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Company No: 07325480 (England and Wales)

ROCKWOOD COMPOSITES LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2023
Pages for filing with the registrar

ROCKWOOD COMPOSITES LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

ROCKWOOD COMPOSITES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 July 2023
ROCKWOOD COMPOSITES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 412,069 402,381
Investments 4 100 100
412,169 402,481
Current assets
Stocks 5 325,006 129,677
Debtors 6 402,762 211,129
Cash at bank and in hand 316,307 1,050,539
1,044,075 1,391,345
Creditors: amounts falling due within one year 7 ( 343,741) ( 515,597)
Net current assets 700,334 875,748
Total assets less current liabilities 1,112,503 1,278,229
Creditors: amounts falling due after more than one year 8 ( 112,261) ( 166,766)
Provision for liabilities 9 ( 72,928) ( 74,820)
Net assets 927,314 1,036,643
Capital and reserves
Called-up share capital 10 100 100
Profit and loss account 927,214 1,036,543
Total shareholders' funds 927,314 1,036,643

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.

Director's responsibilities:

The financial statements of Rockwood Composites Limited (registered number: 07325480) were approved and authorised for issue by the Director on 19 March 2024. They were signed on its behalf by:

John Mark Crouchen
Director
ROCKWOOD COMPOSITES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
ROCKWOOD COMPOSITES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 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

Rockwood Composites Limited (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 Rockwood Composites, Long Road, Paignton, TQ4 7BB, England, 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.

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

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 Statement of Financial Position 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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line/reducing balance] basis over its expected useful life, as follows:

Assets under construction not depreciated
Plant and machinery 5 years straight line
Vehicles 4 years straight line
Fixtures and fittings 5 years straight line
Office equipment 3 years straight line

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.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

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 includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 41 36

3. Tangible assets

Assets under construc-
tion
Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 August 2022 60,290 517,442 21,989 141,889 97,239 838,849
Additions 16,739 107,616 0 30,755 6,456 161,566
Disposals 0 ( 35,150) 0 0 0 ( 35,150)
Transfers ( 19,391) 19,391 0 0 0 0
At 31 July 2023 57,638 609,299 21,989 172,644 103,695 965,265
Accumulated depreciation
At 01 August 2022 0 336,949 14,114 14,908 70,497 436,468
Charge for the financial year 0 65,668 3,500 33,166 15,867 118,201
Disposals 0 ( 1,473) 0 0 0 ( 1,473)
At 31 July 2023 0 401,144 17,614 48,074 86,364 553,196
Net book value
At 31 July 2023 57,638 208,155 4,375 124,570 17,331 412,069
At 31 July 2022 60,290 180,493 7,875 126,981 26,742 402,381

4. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 August 2022 100
At 31 July 2023 100
Carrying value at 31 July 2023 100
Carrying value at 31 July 2022 100

5. Stocks

2023 2022
£ £
Stocks 70,170 59,942
Work in progress 254,836 69,735
325,006 129,677

6. Debtors

2023 2022
£ £
Trade debtors 271,275 173,997
Prepayments and accrued income 79,465 17,422
Other debtors 52,022 19,710
402,762 211,129

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 63,588 58,192
Trade creditors 94,749 255,327
Amounts owed to own subsidiaries 100 100
Amounts owed to director 12,017 1,564
Other loans 10,952 1,142
Accruals and deferred income 31,462 78,738
Other taxation and social security 92,603 94,967
Obligations under finance leases and hire purchase contracts 33,428 20,452
Other creditors 4,842 5,115
343,741 515,597

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

2023 2022
£ £
Bank loans 87,839 151,427
Obligations under finance leases and hire purchase contracts 24,422 15,339
112,261 166,766

There are no amounts included above in respect of which any security has been given by the small entity.

9. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 74,820) ( 50,272)
Credited/(charged) to the Statement of Income and Retained Earnings 1,892 ( 24,548)
At the end of financial year ( 72,928) ( 74,820)

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,000 Class A ordinary shares of £ 0.10 each 100 100

11. Financial commitments

Commitments

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

2023 2022
£ £
within one year 78,542 78,542
between one and five years 298,458 377,000
377,000 455,542

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 4,842 5,115

Contributions paid into the scheme during the year amounted to £35,787 (2022: £33,761).

12. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Dividends paid to directors 59,500 91,000
Amounts owed to directors 12,207 1,564