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COMPANY REGISTRATION NUMBER: SC235981
Rocket Associates Limited
Filleted Unaudited Financial Statements
For the year ended
27 February 2024
Rocket Associates Limited
Financial Statements
Year ended 27 February 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Rocket Associates Limited
Statement of Financial Position
27 February 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
31,284
41,763
Current assets
Debtors
6
35,654
52,737
Cash at bank and in hand
72,084
82,216
---------
---------
107,738
134,953
Creditors: amounts falling due within one year
7
89,458
102,506
---------
---------
Net current assets
18,280
32,447
--------
--------
Total assets less current liabilities
49,564
74,210
Creditors: amounts falling due after more than one year
8
25,232
31,745
Provisions
5,940
7,929
--------
--------
Net assets
18,392
34,536
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
18,292
34,436
--------
--------
Shareholders funds
18,392
34,536
--------
--------
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 27 February 2024 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 .
Rocket Associates Limited
Statement of Financial Position (continued)
27 February 2024
These financial statements were approved by the board of directors and authorised for issue on 11 November 2024 , and are signed on behalf of the board by:
Mr G Filmer
Director
Company registration number: SC235981
Rocket Associates Limited
Notes to the Financial Statements
Year ended 27 February 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Park View, 27 Hyndford Road, Lanark, ML11 9AE.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Taxation
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Motor Vehicles
-
25% reducing balance
Equipment
-
33% reducing balance
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.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution pension 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 2 (2023: 2 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 28 February 2023
53,390
11,408
64,798
Additions
288
288
Disposals
( 1,482)
( 1,482)
--------
--------
--------
At 27 February 2024
53,390
10,214
63,604
--------
--------
--------
Depreciation
At 28 February 2023
13,348
9,687
23,035
Charge for the year
10,010
646
10,656
Disposals
( 1,371)
( 1,371)
--------
--------
--------
At 27 February 2024
23,358
8,962
32,320
--------
--------
--------
Carrying amount
At 27 February 2024
30,032
1,252
31,284
--------
--------
--------
At 27 February 2023
40,042
1,721
41,763
--------
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
35,165
52,205
Other debtors
489
532
--------
--------
35,654
52,737
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,241
4,796
Corporation tax
7,346
18,021
Social security and other taxes
6,733
9,635
Other creditors
72,138
70,054
--------
---------
89,458
102,506
--------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
25,232
31,745
--------
--------
9. Charges on assets
Creditors include net obligations under finance lease and hire purchase contracts which are secured of £31,745 (2023 - £37,954).
10. Directors' advances, credits and guarantees
The director's loan account was not in debit at any time during the year.
11. Related party transactions
The Company was under the control of Mr and Mrs Filmer throughout the current and previous year. Mr Filmer is the managing director. Dividends totalling £40,000 (2023 - £65,000) were paid to the directors in the year.