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Registered number: 01670623










ROLEC (ELECTRICAL & MECHANICAL SERVICES) LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
ROLEC (ELECTRICAL & MECHANICAL SERVICES) LIMITED
REGISTERED NUMBER: 01670623

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
18,037
38,859

Investments
 5 
100
100

  
18,137
38,959

Current assets
  

Stocks
  
40,000
70,000

Debtors: amounts falling due after more than one year
 6 
1,138,813
1,052,133

Debtors: amounts falling due within one year
 6 
2,870,202
3,385,454

Cash at bank and in hand
 7 
100,937
138,132

  
4,149,952
4,645,719

Creditors: amounts falling due within one year
 8 
(2,485,706)
(2,001,040)

Net current assets
  
 
 
1,664,246
 
 
2,644,679

Total assets less current liabilities
  
1,682,383
2,683,638

Creditors: amounts falling due after more than one year
 9 
(13,543)
(23,537)

Provisions for liabilities
  

Deferred tax
  
(2,966)
(2,966)

Net assets
  
1,665,874
2,657,135


Capital and reserves
  

Called up share capital 
  
45
45

Capital redemption reserve
  
30
30

Profit and loss account
  
1,665,799
2,657,060

  
1,665,874
2,657,135


Page 1

 
ROLEC (ELECTRICAL & MECHANICAL SERVICES) LIMITED
REGISTERED NUMBER: 01670623
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D R Barrett
Director

Date: 31 January 2025

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
ROLEC (ELECTRICAL & MECHANICAL SERVICES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Rolec (Electrical & Mechanical Services) Limited is a private company limited by shares, registered in
England and Wales. The address of the principal place of business is 14a Tickford Street, Newport
Pagnell, MK16 9AB. The address of the registered office is 14a Tickford Street, Newport Pagnell, MK16
9AB.
The principal activity of the Company during the year was that of supplying electrical, mechanical, CCTV
and security services.
The presentational and functional currency is GBP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

During the year the company faced increased costs in raw materials, which they were unable to pass on to customers. Since the year-end these have fallen and stabilised. As well as seeing increased sales orders for new work at an improved margin. As a result directors expect that financial performance for the company would return to profit for the financial years ended 30 April 2025 & 2026.
The directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.
Based on these assessments and having regard to the resources available to the entity, the directors
have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Page 3

 
ROLEC (ELECTRICAL & MECHANICAL SERVICES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
ROLEC (ELECTRICAL & MECHANICAL SERVICES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Leasehold property improvements
-
20%
Reducing balance
Plant and machinery
-
25%
Reducing balance
Motor vehicles
-
25%
Reducing balance
Office equipment
-
25%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 5

 
ROLEC (ELECTRICAL & MECHANICAL SERVICES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
ROLEC (ELECTRICAL & MECHANICAL SERVICES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
 

Page 7

 
ROLEC (ELECTRICAL & MECHANICAL SERVICES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 24 (2023 - 24).

Page 8

 
ROLEC (ELECTRICAL & MECHANICAL SERVICES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost 


At 1 May 2023
51,091
57,926
97,928
206,945


Additions
1,254
-
6,324
7,578


Disposals
-
(42,526)
-
(42,526)



At 30 April 2024

52,345
15,400
104,252
171,997



Depreciation


At 1 May 2023
43,089
35,630
89,367
168,086


Charge for the year on owned assets
2,558
5,425
3,549
11,532


Disposals
-
(25,658)
-
(25,658)



At 30 April 2024

45,647
15,397
92,916
153,960



Net book value



At 30 April 2024
6,698
3
11,336
18,037



At 30 April 2023
8,002
22,296
8,561
38,859


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 May 2023
100



At 30 April 2024
100




Page 9

 
ROLEC (ELECTRICAL & MECHANICAL SERVICES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Debtors

2024
2023
£
£

Due after more than one year

Trade debtors
1,138,813
1,052,133


2024
2023
£
£

Due within one year

Trade debtors
2,264,253
2,409,887

Amounts owed by group undertakings
3,296
3,283

Other debtors
110,610
227,159

Prepayments and accrued income
119,946
341,165

Amounts recoverable on long term contracts
372,097
403,960

2,870,202
3,385,454



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
100,937
138,132



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
11,472
11,472

Trade creditors
1,464,559
1,333,718

Amounts owed to group undertakings
100
100

Corporation tax
30,752
59,203

Other taxation and social security
62,474
92,263

Other creditors
641,753
229,783

Accruals and deferred income
274,596
274,501

2,485,706
2,001,040


Page 10

 
ROLEC (ELECTRICAL & MECHANICAL SERVICES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
13,543
23,537



10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
11,472
11,472

Amounts falling due 1-2 years

Bank loans
11,472
11,472

Amounts falling due 2-5 years

Bank loans
2,071
12,065


25,015
35,009



11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. Contributions totalling
£7,293 (2023 - £9,423) were payable to the fund at the balance sheet date and are included in creditors.


12.Transactions with directors 

During the year transactions were made from a director in relation to repayments for a loan made from the company. At the year end, there was a balance of £942 (2023 - £2,126) which is included within other debtors. Repayments in the year totalled £1,184 (2023 - £1,316). This loan is free of interest and there is no fixed repayment date.


13.


Related party transactions

The Company is not required to disclose transactions with other members of the group in which the
company is part on the basis that the entity is wholly owned subsidiary of the parent of the group, as
stated in section 33 of FRS102.

Page 11

 
ROLEC (ELECTRICAL & MECHANICAL SERVICES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Controlling party

The company is controlled by Rolec Holdings Limited. The registered office of Rolec Holdings Limited is
14A Tickford Street, Newport Pagnell, United Kingdom, MK16 9AB.


15.


Auditor's information

The auditor's report on the financial statements for the year ended 30 April 2024 was unqualified.

The audit report was signed on 31 January 2025 by Adam Young ACA (Senior Statutory Auditor) on behalf of MHA.

 
Page 12