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Registration number: 03042705

Rodgers & Rodgers Limited

Unaudited Financial Statements

for the Year Ended 30 June 2023

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Rodgers & Rodgers Limited

Statement of Financial Position as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,524

2,027

Current assets

 

Debtors

5

322,818

293,121

Creditors: Amounts falling due within one year

6

(336,915)

(338,524)

Net current liabilities

 

(14,097)

(45,403)

Total assets less current liabilities

 

(10,573)

(43,376)

Creditors: Amounts falling due after more than one year

6

(22,215)

(58,588)

Net liabilities

 

(32,788)

(101,964)

Capital and reserves

 

Called up share capital

124,000

124,000

Retained earnings

(156,788)

(225,964)

Shareholders' deficit

 

(32,788)

(101,964)

For the financial 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 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.

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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 22 August 2024 and signed on its behalf by:
 

.........................................

DP Rodgers

Director

Company registration number: 03042705

 

Rodgers & Rodgers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
c/o Brebners
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

The principal activity of the company is that of the provision of marketing services incorporating advertising, design, PR and web development.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The company made a profit for the year ended 30 June 2023 but had a deficit of net assets at that date amounting to £32,788.

During the year the company benefited from the support of the directors, to whom an amount of £119,488 was due at 30 June 2023. The company has adequate bank facilities in place and the cash flow forecasts indicate the company has sufficient working capital to continue to meet its financial obligations, as and when they fall due.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue based upon the stage of completion of contracted marketing services.

 

Rodgers & Rodgers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Government grants

Grants relating to revenue are recognised in profit and loss on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Furniture, Fittings and Equipment

25% Straight Line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 income statement 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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year, was 6 (2022 - 6).

 

Rodgers & Rodgers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

141,449

141,449

Additions

3,274

3,274

At 30 June 2023

144,723

144,723

Depreciation

At 1 July 2022

139,422

139,422

Charge for the year

1,777

1,777

At 30 June 2023

141,199

141,199

Carrying amount

At 30 June 2023

3,524

3,524

At 30 June 2022

2,027

2,027

5

Debtors

2023
£

2022
£

Trade debtors

197,648

131,640

Other debtors

125,170

161,481

322,818

293,121

 

Rodgers & Rodgers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Loans and borrowings

7

112,245

105,395

Trade creditors

 

51,591

73,814

Taxation and social security

 

45,191

42,427

Other creditors

 

127,888

116,888

 

336,915

338,524

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

7

22,215

58,588

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank loans

10,014

9,664

Bank overdrafts

75,977

71,942

Other borrowings

26,254

23,789

112,245

105,395

2023
£

2022
£

Non-current loans and borrowings

Bank loans

19,908

30,027

Other borrowings

2,307

28,561

22,215

58,588

The bank loans and overdrafts are secured by a fixed and floating charge over the assets and undertakings of the company.

8

Transactions with directors

At 30 June 2023 an amount of £42,185 (2022: £18,350) was due from a director. Advances of £23,300 were made during the year. Interest has been charged at 2% and 2.25% amounting to £535 (2022: £339). There are no set terms in place.