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COMPANY REGISTRATION NUMBER: 00944111
ROYAL TOOL CONTROL LTD
Filleted Unaudited Financial Statements
31 August 2024
ROYAL TOOL CONTROL LTD
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
7,279
9,714
Current assets
Stocks
76,012
130,406
Debtors
6
841,365
723,700
Cash at bank and in hand
252,902
233,543
------------
------------
1,170,279
1,087,649
Creditors: amounts falling due within one year
7
168,542
128,799
------------
------------
Net current assets
1,001,737
958,850
------------
---------
Total assets less current liabilities
1,009,016
968,564
Provisions
Taxation including deferred tax
959
959
------------
---------
Net assets
1,008,057
967,605
------------
---------
Capital and reserves
Called up share capital
68,000
68,000
Capital redemption reserve
10,588
10,588
Profit and loss account
929,469
889,017
------------
---------
Shareholder funds
1,008,057
967,605
------------
---------
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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has 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 .
ROYAL TOOL CONTROL LTD
Statement of Financial Position (continued)
31 August 2024
These financial statements were approved by the board of directors and authorised for issue on 26 February 2025 , and are signed on behalf of the board by:
Mr P S Crump
Mr P P Crump
Director
Director
Company registration number: 00944111
ROYAL TOOL CONTROL LTD
Notes to the Financial Statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1, Amberley Court, Bold Street, Sheffield, S9 2LQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant & machinery
-
14% straight line
Demonstration equipment
-
14% straight line
Motor Vehicles
-
25% reducing balance
Office equipment
-
25% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stock to its 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 statement of financial position 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 as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 8 ).
5. Tangible assets
Plant and machinery
Demonstration equipment
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 September 2023
122,216
72,545
72,035
65,645
332,441
Disposals
( 9,523)
( 9,523)
---------
--------
--------
--------
---------
At 31 August 2024
122,216
63,022
72,035
65,645
322,918
---------
--------
--------
--------
---------
Depreciation
At 1 September 2023
120,674
72,545
63,864
65,644
322,727
Charge for the year
393
2,042
2,435
Disposals
( 9,523)
( 9,523)
---------
--------
--------
--------
---------
At 31 August 2024
121,067
63,022
65,906
65,644
315,639
---------
--------
--------
--------
---------
Carrying amount
At 31 August 2024
1,149
6,129
1
7,279
---------
--------
--------
--------
---------
At 31 August 2023
1,542
8,171
1
9,714
---------
--------
--------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
207,471
100,233
Amounts owed by group undertakings and undertakings in which the company has a participating interest
620,426
620,426
Other debtors
13,468
3,041
---------
---------
841,365
723,700
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
122,910
99,396
Social security and other taxes
28,532
26,029
Other creditors
17,100
3,374
---------
---------
168,542
128,799
---------
---------
8. Related party transactions
The company sold goods to Royal Design and Manufacturing Inc of which Mr R D Paulick is a director. The Company has made a loan to its parent undertaking JHP Inc.
9. Controlling party
The Company's immediate and ultimate parent undertaking is JHP Inc, a company incorporated in the United States of America. JHP Inc is controlled by the Paulick family.