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Registration number: 03383596

Romax Marketing & Distribution Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Romax Marketing & Distribution Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Romax Marketing & Distribution Ltd

Company Information

Directors

Robin Sumner

Margaret Sumner

Company secretary

Margaret Sumner

Registered office

Unit 8
Halo Business Park
Cray Avenue
Orpington
BR5 3FQ

Accountants

Carbon Accountancy Limited
Chartered Accountants
80-83 Long Lane
London
EC1A 9ET

 

Romax Marketing & Distribution Ltd

(Registration number: 03383596)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

249,789

375,893

Investments

5

274,305

154,514

 

524,094

530,407

Current assets

 

Stocks

6

8,620

19,360

Debtors

7

777,998

540,478

Cash at bank and in hand

 

52,124

42,585

 

838,742

602,423

Creditors: Amounts falling due within one year

8

(1,049,193)

(767,350)

Net current liabilities

 

(210,451)

(164,927)

Total assets less current liabilities

 

313,643

365,480

Creditors: Amounts falling due after more than one year

8

(82,481)

(216,068)

Provisions for liabilities

(28,710)

(43,957)

Net assets

 

202,452

105,455

Capital and reserves

 

Called up share capital

9

101

101

Share premium reserve

859

859

Revaluation reserve

119,791

-

Retained earnings

81,701

104,495

Shareholders' funds

 

202,452

105,455

For the financial year ending 31 December 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.

 

Romax Marketing & Distribution Ltd

(Registration number: 03383596)
Balance Sheet as at 31 December 2023

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 on 10 April 2024 and signed on its behalf by:
 

.........................................
Robin Sumner
Director

 

Romax Marketing & Distribution Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Unit 8
Halo Business Park
Cray Avenue
Orpington
BR5 3FQ
England

These financial statements were authorised for issue by the Board on 10 April 2024.

2

Accounting policies

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Tax

The tax expense for the period comprises current and deferred 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.

 

Romax Marketing & Distribution Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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.

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

20%-25% reducing balance or straight line

Leasehold improvements

10% straight line

Investments

Initially, the investment was measured at the cost paid. It has since been revalued to reflect changes in its fair value during 2023, adopting the revaluation model going forward.
The revaluation based on the asset-based approach, has resulted in an increase that is recognised in other comprehensive income and accumulated in the revaluation non-distributable reserve.

Deferred tax has not been recognised on the temporary differences related to the investment in the subsidiary.

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.

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.

 

Romax Marketing & Distribution Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 25 (2022 - 36).

 

Romax Marketing & Distribution Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

232,023

336,319

1,377,398

1,945,740

Additions

1,500

411

1,157

3,068

At 31 December 2023

233,523

336,730

1,378,555

1,948,808

Depreciation

At 1 January 2023

92,858

289,777

1,187,212

1,569,847

Charge for the year

9,410

15,582

104,180

129,172

At 31 December 2023

102,268

305,359

1,291,392

1,699,019

Carrying amount

At 31 December 2023

131,255

31,371

87,163

249,789

At 31 December 2022

139,165

46,542

190,186

375,893

Included within the net book value of land and buildings above is £131,255 (2022 - £139,164) in respect of long leasehold land and buildings.
 

5

Investments

2023
£

2022
£

Investments in subsidiaries

274,305

154,514

Subsidiaries

£

Cost or valuation

At 1 January 2023

154,514

Revaluation

119,791

At 31 December 2023

274,305

Provision

Carrying amount

At 31 December 2023

274,305

At 31 December 2022

154,514

 

Romax Marketing & Distribution Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

The Company purchased 50% of the equity of Systematic Marketing Ltd during 2019 and 2020. Initially, the investment was measured at the cost. It has since been revalued to reflect changes in its fair value during 2023, adopting the revaluation model going forward.

The address of the registered office of Systematic Marketing Limited is Unit 2 City Cross Business Park, Salutation Road, London SE10 0AT. Systematic Marketing Limited is a jointly controlled entity. During 2023 total dividends received is £50,000 (2022: £25,000).
 

6

Stocks

2023
£

2022
£

Other inventories

8,620

19,360

7

Debtors

Current

2023
£

2022
£

Trade debtors

659,769

371,196

Prepayments

83,089

62,280

Other debtors

35,140

107,002

 

777,998

540,478

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

529,824

321,522

Trade creditors

 

352,250

335,651

Taxation and social security

 

110,394

82,403

Accruals and deferred income

 

53,417

27,585

Other creditors

 

3,308

189

 

1,049,193

767,350

 

Romax Marketing & Distribution Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

82,481

216,068

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £0.01 each

10,000

100

10,000

100

Ordinary A of £0.01 each

100

1

100

1

 

10,100

101

10,100

101

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

119,791

119,791

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

56,951

91,183

Other borrowings

25,530

124,885

82,481

216,068

 

Romax Marketing & Distribution Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

442,633

234,331

Other borrowings

87,191

87,191

529,824

321,522