ROTHERHAM INDUSTRIAL PLASTIC COMPANY LIMITED
Registered number: 01160353
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 57,376 69,040
Current assets
Stocks 14,000 17,000
Debtors 4 112,142 81,975
Cash at bank and in hand 70,561 99,551
196,703 198,526
Creditors: amounts falling due within one year 5 (85,681) (51,481)
Net current assets 111,022 147,045
Total assets less current liabilities 168,398 216,085
Provisions for liabilities (7,928) (9,954)
Net assets 160,470 206,131
Capital and reserves
Called up share capital 101 101
Profit and loss account 160,369 206,030
Shareholders' funds 160,470 206,131
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Sykes
Director
Approved by the board on 24 October 2024
ROTHERHAM INDUSTRIAL PLASTIC COMPANY LIMITED
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer equipment straight line over 4 years
Motor vehicles 25% reducing balance
Plant and machinery 15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 10 11
3 Tangible fixed assets
Computer equipment Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2023 6,633 174,719 50,952 232,304
Additions 833 - - 833
Disposals - - - -
At 29 February 2024 7,466 174,719 50,952 233,137
Depreciation
At 1 March 2023 6,146 128,459 28,659 163,264
Charge for the year 370 6,939 5,188 12,497
At 29 February 2024 6,516 135,398 33,847 175,761
Net book value
At 29 February 2024 950 39,321 17,105 57,376
At 28 February 2023 487 46,260 22,293 69,040
4 Debtors 2024 2023
£ £
Trade debtors 110,578 80,952
Other debtors 1,564 1,023
112,142 81,975
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 11,954 10,274
Corporation tax 15,349 17,878
Other taxes and social security costs 23,503 15,390
Other creditors 34,875 7,939
85,681 51,481
6 Other information
ROTHERHAM INDUSTRIAL PLASTIC COMPANY LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Clifton Terrace
Rotherham
S65 2AG
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