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REGISTERED NUMBER: 05254036 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

RODMATIC LTD

RODMATIC LTD (REGISTERED NUMBER: 05254036)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RODMATIC LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTOR: B C Steatham





REGISTERED OFFICE: 30 Portman Road
Reading
Berks
RG30 1PD





REGISTERED NUMBER: 05254036 (England and Wales)





ACCOUNTANTS: Cooper Parry Advisory Limited
First Floor, Davidson House
Forbury Square
Reading
Berkshire
RG1 3EU

RODMATIC LTD (REGISTERED NUMBER: 05254036)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £ £ £
FIXED ASSETS
Tangible assets 4 733,015 793,924

CURRENT ASSETS
Stocks 389,335 452,232
Debtors 5 1,195,865 1,329,107
Cash at bank and in hand 31,365 31,176
1,616,565 1,812,515
CREDITORS
Amounts falling due within one year 6 2,784,519 3,310,760
NET CURRENT LIABILITIES (1,167,954 ) (1,498,245 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(434,939

)

(704,321

)

CREDITORS
Amounts falling due after more than one
year

7

242,862

124,378
NET LIABILITIES (677,801 ) (828,699 )

CAPITAL AND RESERVES
Called up share capital 10 1,029,544 1,029,544
Share premium 151,299 151,299
Retained earnings (1,858,644 ) (2,009,542 )
SHAREHOLDERS' FUNDS (677,801 ) (828,699 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

RODMATIC LTD (REGISTERED NUMBER: 05254036)

BALANCE SHEET - continued
30 JUNE 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the director and authorised for issue on 9 May 2025 and were signed by:





B C Steatham - Director


RODMATIC LTD (REGISTERED NUMBER: 05254036)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

Rodmatic Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention 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.

Going concern
The company has net current liabilities at the balance sheet date amounting to £1,109,074 (2023: £1,498,245). The financial statements have been prepared on a going concern basis which assumes continuing support from the major trade creditors and the company's bank. If this support were to be withdrawn, then the going concern basis may no longer be appropriate and the balance sheet may need to be restated.

The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually
associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured
reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

RODMATIC LTD (REGISTERED NUMBER: 05254036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Plant & machinery - 1 - 20 years, 7.5% & 15% reducing balance
Office equipment - 3 - 5 years
Leasehold Property - 5 - 10 years

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 Statement of comprehensive income.

RODMATIC LTD (REGISTERED NUMBER: 05254036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Financial instruments
The Company only 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 non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.





RODMATIC LTD (REGISTERED NUMBER: 05254036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currency translation
Functional and presentation currency
The Company's functional and presentational currency is GBP.

Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.

Operating leases
Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.

RODMATIC LTD (REGISTERED NUMBER: 05254036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Pensions
Defined contribution pension plan
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 payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance sheet.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 50 (2023 - 47 ) .

4. TANGIBLE FIXED ASSETS
Short Plant and Computer
leasehold machinery equipment Totals
£ £ £ £
COST
At 1 July 2023 53,288 4,591,004 205,235 4,849,527
Additions 16,486 63,108 3,873 83,467
At 30 June 2024 69,774 4,654,112 209,108 4,932,994
DEPRECIATION
At 1 July 2023 17,362 3,856,027 182,214 4,055,603
Charge for year 5,069 134,465 4,842 144,376
At 30 June 2024 22,431 3,990,492 187,056 4,199,979
NET BOOK VALUE
At 30 June 2024 47,343 663,620 22,052 733,015
At 30 June 2023 35,926 734,977 23,021 793,924

The total net book value of assets held under hire purchase contracts at 30 June 2024 was £171,246 (2023: £199,427).

RODMATIC LTD (REGISTERED NUMBER: 05254036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 529,246 752,015
Other debtors 363,897 74,280
Tax 93,182 230,568
VAT 77,150 135,722
Prepayments and accrued income 132,390 136,522
1,195,865 1,329,107

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 378,389 600,638
Hire purchase contracts (see note 8) 53,318 150,904
Trade creditors 2,280,240 2,363,150
Taxation and social security 40,367 87,416
Other creditors 32,205 108,652
2,784,519 3,310,760

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Hire purchase contracts (see note 8) 242,862 124,378

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£ £
Net obligations repayable:
Within one year 53,318 150,904
Between one and five years 242,862 124,378
296,180 275,282

RODMATIC LTD (REGISTERED NUMBER: 05254036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank overdrafts 378,389 600,638
Hire purchase contracts 296,180 275,282
Other creditors - 4,877
674,569 880,797

The bank overdraft falling due within one year is secured by a fixed and floating charge over the assets of the Company.

The bank loan falling due after one year is secured by a guarantee from the government.

Amounts due under hire purchase contracts falling due within and after one year are secured on the related assets.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
51,477,175 Ordinary A 2p 1,029,544 1,029,544

11. PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £467 (2023 - £28,283).

12. RELATED PARTY DISCLOSURES

As at 30 June 2024, an amount of £21,788 is due by B Steatham (2023 - £23,689), a director and majority shareholder of the Company and an amount of £Nil is due to B Steatham's pension fund (2023 - £4,877).

As at 30 June 2024, the amount due to Portrock Limited was £531 (2023 - £144,535). Services purchased during the period totalled £272,848 (2023: £92,549).

13. ULTIMATE CONTROLLING PARTY

The Company was under the control of Mr B Steatham throughout the current and previous period. Mr Steatham is a director and majority shareholder.