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COMPANY REGISTRATION NUMBER: 03162572
ROCKFORD TRADING COMPANY LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 November 2024
ROCKFORD TRADING COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION
30 November 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
184,878
164,634
Current assets
Stocks
897,645
816,264
Debtors
6
137,796
106,861
Cash at bank and in hand
2,101,304
2,141,614
--------------
--------------
3,136,745
3,064,739
Creditors: amounts falling due within one year
7
683,037
534,246
--------------
--------------
Net current assets
2,453,708
2,530,493
--------------
--------------
Total assets less current liabilities
2,638,586
2,695,127
Provisions
Taxation including deferred tax
40,291
31,801
--------------
--------------
Net assets
2,598,295
2,663,326
--------------
--------------
ROCKFORD TRADING COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 November 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
2,598,195
2,663,226
--------------
--------------
Shareholders funds
2,598,295
2,663,326
--------------
--------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 26 August 2025 , and are signed on behalf of the board by:
N Kaur
Director
Company registration number: 03162572
ROCKFORD TRADING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Dixon House, Dixon Way, Lincoln, LN6 7XN, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. Significant judgements There are no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies which have a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Depreciation charges The annual depreciation charge for tangible assets is sensitive to changes in the useful economic lives and residual values of the assets. These are reviewed periodically by the Directors to ensure that they reflect both external and internal factors.
Revenue recognition
The turnover shown in the profit and loss account represents the value of all goods sold during the period, less returns received, at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred to the customer.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Rentals under operating leases are charged to the Profit and Loss account on a straight line basis over the lease term.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Improvements to leasehold properties
-
Various rates of depreciation
Plant and machinery
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are valued at the lower of cost and net realisable value, on a first-in-first-out basis, after making due allowance for obsolete and slow moving items. Cost is based on purchase price.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recongised at the transaction price, unless the arrangement constitutes a financing transactions, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are recognised at fair value, with any subsequent changes to fair value recognised in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 29 (2023: 32 ).
5. Tangible assets
Improvements to leasehold properties
Plant and machinery
Total
£
£
£
Cost
At 1 December 2023
191,972
488,245
680,217
Additions
88,410
88,410
Disposals
( 79,053)
( 79,053)
-----------
-----------
-----------
At 30 November 2024
191,972
497,602
689,574
-----------
-----------
-----------
Depreciation
At 1 December 2023
87,207
428,376
515,583
Charge for the year
12,533
40,765
53,298
Disposals
( 64,185)
( 64,185)
-----------
-----------
-----------
At 30 November 2024
99,740
404,956
504,696
-----------
-----------
-----------
Carrying amount
At 30 November 2024
92,232
92,646
184,878
-----------
-----------
-----------
At 30 November 2023
104,765
59,869
164,634
-----------
-----------
-----------
6. Debtors
2024
2023
£
£
Trade debtors
44,836
80,257
Other debtors
92,960
26,604
-----------
-----------
137,796
106,861
-----------
-----------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
306,654
49,263
Corporation tax
60,955
176,680
Social security and other taxes
44,184
52,028
Other creditors
271,244
256,275
-----------
-----------
683,037
534,246
-----------
-----------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
117,000
129,000
Later than 1 year and not later than 5 years
387,000
444,000
Later than 5 years
120,000
180,000
-----------
-----------
624,000
753,000
-----------
-----------
Rentals under operating leases are charged to the Profit and Loss account on a straight line basis over the lease term.
9. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under the FRS 102.
10. Controlling party
The company was under the control of the directors throughout the current and previous year.