanced 2021 - FRS102_2021
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COMPANY REGISTRATION NUMBER:
SC235981
Rocket Associates Limited |
|
Filleted Unaudited Abridged Financial Statements |
|
Rocket Associates Limited |
|
Abridged Financial Statements |
|
Year ended 27 February 2023
Abridged statement of financial position |
1 |
|
|
Notes to the abridged financial statements |
3 |
|
|
Rocket Associates Limited |
|
Abridged Statement of Financial Position |
|
27 February 2023
Fixed assets
Tangible assets |
5 |
41,763 |
55,304 |
|
|
|
|
Current assets
Debtors |
52,737 |
41,278 |
Cash at bank and in hand |
82,216 |
56,444 |
|
--------- |
-------- |
|
134,953 |
97,722 |
|
|
|
Creditors: amounts falling due within one year |
102,506 |
66,238 |
|
--------- |
-------- |
Net current assets |
32,447 |
31,484 |
|
-------- |
-------- |
Total assets less current liabilities |
74,210 |
86,788 |
|
|
|
Creditors: amounts falling due after more than one year |
31,745 |
37,448 |
|
|
|
Provisions |
7,929 |
10,500 |
|
-------- |
-------- |
Net assets |
34,536 |
38,840 |
|
-------- |
-------- |
|
|
|
Capital and reserves
Called up share capital |
100 |
100 |
Profit and loss account |
34,436 |
38,740 |
|
-------- |
-------- |
Shareholders funds |
34,536 |
38,840 |
|
-------- |
-------- |
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 27 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 27 February 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Rocket Associates Limited |
|
Abridged Statement of Financial Position (continued) |
|
27 February 2023
These abridged financial statements were approved by the
board of directors
and authorised for issue on
28 November 2023
, and are signed on behalf of the board by:
Company registration number:
SC235981
Rocket Associates Limited |
|
Notes to the Abridged Financial Statements |
|
Year ended 27 February 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Park View, 27 Hyndford Road, Lanark, ML11 9AE.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
- |
25% reducing balance |
|
Equipment |
- |
33% reducing balance |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis 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 and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2022:
2
).
5.
Tangible assets
|
£ |
Cost |
|
At 28 February 2022 |
64,155 |
Additions |
643 |
|
-------- |
At 27 February 2023 |
64,798 |
|
-------- |
Depreciation |
|
At 28 February 2022 |
8,851 |
Charge for the year |
14,184 |
|
-------- |
At 27 February 2023 |
23,035 |
|
-------- |
Carrying amount |
|
At 27 February 2023 |
41,763 |
|
-------- |
At 27 February 2022 |
55,304 |
|
-------- |
|
|
6.
Directors' advances, credits and guarantees
The director's loan account was not in debit at any time during the year.
7.
Related party transactions
The Company was under the control of Mr and Mrs Filmer throughout the current and previous year. Mr Filmer is the managing director. Dividends totalling £65,000 (2022 - £40,500) were paid to the directors in the year.