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Company registration number: 3179396
Rockdyne Limited
Unaudited filleted financial statements
30 June 2023
Rockdyne Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Rockdyne Limited
Directors and other information
Directors Mr P Foster (Resigned 16 October 2023)
Ms E Foster (Resigned 5 November 2023)
Dr Jahan Ara Foster (Appointed 17 October 2023)
Secretary A Mansuri
Company number 3179396
Registered office 1st Floor
64 Baker Street
London W1U 7GB
Accountants Redford & Co Limited
1st Floor
64 Baker Street
London
W1U 7GB
Bankers HSBC Plc
512 Brixton Road
London SW9 8ER
Rockdyne Limited
Statement of financial position
30 June 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 53,206 55,818
_______ _______
53,206 55,818
Current assets
Stocks 16,730 13,810
Debtors 6 61,868 98,095
Cash at bank and in hand 41,639 68,260
_______ _______
120,237 180,165
Creditors: amounts falling due
within one year 7 ( 139,176) ( 169,652)
_______ _______
Net current (liabilities)/assets ( 18,939) 10,513
_______ _______
Total assets less current liabilities 34,267 66,331
Creditors: amounts falling due
after more than one year 8 ( 31,643) ( 66,247)
_______ _______
Net assets 2,624 84
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 2,524 ( 16)
_______ _______
Shareholders funds 2,624 84
_______ _______
For the year ending 30 June 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 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 financial statements.
These 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 March 2024 , and are signed on behalf of the board by:
Dr Jahan Ara Foster
Director
Company registration number: 3179396
Rockdyne Limited
Notes to the financial statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 1st Floor, 64 Baker Street, London W1U 7GB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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 the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 33.33 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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
4. Employee numbers
The average number of persons employed by the company during the year amounted to 25 (2022: 28 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 July 2022 188,431 335,917 524,348
Additions - 11,374 11,374
_______ _______ _______
At 30 June 2023 188,431 347,291 535,722
_______ _______ _______
Depreciation
At 1 July 2022 184,215 284,315 468,530
Charge for the year 1,391 12,595 13,986
_______ _______ _______
At 30 June 2023 185,606 296,910 482,516
_______ _______ _______
Carrying amount
At 30 June 2023 2,825 50,381 53,206
_______ _______ _______
At 30 June 2022 4,216 51,602 55,818
_______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors - 8,238
Other debtors 61,868 89,857
_______ _______
61,868 98,095
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 36,225 36,225
Trade creditors 25,805 33,213
Corporation tax 1,668 14,739
Social security and other taxes 53,753 54,650
Other creditors 21,725 30,825
_______ _______
139,176 169,652
_______ _______
The loan is secured by a mortgage and personal guarantees.The Government backed Coronavirus loan was received in May 2020.
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 31,643 66,247
_______ _______
The loan is secured by a mortgage and personal guarantees.The Government backed Coronavirus loan was received in May 2020.
9. Directors advances, credits and guarantees
The company has a loan account with E Foster. The loan account balance at 30 June 2023 was £Nil (2022: £20,000) being monies owed to the company. The loan account is interest- free, unsecured and repayable upon demand.
10. Controlling party
The company was controlled throughout the current year by Mr P & Ms E Foster by virtue of their shareholdings in the company.