Registered number
12267492
Rosetone Contract Furniture Limited
Unaudited Filleted Accounts
31 December 2024
Rosetone Contract Furniture Limited
Registered number: 12267492
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 4 89,711 95,760
Tangible assets 5 317,269 357,873
406,980 453,633
Current assets
Stocks 130,863 124,405
Debtors 6 160,286 64,366
Cash at bank and in hand 2,652 27,383
293,801 216,154
Creditors: amounts falling due within one year 7 (455,199) (392,865)
Net current liabilities (161,398) (176,711)
Total assets less current liabilities 245,582 276,922
Creditors: amounts falling due after more than one year 8 (123,932) (94,300)
Provisions for liabilities (79,317) (87,678)
Net assets 42,333 94,944
Capital and reserves
Called up share capital 100 100
Profit and loss account 42,233 94,844
Shareholders' funds 42,333 94,944
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Warren Greaney
Director
Approved by the board on 11 March 2025
Rosetone Contract Furniture Limited
Notes to the Accounts
for the year ended 31 December 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The accounts are stated in sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the hire of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the hire of goods is recognised by reference to the period of hire.
Government grants
Government grants are recognised on an accruals basis. A grant which becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs is recognised in income in the period that it became receivable.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles over 4 years or lease term
Leasehold improvements over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 4 to 10 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Any losses arising from impairment are recognised in the profit and loss account under administrative expenses.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Exceptional items 2024 2023
£ £
Government grants received 1,003 1,000
1,003 1,000
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 18 20
4 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2024 120,963
At 31 December 2024 120,963
Amortisation
At 1 January 2024 25,203
Provided during the year 6,049
At 31 December 2024 31,252
Net book value
At 31 December 2024 89,711
At 31 December 2023 95,760
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
5 Tangible fixed assets
Leasehold improvements Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2024 18,000 413,761 124,937 556,698
Additions - 86,251 - 86,251
Disposals - (55,831) - (55,831)
At 31 December 2024 18,000 444,181 124,937 587,118
Depreciation
At 1 January 2024 7,501 137,960 53,364 198,825
Charge for the year 1,800 55,309 21,860 78,969
On disposals - (7,945) - (7,945)
At 31 December 2024 9,301 185,324 75,224 269,849
Net book value
At 31 December 2024 8,699 258,857 49,713 317,269
At 31 December 2023 10,499 275,801 71,573 357,873
6 Debtors 2024 2023
£ £
Trade debtors 121,008 48,603
Other debtors 39,278 15,763
160,286 64,366
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 56,516 38,081
Obligations under finance lease and hire purchase contracts 21,902 14,378
Trade creditors 115,194 148,472
Taxation and social security costs 78,763 97,899
Other creditors 182,824 94,035
455,199 392,865
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 92,696 61,858
Obligations under finance lease and hire purchase contracts 31,236 32,442
123,932 94,300
9 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 149,212 99,939
Bank loans are secured by a fixed and floating charge over the company's assets.
10 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 32,392 92,242
11 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr Warren Greaney
Interest free, unsecured loan made on 31 July 2024, repayable on demand. - 3,500 - 3,500
- 3,500 - 3,500
12 Other information
Rosetone Contract Furniture Limited is a private company limited by shares and incorporated in England. Its registered office is:
Units 1, 2 & 3 Wren Business Park
Hitchin Road
Shefford
Bedfordshire
SG17 5JD
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