Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30truetruetruetrue2022-12-01falseImport and wholesae of automative electrical components.2828falsefalse 01800402 2022-12-01 2023-11-30 01800402 2021-12-01 2022-11-30 01800402 2023-11-30 01800402 2022-11-30 01800402 2021-12-01 01800402 1 2022-12-01 2023-11-30 01800402 1 2021-12-01 2022-11-30 01800402 2 2022-12-01 2023-11-30 01800402 2 2021-12-01 2022-11-30 01800402 4 2022-12-01 2023-11-30 01800402 4 2021-12-01 2022-11-30 01800402 d:Director1 2022-12-01 2023-11-30 01800402 d:Director2 2022-12-01 2023-11-30 01800402 d:Director3 2022-12-01 2023-11-30 01800402 d:RegisteredOffice 2022-12-01 2023-11-30 01800402 e:PlantMachinery 2022-12-01 2023-11-30 01800402 e:PlantMachinery 2023-11-30 01800402 e:PlantMachinery 2022-11-30 01800402 e:PlantMachinery e:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 01800402 e:MotorVehicles 2022-12-01 2023-11-30 01800402 e:MotorVehicles 2023-11-30 01800402 e:MotorVehicles 2022-11-30 01800402 e:MotorVehicles e:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 01800402 e:FurnitureFittings 2022-12-01 2023-11-30 01800402 e:FurnitureFittings 2023-11-30 01800402 e:FurnitureFittings 2022-11-30 01800402 e:FurnitureFittings e:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 01800402 e:OtherPropertyPlantEquipment 2022-12-01 2023-11-30 01800402 e:OtherPropertyPlantEquipment 2023-11-30 01800402 e:OtherPropertyPlantEquipment 2022-11-30 01800402 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 01800402 e:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 01800402 e:Goodwill 2022-12-01 2023-11-30 01800402 e:Goodwill 2023-11-30 01800402 e:Goodwill 2022-11-30 01800402 e:FreeholdInvestmentProperty 2023-11-30 01800402 e:FreeholdInvestmentProperty 2022-11-30 01800402 e:CurrentFinancialInstruments 2023-11-30 01800402 e:CurrentFinancialInstruments 2022-11-30 01800402 e:CurrentFinancialInstruments 1 2023-11-30 01800402 e:CurrentFinancialInstruments 1 2022-11-30 01800402 e:Non-currentFinancialInstruments 2023-11-30 01800402 e:Non-currentFinancialInstruments 2022-11-30 01800402 e:CurrentFinancialInstruments e:WithinOneYear 2023-11-30 01800402 e:CurrentFinancialInstruments e:WithinOneYear 2022-11-30 01800402 e:Non-currentFinancialInstruments e:AfterOneYear 2023-11-30 01800402 e:Non-currentFinancialInstruments e:AfterOneYear 2022-11-30 01800402 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-11-30 01800402 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2022-11-30 01800402 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-11-30 01800402 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2022-11-30 01800402 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2023-11-30 01800402 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2022-11-30 01800402 e:ReportableOperatingSegment1 2022-12-01 2023-11-30 01800402 e:ReportableOperatingSegment1 2021-12-01 2022-11-30 01800402 f:UnitedKingdom 2022-12-01 2023-11-30 01800402 f:UnitedKingdom 2021-12-01 2022-11-30 01800402 f:RestEuropeOutsideUK 2022-12-01 2023-11-30 01800402 f:RestEuropeOutsideUK 2021-12-01 2022-11-30 01800402 e:UKTax 2022-12-01 2023-11-30 01800402 e:UKTax 2021-12-01 2022-11-30 01800402 e:ShareCapital 2023-11-30 01800402 e:ShareCapital 2022-11-30 01800402 e:ShareCapital 2021-12-01 01800402 e:CapitalRedemptionReserve 2023-11-30 01800402 e:CapitalRedemptionReserve 2022-11-30 01800402 e:CapitalRedemptionReserve 2021-12-01 01800402 e:RevaluationReserve 1 2021-12-01 2022-11-30 01800402 e:InvestmentPropertiesRevaluationReserve 2022-12-01 2023-11-30 01800402 e:InvestmentPropertiesRevaluationReserve 2023-11-30 01800402 e:InvestmentPropertiesRevaluationReserve 2022-11-30 01800402 e:InvestmentPropertiesRevaluationReserve 2021-12-01 01800402 e:InvestmentPropertiesRevaluationReserve 1 2021-12-01 2022-11-30 01800402 e:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 01800402 e:RetainedEarningsAccumulatedLosses 2023-11-30 01800402 e:RetainedEarningsAccumulatedLosses 2021-12-01 2022-11-30 01800402 e:RetainedEarningsAccumulatedLosses 2022-11-30 01800402 e:RetainedEarningsAccumulatedLosses 2021-12-01 01800402 e:RetainedEarningsAccumulatedLosses 1 2021-12-01 2022-11-30 01800402 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-11-30 01800402 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-11-30 01800402 e:AcceleratedTaxDepreciationDeferredTax 2023-11-30 01800402 e:AcceleratedTaxDepreciationDeferredTax 2022-11-30 01800402 e:TaxLossesCarry-forwardsDeferredTax 2023-11-30 01800402 e:TaxLossesCarry-forwardsDeferredTax 2022-11-30 01800402 d:OrdinaryShareClass1 2022-12-01 2023-11-30 01800402 d:OrdinaryShareClass1 2023-11-30 01800402 d:OrdinaryShareClass1 2022-11-30 01800402 d:OrdinaryShareClass3 2022-12-01 2023-11-30 01800402 d:OrdinaryShareClass3 2023-11-30 01800402 d:OrdinaryShareClass3 2022-11-30 01800402 d:FRS102 2022-12-01 2023-11-30 01800402 d:Audited 2022-12-01 2023-11-30 01800402 d:FullAccounts 2022-12-01 2023-11-30 01800402 d:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 01800402 e:WithinOneYear 2023-11-30 01800402 e:WithinOneYear 2022-11-30 01800402 e:BetweenOneFiveYears 2023-11-30 01800402 e:BetweenOneFiveYears 2022-11-30 01800402 2 2022-12-01 2023-11-30 01800402 g:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 01800402









ROLLING COMPONENTS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
ROLLING COMPONENTS LIMITED
 
 
COMPANY INFORMATION


Directors
S K Malhotra 
U Malhotra 
G Malhotra 




Registered number
01800402



Registered office
22-25 Paycocke Road

Basildon

Essex

SS14 3DR




Independent auditors
Haslers
Chartered Accountants & Statutory Auditor

Old Station Road

Loughton

Essex

IG10 4PL





 
ROLLING COMPONENTS LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Directors' Responsibilities Statement
 
5
Independent Auditors' Report
 
6 - 9
Statement of Comprehensive Income
 
10
Balance Sheet
 
11
Statement of Changes in Equity
 
12
Notes to the Financial Statements
 
13 - 31

 
ROLLING COMPONENTS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

Introduction
 
The principal activity of the company in the year under review was that of the wholesale of automotive components in the after-market segment in the UK and Europe.

Business review
 
The business delivered a moderately improved performance during 2022-2023 and forecast to achieve upward trend in sales continuing in 2023-24.
2022-23 saw a significant increase in existing product lines range and long-term sales agreement with a major customer demonstrating the company’s continued ability to introduce and sell the new products in the market.
In 2023-24, the focus shall be the rebalancing of portfolio by expanding brake Discs, Pads & Steering racks including other automotive parts thereby reducing the share of Rotating Electrics (Starter/Alternators) & Brake Calipers.
Further in 2023-24, Rolling Components are taking action to strengthen the sales team & and increase product lines and ranges to deliver better performance.

Principal risks and uncertainties
 
Principle risks affecting the business are operational risk and supply chain disruptions due to geo-political situation in Far east. 
Procurement 
Since more than 90% of purchases are from China, the company is vulnerable to market fluctuations. To minimise the impact, the company carries more than 8 months of stock which will help in managing the disruptions in the supply chain. In addition, long term arrangements have been finalised with key suppliers to manage the risk of price changes. 
Currency 
More than 95% of procurement transactions are conducted in USD & RMB; hence, the risk of currency exposure is enhanced. The company actively manages the currency exposure by hedging through up to 70% through forward contracts. 
Interest risk 
Interest on loans is based on Bank of England's base rate (currently at 5.25%) plus margins and are likely to remain flat next year and forecast to decline marginally towards end of 2023-24. 
The increased sales performance and reduction of loan exposure have reduced this risk and further the interest outlook are also likely to turn favourable in 2023-24. Therefore, the Rolling Components do not require any interest hedging at present.
Credit and Liquidity 
Careful screening of new customers and dealing with only established and reputable Motor Factors/wholesalers have mitigates the risk of debtors' default and delays in collection. 


 
Page 1

 
ROLLING COMPONENTS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023

Competition Risk 
High competition levels will continue to be a factor in the sector. Competitors are looking to emulate our successful business model in certain areas of our business. The company seeks and secures long-term supply and pricing arrangements to ensure continuity of sales. 
Rolling Components already have long term agreements with key customers to ameliorate the competition risk.

Financial key performance indicators
 
Turnover and gross profit margin are the key performance indicators. 
During 2022-23, sales increased to £12.2m (2021-2022 £11.5m) due to post Covid recovery & stabilising market demand. 
Profits for the year after tax in 2022-23 was £490.0k (2021-22 £647.3k).

Outlook and Post Balance Sheet Events
 
Post Covid-19, Rolling Components have reverted to normal operations with no disruptions to supply performance. 
2023-24 is expected to grow steadily due to mix of volume/price increases and introduction of new products ranges within Brake Discs & Pads segment.


This report was approved by the board on 22 August 2024 and signed on its behalf.



G Malhotra
Director
Page 2

 
ROLLING COMPONENTS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

The directors present their report and the financial statements for the year ended 30 November 2023.

Results and dividends

The profit for the year, after taxation, amounted to £490,031 (2022 - £647,385).

Directors

The directors who served during the year were:

S K Malhotra 
U Malhotra 
G Malhotra 

Future developments

Business development is the key growth driver for the business.
The company can see opportunities as the world put COVID-19 lockdown scenario behind. With a lean organisation structure and proactive management, the company is well equipped to leverage the opportunities into increased sales and profits in 2023-24. 

Financial instruments

The company's operations expose it to a variety of financial risks that include the effects of changes in foreign currency exchange rates, credit risks, liquidity risk and interest rate risk.
The company has in place a risk management programme that seeks to limit the adverse effect on the financial performance of the company by monitoring levels of cash. The monitoring of financial risk management is the responsibility of the director.
Foreign currency risk
The company's principal foreign currency exposures arise from overseas trade. The company has hedging arrangements in place.
Credit risk
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary. The directors maintain tight control over all amounts due to the company.
Liquidity risk
The company manages its cash and borrowing requirements to ensure that the company has sufficient liquid resources to meet the operating needs of the business.
Interest rate risk
The company has interest bearing assets and liabilities. Interest bearing assets include only cash balances that earn interest at a floating rate. Interest bearing liabilities only include bank borrowings.

Page 3

 
ROLLING COMPONENTS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no material events affecting the Company since the year end. 
The ultimate impact of Ukraine/Palestine war disruptions, COVID-19 on the UK, the world economies, are largely addressed. In addition, through appropriate consideration of risks as part of its normal risk management processes and mitigating actions both already taken and available to be taken, the directors consider it appropriate for the going concern basis to be adopted for these accounts. 

Auditors

The auditorsHaslerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 22 August 2024 and signed on its behalf.
 





G Malhotra
Director
Page 4

 
ROLLING COMPONENTS LIMITED
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2023

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 5

 
ROLLING COMPONENTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROLLING COMPONENTS LIMITED
 

Opinion


We have audited the financial statements of Rolling Components Limited (the 'Company') for the year ended 30 November 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 November 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
ROLLING COMPONENTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROLLING COMPONENTS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
ROLLING COMPONENTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROLLING COMPONENTS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the legal and regulatory frameworks that are applicable to the entity we have considered those that have a direct and indirect material impact on the financial statements and operations of the company. These include but are not limited to the Companies Act 2006, GDPR, Employment and Health & Safety legislation and tax legislation.
We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of documentation generated and assessing the extent of compliance with the relevant laws and regulations.
We discussed among the audit engagement team regarding the opportunities and incentives, including management override of controls, that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
As a result of performing the above, we identified the greatest potential for material misstatements due to fraud are in the following areas, and our specific procedures performed to address these are described below:
The risk of management override of controls is the area where the financial statements were most susceptible to material misstatement due to fraud. In addition, the key principal risks related to the existence of inappropriate journal entries to impact the profit for the year and management bias in accounting estimates.
Procedures performed to address these were as follows:
• Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud, including known or suspected instances of non-compliance with laws and regulations, and fraud,
• Identifying and assessing the effectiveness of controls management has in place for stock and how fraud is detected and prevented.
• Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process,
• Challenging assumptions and judgements made by management in its significant accounting estimates; and
• Identifying and testing journal entries, in particular any unusual journal entries posted around the year-end.
 
Page 8

 
ROLLING COMPONENTS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROLLING COMPONENTS LIMITED (CONTINUED)




Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Thomas Rogers BA ACA (Senior Statutory Auditor)
for and on behalf of
Haslers
Chartered Accountants
Statutory Auditor
Old Station Road
Loughton
Essex
IG10 4PL

22 August 2024
Page 9

 
ROLLING COMPONENTS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
12,180,880
11,540,547

Cost of sales
  
(8,353,940)
(8,104,265)

Gross profit
  
3,826,940
3,436,282

Distribution costs
  
(609,522)
(484,365)

Administrative expenses
  
(2,571,360)
(2,534,786)

Other operating income
 5 
75,147
64,130

Fair value movements
  
-
300,000

Operating profit
 6 
721,205
781,261

Interest payable and similar expenses
 10 
(82,701)
(66,692)

Profit before tax
  
638,504
714,569

Tax on profit
 11 
(148,473)
(67,184)

Profit for the financial year
  
490,031
647,385

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 13 to 31 form part of these financial statements.
Page 10

 
ROLLING COMPONENTS LIMITED
REGISTERED NUMBER: 01800402

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
205,616
234,308

Investment property
 14 
1,000,000
1,000,000

  
1,205,616
1,234,308

Current assets
  

Stocks
 15 
6,600,585
7,918,536

Debtors: amounts falling due within one year
 16 
3,802,122
3,213,240

Cash at bank and in hand
 17 
310,401
8,390

  
10,713,108
11,140,166

Creditors: amounts falling due within one year
 18 
(2,618,359)
(3,219,358)

Net current assets
  
 
 
8,094,749
 
 
7,920,808

Total assets less current liabilities
  
9,300,365
9,155,116

Creditors: amounts falling due after more than one year
 19 
(284,576)
(622,834)

Provisions for liabilities
  

Deferred tax
 22 
(94,640)
(101,164)

  
 
 
(94,640)
 
 
(101,164)

Net assets
  
8,921,149
8,431,118


Capital and reserves
  

Called up share capital 
 23 
47,153
47,153

Capital redemption reserve
 24 
1,039,097
1,039,097

Investment property reserve
 24 
616,217
616,217

Profit and loss account
 24 
7,218,682
6,728,651

  
8,921,149
8,431,118


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 August 2024.


G Malhotra
Director

The notes on pages 13 to 31 form part of these financial statements.
Page 11

 
ROLLING COMPONENTS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023


Called up share capital
Capital redemption reserve
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 December 2022
47,153
1,039,097
616,217
6,728,651
8,431,118


Comprehensive income for the year

Profit for the year
-
-
-
490,031
490,031


At 30 November 2023
47,153
1,039,097
616,217
7,218,682
8,921,149



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2022


Called up share capital
Capital redemption reserve
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 December 2021
47,153
1,039,097
391,217
6,306,266
7,783,733


Comprehensive income for the year

Profit for the year
-
-
-
647,385
647,385

Transfer on revaluation
-
-
225,000
(225,000)
-


At 30 November 2022
47,153
1,039,097
616,217
6,728,651
8,431,118


The notes on pages 13 to 31 form part of these financial statements.
Page 12

 
ROLLING COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

Rolling Components Limited is a private company, limited by shares, domiciled in England and Wales, registration number 01800402. The registered office is 22-25 Paycocke Road, Basildon, Essex, SS14 3DR. The principal activity of the company continued to be the import and wholesale of automotive electrical components.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest pound.   

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Rollco Holdings Limited as at 30 November 2023 and these financial statements may be obtained from Companies House.

Page 13

 
ROLLING COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue 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 Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue 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.

Sales are recognised on the date of delivery.

Page 14

 
ROLLING COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.5

Operating 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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 December 2021 to continue to be charged over the period to the first market rent review rather than the term of the lease.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

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.

 
2.8

Borrowing costs

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

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 15

 
ROLLING COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred 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 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.

 
2.11

Intangible assets

Goodwill represents the difference between amounts paid of the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquire at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its useful life.

Intangible assets 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.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 16

 
ROLLING COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.12

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:

Plant and machinery
-
10%
Straight line
Motor vehicles
-
25%
Reducing balance
Fixtures and fittings
-
10%
Straight line
Improvement to leasehold property
-
Over the term of the lease

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 17

 
ROLLING COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

Financial instruments

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Page 18

 
ROLLING COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)


2.19
Financial instruments (continued)


Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 19

 
ROLLING COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.
The directors do not believe that there have been judgements made in the process of applying the above accounting policies that have had a significant effect on amounts recognised in the financial statements. Furthermore, the directors consider that there are no areas of estimation uncertainty at the balance sheet date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sale of automotive parts
12,180,880
11,540,547

12,180,880
11,540,547


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
11,047,070
8,534,004

Rest of Europe
1,133,810
3,006,543

12,180,880
11,540,547


Page 20

 
ROLLING COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Other operating income

2023
2022
£
£

Ground rent receivable
61,200
60,960

Sundry income
13,947
3,170

75,147
64,130



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
61,125
75,106

Exchange differences
19,843
(29,402)

Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements
20,000
19,000


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
20,000

Page 21

 
ROLLING COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

8.


Employees

2023
2022
£
£

Wages and salaries
728,212
661,834

Social security costs
74,338
65,469

Cost of defined contribution scheme
12,963
12,262

815,513
739,565


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Administration
28
28


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
80,000
53,333

Company contributions to defined contribution pension schemes
2,400
2,400

82,400
55,733


During the year retirement benefits were accruing to no directors (2022 - NIL) in respect of defined contribution pension schemes.


10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
82,701
66,692

82,701
66,692

Page 22

 
ROLLING COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
154,997
74,039


Total current tax
154,997
74,039

Deferred tax


Origination and reversal of timing differences
(6,524)
(6,855)

Total deferred tax
(6,524)
(6,855)


Taxation on profit on ordinary activities
148,473
67,184
Page 23

 
ROLLING COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
638,504
714,569


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23% (2022 - 19%)
146,856
135,768

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,617
(93,741)

Capital allowances for year in excess of depreciation
-
25,157

Total tax charge for the year
148,473
67,184

The main corporation tax rate increased from 19% to 25% with effect from 1 April 2023 with a marginal rate applicable when taxable profits are between £50,000 to £250,000. This results in the increase in tax rate shown above. 
The deferred taxation balances have been measured using 25%, which is the enacted rate applicable in the reporting periods when the timing differences reverse.


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 24

 
ROLLING COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

12.


Intangible assets




Goodwill

£





At 1 December 2022
120,000


Disposals
(120,000)



At 30 November 2023

-





At 1 December 2022
120,000


On disposals
(120,000)



At 30 November 2023

-



Net book value



At 30 November 2023
-



At 30 November 2022
-



Page 25

 
ROLLING COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

13.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 December 2022
401,196
122,062
406,889
358,200
1,288,347


Additions
12,030
20,833
7,021
-
39,884


Disposals
-
(17,664)
-
-
(17,664)



At 30 November 2023

413,226
125,231
413,910
358,200
1,310,567



Depreciation


At 1 December 2022
366,730
79,897
249,211
358,200
1,054,038


Charge for the year on owned assets
12,689
13,889
34,547
-
61,125


Disposals
-
(10,212)
-
-
(10,212)



At 30 November 2023

379,419
83,574
283,758
358,200
1,104,951



Net book value



At 30 November 2023
33,807
41,657
130,152
-
205,616



At 30 November 2022
34,466
42,165
157,678
-
234,309

Page 26

 
ROLLING COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

14.


Investment property


Freehold investment property

£



Valuation


At 1 December 2022
1,000,000



At 30 November 2023
1,000,000

The 2023 valuations were made by the directors, on an open market value for existing use basis.

2023
2022
£
£

Revaluation reserves


At 1 December 2022
616,217
391,217

Net surplus/(deficit) in movement properties
-
225,000

At 30 November 2023
616,217
616,217



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
224,393
224,393

224,393
224,393


15.


Stocks

2023
2022
£
£

Finished goods and goods for resale
6,600,585
7,918,536

6,600,585
7,918,536


Page 27

 
ROLLING COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

16.


Debtors

2023
2022
£
£


Factored debts
3,557,354
2,784,544

Other debtors
170,432
354,722

Prepayments and accrued income
74,336
73,974

3,802,122
3,213,240






The proceeds of factored debts advanced under an invoice discounting facility, are secured against the book debts of the company and £150,000 personal guarantee by one of the directors, S K Malhotra.


17.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
310,401
8,390

Less: bank overdrafts
(233,970)
(188,796)

76,431
(180,406)



18.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
233,970
188,796

Bank loans
47,084
221,138

Trade creditors
102,660
626,176

Amounts owed to group undertakings
750,690
150,236

Corporation tax
154,996
74,038

Other taxation and social security
310,636
54,826

Proceeds of factored debts
168,577
1,055,739

Other creditors
662,610
691,196

Accruals and deferred income
187,136
157,213

2,618,359
3,219,358


Page 28

 
ROLLING COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

19.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
284,576
622,834

284,576
622,834


The bank loans are secured by a debenture over all property and assets of the company, first legal charge over a property owned by the company, and a guarantee by the directors S K Malhotra and U Malhotra for £2,600,000.


20.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
47,084
221,138

Amounts falling due 1-2 years

Bank loans
40,062
101,402

Amounts falling due 2-5 years

Bank loans
120,186
273,154

Amounts falling due after more than 5 years

Bank loans
124,328
248,277

331,660
843,971



21.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
310,401
8,390




Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.
Page 29

 
ROLLING COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

22.


Deferred taxation




2023


£






At beginning of year
(101,164)


Charged to profit or loss
6,524



At end of year
(94,640)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(19,640)
(108,019)

Fair value movement
(75,000)
6,855

(94,640)
(101,164)


23.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



34,169 (2022 - 34,169) Ordinary shares of £1.00 each
34,169
34,169
1,298,422 (2022 - 1,298,422) Ordinary 'C' shares of £0.01 each
12,984
12,984

47,153

47,153



24.


Reserves

Investment property revaluation reserve

The investment property revaluation reserve represents cumulative effects of fair value adjustments on investments properties net of deferred tax and other adjustments.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

Page 30

 
ROLLING COMPONENTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

25.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company and amounted to £12,963 (2022: £12,262). As at the year end the pensions payable balance was £236 (2022: £1,603).


26.


Commitments under operating leases

At 30 November 2023 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
650,448
642,971

Later than 1 year and not later than 5 years
1,917,510
2,451,352

2,567,958
3,094,323


27.


Transactions with Directors



S K and U Malhotra have given personal guarantees of £2,600,000 (2022: £2,600,000) against the company's bank borrowings.


28.


Related party transactions

The Company has taken advantage of the exemptions conferred in FRS102 Section 33 not to disclose transactions with other group companies where 100% of the voting rights are controlled within the group.
Accounting services were provided during the year by an other related party amounting to £247,000 (2022: £244,000).


29.


Controlling party

The ultimate parent company is Rollco Group Holdings Limited, a company registered in England and Wales.
The ultimate controlling party is S K Malhotra by virtue of his shareholding in the parent company.
 
Page 31