Company registration number 14889127 (England and Wales)
RBC DODGE INDUSTRIAL LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
RBC DODGE INDUSTRIAL LTD
CONTENTS
PAGE
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
RBC DODGE INDUSTRIAL LTD
BALANCE SHEET
AS AT
30 MARCH 2025
30 March 2025
- 1 -
31 March 2025
30 March 2024
Notes
£
£
£
£
FIXED ASSETS
Intangible assets
4
136,653
167,020
Tangible assets
5
189,883
38,423
326,536
205,443
CURRENT ASSETS
Stocks
956,361
420,296
Debtors
6
860,224
634,414
Cash at bank and in hand
283,558
599,134
2,100,143
1,653,844
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
7
(1,039,177)
(1,019,501)
NET CURRENT ASSETS
1,060,966
634,343
NET ASSETS
1,387,502
839,786
CAPITAL AND RESERVES
Called up share capital
8
1
1
Share premium account
499,999
499,999
Profit and loss reserves
887,502
339,786
TOTAL EQUITY
1,387,502
839,786
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 24 April 2025 and are signed on its behalf by:
Mr D Coombe
DIRECTOR
Company registration number 14889127 (England and Wales)
RBC DODGE INDUSTRIAL LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 MARCH 2025
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
BALANCE AT 23 MAY 2023
-
PERIOD ENDED 30 MARCH 2024:
Profit and total comprehensive income
-
-
339,786
339,786
Other movements
1
499,999
-
500,000
BALANCE AT 30 MARCH 2024
1
499,999
339,786
839,786
PERIOD ENDED 30 MARCH 2025:
Profit and total comprehensive income
-
-
547,716
547,716
BALANCE AT 30 MARCH 2025
1
499,999
887,502
1,387,502
RBC DODGE INDUSTRIAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2025
- 3 -
1
ACCOUNTING POLICIES
COMPANY INFORMATION
RBC Dodge Industrial Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 100 Barbirolli Square, Manchester, M2 3BD.
1.1
REPORTING PERIOD
The financial statements are for the period from 31 March 2024 to 31 March 2025 and the comparative period is from 23 May 2023 (the date the company was incorporated) to 30 March 2024. The comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.2
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of RBC Bearings Inc. These consolidated financial statements are available from its registered office, 102 Willenbrock Road, Oxford, Connecticut, United States, 06478.
1.3
TURNOVER
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
RBC DODGE INDUSTRIAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2025
1
ACCOUNTING POLICIES
(Continued)
- 4 -
1.4
INTANGIBLE FIXED ASSETS OTHER THAN GOODWILL
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Customer relationships
over a 4.5 year life straight line
Trademarks and tradenames
over a 10 year life straight line
1.5
TANGIBLE FIXED ASSETS
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Assets under construction
Not depreciated
L'hold improvements
Over 10 Years
Plant and equipment
Over 10 / 5 Years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
IMPAIRMENT OF FIXED ASSETS
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
RBC DODGE INDUSTRIAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2025
1
ACCOUNTING POLICIES
(Continued)
- 5 -
1.7
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.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
CASH AND CASH EQUIVALENTS
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
FINANCIAL INSTRUMENTS
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
EQUITY INSTRUMENTS
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
RBC DODGE INDUSTRIAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2025
1
ACCOUNTING POLICIES
(Continued)
- 6 -
1.11
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 profit and loss account 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.
1.12
EMPLOYEE BENEFITS
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
RETIREMENT BENEFITS
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
KEY SOURCES OF ESTIMATION UNCERTAINTY
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Stock provisions
Stock provisions are made to ensure that stock is valued at the lower of cost and net realisable value. The calculation requires management to estimate the realisable value of the stock held by the entity.
3
EMPLOYEES
The average monthly number of persons (including directors) employed by the company during the period was:
2025
2024
Number
Number
Total
8
3
RBC DODGE INDUSTRIAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2025
- 7 -
4
INTANGIBLE FIXED ASSETS
Intangible assets
£
COST
At 31 March 2024 and 30 March 2025
182,204
AMORTISATION AND IMPAIRMENT
At 31 March 2024
15,184
Amortisation charged for the period
30,367
At 30 March 2025
45,551
CARRYING AMOUNT
At 30 March 2025
136,653
At 30 March 2024
167,020
5
TANGIBLE FIXED ASSETS
Leasehold improvement
Plant and machinery etc
Total
£
£
£
COST
At 31 March 2024
38,423
38,423
Additions
184,455
19,309
203,764
Transfers
(38,423)
(38,423)
At 30 March 2025
184,455
19,309
203,764
DEPRECIATION AND IMPAIRMENT
At 31 March 2024
Depreciation charged in the period
12,234
1,647
13,881
At 30 March 2025
12,234
1,647
13,881
CARRYING AMOUNT
At 30 March 2025
172,221
17,662
189,883
At 30 March 2024
38,423
38,423
6
DEBTORS
2025
2024
AMOUNTS FALLING DUE WITHIN ONE YEAR:
£
£
Trade debtors
789,630
599,755
Amounts owed by group undertakings
18,779
9,137
Prepayments and accrued income
51,815
25,522
860,224
634,414
RBC DODGE INDUSTRIAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2025
- 8 -
7
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025
2024
£
£
Trade creditors
66,649
150,305
Amounts owed to group undertakings
614,365
213,525
Corporation tax
177,817
121,890
Other taxation and social security
131,254
40,410
Other creditors
3,773
3,205
Accruals and deferred income
45,319
490,166
1,039,177
1,019,501
8
CALLED UP SHARE CAPITAL
2025
2024
2025
2024
ORDINARY SHARE CAPITAL
Number
Number
£
£
ISSUED AND FULLY PAID
Ordinary of £1 each
1
1
1
1
9
AUDIT REPORT INFORMATION
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is qualified and includes the following:
QUALIFIED OPINION IN RELATION TO STOCKTAKE ATTENDANCE AND OPENING BALANCES
In our opinion, except for the effects of the matter described in the "Basis for Qualified Opinion" paragraph, the financial statements:
give a true and fair view of the state of the company's affairs as at 30 March 2025 and of its profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006..
BASIS FOR QUALIFIED OPINION
The previous financial statements for the period ended 30 March 2024 were not audited as exemption was taken under section 477 of the Companies Act 2006. We were unable to satisfy ourselves by alternative means concerning a number of opening balances disclosed in the profit and loss account, statement of changes in equity and balance sheet as comparative figures and we did not attend the stocktake for the period ended 30 March 2024. Whilst we are satisfied with the material accuracy of amounts recorded in the balance sheet at 31 March 2025, the impact of opening balances on the current period financial performance prevents us from forming an opinion on the financial statements taken as a whole.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
RBC DODGE INDUSTRIAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2025
9
AUDIT REPORT INFORMATION
(Continued)
- 9 -
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In respect solely of the limitation on our work relating to stocktake attendance and opening balances, described above:
we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
we were unable to determine whether adequate accounting records had been maintained.
Senior Statutory Auditor:
Marcus Rose FCA CTA
Statutory Auditor:
JW Hinks LLP
Date of audit report:
24 April 2025
10
OPERATING LEASE COMMITMENTS
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2025
2024
£
£
Total commitments
523,237
514,381
11
RELATED PARTY TRANSACTIONS
The company has taken advantage of exemption section 33 of FRS102 related party disclosures, not to disclose related party transactions with wholly owned subsidiaries within the group.
12
PARENT COMPANY
The parent company is Schaublin SA, a company registered in Switzerland.
The ultimate controlling party is RBC Bearings Inc and its registered office is One Tribology Center, 102 Willenbrock Road, Oxford, Connecticut, USA 06478.