Ross Companies Limited NI648707 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Engineering Digita Accounts Production Advanced 6.30.9574.0 true false NI648707 2023-04-01 2024-03-31 NI648707 2024-03-31 NI648707 bus:OrdinaryShareClass1 2024-03-31 NI648707 core:CurrentFinancialInstruments 2024-03-31 NI648707 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 NI648707 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 NI648707 core:FurnitureFittings 2024-03-31 NI648707 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 NI648707 core:MotorVehicles 2024-03-31 NI648707 core:OfficeEquipment 2024-03-31 NI648707 core:PlantMachinery 2024-03-31 NI648707 bus:SmallEntities 2023-04-01 2024-03-31 NI648707 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 NI648707 bus:FullAccounts 2023-04-01 2024-03-31 NI648707 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 NI648707 bus:RegisteredOffice 2023-04-01 2024-03-31 NI648707 bus:CompanySecretaryDirector2 2023-04-01 2024-03-31 NI648707 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 NI648707 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 NI648707 core:FurnitureFittings 2023-04-01 2024-03-31 NI648707 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 NI648707 core:MotorVehicles 2023-04-01 2024-03-31 NI648707 core:OfficeEquipment 2023-04-01 2024-03-31 NI648707 core:PlantMachinery 2023-04-01 2024-03-31 NI648707 countries:NorthernIreland 2023-04-01 2024-03-31 NI648707 2023-03-31 NI648707 core:FurnitureFittings 2023-03-31 NI648707 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 NI648707 core:MotorVehicles 2023-03-31 NI648707 core:OfficeEquipment 2023-03-31 NI648707 core:PlantMachinery 2023-03-31 NI648707 2022-04-01 2023-03-31 NI648707 2023-03-31 NI648707 bus:OrdinaryShareClass1 2023-03-31 NI648707 core:CurrentFinancialInstruments 2023-03-31 NI648707 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 NI648707 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 NI648707 core:FurnitureFittings 2023-03-31 NI648707 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 NI648707 core:MotorVehicles 2023-03-31 NI648707 core:OfficeEquipment 2023-03-31 NI648707 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI648707

Ross Companies Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Ross Companies Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Ross Companies Limited

Company Information

Director

Mr William Alexander Ross

Company secretary

Mr William Alexander Ross

Registered office

Mill House
9A Ballynafey Road
Randalstown
Co Antrim
BT41 3HZ

Accountants

McKeown and Company
44 Broadway Avenue
Ballymena
Co. Antrim
BT43 7AA

 

Ross Companies Limited

(Registration number: NI648707)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

280,379

236,240

Current assets

 

Stocks

5

111,083

24,546

Debtors

351,615

326,644

Cash at bank and in hand

 

270,992

202,312

 

733,690

553,502

Creditors: Amounts falling due within one year

(265,289)

(243,785)

Net current assets

 

468,401

309,717

Total assets less current liabilities

 

748,780

545,957

Creditors: Amounts falling due after more than one year

(76,925)

(86,163)

Net assets

 

671,855

459,794

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

671,755

459,694

Shareholders' funds

 

671,855

459,794

For the financial year ending 31 March 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 29 October 2024
 

.........................................
Mr William Alexander Ross
Company secretary and director

 

Ross Companies Limited

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

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
Mill House
9A Ballynafey Road
Randalstown
Co Antrim
BT41 3HZ

These financial statements were authorised for issue by the director on 29 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

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Ross Companies Limited

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

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:

Asset class

Depreciation method and rate

Plant and Machinery

Commence 1st April 2018

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

 

Ross Companies Limited

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

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 27 (2023 - 15).

 

Ross Companies Limited

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

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 April 2023

10,517

3,397

218,523

25,606

Additions

-

1,350

56,848

6,553

At 31 March 2024

10,517

4,747

275,371

32,159

Depreciation

At 1 April 2023

-

689

34,207

8,976

Charge for the year

-

541

23,981

2,974

At 31 March 2024

-

1,230

58,188

11,950

Carrying amount

At 31 March 2024

10,517

3,517

217,183

20,209

At 31 March 2023

10,517

2,708

202,373

(1,428)

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

23,400

281,443

Additions

10,100

74,851

At 31 March 2024

33,500

356,294

Depreciation

At 1 April 2023

1,330

45,202

Charge for the year

3,217

30,713

At 31 March 2024

4,547

75,915

Carrying amount

At 31 March 2024

28,953

280,379

At 31 March 2023

22,070

236,240

Included within the net book value of land and buildings above is £10,517 (2023 - £10,517) in respect of freehold land and buildings.
 

5

Stocks

 

Ross Companies Limited

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

2024
£

2023
£

Work in progress

79,173

22,441

Other inventories

31,910

2,105

111,083

24,546

6

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

ordinary of £1 each

100

100

100

100

         

7

Dividends

Final dividends paid

   

2024
£

 

2023
£

Final dividend of Nil (2023 - 240.00) per each Ordinary

 

-

 

24,000

         

8

Related party transactions

 

Ross Companies Limited

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

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

39,381

15,519

Contributions paid to money purchase schemes

1,181

126

40,562

15,645