42 01/05/2023 30/04/2024 2024-04-30 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-05-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 06416550 2023-05-01 2024-04-30 06416550 2024-04-30 06416550 2023-04-30 06416550 2022-05-01 2023-04-30 06416550 2023-04-30 06416550 2022-04-30 06416550 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 06416550 core:PlantMachinery 2023-05-01 2024-04-30 06416550 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 06416550 core:MotorVehicles 2023-05-01 2024-04-30 06416550 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 06416550 bus:Director2 2023-05-01 2024-04-30 06416550 core:WithinOneYear 2024-04-30 06416550 core:WithinOneYear 2023-04-30 06416550 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 06416550 core:PlantMachinery 2023-04-30 06416550 core:FurnitureFittingsToolsEquipment 2023-04-30 06416550 core:LandBuildings core:OwnedOrFreeholdAssets 2024-04-30 06416550 core:PlantMachinery 2024-04-30 06416550 core:FurnitureFittingsToolsEquipment 2024-04-30 06416550 core:MotorVehicles 2024-04-30 06416550 core:AfterOneYear 2024-04-30 06416550 core:AfterOneYear 2023-04-30 06416550 core:ShareCapital 2024-04-30 06416550 core:ShareCapital 2023-04-30 06416550 core:RetainedEarningsAccumulatedLosses 2024-04-30 06416550 core:RetainedEarningsAccumulatedLosses 2023-04-30 06416550 bus:OrdinaryShareClass1 core:ShareCapital 2024-04-30 06416550 bus:OrdinaryShareClass1 core:ShareCapital 2023-04-30 06416550 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 06416550 core:PlantMachinery 2023-04-30 06416550 core:FurnitureFittingsToolsEquipment 2023-04-30 06416550 bus:SmallEntities 2023-05-01 2024-04-30 06416550 bus:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 06416550 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 06416550 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 06416550 bus:FullAccounts 2023-05-01 2024-04-30
Company registration number: 06416550
Retroflo Limited
Unaudited filleted financial statements
30 April 2024
Retroflo Limited
Contents
Profit and loss account
Balance sheet
Notes to the financial statements
Retroflo Limited
Profit and loss account
Year ended 30 April 2024
2024 2023
Note £ £
Turnover 6,766,602 4,264,832
Cost of sales ( 5,608,248) ( 3,157,459)
_______ _______
Gross profit 1,158,354 1,107,373
Administrative expenses ( 793,631) ( 763,096)
_______ _______
Operating profit 364,723 344,277
Interest payable and similar expenses ( 12,015) ( 4,816)
Profit before taxation 5 352,708 339,461
Tax on profit ( 55,944) -
_______ _______
Profit for the financial year and total comprehensive income 296,764 339,461
_______ _______
All the activities of the company are from continuing operations.
Retroflo Limited
Balance sheet
30 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets - -
Tangible assets 6 375,313 73,713
_______ _______
375,313 73,713
Current assets
Stocks 67,706 64,053
Debtors 7 1,586,195 1,250,190
Cash at bank and in hand 741,030 140,131
_______ _______
2,394,931 1,454,374
Creditors: amounts falling due
within one year 8 ( 1,334,344) ( 575,211)
_______ _______
Net current assets 1,060,587 879,163
_______ _______
Total assets less current liabilities 1,435,900 952,876
Creditors: amounts falling due
after more than one year 9 ( 1,138,037) ( 1,007,721)
Provisions for liabilities ( 55,944) -
_______ _______
Net assets/(liabilities) 241,919 ( 54,845)
_______ _______
Capital and reserves
Called up share capital 10 100 100
Profit and loss account 241,819 ( 54,945)
_______ _______
Shareholders funds/(deficit) 241,919 ( 54,845)
_______ _______
For the year ending 30 April 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.
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'.
These financial statements were approved by the board of directors and authorised for issue on 15 January 2025 , and are signed on behalf of the board by:
L A Bishton
Director
Company registration number: 06416550
Retroflo Limited
Notes to the financial statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 12 Enterprise Court, Seaham Grange Industrial Estate, Seaham, SR7 0PS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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:
Equipment - 15 % reducing balance
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 33 % straight line
Motor vehicles - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance Sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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.
Defined contribution 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 42 (2023: 41 ).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible assets 46,758 30,592
_______ _______
6. Tangible assets
Equipment Plant and machinery Fixtures and fittings Motor vehicles Total
£ £ £ £ £
Cost
At 1 May 2023 79,123 8,059 100,563 - 187,745
Additions 29,461 28,812 35,682 254,403 348,358
_______ _______ _______ _______ _______
At 30 April 2024 108,584 36,871 136,245 254,403 536,103
_______ _______ _______ _______ _______
Depreciation
At 1 May 2023 38,589 5,037 70,406 - 114,032
Charge for the year 7,137 920 20,587 18,114 46,758
_______ _______ _______ _______ _______
At 30 April 2024 45,726 5,957 90,993 18,114 160,790
_______ _______ _______ _______ _______
Carrying amount
At 30 April 2024 62,858 30,914 45,252 236,289 375,313
_______ _______ _______ _______ _______
At 30 April 2023 40,534 3,022 30,157 - 73,713
_______ _______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 1,582,352 1,248,164
Other debtors 3,843 2,026
_______ _______
1,586,195 1,250,190
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 34,535 34,738
Trade creditors 774,161 303,647
Accruals and deferred income 283,390 8,250
Social security and other taxes 29,109 82,347
Hire purchase and finance lease liability 49,222 -
Factoring account 130,048 135,833
Other creditors 33,879 10,396
_______ _______
1,334,344 575,211
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 39,629 69,425
Obligations under finance leases 160,112 -
Other creditors 938,296 938,296
_______ _______
1,138,037 1,007,721
_______ _______
10. Called up share capital
Authorised share capital
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
11. Related party transactions
Included within other creditors falling due after more than one year is a loan of £938,296 (2023: £938,296) from P J Byrne, who was a director of the company at the year end.