Company registration number 04246122 (England and Wales)
ROC FAMILY TIME LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ROC FAMILY TIME LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
ROC FAMILY TIME LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
31 December 2023
31 March 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
282,872
206,059
Current assets
Debtors
4
926,004
780,728
Cash at bank and in hand
39,089
101,780
965,093
882,508
Creditors: amounts falling due within one year
5
(869,938)
(799,759)
Net current assets
95,155
82,749
Total assets less current liabilities
378,027
288,808
Creditors: amounts falling due after more than one year
6
(273,586)
(300,052)
Provisions for liabilities
(31,119)
(20,662)
Net assets/(liabilities)
73,322
(31,906)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
73,222
(32,006)
Total equity
73,322
(31,906)
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 31 December 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.
ROC FAMILY TIME LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 March 2024 and are signed on its behalf by:
Mr D Butler
Director
Company Registration No. 04246122
ROC FAMILY TIME LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
100
49,740
49,840
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
(81,746)
(81,746)
Balance at 31 March 2023
100
(32,006)
(31,906)
Period ended 31 December 2023:
Profit and total comprehensive income for the period
-
171,228
171,228
Dividends
-
(66,000)
(66,000)
Balance at 31 December 2023
100
73,222
73,322
ROC FAMILY TIME LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
ROC Family Time Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hope House, Burnhope, Newton Aycliffe, County Durham, United Kingdom, DL5 7ER.
1.1
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Reporting period
These accounts comprise the 9 month period ending 31 December 2023 due to a change in the accounting year end. Therefore the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
5% straight line
Office equipment
25% reducing balance
Fixtures and fittings
20% reducing balance
Computers
Straight line over 3 years
Motor vehicles
20% reducing balance
Assets in the course of construction are not depreciated.
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.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
ROC FAMILY TIME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.6
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 the company becomes party to the contractual provisions of the instrument.
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, comprising creditors, bank loans and loans from connected companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
ROC FAMILY TIME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
1.12
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.
ROC FAMILY TIME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
31 Dec
31 Mar
2023
2023
Number
Number
Total
148
82
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
96,257
164,568
260,825
Additions
63,982
143,821
207,803
Disposals
(104,287)
(104,287)
At 31 December 2023
160,239
204,102
364,341
Depreciation and impairment
At 1 April 2023
54,766
54,766
Depreciation charged in the period
1,841
35,291
37,132
Eliminated in respect of disposals
(10,429)
(10,429)
At 31 December 2023
1,841
79,628
81,469
Carrying amount
At 31 December 2023
158,398
124,474
282,872
At 31 March 2023
96,257
109,802
206,059
4
Debtors
31 Dec
31 Mar
2023
2023
Amounts falling due within one year:
£
£
Trade debtors
380,206
366,209
Corporation tax recoverable
12,972
12,972
Other debtors
532,826
401,547
926,004
780,728
ROC FAMILY TIME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 8 -
5
Creditors: amounts falling due within one year
31 Dec
31 Mar
2023
2023
£
£
Bank loans and overdrafts
79,940
54,426
Trade creditors
87,704
61,001
Corporation tax
58,958
Other taxation and social security
288,767
287,493
Other creditors
354,569
396,839
869,938
799,759
At the balance sheet date, creditors amounting to £32,706 (31 March 2023 - £27,990) are secured by the company's assets.
6
Creditors: amounts falling due after more than one year
31 Dec
31 Mar
2023
2023
£
£
Bank loans and overdrafts
192,172
235,065
Other creditors
81,414
64,987
273,586
300,052
At the balance sheet date, creditors amounting to £243,8513 (31 March 2023 - £242,496) are secured on the company's assets.
31 Dec
31 Mar
Creditors which fall due after five years are as follows:
2023
2023
£
£
Payable by instalments
82,057
97,128
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
31 Dec
31 Mar
2023
2023
£
£
25,390
39,231
ROC FAMILY TIME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 9 -
8
Related party transactions
Transactions with related parties
During the period the company entered into the following transactions with related parties:
Sales
31 Dec
31 Mar
2023
2023
£
£
Other related parties
88,354
76,324
Rental costs
31 Dec
31 Mar
2023
2023
£
£
Entities with control, joint control or significant influence over the company
86,991
54,588
Other related parties
57,335
50,126
31 Dec
31 Mar
2023
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
23,218
-
Other related parties
-
6,825
The following amounts were outstanding at the reporting end date:
31 Dec
31 Mar
2023
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
198,370
198,353
Other related parties
271,776
111,245
Other information
A company related by common ownership has entered into a guarantee with ROC Family Time Limited's bankers to secure a bank loan. The contingent liability of the related party at the balance sheet date amounts to £182,532 (31 March 2023 - £197,604.)
9
Directors' transactions
Dividends totalling £66,000 (31 March 2023 - £0) were paid in the period in respect of shares held by the company's directors.
ROC FAMILY TIME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
9
Directors' transactions
(Continued)
- 10 -
Loans have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Loan
3.25
21,669
60,112
698
(22,000)
60,479
21,669
60,112
698
(22,000)
60,479
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