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Registered number: 01936050
Rockwell Sheet Sales Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Atkinson and Co Accountants
2 Highfield Road
Redditch
Worcestershire
B97 5EH
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 01936050
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 17,325 17,325
Tangible Assets 5 21,609 16,650
Investments 6 49,090 49,090
88,024 83,065
CURRENT ASSETS
Stocks 7 859,016 774,586
Debtors 8 665,118 643,844
Cash at bank and in hand 361,869 170,890
1,886,003 1,589,320
Creditors: Amounts Falling Due Within One Year 9 (553,441 ) (506,271 )
NET CURRENT ASSETS (LIABILITIES) 1,332,562 1,083,049
TOTAL ASSETS LESS CURRENT LIABILITIES 1,420,586 1,166,114
Creditors: Amounts Falling Due After More Than One Year 10 - (4,892 )
NET ASSETS 1,420,586 1,161,222
CAPITAL AND RESERVES
Called up share capital 12 39,375 39,375
Share premium account 75,000 75,000
Profit and Loss Account 1,306,211 1,046,847
SHAREHOLDERS' FUNDS 1,420,586 1,161,222
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Ann Quinn
Director
30/04/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Rockwell Sheet Sales Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01936050 . The registered office is Rockwell House, Birmingham Road, Millisons Wood, Coventry, CV5 9AZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are .... It is amortised to the profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 10% straight line
Motor Vehicles 25% straight line
Fixtures & Fittings 10% straight line
Computer Equipment 331/3%straight line
2.5. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Corporation tax expense represents the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current tax for the year is recognised in profit or loss, except when it related to items that are recognised in other comprehensive income or directly in equity, in which case, the current tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2022: 12)
12 12
4. Intangible Assets
Intellectual Property
£
Cost
As at 1 January 2023 17,325
As at 31 December 2023 17,325
Net Book Value
As at 31 December 2023 17,325
As at 1 January 2023 17,325
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 62,370 48,100 29,322 26,074 165,866
Additions 1,102 - - 12,107 13,209
As at 31 December 2023 63,472 48,100 29,322 38,181 179,075
Depreciation
As at 1 January 2023 47,949 48,100 29,321 23,846 149,216
Provided during the period 3,101 - - 5,149 8,250
As at 31 December 2023 51,050 48,100 29,321 28,995 157,466
Net Book Value
As at 31 December 2023 12,422 - 1 9,186 21,609
As at 1 January 2023 14,421 - 1 2,228 16,650
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Page 5
6. Investments
Unlisted
£
Cost
As at 1 January 2023 49,090
As at 31 December 2023 49,090
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 49,090
As at 1 January 2023 49,090
7. Stocks
2023 2022
£ £
Materials 859,016 774,586
8. Debtors
2023 2022
£ £
Due within one year
Trade debtors 349,772 280,581
Other debtors 313,089 361,006
Directors' loan accounts 2,257 2,257
665,118 643,844
9. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 3,092 7,723
Trade creditors 295,873 347,983
Corporation tax 79,199 57,478
Other taxes and social security 10,809 10,498
VAT 60,353 61,418
Other creditors 96,965 12,225
Accruals and deferred income 7,150 8,946
553,441 506,271
10. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts - 4,892
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11. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 3,092 7,723
Later than one year and not later than five years - 4,892
3,092 12,615
3,092 12,615
12. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 39,375 39,375
13. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mrs Ann Quinn 2,257 - - - 2,257
The above loan is unsecured, interest free and repayable on demand.
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