2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 11414551 2023-04-01 2024-03-31 11414551 2024-03-31 11414551 2023-03-31 11414551 2022-04-01 2023-03-31 11414551 2023-03-31 11414551 2022-03-31 11414551 core:FurnitureFittings 2023-04-01 2024-03-31 11414551 bus:RegisteredOffice 2023-04-01 2024-03-31 11414551 bus:LeadAgentIfApplicable 2023-04-01 2024-03-31 11414551 bus:Director1 2023-04-01 2024-03-31 11414551 bus:Director2 2023-04-01 2024-03-31 11414551 bus:Director2 2024-03-31 11414551 core:FurnitureFittings 2023-03-31 11414551 core:FurnitureFittings 2024-03-31 11414551 core:WithinOneYear 2024-03-31 11414551 core:WithinOneYear 2023-03-31 11414551 core:AfterOneYear 2024-03-31 11414551 core:AfterOneYear 2023-03-31 11414551 core:UKTax 2023-04-01 2024-03-31 11414551 core:UKTax 2022-04-01 2023-03-31 11414551 core:ShareCapital 2024-03-31 11414551 core:ShareCapital 2023-03-31 11414551 core:RetainedEarningsAccumulatedLosses 2024-03-31 11414551 core:RetainedEarningsAccumulatedLosses 2023-03-31 11414551 bus:SmallEntities 2023-04-01 2024-03-31 11414551 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 11414551 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 11414551 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11414551 bus:FullAccounts 2023-04-01 2024-03-31 11414551 core:OfficeEquipment 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 11414551
ROAR SOURCE LIMITED
UNAUDITED FINANCIAL STATEMENTS
31 March 2024
ROAR SOURCE LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
CONTENTS
PAGE
Directors' report
1
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Income statement
3
Statement of financial position
4
Notes to the financial statements
6
ROAR SOURCE LIMITED
DIRECTORS' REPORT
YEAR ENDED 31 MARCH 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2024 .
DIRECTORS
The directors who served the company during the year were as follows:
Mr R Gummerson
Ms G Smith
(Appointed 11 April 2023)
Appointment of new director Geraldine Elizabeth Smith on 11th April 2023.
SMALL COMPANY PROVISIONS
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 19 September 2024 and signed on behalf of the board by:
Mr R Gummerson
Director
Registered office:
Onega House
112 Main Road
Sidcup
United Kingdom
DA14 6NE
ROAR SOURCE LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ROAR SOURCE LIMITED
YEAR ENDED 31 MARCH 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Roar Source Limited for the year ended 31 March 2024, which comprise the income statement, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Roar Source Limited, as a body, in accordance with the terms of our engagement letter dated 31 July 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Roar Source Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Roar Source Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Roar Source Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Roar Source Limited. You consider that Roar Source Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Roar Source Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
DYER & CO Chartered Accountants
Onega House 112 Main Road Sidcup Kent DA14 6NE
19 September 2024
ROAR SOURCE LIMITED
INCOME STATEMENT
YEAR ENDED 31 MARCH 2024
2024
2023
Note
£
£
TURNOVER
176,350
64,999
Cost of sales
1,969
-----------
----------
GROSS PROFIT
174,381
64,999
Administrative expenses
54,358
26,665
-----------
----------
OPERATING PROFIT
120,023
38,334
Other interest receivable and similar income
157
41
Interest payable and similar expenses
690
1,141
-----------
----------
PROFIT BEFORE TAXATION
4
119,490
37,234
Tax on profit
5
27,258
7,798
-----------
----------
PROFIT FOR THE FINANCIAL YEAR
92,232
29,436
-----------
----------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
ROAR SOURCE LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
FIXED ASSETS
Tangible assets
6
12,572
2,503
CURRENT ASSETS
Debtors
7
10,984
28,642
Cash at bank and in hand
33,917
----------
----------
44,901
28,642
CREDITORS: amounts falling due within one year
8
38,374
8,694
----------
----------
NET CURRENT ASSETS
6,527
19,948
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
19,099
22,451
CREDITORS: amounts falling due after more than one year
9
13,139
21,724
----------
----------
NET ASSETS
5,960
727
----------
----------
ROAR SOURCE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
2024
2023
Note
£
£
CAPITAL AND RESERVES
Called up share capital
2
1
Profit and loss account
5,958
726
--------
-----
SHAREHOLDERS FUNDS
5,960
727
--------
-----
These financial statements have been prepared 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'.
For the 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 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 19 September 2024 , and are signed on behalf of the board by:
Mr R Gummerson
Director
Company registration number: 11414551
ROAR SOURCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Onega House, 112 Main Road, Sidcup, DA14 6NE, United Kingdom.
2. 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
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.
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:
Fixtures and fittings
-
25% straight line
Equipment
-
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
3. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2023: 1 ).
4. PROFIT BEFORE TAXATION
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
5,968
4,286
--------
--------
5. TAX ON PROFIT
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
27,258
7,798
----------
--------
Tax on profit
27,258
7,798
----------
--------
6. TANGIBLE ASSETS
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 April 2023
3,000
14,146
17,146
Additions
15,398
639
16,037
----------
----------
----------
At 31 March 2024
18,398
14,785
33,183
----------
----------
----------
Depreciation
At 1 April 2023
3,000
11,643
14,643
Charge for the year
3,849
2,119
5,968
----------
----------
----------
At 31 March 2024
6,849
13,762
20,611
----------
----------
----------
Carrying amount
At 31 March 2024
11,549
1,023
12,572
----------
----------
----------
At 31 March 2023
2,503
2,503
----------
----------
----------
7. DEBTORS
2024
2023
£
£
Other debtors
10,984
28,642
----------
----------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
9,275
9,589
Trade creditors
227
Corporation tax
27,258
7,798
Other creditors
1,841
( 8,920)
----------
--------
38,374
8,694
----------
--------
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,139
21,724
----------
----------
10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
At 31 March 2024 the director owed Roar Source Limited £nil (2023: £28,126). There are no terms attached to the loan provided to the director and it has been provided by the company interest free.