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Rotary Power Sweeping Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

Registration number: 09655355

 

Rotary Power Sweeping Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Rotary Power Sweeping Ltd

Company Information

Director

Mr M Hart

Company secretary

Mrs R J Hart

Registered office

3 Tiverton Way
Tiverton Business Park
Tiverton
Devon
EX16 6TG

Accountants

Withers Steele Limited
Chartered Accountants
6 Oaklands Court
Tiverton Way
Tiverton Business Park
Tiverton
Devon
EX16 6TG

 

Rotary Power Sweeping Ltd

(Registration number: 09655355)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

125,825

71,274

Current assets

 

Stocks

5

100,000

100,000

Debtors

6

411,342

134,423

Cash at bank and in hand

 

321,072

421,455

 

832,414

655,878

Creditors: Amounts falling due within one year

7

(196,999)

(188,520)

Net current assets

 

635,415

467,358

Total assets less current liabilities

 

761,240

538,632

Creditors: Amounts falling due after more than one year

7

(58,487)

(19,858)

Provisions for liabilities

(31,456)

(13,542)

Net assets

 

671,297

505,232

Capital and reserves

 

Called up share capital

13

10

Retained earnings

671,284

505,222

Shareholders' funds

 

671,297

505,232

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 15 January 2025
 

 

Rotary Power Sweeping Ltd

(Registration number: 09655355)
Balance Sheet as at 30 June 2024

.........................................
Mr M Hart
Director

 

Rotary Power Sweeping Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
3 Tiverton Way
Tiverton Business Park
Tiverton
Devon
EX16 6TG

These financial statements were authorised for issue by the director on 15 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

The accounting policy adopted is the accruals model.

 

Rotary Power Sweeping Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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 the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. 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 income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

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

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

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Vehicles

25% reducing balance

Office and computer equipment

25% reducing balance

Leasehold improvements

25% reducing balance

Amortisation

Asset class

Amortisation method and rate

DVLA personalised registration

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Rotary Power Sweeping Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less 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 and, where applicable, direct labour costs and those overheads 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 obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Rotary Power Sweeping Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2023 - 6).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 1 July 2023

7,497

16,747

115,755

32,109

Additions

-

1,055

66,794

7,250

At 30 June 2024

7,497

17,802

182,549

39,359

Depreciation

At 1 July 2023

7,494

9,412

60,571

23,356

Charge for the year

-

1,966

15,187

3,396

At 30 June 2024

7,494

11,378

75,758

26,752

Carrying amount

At 30 June 2024

3

6,424

106,791

12,607

At 30 June 2023

3

7,335

55,183

8,753

 

Rotary Power Sweeping Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Total
£

Cost or valuation

At 1 July 2023

172,108

Additions

75,099

At 30 June 2024

247,207

Depreciation

At 1 July 2023

100,833

Charge for the year

20,549

At 30 June 2024

121,382

Carrying amount

At 30 June 2024

125,825

At 30 June 2023

71,274

Included within the net book value of land and buildings above is £3 (2023 - £3) in respect of short leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

100,000

100,000

6

Debtors

Current

2024
£

2023
£

Trade debtors

123,033

113,111

Prepayments

2,470

2,490

Other debtors

285,839

18,822

 

411,342

134,423

 

Rotary Power Sweeping Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

12,811

10,017

Trade creditors

 

16,868

24,169

Taxation and social security

 

165,034

141,367

Accruals and deferred income

 

1,518

1,876

Other creditors

 

768

11,091

 

196,999

188,520

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

58,487

19,858

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

9,608

19,858

Finance lease liabilities

48,879

-

58,487

19,858

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,270

10,017

Finance lease liabilities

2,541

-

12,811

10,017