Silverfin false false 31/12/2023 01/01/2023 31/12/2023 G B N Cardozo MBE 08/12/2022 P S Dunn 22/03/2021 A E Head 14/01/2021 G M Zambellas 11/07/2023 08 August 2024 The principle activity of the Company during the financial year was Manufacture of air and spacecraft and related machinery 07120913 2023-12-31 07120913 bus:Director1 2023-12-31 07120913 bus:Director2 2023-12-31 07120913 bus:Director3 2023-12-31 07120913 bus:Director4 2023-12-31 07120913 2022-12-31 07120913 core:CurrentFinancialInstruments 2023-12-31 07120913 core:CurrentFinancialInstruments 2022-12-31 07120913 core:Non-currentFinancialInstruments 2023-12-31 07120913 core:Non-currentFinancialInstruments 2022-12-31 07120913 core:ShareCapital 2023-12-31 07120913 core:ShareCapital 2022-12-31 07120913 core:RetainedEarningsAccumulatedLosses 2023-12-31 07120913 core:RetainedEarningsAccumulatedLosses 2022-12-31 07120913 core:OtherResidualIntangibleAssets 2022-12-31 07120913 core:OtherResidualIntangibleAssets 2023-12-31 07120913 core:LandBuildings 2022-12-31 07120913 core:PlantMachinery 2022-12-31 07120913 core:Vehicles 2022-12-31 07120913 core:FurnitureFittings 2022-12-31 07120913 core:OfficeEquipment 2022-12-31 07120913 core:OtherPropertyPlantEquipment 2022-12-31 07120913 core:LandBuildings 2023-12-31 07120913 core:PlantMachinery 2023-12-31 07120913 core:Vehicles 2023-12-31 07120913 core:FurnitureFittings 2023-12-31 07120913 core:OfficeEquipment 2023-12-31 07120913 core:OtherPropertyPlantEquipment 2023-12-31 07120913 core:CostValuation 2022-12-31 07120913 core:AdditionsToInvestments 2023-12-31 07120913 core:CostValuation 2023-12-31 07120913 core:OtherProvisionsContingentLiabilities 2022-12-31 07120913 core:OtherProvisionsContingentLiabilities 2023-12-31 07120913 2023-01-01 2023-12-31 07120913 bus:FilletedAccounts 2023-01-01 2023-12-31 07120913 bus:SmallEntities 2023-01-01 2023-12-31 07120913 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 07120913 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07120913 bus:Director1 2023-01-01 2023-12-31 07120913 bus:Director2 2023-01-01 2023-12-31 07120913 bus:Director3 2023-01-01 2023-12-31 07120913 bus:Director4 2023-01-01 2023-12-31 07120913 1 2023-01-01 2023-12-31 07120913 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-01-01 2023-12-31 07120913 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 07120913 core:LandBuildings core:TopRangeValue 2023-01-01 2023-12-31 07120913 core:PlantMachinery core:TopRangeValue 2023-01-01 2023-12-31 07120913 core:Vehicles core:TopRangeValue 2023-01-01 2023-12-31 07120913 core:FurnitureFittings core:TopRangeValue 2023-01-01 2023-12-31 07120913 core:OfficeEquipment core:TopRangeValue 2023-01-01 2023-12-31 07120913 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-01-01 2023-12-31 07120913 2022-01-01 2022-12-31 07120913 core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 07120913 core:LandBuildings 2023-01-01 2023-12-31 07120913 core:PlantMachinery 2023-01-01 2023-12-31 07120913 core:Vehicles 2023-01-01 2023-12-31 07120913 core:FurnitureFittings 2023-01-01 2023-12-31 07120913 core:OfficeEquipment 2023-01-01 2023-12-31 07120913 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 07120913 core:Subsidiary1 2023-01-01 2023-12-31 07120913 core:Subsidiary1 1 2023-01-01 2023-12-31 07120913 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 07120913 1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure decimalUnit

Company No: 07120913 (England and Wales)

ROTRON AEROSPACE LIMITED
(Formerly Roton Power Limited)

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

ROTRON AEROSPACE LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

ROTRON AEROSPACE LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
ROTRON AEROSPACE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS G B N Cardozo MBE
P S Dunn
A E Head
G M Zambellas (Appointed 11 July 2023)
REGISTERED OFFICE 9 Chaldicott Barns
Tokes Lane
Semley
Shaftesbury
SP7 9AW
England
United Kingdom
COMPANY NUMBER 07120913 (England and Wales)
ROTRON AEROSPACE LIMITED

BALANCE SHEET

As at 31 December 2023
ROTRON AEROSPACE LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Restated - note 2
Fixed assets
Intangible assets 4 933 0
Tangible assets 5 315,000 227,766
Investments 6 417 0
316,350 227,766
Current assets
Stocks 982,657 744,401
Debtors 7 1,828,600 435,525
Cash at bank and in hand 1,816,139 3,278,881
4,627,396 4,458,807
Creditors: amounts falling due within one year 8 ( 913,973) ( 626,633)
Net current assets 3,713,423 3,832,174
Total assets less current liabilities 4,029,773 4,059,940
Creditors: amounts falling due after more than one year 9 ( 2,053,982) ( 35,750)
Provision for liabilities 10 ( 50,000) ( 50,000)
Net assets 1,925,791 3,974,190
Capital and reserves
Called-up share capital 100 100
Profit and loss account 1,925,691 3,974,090
Total shareholder's funds 1,925,791 3,974,190

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 financial statements of Rotron Aerospace Limited (registered number: 07120913) were approved and authorised for issue by the Board of Directors on 08 August 2024. They were signed on its behalf by:

G B N Cardozo MBE
Director
ROTRON AEROSPACE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
ROTRON AEROSPACE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

Rotron Aerospace Limited (the Company) is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 07120913). The registered office address is 9 Chaldicott Barns, Tokes Lane, Semley, Shaftesbury, SP7 9AW, England, United Kingdom.

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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 Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account 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 to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Turnover from the sale of goods is recognised when all of the following conditions are satisfied: the Company has transferred the significant risks and rewards of ownership to the buyer; the amount of turnover can be measured reliably; it is probable that the Company will receive the consideration due under the transaction; and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account 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 Balance Sheet.

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Taxation

Current tax
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

· The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
· Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and Laws that have been enacted or substantively enacted by the balance sheet date

Intangible assets

Patents are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is calculated to write off the cost of the patents in equal annual instalments over their useful life of 10 years.

Other intangible assets 10 years straight line
Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Land and buildings 10 years straight line
Plant and machinery 15 years straight line
Vehicles 4 years straight line
Fixtures and fittings 4 years straight line
Office equipment 4 years straight line
Other property, plant and equipment 4 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.

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.

Leases

The Company as lessee
Rentals paid under operating leases are charged to profit or loss 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 Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

Fixed asset investments comprise of investments in subsidiary companies. These investments are initially measured at cost less subsequent impairment.

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 and sub-contract work. 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.

Financial instruments

Financial assets and financial liabilities are recognised in the Balance Sheet when the Company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Company's cash management.

Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its Liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.

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 Balance Sheet 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. Prior year adjustment

The amounts classified as capital redemption reserves in the original 2022 accounts have been reclassified as a loan write off.

As previously reported Adjustment As restated
Year ended 31 December 2022 £ £ £
Connected party loan write off 0 8,125,647 8,125,647
Capital Redemption reserve 8,125,647 (8,125,647) 0

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 24 20

4. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 January 2023 0 0
Additions 1,000 1,000
At 31 December 2023 1,000 1,000
Accumulated amortisation
At 01 January 2023 0 0
Charge for the financial year 67 67
At 31 December 2023 67 67
Net book value
At 31 December 2023 933 933
At 31 December 2022 0 0

5. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Office equipment Other property, plant
and equipment
Total
£ £ £ £ £ £ £
Cost
At 01 January 2023 20,326 268,465 18,767 51,389 124,512 0 483,459
Additions 580 108,847 9,995 2,395 19,713 4,543 146,073
At 31 December 2023 20,906 377,312 28,762 53,784 144,225 4,543 629,532
Accumulated depreciation
At 01 January 2023 677 103,075 6,210 42,442 103,289 0 255,693
Charge for the financial year 2,067 37,233 6,174 2,706 9,815 844 58,839
At 31 December 2023 2,744 140,308 12,384 45,148 113,104 844 314,532
Net book value
At 31 December 2023 18,162 237,004 16,378 8,636 31,121 3,699 315,000
At 31 December 2022 19,649 165,390 12,557 8,947 21,223 0 227,766

6. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 0
Additions 417
0
At 31 December 2023 417
Carrying value at 31 December 2023 417
Carrying value at 31 December 2022 0

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.12.2023
Rotron Power Inc. P.O. Box 33472 Washington DC 20033-0742 Manufacture of air and spacecraft and related machinery Ordinary 100.00%

7. Debtors

2023 2022
£ £
Trade debtors 349,494 38,226
Amounts owed by Group undertakings (note 11) 973,038 200,342
Prepayments 22,779 44,065
VAT recoverable 13,289 26,944
Corporation tax 470,000 0
Other debtors 0 125,948
1,828,600 435,525

8. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 9,750 9,750
Trade creditors 114,315 101,616
Accruals 115,504 47,828
Other taxation and social security 32,726 26,650
Other creditors 641,678 440,789
913,973 626,633

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

2023 2022
£ £
Bank loans 26,000 35,750
Other loans 2,027,982 0
2,053,982 35,750

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

Loan interest is accrued at 8.8% per annum.
The interest is payable along with the loan in full on or before the 6th November 2025.

10. Provision for liabilities

2023 2022
£ £
Other provisions 50,000 50,000
Other Total
£ £
At 01 January 2023 50,000 50,000
At 31 December 2023 50,000 50,000

Other provisions relates to provisions for dilapidations.

11. Related party transactions

Transactions with entities in which the entity itself has a participating interest

The Company has taken advantage of the exemption in FRS 102 Section 331A to not disclose transactions with wholly owned group entities.

A director maintained a loan account with the Company. At the year end the director owed the Company £nil (2022 - £21,300). This loan was repaid in full by the director in September 2023.

12. Commitments under operating leases

At 31 December the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023 2022
£ £
Not later than 1 year 87,500 105,000
Later than 1 year and not later than 5 years 350,000 420,000
Later than 5 years 271,875 431,250
709,375 956,250

13. Ultimate controlling party

The Company's immediate parent undertaking is Gilo Holdings Limited, a company registered in England and Wales. The registered office of the parent is Unit 9 Chaldicott Barns, Tokes Lane, Semley, Dorset, United Kingdom, SP7 9AW.