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ROSTRUM SPORTSWEAR LIMITED

Registered Number
SC100208
(Scotland)

Unaudited Financial Statements for the Year ended
31 August 2024

ROSTRUM SPORTSWEAR LIMITED
Company Information
for the year from 1 September 2023 to 31 August 2024

Directors

EDWARDS, William
HYSLOP, Pauline Anne

Company Secretary

HYSLOP, Pauline Anne

Registered Address

Old Dairy
Princes Street
Lochmaben
DG11 1PQ

Registered Number

SC100208 (Scotland)
ROSTRUM SPORTSWEAR LIMITED
Statement of Financial Position
31 August 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3295,342326,056
Investment property4105,221105,221
400,563431,277
Current assets
Stocks52,7502,750
Debtors6108,50596,999
Cash at bank and on hand206,700365,585
317,955465,334
Creditors amounts falling due within one year7(94,483)(176,517)
Net current assets (liabilities)223,472288,817
Total assets less current liabilities624,035720,094
Creditors amounts falling due after one year8(27,679)(33,631)
Provisions for liabilities9(23,300)(29,300)
Accruals and deferred income(16,000)(16,640)
Net assets557,056640,523
Capital and reserves
Called up share capital100100
Profit and loss account556,956640,423
Shareholders' funds557,056640,523
The financial statements were approved and authorised for issue by the Board of Directors on 18 March 2025, and are signed on its behalf by:
EDWARDS, William
Director
Registered Company No. SC100208
ROSTRUM SPORTSWEAR LIMITED
Notes to the Financial Statements
for the year ended 31 August 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page. The principal activity of the company is the manufacture and sale of promotional sportswear.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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 Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Rental income is recognised in the period to which it relates.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement

Reducing balance (%)Straight line (years)
Land and buildings-50
Plant and machinery-10
Fixtures and fittings-10
Vehicles25-
Investment property
Investment property is carries at a fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of specific assets. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Finance leases and hire purchase contracts
Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other 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.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Government grants or assistance
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
2.Average number of employees

20242023
Average number of employees during the year1212
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Total

£££££
Cost or valuation
At 01 September 23335,459190,739128,75623,129678,083
Additions--52,5481,22053,768
Disposals--(69,122)-(69,122)
At 31 August 24335,459190,739112,18224,349662,729
Depreciation and impairment
At 01 September 23126,622156,16755,57213,666352,027
Charge for year6,7059,93519,7651,40937,814
On disposals--(22,454)-(22,454)
At 31 August 24133,327166,10252,88315,075367,387
Net book value
At 31 August 24202,13224,63759,2999,274295,342
At 31 August 23208,83734,57273,1849,463326,056
4.Investment property
The 2024 valuations were made by the director, on an open market value for existing use basis.

£
Fair value at 01 September 23105,221
At 31 August 24105,221
5.Stocks

2024

2023

££
Finished goods2,7502,750
Total2,7502,750
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables105,76096,999
Other debtors1,895-
Prepayments and accrued income850-
Total108,50596,999
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables66,64777,568
Bank borrowings and overdrafts5,9525,952
Taxation and social security16,01876,060
Other creditors47112,850
Accrued liabilities and deferred income5,3954,087
Total94,483176,517
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts27,67933,631
Total27,67933,631
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)23,30029,300
Total23,30029,300
10.Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charged in the Statement of Income and Retained Earnings represents contributions payable to the fund by the company for the period. There was an accrued contribution at the balance sheet date of £470 (2023 - £176).
11.Other commitments
At 31 August 2024 the company had future minimum lease payments under non-cancellable operating leases of £10,862 (2023: £20,844)
12.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
EDWARDS, William069,28552,57716,708
069,28552,57716,708
The maximum outstanding during the period was £37,681. This loan is unsecured and repayable on demand. Interest has been applied to this loan at HM Revenue and Customs official interest rate.