Company registration number SC460884 (Scotland)
ROCKFORT ENGINEERING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
ROCKFORT ENGINEERING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
ROCKFORT ENGINEERING LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
287,478
Tangible assets
4
141,256
32,399
428,734
32,399
Current assets
Debtors
5
297,771
249,779
Cash at bank and in hand
110,532
145,496
408,303
395,275
Creditors: amounts falling due within one year
6
(261,323)
(65,493)
Net current assets
146,980
329,782
Total assets less current liabilities
575,714
362,181
Creditors: amounts falling due after more than one year
7
(115,321)
(24,963)
Net assets
460,393
337,218
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
460,293
337,118
Total equity
460,393
337,218
ROCKFORT ENGINEERING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
- 2 -
For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 26 June 2025 and are signed on its behalf by:
A R Lyon
Director
Company registration number SC460884 (Scotland)
ROCKFORT ENGINEERING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 November 2022
100
528,239
528,339
Year ended 31 October 2023:
Loss and total comprehensive income
-
(191,121)
(191,121)
Balance at 31 October 2023
100
337,118
337,218
Year ended 31 October 2024:
Profit and total comprehensive income
-
123,175
123,175
Balance at 31 October 2024
100
460,293
460,393
ROCKFORT ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
1
Accounting policies
Company information
Rockfort Engineering Limited is a private company limited by shares incorporated in Scotland. The registered office is Marr House, Beechwood Business Park, Inverness, IV2 3BW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern.
1.3
Turnover
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. Consideration is given to the point at which the company is entitled to receive the income, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Revenue from the provision of consultancy services is recognised in the period in which the services are provided 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; and
the costs incurred can be measured reliably
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Intangible fixed assets other than goodwill
Intangible assets generated internally are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
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:
Research and development
20% straight line
1.6
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.
ROCKFORT ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 5 -
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 equipment
25% straight line
Computers
25% straight line
Motor vehicles
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.
1.7
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.
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’ 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 trade and other debtors, corporation tax recoverable, 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.
ROCKFORT ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans, and amounts owed to group undertakings, 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.
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
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.
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
ROCKFORT ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
12
9
3
Intangible fixed assets
Research and development
£
Cost
At 1 November 2023
Additions
287,478
At 31 October 2024
287,478
Amortisation and impairment
At 1 November 2023 and 31 October 2024
Carrying amount
At 31 October 2024
287,478
At 31 October 2023
4
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2023
15,478
103,240
118,718
Additions
3,311
6,111
119,819
129,241
At 31 October 2024
18,789
109,351
119,819
247,959
Depreciation and impairment
At 1 November 2023
6,957
79,362
86,319
Depreciation charged in the year
4,297
13,591
2,496
20,384
At 31 October 2024
11,254
92,953
2,496
106,703
Carrying amount
At 31 October 2024
7,535
16,398
117,323
141,256
At 31 October 2023
8,521
23,878
32,399
ROCKFORT ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
5
Debtors
2024
2023
as restated
Amounts falling due within one year:
£
£
Trade debtors
75,163
116,860
Corporation tax recoverable
124,972
75,904
Other debtors
61,740
28,928
261,875
221,692
Deferred tax asset
35,896
28,087
297,771
249,779
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loan
9,894
9,894
Trade creditors
14,840
7,131
Amounts owed to group undertakings
168,169
Taxation and social security
40,954
34,563
Other creditors
27,466
13,905
261,323
65,493
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loan
15,032
24,963
Other creditors
100,289
115,321
24,963
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
20,523
37,068
ROCKFORT ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
9
Related party transactions
At the reporting date the directors were owed £2,040 (2023: £1,040) from the company. The balance is interest free and repayable on demand.
At the reporting date the company owed £143,850 (2023: £nil) to the parent company, Rockfort Limited.
At the reporting date the company owed £24,319 (2023: £nil) to the ultimate parent company, Rockfort Engineering Holdings Limited.
10
Prior period adjustment
A prior period adjustment has been recognised to reclassify deferred tax liabilities against notional research and development tax credits.
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Oct 2023
£
£
£
Current assets
Debtors due within one year
255,943
(6,164)
249,779
Provisions for liabilities
Deferred tax
(6,164)
6,164
Net assets
337,218
-
337,218
Capital and reserves
Total equity
337,218
-
337,218
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
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