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Company registration number: 07411656
ROMARK ENGINEERING LIMITED
Unaudited financial statements
30 November 2023
ROMARK ENGINEERING LIMITED
Contents
Directors and other information
Director's report
Accountant's report
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Notes to the financial statements
ROMARK ENGINEERING LIMITED
Directors and other information
Director Mr R G DiCapite
Company number 07411656
Registered office 15 Lampits Hill
Corringham
Essex
SS17 9AA
Business address Unit 8/9 Baryta Close
Stanford le Hope
Essex
SS17 0JE
Accountant A.W. Fenn & Co
15 Lampits Hill
Corringham
Essex
SS17 9AA
Bankers Natwest
43 High Street
Rayleigh
Essex
SS6 7EH
ROMARK ENGINEERING LIMITED
Director's report
Year ended 30th November 2023
The director presents his report and the unaudited financial statements of the company for the year ended 30th November 2023.
Director
The director who served the company during the year was as follows:
Mr R G DiCapite
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 15 July 2024 and signed on behalf of the board by:
Mr R G DiCapite
Director
ROMARK ENGINEERING LIMITED
Report to the director on the preparation of the
unaudited statutory financial statements of ROMARK ENGINEERING LIMITED
Year ended 30th November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of ROMARK ENGINEERING LIMITED for the year ended 30th November 2023 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Association of Chartered Certified Accountants , I am subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the director of ROMARK ENGINEERING LIMITED, as a body, in accordance with the terms of my engagement letter dated 27th May 2021. My work has been undertaken solely to prepare for your approval the financial statements of ROMARK ENGINEERING LIMITED and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than ROMARK ENGINEERING LIMITED and its director as a body for my work or for this report.
It is your duty to ensure that ROMARK ENGINEERING LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of ROMARK ENGINEERING LIMITED. You consider that ROMARK ENGINEERING LIMITED is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of ROMARK ENGINEERING LIMITED. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
A.W. Fenn & Co
Chartered Certified Accountants
15 Lampits Hill
Corringham
Essex
SS17 9AA
16th July 2024
ROMARK ENGINEERING LIMITED
Statement of comprehensive income
Year ended 30th November 2023
2023 2022
Note £ £
Turnover 1,572,740 1,144,787
Cost of sales ( 1,112,935) ( 847,374)
_______ _______
Gross profit 459,805 297,413
Administrative expenses ( 285,227) ( 265,709)
Other operating income 5,613 5,613
_______ _______
Operating profit 180,191 37,317
Other interest receivable and similar income - 1
Interest payable and similar expenses ( 19,645) ( 8,903)
_______ _______
Profit before taxation 5 160,546 28,415
Tax on profit ( 33,473) ( 6,880)
_______ _______
Profit for the financial year and total comprehensive income 127,073 21,535
_______ _______
All the activities of the company are from continuing operations.
ROMARK ENGINEERING LIMITED
Statement of financial position
30th November 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 6 - -
Tangible assets 7 379,898 395,653
_______ _______
379,898 395,653
Current assets
Stocks 29,175 41,150
Debtors 8 493,334 453,444
Cash at bank and in hand 129,534 135,360
_______ _______
652,043 629,954
Creditors: amounts falling due
within one year 9 ( 303,136) ( 290,471)
_______ _______
Net current assets 348,907 339,483
_______ _______
Total assets less current liabilities 728,805 735,136
Creditors: amounts falling due
after more than one year 10 ( 159,055) ( 205,707)
Provisions for liabilities ( 30,693) ( 27,845)
_______ _______
Net assets 539,057 501,584
_______ _______
Capital and reserves
Called up share capital 74,835 74,835
Profit and loss account 464,222 426,749
_______ _______
Shareholders funds 539,057 501,584
_______ _______
For the year ending 30 November 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 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 director acknowledges 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 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'.
These financial statements were approved by the board of directors and authorised for issue on 15 July 2024 , and are signed on behalf of the board by:
Mr R G DiCapite
Director
Company registration number: 07411656
ROMARK ENGINEERING LIMITED
Statement of changes in equity
Year ended 30th November 2023
Called up share capital Profit and loss account Total
£ £ £
At 1st December 2021 74,835 472,264 547,099
Profit for the year 21,535 21,535
_______ _______ _______
Total comprehensive income for the year - 21,535 21,535
Dividends paid and payable ( 67,050) ( 67,050)
_______ _______ _______
Total investments by and distributions to owners - ( 67,050) ( 67,050)
_______ _______ _______
At 30th November 2022 and 1st December 2022 74,835 426,749 501,584
Profit for the year 127,073 127,073
_______ _______ _______
Total comprehensive income for the year - 127,073 127,073
Dividends paid and payable ( 89,600) ( 89,600)
_______ _______ _______
Total investments by and distributions to owners - ( 89,600) ( 89,600)
_______ _______ _______
At 30th November 2023 74,835 464,222 539,057
_______ _______ _______
ROMARK ENGINEERING LIMITED
Notes to the financial statements
Year ended 30th November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 15 Lampits Hill, Corringham, Essex, SS17 9AA.
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:
Freehold property - 1 % straight line
Plant and machinery - 20 % straight line
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 20 % straight line
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis 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 and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 11 ).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2023 2022
£ £
Depreciation of tangible assets 57,785 79,227
_______ _______
6. Intangible assets
Goodwill Total
£ £
Cost
At 1st December 2022 and 30th November 2023 56,896 56,896
_______ _______
Amortisation
At 1st December 2022 and 30th November 2023 56,896 56,896
_______ _______
Carrying amount
At 30th November 2023 - -
_______ _______
At 30th November 2022 - -
_______ _______
7. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1st December 2022 265,000 593,018 16,252 82,649 956,919
Additions - 42,030 - - 42,030
_______ _______ _______ _______ _______
At 30th November 2023 265,000 635,048 16,252 82,649 998,949
_______ _______ _______ _______ _______
Depreciation
At 1st December 2022 15,900 488,033 13,833 43,500 561,266
Charge for the year 2,650 40,898 807 13,430 57,785
_______ _______ _______ _______ _______
At 30th November 2023 18,550 528,931 14,640 56,930 619,051
_______ _______ _______ _______ _______
Carrying amount
At 30th November 2023 246,450 106,117 1,612 25,719 379,898
_______ _______ _______ _______ _______
At 30th November 2022 249,100 104,985 2,419 39,149 395,653
_______ _______ _______ _______ _______
8. Debtors
2023 2022
£ £
Trade debtors 304,769 245,937
Other debtors 188,565 207,507
_______ _______
493,334 453,444
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 46,474 39,353
Trade creditors 158,264 146,180
Corporation tax 30,625 4,079
Social security and other taxes 23,944 15,700
Other creditors 43,829 85,159
_______ _______
303,136 290,471
_______ _______
10. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 159,055 205,707
_______ _______
The company has a commercial mortgage dated 4th May 2017.The mortgage is repayable 15 years after the drawdown of the facility. The company also has a bank loan dated July 2022 which is repayable over 7 years commencing October 2022.
11. Government grants
2023 2022
£ £
At start of year 5,613 11,226
Grants received or receivable (-) (-)
Released to the profit or loss (5,613) (5,613)
_______ _______
At end of year - 5,613
_______ _______
The amounts recognised in the unaudited financial statements for government grants are as follows:
2023 2022
£ £
Recognised in creditors:
Deferred government grants due within one year - 5,613
_______ _______
Recognised in other operating income:
Government grants released to profit or loss 5,613 5,613
_______ _______
12. Related party transactions
The company had the following materials transactions with the following parties:-Roam Systems Limited - A company that shares a common director and / or shareholder. The company has a loan owing to Romark Engineering Limited at 30th November 2023 of £26,500. This loan is unsecured, interest free and repayable upon demand.Abruzzo Trading - A business that shares a common director and /or partner. The business has a loan owing to Romark Engineering Limited at 30th November 2023 of £ 42,510. This loan is unsecured, interest free and repayable upon demand.RJWaller Precision Engineers Ltd - A company that shares common director and /or shareholder. The company has a loan owing to Romark Engineering Limited at 30th November 2023 of £ 58,875. This loan is unsecured, interest free and repayable upon demand.Romark Holdings Ltd - A company that shares a common director and /or shareholder. The company has a loan owed by Romark Engineering Limited at 30th November 2023 of £ 46,314. This loan is unsecured, interest free and repayable upon demand.The company paid dividends totalling £89,600 during the year (2022 £67,050), the serving director receives dividends.
13. Controlling party
The company is controlled by its director R G DiCapite.