Company registration number 02735000 (England and Wales)
ROBORE CUTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
ROBORE CUTS LIMITED
COMPANY INFORMATION
Directors
J Lewington
(Appointed 30 November 2023)
S T Rickus
(Appointed 30 November 2023)
J A Villiers
(Appointed 30 November 2023)
T Wicks
(Appointed 30 November 2023)
P E Nattrass
(Appointed 30 November 2023)
Company number
02735000
Registered office
Unit 16
Mitcham Industrial Estate
Streatham Road
Mitcham
Surrey
CR4 2AP
Auditor
Affinia
19th Floor
1 Westfield Avenue
Stratford
E20 1HZ
Business address
Unit 16
Mitcham Industrial Estate
Streatham Road
Mitcham
Surrey
CR4 2AP
ROBORE CUTS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 24
ROBORE CUTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present the strategic report for the year ended 30 June 2024.

Review of the business

The principal activity of the company continued to be the provision of diamond drilling and sawing, passive fire protection and other related services to the construction industry.

 

During the year turnover increased by 38% compared to the previous year due to increased activity as the construction sector. The gross profit margin reduced from 31% to 20% and administration expenses increased by 7.6% resulting in an operating profit of £236K compared to an operating profit of £716K in the previous year.

Principal risks and uncertainties

The principal risks to the business were considered. The directors believed that increases in employment costs and other expenses would impact the company’s profitability.

 

It was concluded however that the identified risks could be managed. Improvement could be made in the gross profit percentage on projects and activity in the sector was buoyant. The company could look forward to another profitable year.

On behalf of the board

P E Nattrass
Director
4 June 2025
ROBORE CUTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid during the year. The director does not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J Lewington
(Appointed 30 November 2023)
D Rickus
(Resigned 30 November 2023)
S T Rickus
(Appointed 30 November 2023)
J A Villiers
(Appointed 30 November 2023)
T Wicks
(Appointed 30 November 2023)
P E Nattrass
(Appointed 30 November 2023)
Auditor

In accordance with the company's articles, a resolution proposing that Affinia be reappointed as auditor of the company will be put at a General Meeting.

Statement of disclosure to auditor

So far the director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the director has taken all the necessary steps that he ought to have taken as director in order to make himself aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Post balance sheet events

Subsequent to the year-end, the company underwent a management buyout which completed on 30 November 2023.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
P E Nattrass
Director
4 June 2025
ROBORE CUTS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ROBORE CUTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF ROBORE CUTS LIMITED
- 4 -
Opinion

We have audited the financial statements of Robore Cuts Limited (the 'company') for the year ended 30 June 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

ROBORE CUTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF ROBORE CUTS LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relation to irregularities, including fraud. As in all of our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.

ROBORE CUTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF ROBORE CUTS LIMITED (CONTINUED)
- 6 -
Graham Speck (Senior Statutory Auditor)
For and on behalf of Affinia, Statutory Auditor
Accountants
19th Floor
1 Westfield Avenue
Stratford
E20 1HZ
4 June 2025
ROBORE CUTS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
13,067,487
9,450,935
Cost of sales
(10,420,401)
(6,523,109)
Gross profit
2,647,086
2,927,826
Administrative expenses
(2,430,901)
(2,259,596)
Other operating income
20,000
48,000
Operating profit
4
236,185
716,230
Interest receivable and similar income
7
3,528
1,592
Interest payable and similar expenses
8
(50,287)
(51,447)
Amounts written off investments
9
486,016
-
Profit before taxation
675,442
666,375
Tax on profit
10
26,556
(157,347)
Profit for the financial year
701,998
509,028

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ROBORE CUTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
£
£
Profit for the year
701,998
509,028
Other comprehensive income
-
-
Total comprehensive income for the year
701,998
509,028
ROBORE CUTS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
771,204
661,110
Investment property
13
-
0
700,000
Investments
14
2
2
771,206
1,361,112
Current assets
Debtors
15
3,298,449
5,482,947
Investments
16
9,561
9,561
Cash at bank and in hand
717,317
481,652
4,025,327
5,974,160
Creditors: amounts falling due within one year
17
(2,266,368)
(1,455,571)
Net current assets
1,758,959
4,518,589
Total assets less current liabilities
2,530,165
5,879,701
Creditors: amounts falling due after more than one year
18
(462,535)
(709,036)
Provisions for liabilities
Deferred tax liability
21
123,364
47,871
(123,364)
(47,871)
Net assets
1,944,266
5,122,794
Capital and reserves
Called up share capital
23
2
2
Profit and loss reserves
1,944,264
5,122,792
Total equity
1,944,266
5,122,794

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 4 June 2025 and are signed on its behalf by:
P E Nattrass
Director
Company registration number 02735000 (England and Wales)
ROBORE CUTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2022
2
4,613,764
4,613,766
Year ended 30 June 2023:
Profit and total comprehensive income
-
509,028
509,028
Balance at 30 June 2023
2
5,122,792
5,122,794
Year ended 30 June 2024:
Profit and total comprehensive income
-
701,998
701,998
Dividends
11
-
(3,880,526)
(3,880,526)
Balance at 30 June 2024
2
1,944,264
1,944,266
ROBORE CUTS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
3,430,249
532,242
Interest paid
(50,287)
(51,447)
Income taxes (paid)/refunded
(51,492)
14,250
Net cash inflow from operating activities
3,328,470
495,045
Investing activities
Purchase of tangible fixed assets
(12,069)
(26,588)
Proceeds from disposal of tangible fixed assets
343,307
110,139
Proceeds from disposal of investment property
700,000
-
0
Repayment of loans
551,748
-
0
Interest received
3,528
1,592
Net cash generated from investing activities
1,586,514
85,143
Financing activities
Repayment of bank loans
(513,408)
(144,940)
Payment of finance leases obligations
(285,385)
(255,614)
Dividends paid
(3,880,526)
-
0
Net cash used in financing activities
(4,679,319)
(400,554)
Net increase in cash and cash equivalents
235,665
179,634
Cash and cash equivalents at beginning of year
481,652
302,018
Cash and cash equivalents at end of year
717,317
481,652
ROBORE CUTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
1
Accounting policies
Company information

Robore Cuts Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 16, Mitcham Industrial Estate, Streatham Road, Mitcham, Surrey, CR4 2AP.

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.

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
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

 

Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value comparing costs to date to total expected costs for that contract.

1.4
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:

Plant and machinery
25% straight line
Motor vehicles
25% straight line
Other assets
25% straight line

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.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

ROBORE CUTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 13 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

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.

ROBORE CUTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

ROBORE CUTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

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.

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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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.

1.14
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 balance sheet 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.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

ROBORE CUTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Primary activity
13,067,487
9,450,935
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
13,067,487
9,450,935
2024
2023
£
£
Other revenue
Interest income
3,528
1,592
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
21,722
20,055
Depreciation of owned tangible fixed assets
75,739
100,686
Depreciation of tangible fixed assets held under finance leases
243,055
208,538
Profit on disposal of tangible fixed assets
(334,418)
(97,816)
Operating lease charges
239,818
4,546
ROBORE CUTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Administration
15
15
Direct labour
52
49
Workshop
6
7
Maintenance
1
1
Fire protection
3
2
Total
77
74

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,981,621
3,610,082
Social security costs
441,473
410,045
Pension costs
73,456
67,815
4,496,550
4,087,942
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
246,336
-
0
Company pension contributions to defined contribution schemes
3,517
-
249,853
-
0
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
61,833
-
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
3,528
1,592
ROBORE CUTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 18 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
9,304
27,207
Other finance costs:
Interest on finance leases and hire purchase contracts
40,983
24,240
50,287
51,447
9
Amounts written off investments
2024
2023
£
£
Amounts written back to current loans
486,016
-
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
26,584
90,063
Other tax reliefs
(128,633)
-
0
Other taxes
-
0
4,150
Total current tax
(102,049)
94,213
Deferred tax
Origination and reversal of timing differences
75,493
63,134
Total tax (credit)/charge
(26,556)
157,347
ROBORE CUTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
10
Taxation
(Continued)
- 19 -

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
675,442
666,375
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
168,861
126,611
Tax effect of expenses that are not deductible in determining taxable profit
23,087
17,409
Tax effect of income not taxable in determining taxable profit
(121,504)
-
0
Tax effect of utilisation of tax losses not previously recognised
-
0
(7,214)
Change in unrecognised deferred tax assets
75,493
63,134
Effect of change in corporation tax rate
-
0
6,573
Permanent capital allowances in excess of depreciation
39,621
(34,738)
Research and development tax credit
(128,633)
-
0
Profit on disposal of fixed assets
(83,605)
(18,585)
Other tax adjustments
124
4,150
Other timing differences
-
0
7
Taxation (credit)/charge for the year
(26,556)
157,347
11
Dividends
2024
2023
£
£
Final paid
3,880,526
-
0
ROBORE CUTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
12
Tangible fixed assets
Plant and machinery
Motor vehicles
Other assets
Total
£
£
£
£
Cost
At 1 July 2023
3,565,538
1,525,268
140,000
5,230,806
Additions
225,069
212,708
-
0
437,777
Disposals
(553,932)
(375,363)
(140,000)
(1,069,295)
At 30 June 2024
3,236,675
1,362,613
-
0
4,599,288
Depreciation and impairment
At 1 July 2023
3,352,239
1,077,458
139,999
4,569,696
Depreciation charged in the year
113,722
205,072
-
0
318,794
Eliminated in respect of disposals
(545,063)
(375,344)
(139,999)
(1,060,406)
At 30 June 2024
2,920,898
907,186
-
0
3,828,084
Carrying amount
At 30 June 2024
315,777
455,427
-
0
771,204
At 30 June 2023
213,299
447,810
1
661,110

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Plant and machinery
274,414
134,501
Motor vehicles
440,324
433,906
714,738
568,407
13
Investment property
2024
£
Fair value
At 1 July 2023
700,000
Disposals
(700,000)
At 30 June 2024
-
0
14
Fixed asset investments
2024
2023
£
£
Unlisted investments
2
2
ROBORE CUTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,468,786
1,716,572
Corporation tax recoverable
130,015
39,953
Amounts owed by group undertakings
-
0
3,264,014
Other debtors
319,734
162,447
Prepayments and accrued income
379,914
299,961
3,298,449
5,482,947
16
Current asset investments
2024
2023
£
£
Listed investments carrying amount
9,561
9,561
17
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
19
-
0
145,509
Obligations under finance leases
20
235,020
216,095
Trade creditors
1,082,280
340,016
Corporation tax
26,584
90,063
Other taxation and social security
112,569
125,028
Other creditors
386,920
16,471
Accruals and deferred income
422,995
522,389
2,266,368
1,455,571
18
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
19
-
0
367,899
Obligations under finance leases
20
462,535
341,137
462,535
709,036
ROBORE CUTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
19
Loans and overdrafts
2024
2023
£
£
Bank loans
-
0
513,408
Payable within one year
-
0
145,509
Payable after one year
-
0
367,899

The long-term loan relates to a mortgage on the company's development property. The mortgage is secured by the charge over the company's development property. The company guarantees the mortgage which Ideal Time Ltd has with the bank.

It should be noted that, subsequent to the year-end, these loans were repaid in full on 13 October 2023.

20
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
235,020
216,095
In two to five years
462,535
341,137
697,555
557,232

Finance lease payments represent rentals payable by the company for certain items of plant and machinery and motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelarated capital allowances
124,907
49,290
Retirement benefit obligations
-
(1,419)
Pension contributions
(1,543)
-
123,364
47,871
ROBORE CUTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
21
Deferred taxation
(Continued)
- 23 -
2024
Movements in the year:
£
Liability at 1 July 2023
47,871
Charge to profit or loss
75,493
Liability at 30 June 2024
123,364
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
73,456
67,815

The company complies with the auto enrolment legislation and operates a pension scheme to which the majority of staff and the company contribute. The assets of the scheme are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company. 3 employees also make payments to individual stakeholder schemes which the company does not contribute to.

23
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
2
2
2
2
24
Related party transactions

Included within other debtors is an amount of £nil (2023: £65,732), due from D Rickus, a director during the year.

25
Ultimate controlling party

Up to 30 November 2023, Ideal Time Limited were the ultimate parent company until the management buyout on the same date.

 

As of 30 November 2023 the ultimate parent company was Robore Holdings 2022 Limited, a company registered in England and Wales.

Up to 30 November 2023, D Rickus was the ultimate controlling party by virtue of his 100% shareholding in the ultimate parent company, Ideal Time Limited.

 

Subsequent to this, the company underwent a management buyout, where the following shareholders each owned 25% of the company: S Rickus, J Villiers, J Lewington and T Wicks.

ROBORE CUTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
26
Cash generated from operations
2024
2023
£
£
Profit after taxation
701,998
509,028
Adjustments for:
Taxation (credited)/charged
(26,556)
157,347
Finance costs
50,287
51,447
Investment income
(3,528)
(1,592)
Gain on disposal of tangible fixed assets
(334,418)
(97,816)
Depreciation and impairment of tangible fixed assets
318,794
309,224
Other gains and losses
(486,016)
-
Movements in working capital:
Decrease/(increase) in debtors
2,208,828
(181,826)
Increase/(decrease) in creditors
1,000,860
(213,570)
Cash generated from operations
3,430,249
532,242
27
Analysis of changes in net funds/(debt)
1 July 2023
Cash flows
New finance leases
30 June 2024
£
£
£
£
Cash at bank and in hand
481,652
235,665
-
717,317
Borrowings excluding overdrafts
(513,408)
513,408
-
-
Obligations under finance leases
(557,232)
285,385
(425,708)
(697,555)
(588,988)
1,034,458
(425,708)
19,762
2024-06-302023-07-01falsefalsefalseCCH SoftwareCCH Accounts Production 2025.100No description of principal activityJ LewingtonD RickusS T RickusJ A VilliersT WicksP E Nattrass027350002023-07-012024-06-3002735000bus:Director12023-07-012024-06-3002735000bus:Director32023-07-012024-06-3002735000bus:Director42023-07-012024-06-3002735000bus:Director52023-07-012024-06-3002735000bus:Director62023-07-012024-06-3002735000bus:Director22023-07-012024-06-3002735000bus:RegisteredOffice2023-07-012024-06-30027350002024-06-30027350002022-07-012023-06-3002735000core:RetainedEarningsAccumulatedLosses2022-07-012023-06-3002735000core:RetainedEarningsAccumulatedLosses2023-07-012024-06-30027350002023-06-3002735000core:PlantMachinery2024-06-3002735000core:MotorVehicles2024-06-3002735000core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2024-06-3002735000core:PlantMachinery2023-06-3002735000core:MotorVehicles2023-06-3002735000core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-06-3002735000core:CurrentFinancialInstrumentscore:WithinOneYear2024-06-3002735000core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3002735000core:Non-currentFinancialInstrumentscore:AfterOneYear2024-06-3002735000core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-3002735000core:CurrentFinancialInstruments2024-06-3002735000core:CurrentFinancialInstruments2023-06-3002735000core:Non-currentFinancialInstruments2024-06-3002735000core:Non-currentFinancialInstruments2023-06-3002735000core:ShareCapital2024-06-3002735000core:ShareCapital2023-06-3002735000core:RetainedEarningsAccumulatedLosses2024-06-3002735000core:RetainedEarningsAccumulatedLosses2023-06-3002735000core:ShareCapital2022-06-3002735000core:RetainedEarningsAccumulatedLosses2022-06-3002735000core:ShareCapitalOrdinaryShareClass12024-06-3002735000core:ShareCapitalOrdinaryShareClass12023-06-300273500012023-07-012024-06-300273500012022-07-012023-06-30027350002023-06-30027350002022-06-3002735000core:PlantMachinery2023-07-012024-06-3002735000core:MotorVehicles2023-07-012024-06-3002735000core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-07-012024-06-3002735000dpl:Item12023-07-012024-06-3002735000dpl:Item12022-07-012023-06-3002735000dpl:Item22023-07-012024-06-3002735000dpl:Item22022-07-012023-06-3002735000core:UKTax2023-07-012024-06-3002735000core:UKTax2022-07-012023-06-300273500022023-07-012024-06-300273500022022-07-012023-06-300273500032023-07-012024-06-300273500032022-07-012023-06-3002735000core:PlantMachinery2023-06-3002735000core:MotorVehicles2023-06-3002735000core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-06-3002735000core:Non-currentFinancialInstrumentscore:UnlistedNon-exchangeTraded2024-06-3002735000core:Non-currentFinancialInstrumentscore:UnlistedNon-exchangeTraded2023-06-3002735000core:CurrentFinancialInstrumentscore:ListedExchangeTraded2024-06-3002735000core:CurrentFinancialInstrumentscore:ListedExchangeTraded2023-06-3002735000core:WithinOneYear2024-06-3002735000core:WithinOneYear2023-06-3002735000core:BetweenTwoFiveYears2024-06-3002735000core:BetweenTwoFiveYears2023-06-3002735000bus:OrdinaryShareClass12023-07-012024-06-3002735000bus:OrdinaryShareClass12024-06-3002735000bus:OrdinaryShareClass12023-06-3002735000bus:PrivateLimitedCompanyLtd2023-07-012024-06-3002735000bus:FRS1022023-07-012024-06-3002735000bus:Audited2023-07-012024-06-3002735000bus:FullAccounts2023-07-012024-06-30xbrli:purexbrli:sharesiso4217:GBP