Registered number
07637810
ROSWICK LIMITED
Filleted Accounts
30 November 2023
ROSWICK LIMITED
Registered number: 07637810
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 681,988 752,280
Current assets
Stocks 1,010,848 1,092,084
Debtors 4 1,165,849 608,959
Cash at bank and in hand 276,548 26,476
2,453,245 1,727,519
Creditors: amounts falling due within one year 5 (1,299,684) (1,220,645)
Net current assets 1,153,561 506,874
Total assets less current liabilities 1,835,549 1,259,154
Creditors: amounts falling due after more than one year 6 (257,632) (386,517)
Provisions for liabilities (170,497) (142,933)
Net assets 1,407,420 729,704
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,407,320 729,604
Shareholders' funds 1,407,420 729,704
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr K E O'Connor
Director
Approved by the board on 30 August 2024
ROSWICK LIMITED
Notes to the Accounts
for the period from 1 June 2022 to 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration receivable, net of value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Plant and machinery 20% per annum reducing balance basis
Motor vehicles 20% per annum reducing balance basis
Stock and work in progress
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Work in progress includes attributable overheads and profit, recognised according to stage of completion.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 6
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2022 851,096 395,727 1,246,823
Additions 196,165 74,218 270,383
Disposals (145,428) (87,589) (233,017)
At 30 November 2023 901,833 382,356 1,284,189
Depreciation
At 1 June 2022 358,004 136,539 494,543
Charge for the period 141,402 81,980 223,382
On disposals (54,753) (60,971) (115,724)
At 30 November 2023 444,653 157,548 602,201
Net book value
At 30 November 2023 457,180 224,808 681,988
At 31 May 2022 493,092 259,188 752,280
4 Debtors 2023 2022
£ £
Trade debtors and prepayments 985,839 608,959
Other debtors 180,010 -
1,165,849 608,959
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans 50,000 50,000
Obligations under finance lease and hire purchase contracts 89,180 107,028
Trade creditors and accruals 725,594 454,750
Corporation tax 242,375 108,021
Other taxes and social security costs - 160,028
Other creditors - director's loan account 192,535 340,818
1,299,684 1,220,645
6 Creditors: amounts falling due after one year 2023 2022
£ £
Loans 91,831 166,682
Obligations under finance lease and hire purchase contracts 165,801 219,835
257,632 386,517
7 Events after the reporting date
There were no events after the reporting date which would affect the user's understanding of these accounts.
8 Contingent liabilities
There were no contingent liabilities in existence at the period end.
9 Controlling party
The company is controlled by the director, Mr K E O'Connor, who together with his spouse owns 100% of the issued ordinary share capital.
10 Other information
ROSWICK LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
24 Oswald Road
Chorlton Cum Hardy
Manchester
M21 9LP
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