Company registration number 03016977 (England and Wales)
ROCON FOAM PRODUCTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
ROCON FOAM PRODUCTS LIMITED
COMPANY INFORMATION
Directors
R W Pinfield
I A Pinfield
Secretary
I A Pinfield
Company number
03016977
Registered office
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
West Midlands
England
B62 8DY
Accountants
Jerroms GCN Limited
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
ROCON FOAM PRODUCTS LIMITED
CONTENTS
Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 7
ROCON FOAM PRODUCTS LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF ROCON FOAM PRODUCTS LIMITED
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Rocon Foam Products Limited for the year ended 31 July 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the board of directors of Rocon Foam Products Limited, as a body, in accordance with the terms of our engagement letter dated 8 April 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Rocon Foam Products Limited and state those matters that we have agreed to state to the board of directors of Rocon Foam Products Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rocon Foam Products Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Rocon Foam Products Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Rocon Foam Products Limited. You consider that Rocon Foam Products Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Rocon Foam Products Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Jerroms GCN Limited
Chartered Certified Accountants
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
25 March 2025
ROCON FOAM PRODUCTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024
31 July 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
19,793
19,005
Current assets
Stocks
4
30,036
45,189
Debtors
5
82,215
67,038
Cash at bank and in hand
29,054
2,725
141,305
114,952
Creditors: amounts falling due within one year
6
(90,234)
(82,523)
Net current assets
51,071
32,429
Total assets less current liabilities
70,864
51,434
Provisions for liabilities
7
(4,948)
(4,751)
Net assets
65,916
46,683
Capital and reserves
Called up share capital
9
1,000
1,000
Profit and loss reserves
64,916
45,683
Total equity
65,916
46,683
ROCON FOAM PRODUCTS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2024
31 July 2024
- 3 -
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 25 March 2025 and are signed on its behalf by:
R W Pinfield
Director
Company registration number 03016977 (England and Wales)
ROCON FOAM PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
1
Accounting policies
Company information
Rocon Foam Products Limited is a private company limited by shares incorporated in England and Wales. The registered office is West Point, Second Floor, Mucklow Office Park, Mucklow Hill, Halesowen, West Midlands, England, B62 8DY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year.
1.3
Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The Company adds the carrying amount of an item of fixed assets the cost of replacing part of such an item when the cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit and loss during the period in which they are incurred.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
ROCON FOAM PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.6
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss in the period to which they relate.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
6
ROCON FOAM PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
3
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 August 2023
53,512
21,413
10,500
85,425
Additions
3,000
1,485
4,485
At 31 July 2024
56,512
22,898
10,500
89,910
Depreciation and impairment
At 1 August 2023
47,217
13,378
5,825
66,420
Depreciation charged in the year
1,188
1,340
1,169
3,697
At 31 July 2024
48,405
14,718
6,994
70,117
Carrying amount
At 31 July 2024
8,107
8,180
3,506
19,793
At 31 July 2023
6,295
8,035
4,675
19,005
Plant and machinery were valued on an open market basis on 31 July 2011 by the directors. If plant and machinery had not been revalued they would have been included at the following historical cost:
2024
2023
£
£
Cost
39,512
39,512
Accumulated depreciation
(36,098)
(35,209)
Carrying value
3,414
4,303
4
Stocks
2024
2023
£
£
Work in progress
11,039
22,940
Finished goods and goods for resale
18,997
22,249
30,036
45,189
ROCON FOAM PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
73,907
63,969
Other debtors
4,698
Prepayments and accrued income
3,610
3,069
82,215
67,038
6
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
575
Trade creditors
45,707
35,339
Corporation tax
9,081
2,800
Other taxation and social security
15,555
10,343
Other creditors
2,710
26,524
Accruals and deferred income
17,181
6,942
90,234
82,523
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
4,948
4,751
A deferred tax provision has arisen as a result of accelerated capital allowances and plant and machinery revaluations.
8
Secured Debts
Amounts due to debt factor are secured by a fixed and floating charge in favour of the Paragon Business Finance plc over all present and future assets dated 23 August 2018.
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
1,000
1,000
1,000
1,000