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Registration number: 09390215

Rope Access Equip Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

Pages for filing with Registrar

 

Rope Access Equip Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Rope Access Equip Limited

Company Information

Directors

R Hall

A Hall

Registered office

Unit 2, The Commercial Centre
Days Road
St. Philips
Bristol
BS2 0QS

Registered number

09390215

Accountants

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

Rope Access Equip Limited

(Registration number: 09390215)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

36,506

43,122

Current assets

 

Stocks

5

922,846

999,707

Debtors

6

282,624

307,368

Cash at bank and in hand

 

891,987

509,291

 

2,097,457

1,816,366

Creditors: Amounts falling due within one year

7

(583,964)

(518,642)

Net current assets

 

1,513,493

1,297,724

Total assets less current liabilities

 

1,549,999

1,340,846

Provisions for liabilities

(9,000)

(10,500)

Net assets

 

1,540,999

1,330,346

Capital and reserves

 

Called up share capital

8

100

100

Profit and loss account

1,540,899

1,330,246

Total equity

 

1,540,999

1,330,346

 

Rope Access Equip Limited

(Registration number: 09390215)
Balance Sheet as at 31 March 2024

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.

Directors' 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 directors acknowledge their 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 28 November 2024 and signed on its behalf by:
 

.........................................

R Hall
Director

 

Rope Access Equip Limited

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

1

Statutory information

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

The address of its registered office is:
Unit 2, The Commercial Centre
Days Road
St. Philips
Bristol
BS2 0QS

2

Accounting policies

Summary of significant accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis. The directors have considered the future cashflows and forecasts and have concluded that the company has adequate resources to continue operating for the foreseeable future.

Revenue recognition

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

The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

 

Rope Access Equip Limited

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

2

Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into sterling at the rates prevailing on the reporting period date. Exchange gains and losses are taken to profit and loss and classified within administrative expenses.

Tax

The tax expense represents the sum of the current tax expense and deferred tax expense. 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 corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.


Deferred tax
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

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

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

Depreciation is charged so as to write off the cost of assets evenly over their estimated useful lives, as follows:

Fixtures and fittings

20% on cost

Computer equipment

33% on cost

Leasehold improvements

25% on cost

Plant and machinery

25% on cost

 

Rope Access Equip Limited

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

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured less any 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 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 recognised at the transaction price.

Borrowings

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.

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.

 

Rope Access Equip Limited

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

2

Accounting policies (continued)

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.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 10).

 

Rope Access Equip Limited

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

4

Tangible fixed assets

Leasehold improvements
£

Fixtures and fittings
 £

Computer equipment
 £

Other tangible assets
£

Total
£

Cost

At 1 April 2023

5,900

44,874

16,519

7,150

74,443

Additions

-

95

2,085

3,688

5,868

At 31 March 2024

5,900

44,969

18,604

10,838

80,311

Depreciation

At 1 April 2023

5,838

12,561

12,334

588

31,321

Charge for the year

62

7,699

2,462

2,261

12,484

At 31 March 2024

5,900

20,260

14,796

2,849

43,805

Carrying amount

At 31 March 2024

-

24,709

3,808

7,989

36,506

At 31 March 2023

62

32,313

4,185

6,562

43,122

 

Rope Access Equip Limited

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

5

Stocks

2024
£

2023
£

Stocks

922,846

999,707

6

Debtors: amounts falling due within one year

Note

2024
£

2023
£

Trade debtors

 

245,082

197,017

Other debtors

 

36,992

110,351

Directors' loan accounts

9

550

-

 

282,624

307,368

7

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

390,270

365,382

Taxation and social security

155,408

121,979

Other creditors

35,961

29,106

Accruals and deferred income

2,325

2,175

583,964

518,642

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Rope Access Equip Limited

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

9

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advanced to directors
£

At 31 March 2024
£

Directors' Loan Accounts

-

550

550

       
     

 

2023

At 1 April 2022
£

Repaid by directors
£

At 31 March 2023
£

Directors' Loan Accounts

7,746

(7,746)

-

       
     

 

The loans are unsecured and interest free with no final repayment date.
 

10

Obligations under leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Total lease commitment

177,060

226,472