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Registration number: 00627340

Rotatrim Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Rotatrim Limited

(Registration number: 00627340)
Balance Sheet as at 31 July 2023

Note

31 July
2023
£

31 July
2022
£

Fixed assets

 

Tangible assets

4

166,953

168,887

Investments

5

667

667

 

167,620

169,554

Current assets

 

Stocks

6

301,963

297,779

Debtors

7

672,757

747,945

Cash at bank and in hand

 

130,074

80,662

 

1,104,794

1,126,386

Creditors: Amounts falling due within one year

8

(265,660)

(201,604)

Net current assets

 

839,134

924,782

Total assets less current liabilities

 

1,006,754

1,094,336

Creditors: Amounts falling due after more than one year

8

(31,585)

(54,072)

Provisions for liabilities

(31,721)

(32,089)

Net assets

 

943,448

1,008,175

Capital and reserves

 

Called up share capital

500

500

Retained earnings

942,948

1,007,675

Shareholders' funds

 

943,448

1,008,175

 

Rotatrim Limited

(Registration number: 00627340)
Balance Sheet as at 31 July 2023

For the financial year ending 31 July 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board for issue on 6 February 2024 and signed on its behalf by:
 

.........................................

L N Ogborne

Company secretary and director

 

Rotatrim Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
8 Caxton Park
Elm Industrial Estate
Bedford
Bedfordshire
MK41 0TY

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Rotatrim Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% on cost / 15% - 25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, 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.

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.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Rotatrim Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Rotatrim Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 12).

4

Tangible assets

Plant & machinery
£

Total
£

Cost or valuation

At 1 August 2022

861,957

861,957

Additions

18,312

18,312

At 31 July 2023

880,269

880,269

Depreciation

At 1 August 2022

693,070

693,070

Charge for the year

20,246

20,246

At 31 July 2023

713,316

713,316

Carrying amount

At 31 July 2023

166,953

166,953

At 31 July 2022

168,887

168,887

 

Rotatrim Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

5

Investments

31 July
2023
£

31 July
2022
£

Investments in subsidiaries

667

667

Subsidiaries

£

Cost or valuation

At 1 August 2022

667

Provision

Carrying amount

At 31 July 2023

667

At 31 July 2022

667

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Rotatrim Inc. (USA)

Ordinary

100%

100%

Subsidiary undertakings

Rotatrim Inc. (USA)

The principal activity of Rotatrim Inc. (USA) is that of a dormant company.

6

Stocks

31 July
2023
£

31 July
2022
£

Other inventories

301,963

297,779

 

Rotatrim Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

7

Debtors

Current

Note

31 July
2023
£

31 July
2022
£

Trade debtors

 

66,297

78,631

Amounts owed by related parties

569,397

642,988

Prepayments

 

25,505

16,199

Other debtors

 

11,558

10,127

   

672,757

747,945

8

Creditors

Creditors: amounts falling due within one year

Note

31 July
2023
£

31 July
2022
£

Due within one year

 

Bank loans and overdrafts

9

21,505

19,813

Trade creditors

 

194,461

126,047

Taxation and social security

 

3,942

4,646

Other creditors

 

45,752

51,098

 

265,660

201,604

Creditors: amounts falling due after more than one year

Note

31 July
2023
£

31 July
2022
£

Due after one year

 

Loans and borrowings

9

31,585

54,072

Creditors due after more than one year include:
- Bounce Back Loan of £18,141 (2022 - £29,097), which is guaranteed by the Government and interest is charged at 2.5%
- RBS Loan of £13,444 (2022 - £24,975)

 

Rotatrim Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

9

Loans and borrowings

31 July
2023
£

31 July
2022
£

Non-current loans and borrowings

Bank borrowings

31,585

54,072

31 July
2023
£

31 July
2022
£

Current loans and borrowings

Bank borrowings

21,505

19,813

Bank borrowings and lease obligations

The finance lease obligations are secured on the assets financed.
 

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £339,360 (2022 - £395,920). The obligations are in respect of lease rental obligations.