Company registration number 08018194 (England and Wales)
ROCKET EUROPE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
ROCKET EUROPE LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
ROCKET EUROPE LTD
BALANCE SHEET
AS AT
27 APRIL 2023
27 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
18,600
32,006
Tangible assets
4
312
6,597
18,912
38,603
Current assets
Debtors
5
10,398
303,194
Cash at bank and in hand
4,830
5,936
15,228
309,130
Creditors: amounts falling due within one year
6
(12,589)
(11,994)
Net current assets
2,639
297,136
Total assets less current liabilities
21,551
335,739
Capital and reserves
Called up share capital
431,867
431,867
Share premium account
269,283
269,283
Profit and loss reserves
(679,599)
(365,411)
Total equity
21,551
335,739
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 27 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 8 October 2024 and are signed on its behalf by:
L Bregoli
Director
Company Registration No. 08018194
ROCKET EUROPE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 APRIL 2023
- 2 -
1
Accounting policies
Company information
Rocket Europe Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2 Leman Street, London, United Kingdom, E1W 9US.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
10% Straight line
Fixtures, fittings & equipment
25% Reducing balance
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
ROCKET EUROPE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 APRIL 2023
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
3
Intangible fixed assets
Total
£
Cost
At 28 April 2022 and 27 April 2023
139,288
Amortisation and impairment
At 28 April 2022
107,282
Amortisation charged for the year
13,406
At 27 April 2023
120,688
Carrying amount
At 27 April 2023
18,600
At 27 April 2022
32,006
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 28 April 2022 and 27 April 2023
94,406
Depreciation and impairment
At 28 April 2022
87,809
Depreciation charged in the year
6,285
At 27 April 2023
94,094
Carrying amount
At 27 April 2023
312
At 27 April 2022
6,597
ROCKET EUROPE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 APRIL 2023
- 4 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,098
Other debtors
10,398
300,096
10,398
303,194
6
Creditors: amounts falling due within one year
2023
2022
£
£
Other trade payables
-
(595)
Taxation and social security
53
Other creditors
11,589
11,536
Accruals and deferred income
1,000
1,000
12,589
11,994
7
Related party transactions
At the year end the company owed £11,589 (2022 - £11,589) to the directors of the company, in respect of an interest free loan which is repayable on demand.
The company issued 360,500 Preference shares to its directors as compensation for management services rendered. The fair value of these shares, totalling £290,008, has been recognised as a management charge in the profit & loss.
The value of the shares issued was determined based on the fair market value at the time of issuance.