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REGISTERED NUMBER: 05598956 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

ROUTEC (GB) LIMITED

ROUTEC (GB) LIMITED (REGISTERED NUMBER: 05598956)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ROUTEC (GB) LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTORS: D M Coleman
P Moxon
Mrs J M Moxon





REGISTERED OFFICE: Borwick Drive
Grovehill Road
Beverley
East Yorkshire
HU17 0HQ





REGISTERED NUMBER: 05598956 (England and Wales)





ACCOUNTANTS: Sowerby
Chartered Accountants
Beckside Court
Annie Reed Road
Beverley
East Yorkshire
HU17 0LF

ROUTEC (GB) LIMITED (REGISTERED NUMBER: 05598956)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,681,690 1,824,073

CURRENT ASSETS
Stocks 401,777 759,356
Debtors 5 1,514,970 2,180,216
Cash at bank 115,212 48,452
2,031,959 2,988,024
CREDITORS
Amounts falling due within one year 6 1,138,428 1,862,129
NET CURRENT ASSETS 893,531 1,125,895
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,575,221

2,949,968

CREDITORS
Amounts falling due after more than one year 7 (773,222 ) (929,180 )

PROVISIONS FOR LIABILITIES (126,065 ) (154,287 )
NET ASSETS 1,675,934 1,866,501

CAPITAL AND RESERVES
Called up share capital 75,020 75,020
Retained earnings 1,600,914 1,791,481
SHAREHOLDERS' FUNDS 1,675,934 1,866,501

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ROUTEC (GB) LIMITED (REGISTERED NUMBER: 05598956)

BALANCE SHEET - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 January 2025 and were signed on its behalf by:




D M Coleman - Director P Moxon - Director




Mrs J M Moxon - Director


ROUTEC (GB) LIMITED (REGISTERED NUMBER: 05598956)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Routec (GB) Limited is a private company, limited by shares, incorporated and domiciled in England and has its registered office and principal place of business at Borwick Drive, Grovehill Road, Beverley, East Yorkshire.

The principal activity of the company is the manufacture of furniture.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

The directors, having taken into the factors discussed above as well as the uncertainties of the current economic environment, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts.

Turnover from the sale of goods is recognised at the point of sale.

Turnover from services is recognised on completion of service, or when those services span the year end date, by reference to the stage of completion at the balance sheet date.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on cost and 10% on cost
Motor vehicles - 25% on cost
Office equipment - 33% on cost and 20% on cost

ROUTEC (GB) LIMITED (REGISTERED NUMBER: 05598956)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

ROUTEC (GB) LIMITED (REGISTERED NUMBER: 05598956)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2023 - 45 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Office
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 1,380,150 1,837,067 25,637 77,790 3,320,644
Additions - 25,454 - 1,059 26,513
At 31 March 2024 1,380,150 1,862,521 25,637 78,849 3,347,157
DEPRECIATION
At 1 April 2023 196,615 1,215,003 25,637 59,316 1,496,571
Charge for year 25,285 139,665 - 3,946 168,896
At 31 March 2024 221,900 1,354,668 25,637 63,262 1,665,467
NET BOOK VALUE
At 31 March 2024 1,158,250 507,853 - 15,587 1,681,690
At 31 March 2023 1,183,535 622,064 - 18,474 1,824,073

ROUTEC (GB) LIMITED (REGISTERED NUMBER: 05598956)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 April 2023 753,532
Transfer to ownership (536,332 )
At 31 March 2024 217,200
DEPRECIATION
At 1 April 2023 433,982
Charge for year 21,720
Transfer to ownership (361,582 )
At 31 March 2024 94,120
NET BOOK VALUE
At 31 March 2024 123,080
At 31 March 2023 319,550

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,116,212 1,766,981
Amounts owed by group undertakings 367,999 393,999
Other debtors 15,220 2,486
Prepayments 15,539 16,750
1,514,970 2,180,216

ROUTEC (GB) LIMITED (REGISTERED NUMBER: 05598956)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 48,509 49,026
Other loans 62,049 59,029
Hire purchase contracts (see note 8) 40,591 39,131
Trade creditors 364,146 875,268
Tax 419,902 249,130
Social security and other taxes 30,242 56,342
VAT 96,526 142,691
Barclays sales ledger
financing account 50,446 368,338
Credit card 10,482 2,121
Accrued expenses 15,535 21,053
1,138,428 1,862,129

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 52,870 51,583
Bank loans - 2-5 years 15,327 72,946
Other loans - 1-2 years 65,223 62,049
Other loans - 2-5 years 216,383 205,852
Other loans more 5yrs instal 423,419 499,174
Hire purchase contracts (see note 8) - 37,576
773,222 929,180

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 423,419 499,174

ROUTEC (GB) LIMITED (REGISTERED NUMBER: 05598956)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024


8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 40,591 39,131
Between one and five years - 37,576
40,591 76,707

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Other loans 767,074 826,104
Hire purchase contracts 40,591 76,707
807,665 902,811

The hire purchase creditors are secured on the relevant assets that they are financing.

The sales ledger financing, provided by Barclays Bank plc, is secured via a fixed and floating charge on the assets of the company.

Other loans represent the mortgage obtained to acquire the company's premises. They are secured upon the freehold property of the company.

10. RELATED PARTY DISCLOSURES

At the year end the company owed to its directors £Nil (2023: £Nil owed to the directors).

This balance is not subject to interest and is repayable on demand.