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No description of principal activity
2022-12-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
03162572
2022-12-01
2023-11-30
03162572
2023-11-30
03162572
2022-11-30
03162572
2021-12-01
2022-11-30
03162572
2022-11-30
03162572
2021-11-30
03162572
core:PlantMachinery
2022-12-01
2023-11-30
03162572
bus:Director2
2022-12-01
2023-11-30
03162572
core:LandBuildings
2022-11-30
03162572
core:PlantMachinery
2022-11-30
03162572
core:LandBuildings
2023-11-30
03162572
core:PlantMachinery
2023-11-30
03162572
core:LandBuildings
2022-12-01
2023-11-30
03162572
core:WithinOneYear
2023-11-30
03162572
core:WithinOneYear
2022-11-30
03162572
core:ShareCapital
2023-11-30
03162572
core:ShareCapital
2022-11-30
03162572
core:RetainedEarningsAccumulatedLosses
2023-11-30
03162572
core:RetainedEarningsAccumulatedLosses
2022-11-30
03162572
core:BetweenOneFiveYears
2023-11-30
03162572
core:BetweenOneFiveYears
2022-11-30
03162572
core:MoreThanFiveYears
2023-11-30
03162572
core:MoreThanFiveYears
2022-11-30
03162572
core:LandBuildings
2022-11-30
03162572
core:PlantMachinery
2022-11-30
03162572
bus:SmallEntities
2022-12-01
2023-11-30
03162572
bus:AuditExemptWithAccountantsReport
2022-12-01
2023-11-30
03162572
bus:SmallCompaniesRegimeForAccounts
2022-12-01
2023-11-30
03162572
bus:PrivateLimitedCompanyLtd
2022-12-01
2023-11-30
03162572
bus:FullAccounts
2022-12-01
2023-11-30
03162572
core:LandBuildings
core:LongLeaseholdAssets
2022-12-01
2023-11-30
03162572
1
2022-12-01
2023-11-30
COMPANY REGISTRATION NUMBER:
03162572
ROCKFORD TRADING COMPANY LIMITED |
|
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
ROCKFORD TRADING COMPANY LIMITED |
|
STATEMENT OF FINANCIAL POSITION |
|
30 November 2023
Fixed assets
Tangible assets |
5 |
|
164,634 |
208,117 |
|
|
|
|
|
Current assets
Stocks |
816,264 |
|
729,589 |
Debtors |
6 |
106,861 |
|
113,656 |
Cash at bank and in hand |
2,141,614 |
|
1,921,519 |
|
-------------- |
|
-------------- |
|
3,064,739 |
|
2,764,764 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
534,246 |
|
534,889 |
|
-------------- |
|
-------------- |
Net current assets |
|
2,530,493 |
2,229,875 |
|
|
-------------- |
-------------- |
Total assets less current liabilities |
|
2,695,127 |
2,437,992 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
31,801 |
33,961 |
|
|
-------------- |
-------------- |
Net assets |
|
2,663,326 |
2,404,031 |
|
|
-------------- |
-------------- |
|
|
|
|
ROCKFORD TRADING COMPANY LIMITED |
|
STATEMENT OF FINANCIAL POSITION (continued) |
|
30 November 2023
Capital and reserves
Called up share capital |
|
100 |
100 |
Profit and loss account |
|
2,663,226 |
2,403,931 |
|
|
-------------- |
-------------- |
Shareholders funds |
|
2,663,326 |
2,404,031 |
|
|
-------------- |
-------------- |
|
|
|
|
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 income and retained earnings has not been delivered.
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.
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 were approved by the
board of directors
and authorised for issue on
5 August 2024
, and are signed on behalf of the board by:
Company registration number:
03162572
ROCKFORD TRADING COMPANY LIMITED |
|
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 30 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 Dixon House, Dixon Way, Lincoln, LN6 7XN, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. Significant judgements There are no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies which have a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Depreciation charges The annual depreciation charge for tangible assets is sensitive to changes in the useful economic lives and residual values of the assets. These are reviewed periodically by the Directors to ensure that they reflect both external and internal factors.
Revenue recognition
The turnover shown in the profit and loss account represents the value of all goods sold during the period, less returns received, at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred to the customer.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Rentals under operating leases are charged to the Profit and Loss account on a straight line basis over the lease term.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
|
Improvm'ts to leasehold properties |
- |
Various rates of depreciation
|
|
Plant and machinery |
- |
25% straight line |
|
|
|
|
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are valued at the lower of cost and net realisable value, on a first-in-first-out basis, after making due allowance for obsolete and slow moving items. Cost is based on purchase price.
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 as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recongised at the transaction price, unless the arrangement constitutes a financing transactions, 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. Other financial instruments, including derivatives, are recognised at fair value, with any subsequent changes to fair value recognised in profit or loss.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
32
(2022:
33
).
5.
Tangible assets
|
Improvm'ts to leasehold properties |
Plant and machinery |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 December 2022 |
191,972 |
475,698 |
667,670 |
Additions |
– |
12,547 |
12,547 |
|
----------- |
----------- |
----------- |
At 30 November 2023 |
191,972 |
488,245 |
680,217 |
|
----------- |
----------- |
----------- |
Depreciation |
|
|
|
At 1 December 2022 |
74,674 |
384,879 |
459,553 |
Charge for the year |
12,533 |
43,497 |
56,030 |
|
----------- |
----------- |
----------- |
At 30 November 2023 |
87,207 |
428,376 |
515,583 |
|
----------- |
----------- |
----------- |
Carrying amount |
|
|
|
At 30 November 2023 |
104,765 |
59,869 |
164,634 |
|
----------- |
----------- |
----------- |
At 30 November 2022 |
117,298 |
90,819 |
208,117 |
|
----------- |
----------- |
----------- |
|
|
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
80,257 |
85,736 |
Other debtors |
26,604 |
27,920 |
|
----------- |
----------- |
|
106,861 |
113,656 |
|
----------- |
----------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
49,263 |
181,557 |
Corporation tax |
176,680 |
106,315 |
Social security and other taxes |
52,028 |
41,895 |
Other creditors |
256,275 |
205,122 |
|
----------- |
----------- |
|
534,246 |
534,889 |
|
----------- |
----------- |
|
|
|
8.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2023 |
2022 |
|
£ |
£ |
|
Not later than 1 year |
129,000 |
110,600 |
|
Later than 1 year and not later than 5 years |
444,000 |
293,400 |
|
Later than 5 years |
180,000 |
10,550 |
|
|
----------- |
----------- |
|
|
753,000 |
414,550 |
|
|
----------- |
----------- |
|
|
|
|
Rentals under operating leases are charged to the Profit and Loss account on a straight line basis over the lease term.
9.
Related party transactions
During the period there were no transactions with related parties.
10.
Controlling party
The company was under the control of the directors throughout the current and previous year.