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COMPANY REGISTRATION NUMBER: 00527785
ROTADEX SYSTEMS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
ROTADEX SYSTEMS LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Intangible assets
5
105,100
121,300
Tangible assets
6
441,802
365,425
Investments
7
25,000
25,000
---------
---------
571,902
511,725
CURRENT ASSETS
Stock and work in progress
8
1,113,763
1,202,746
Debtors
9
1,206,377
1,113,593
Cash at bank and in hand
357,494
455,541
------------
------------
2,677,634
2,771,880
CREDITORS: amounts falling due within one year
10
801,874
872,768
------------
------------
NET CURRENT ASSETS
1,875,760
1,899,112
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
2,447,662
2,410,837
CREDITORS: amounts falling due after more than one year
11
121,931
159,819
PROVISIONS
Taxation including deferred tax
44,402
30,925
------------
------------
NET ASSETS
2,281,329
2,220,093
------------
------------
CAPITAL AND RESERVES
Called up share capital
13
71,300
71,300
Profit and loss account
2,210,029
2,148,793
------------
------------
SHAREHOLDERS FUNDS
2,281,329
2,220,093
------------
------------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
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 .
ROTADEX SYSTEMS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
Mr W J R White
Director
Company registration number: 00527785
ROTADEX SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 December 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Systems House, Central Business Park, Mackadown Lane, B33 OJL.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. 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. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Research and development
Research and development expenditure is written off in the year in which it is incurred.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.
Income tax
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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% to 50% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Plant & machinery
-
15% and 12.5% straight line
Fixtures & fittings
-
20% and 12.5% straight line
Motor vehicles
-
25% straight line
Investments
Investments in subsidiaries are recorded at cost less impairment.
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.
Stock and work in progress
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes 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 cost plus attributable overheads based on a normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 40 (2022: 44 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
344,000
---------
Amortisation
At 1 January 2023
222,700
Charge for the year
16,200
---------
At 31 December 2023
238,900
---------
Carrying amount
At 31 December 2023
105,100
---------
At 31 December 2022
121,300
---------
6. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
2,664,776
511,399
444,392
3,620,567
Additions
199,233
199,233
Disposals
( 100,886)
( 100,886)
------------
---------
---------
------------
At 31 December 2023
2,664,776
511,399
542,739
3,718,914
------------
---------
---------
------------
Depreciation
At 1 January 2023
2,444,175
511,337
299,630
3,255,142
Charge for the year
38,221
62
76,688
114,971
Disposals
( 93,001)
( 93,001)
------------
---------
---------
------------
At 31 December 2023
2,482,396
511,399
283,317
3,277,112
------------
---------
---------
------------
Carrying amount
At 31 December 2023
182,380
259,422
441,802
------------
---------
---------
------------
At 31 December 2022
220,601
62
144,762
365,425
------------
---------
---------
------------
7. INVESTMENTS
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
25,000
--------
Impairment
At 1 January 2023 and 31 December 2023
--------
Carrying amount
At 31 December 2023
25,000
--------
At 31 December 2022
25,000
--------
8. STOCK AND WORK IN PROGRESS
2023
2022
£
£
Raw materials and consumables
630,000
735,078
Work in progress
96,277
185,850
Finished goods and goods for resale
387,486
281,818
------------
------------
1,113,763
1,202,746
------------
------------
9. DEBTORS
2023
2022
£
£
Trade debtors
599,043
668,887
Other debtors
607,334
444,706
------------
------------
1,206,377
1,113,593
------------
------------
10. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
30,500
31,398
Trade creditors
358,530
417,158
Amounts owed to group undertakings and undertakings in which the company has a participating interest
188,159
188,159
Corporation tax
9,273
28,241
Social security and other taxes
132,096
59,662
Other creditors
83,316
148,150
---------
---------
801,874
872,768
---------
---------
Included within the above are bank loans and overdrafts of £30,500 (2022: £31,398) secured by way of a fixed and floating charge over the company's assets.
11. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
64,538
92,500
Other creditors
57,393
67,319
---------
---------
121,931
159,819
---------
---------
Included within the above are bank loans and overdrafts of £64,538 (2022: £92,500) secured by way of a fixed and floating charge over the company's assets.
12. GOVERNMENT GRANTS
The amounts recognised in the financial statements for government grants are as follows:
2023
2022
£
£
Recognised in creditors:
Deferred government grants due within one year
257
----
----
Recognised in other operating income:
Government grants recognised directly in income
333
----
----
13. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
70,300
70,300
70,300
70,300
Ordinary 'B' shares of £ 0.50 each
2,000
1,000
2,000
1,000
--------
--------
--------
--------
72,300
71,300
72,300
71,300
--------
--------
--------
--------
14. CONTROLLING PARTY
The company is a subsidiary of Redacell Limited which is the ultimate holding company. Redacell Limited is incorporated In England and Wales.