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Registration number: 09617215

Ross Robotics Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Ross Robotics Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Ross Robotics Limited

Company Information

Directors

Mr S J Notley

Mr D P Cusk

Mr D P Ingram

Registered office

1 Cremyll Road
Reading
Berkshire
RG1 8NQ

Accountants

EJBC Chartered Accountants
2 Toomers Wharf
Canal Walk
Newbury
Berkshire
RG14 1DY

 

Ross Robotics Limited

(Registration number: 09617215)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

3

2,412,089

2,099,155

Tangible assets

4

80,375

19,711

 

2,492,464

2,118,866

Current assets

 

Stocks

172,600

200,600

Debtors

186,538

161,943

Cash at bank and in hand

 

35,409

33,536

 

394,547

396,079

Creditors: Amounts falling due within one year

(192,556)

(1,272,398)

Net current assets/(liabilities)

 

201,991

(876,319)

Total assets less current liabilities

 

2,694,455

1,242,547

Creditors: Amounts falling due after more than one year

(8,000)

(16,000)

Net assets

 

2,686,455

1,226,547

Capital and reserves

 

Called up share capital

5

208

158

Share premium reserve

2,925,818

1,425,868

Retained earnings

(239,571)

(199,479)

Shareholders' funds

 

2,686,455

1,226,547

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.

 

Ross Robotics Limited

(Registration number: 09617215)
Balance Sheet as at 30 June 2024

Directors' 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 directors acknowledge their 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.

Approved and authorised by the Board on 3 February 2025 and signed on its behalf by:
 

.........................................
Mr S J Notley
Director

.........................................
Mr D P Cusk
Director

.........................................
Mr D P Ingram
Director

 

Ross Robotics Limited

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

1

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.

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 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.

 

Ross Robotics Limited

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

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

Office equipment

33% Straight line on cost

Plant and machinery

33% Straight line on cost

Leasehold improvements

10% Straight line on cost

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intellectual property

25% Straight line on cost

Internally generated prototype development costs

10% Straight line on cost

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.

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.

 

Ross Robotics Limited

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

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.

 

Ross Robotics Limited

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

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.

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.

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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 11).

 

Ross Robotics Limited

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

3

Intangible assets

Trademarks, patents and licenses
 £

Internally generated prototype development costs
 £

Total
£

Cost or valuation

At 1 July 2023

279,603

2,948,270

3,227,873

Additions acquired separately

11,354

687,355

698,709

At 30 June 2024

290,957

3,635,625

3,926,582

Amortisation

At 1 July 2023

250,402

878,316

1,128,718

Amortisation charge

22,212

363,563

385,775

At 30 June 2024

272,614

1,241,879

1,514,493

Carrying amount

At 30 June 2024

18,343

2,393,746

2,412,089

At 30 June 2023

29,201

2,069,954

2,099,155

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

-

25,117

9,950

35,067

Additions

69,940

11,360

-

81,300

At 30 June 2024

69,940

36,477

9,950

116,367

Depreciation

At 1 July 2023

-

12,039

3,317

15,356

Charge for the year

6,994

10,326

3,316

20,636

At 30 June 2024

6,994

22,365

6,633

35,992

Carrying amount

At 30 June 2024

62,946

14,112

3,317

80,375

At 30 June 2023

-

13,078

6,633

19,711

 

Ross Robotics Limited

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

Included within the net book value of land and buildings above is £62,946 (2023 - £Nil) in respect of short leasehold land and buildings.
 

5

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £0.00 each

207,777

208

157,777

158