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Registration number: 00463320

Rossendale Group Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Rossendale Group Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Rossendale Group Limited

Company Information

Directors

Mr Simon Bamford

Mrs Joy Bamford

Mr Oscar Bamford

Registered office

Portside North
Ellesmere Port
South Wirral
Merseyside
CH65 2HQ

Accountants

Bright Partnership Limited
Unit 26 Edward Court
Altrincham Business Park
Altrincham
WA14 5GL

 

Rossendale Group Limited

(Registration number: 00463320)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

499,035

452,354

Investments

5

4

4

 

499,039

452,358

Current assets

 

Stocks

6

134,316

228,462

Debtors

7

814,401

866,987

Cash at bank and in hand

 

258,822

68,029

 

1,207,539

1,163,478

Creditors: Amounts falling due within one year

8

(526,148)

(430,267)

Net current assets

 

681,391

733,211

Total assets less current liabilities

 

1,180,430

1,185,569

Creditors: Amounts falling due after more than one year

8

(4,754)

(40,270)

Provisions for liabilities

(93,416)

(67,559)

Net assets

 

1,082,260

1,077,740

Capital and reserves

 

Called up share capital

80,000

80,000

Retained earnings

1,002,260

997,740

Shareholders' funds

 

1,082,260

1,077,740

For the financial year ending 31 March 2024 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 August 2024 and signed on its behalf by:
 

 

Rossendale Group Limited

(Registration number: 00463320)
Statement of Financial Position as at 31 March 2024

.........................................
Mr Simon Bamford
Director

   
     
 

Rossendale Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Portside North
Ellesmere Port
South Wirral
Merseyside
CH65 2HQ

These financial statements were authorised for issue by the Board on 29 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in sterling, which is the functional currency of the entity.

Key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and
assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical experience and other factors,
including expectations of future events that are believed to be reasonable under the circumstances. Actual
results may differ from these estimates.

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 revision and future periods if the revision affects both current and future periods.

In the opinion of the directors there are no critical accounting judgements that require further disclosure..

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Rossendale Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Plant and machinery

15% reducing balance on assets acquired pre 2013 and 15% straight line after

Plant for Hire

15% reducing balance on assets acquired pre 2013 and 15% straight line after

Motor vehicles

25% reducing balance

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Rossendale Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Stocks

Stocks are measured at the lower of costs and estimated selling price less costs to complete and sell. Costs
include all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present
location and condition.

Work in progress is valued on the basis of direct costs. Provision is made for any foreseeable losses where
appropriate. No element of profit is included in the valuation of work in progress.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

Provisions

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Rossendale Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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 (including directors) during the year, was 31 (2023 - 31).

 

Rossendale Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Leasehold improvements
£

Plant and machinery
£

Motor vehicles
 £

Plant for Hire
£

Cost or valuation

At 1 April 2023

43,545

1,196,862

354,155

409,409

Additions

-

5,921

92,489

-

At 31 March 2024

43,545

1,202,783

446,644

409,409

Depreciation

At 1 April 2023

-

987,467

168,962

395,188

Charge for the year

-

8,150

43,579

-

At 31 March 2024

-

995,617

212,541

395,188

Carrying amount

At 31 March 2024

43,545

207,166

234,103

14,221

At 31 March 2023

43,545

208,530

185,193

15,086

Total
£

Cost or valuation

At 1 April 2023

2,003,971

Additions

98,410

At 31 March 2024

2,102,381

Depreciation

At 1 April 2023

1,551,617

Charge for the year

51,729

At 31 March 2024

1,603,346

Carrying amount

At 31 March 2024

499,035

At 31 March 2023

452,354

5

Investments

2024
£

2023
£

Investments in subsidiaries

4

4

 

Rossendale Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Subsidiaries

£

Cost or valuation

At 1 April 2023

4

Provision

Carrying amount

At 31 March 2024

4

At 31 March 2023

4

The company owns 100% of the issued share capital of The Rossendale Chain & Block Co. Limited and
Ellesmere Port Lifting Gear Limited, both companies registered in England and Wales. Both companies are
dormant

6

Stocks

2024
£

2023
£

Raw materials and consumables

70,000

70,000

Work in progress

64,316

158,462

134,316

228,462

7

Debtors

Current

2024
£

2023
£

Trade debtors

775,839

825,557

Prepayments

38,562

37,974

Other debtors

-

3,456

 

814,401

866,987

 

Rossendale Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

19,980

22,017

Trade creditors

 

142,535

183,135

Taxation and social security

 

184,503

85,601

Accruals and deferred income

 

57,280

49,688

Other creditors

 

121,850

89,826

 

526,148

430,267

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts
which are secured of £19,980 (2023 - £22,017).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

4,754

40,270

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts
which are secured of £4,754 (2022 - £40,270).

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

-

25,755

Later than one year and not later than five years

-

41,986

-

67,741