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Registration number: 13373576

Rolstons Sales Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Rolstons Sales Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Rolstons Sales Limited

Company Information

Director

Mr PJ Gillespie

Registered office

Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

Accountants

Sterling Grove Accountants Limited
Chartered Certified Accountants
Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

 

Rolstons Sales Limited

(Registration number: 13373576)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

163,587

204,659

Current assets

 

Debtors

5

83,346

69,550

Cash at bank and in hand

 

117,600

74,258

 

200,946

143,808

Creditors: Amounts falling due within one year

6

(1,470,226)

(1,104,946)

Net current liabilities

 

(1,269,280)

(961,138)

Net liabilities

 

(1,105,693)

(756,479)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(1,105,793)

(756,579)

Shareholders' deficit

 

(1,105,693)

(756,479)

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 18 October 2024
 

.........................................
Mr PJ Gillespie
Director

 

Rolstons Sales Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD
England

These financial statements were authorised for issue by the director on 18 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The director and owner of the company has undertaken to provide financial support for at least twelve months from the date of approval of these finanical statements. The director has considered future strategy, cash requirements and financial commitment and consider it appropriate to prepare the financial statements on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Rolstons Sales Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Asset class

Depreciation method and rate

Short leasehold

over 10 years

Furniture, fittings and equipment

20% - 33% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 15 (2023 - 8).

 

Rolstons Sales Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

105,970

152,600

258,570

Additions

-

9,211

9,211

At 31 May 2024

105,970

161,811

267,781

Depreciation

At 1 June 2023

12,011

41,900

53,911

Charge for the year

10,642

39,641

50,283

At 31 May 2024

22,653

81,541

104,194

Carrying amount

At 31 May 2024

83,317

80,270

163,587

At 31 May 2023

93,959

110,700

204,659

Included within the net book value of land and buildings above is £83,317 (2023 - £93,959) in respect of short leasehold land and buildings.
 

5

Debtors

2024
£

2023
£

Trade debtors

40,311

22,665

Other debtors

22,875

32,526

Prepayments

20,160

14,359

83,346

69,550

 

Rolstons Sales Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

50,866

54,200

Amounts owed to related parties

8

47,139

49,162

Taxation and social security

 

60,950

13,304

Accruals and deferred income

 

11,931

12,615

Other creditors

 

1,299,340

975,665

 

1,470,226

1,104,946

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £298,646 (2023 - £336,772).

8

Related party transactions

Loans from related parties

2024

Other related parties
£

Total
£

At start of period

49,162

49,162

Repaid

(2,023)

(2,023)

At end of period

47,139

47,139

2023

Other related parties
£

Total
£

At start of period

51,168

51,168

Repaid

(2,006)

(2,006)

At end of period

49,162

49,162

Terms of loans from related parties

Loan is unscured, interest free and repayable on demand.