REGISTERED NUMBER: 04091867 (England and Wales)

Financial Statements

for the Period 1 May 2023 to 31 July 2024

for

Rotec Developments Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Director:

P R Butler

Registered office:

6a Enterprise Way

Vale Park

Evesham

Worcestershire

WR11 1GS

Registered number:

04091867 (England and Wales)

Auditors:

Luckmans Duckett Parker Limited

Statutory Auditors

1110 Elliott Court

Herald Avenue

Coventry Business Park

Coventry

CV5 6UB

FIXED ASSETS

Property, plant and equipment

4

267,760

141,917

Investments

5

100

100

Investment property

6

5,268,511

2,945,806

5,536,371

3,087,823

CURRENT ASSETS

Debtors

7

1,656,222

2,401,451

Cash at bank

172,784

150,989

1,829,006

2,552,440

CREDITORS

Amounts falling due within one year

8

897,608

1,143,464

NET CURRENT ASSETS

931,398

1,408,976

TOTAL ASSETS LESS CURRENT LIABILITIES

6,467,769

4,496,799

CREDITORS

Amounts falling due after more than one year

9

(2,849,194

)

(2,224,789

)

PROVISIONS FOR LIABILITIES

(501,424

)

(154,783

)

NET ASSETS

3,117,151

2,117,227

CAPITAL AND RESERVES

Called up share capital

11

1

1

Non-distributable reserve

12

1,428,463

727,264

Retained earnings

1,688,687

1,389,962

SHAREHOLDERS' FUNDS

3,117,151

2,117,227

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 by the director and authorised for issue on 31 October 2025 and were signed by:

P R Butler - Director

1.	STATUTORY INFORMATION

Rotec Developments Limited 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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about Rotec Developments Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Butler Corporation Limited, Unit 6 enterprise Way, Vale Park, Evesham, Worcestershire, WR11 1GS.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another 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 payment ts 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.

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

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2023 - 2 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

Cost

At 1 May 2023

301,333

3,486

39,900

344,719

Additions

199,229

-

7,500

206,729

Disposals

-

-

(22,900

)

(22,900

)

At 31 July 2024

500,562

3,486

24,500

528,548

Depreciation

At 1 May 2023

196,923

931

4,948

202,802

Charge for period

55,536

479

8,819

64,834

Eliminated on disposal

-

-

(6,848

)

(6,848

)

At 31 July 2024

252,459

1,410

6,919

260,788

Net book value

At 31 July 2024

248,103

2,076

17,581

267,760

At 30 April 2023

104,410

2,555

34,952

141,917

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

Cost

At 1 May 2023

and 31 July 2024

120,400

Depreciation

At 1 May 2023

46,243

Charge for period

13,905

At 31 July 2024

60,148

Net book value

At 31 July 2024

60,252

At 30 April 2023

74,157

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

Cost

At 1 May 2023

and 31 July 2024

100

Net book value

At 31 July 2024

100

At 30 April 2023

100

6.	INVESTMENT PROPERTY

Total

£

Fair value

At 1 May 2023

3,052,745

Additions

2,564,084

Revaluations

(241,379

)

At 31 July 2024

5,375,450

Depreciation

At 1 May 2023

and 31 July 2024

106,939

Net book value

At 31 July 2024

5,268,511

At 30 April 2023

2,945,806

Fair value at 31 July 2024 is represented by:

£

Valuation in 2012

560,193

Valuation in 2018

67,071

Valuation in 2019

100,000

Valuation in 2024

(241,379

)

Cost

4,889,565

5,375,450

If Investment properties had not been revalued it would have been included at the following historical cost:

2024

2023

as

restated

£

£

Cost

4,889,565

2,325,481

Aggregate depreciation

(106,939

)

(106,939

)

Investment property was valued on an open market basis on 31 July 2024 by the Director .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

as

restated

£

£

Trade debtors

60,587

52,162

Amounts owed by group undertakings

1,148,576

1,951,540

Other debtors

447,059

397,749

1,656,222

2,401,451

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

as

restated

£

£

Bank loans and overdrafts

59,638

59,638

Hire purchase contracts

38,211

21,573

Trade creditors

79,142

88,548

Amounts owed to group undertakings

549,522

859,656

Taxation and social security

-

7,175

Other creditors

171,095

106,874

897,608

1,143,464

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

as

restated

£

£

Bank loans

2,690,362

2,204,870

Hire purchase contracts

158,832

19,919

2,849,194

2,224,789

10.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

as

restated

£

£

Bank loans

2,750,000

2,264,508

Atom Bank Plc hold a fixed and floating charge and a negative pledge over the investment property of the company.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

as restated

£

£

1

Ordinary

£1

1

1

12.

RESERVES

Non-distributable

reserve

£

At 1 May 2023

727,264

Revaluation

(362,850

)

Group asset transfer

1,064,049

At 31 July 2024

1,428,463

The group asset transfer represents a transfer from distributable to non-distributable reserves. This adjustment was made following the acquisition of property referenced in note 16.

The net transfer comprises a £1,388,410 dividend voted between the companies following the property transfer less the inherent deferred tax liability of £324,361. The deferred tax adjustment is only reported within the Statement of Changes in Equity.

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Spafford FCA FCCA (Senior Statutory Auditor)

for and on behalf of Luckmans Duckett Parker Limited

14.	OTHER FINANCIAL COMMITMENTS

Rotec Developments Limited guarantees a number of hire purchase agreements for Rotec Engineering Limited (a company with the same Director and Shareholder) with a total liability of £nil (2023: £11,845).

15.	RELATED PARTY DISCLOSURES

Included within other creditors is £75,918 (2023: £77,658) owed to Rotec Engineering Academy Limited, a company that is 100 % owned by the Director of this company.

Included within other debtors is £439,520 (2023: £387,520) owed from Pink Wings Limited, a company that is 90% owned by the Director of this company. Pink Wings Limited changed its name on 17 July 2024 to Skunkwerkz Limited and on the 25 November 2024 to Rotec Aerospace Limited.

On 15 July 2024, Rotec Property Limited, a wholly owned subsidiary of Rotec Developments Limited, disposed of all tangible assets including investment property to Rotec Developments Limited. The consideration for the transfer was determined by an independent valuation.

16.	ULTIMATE CONTROLLING PARTY

On 30 April 2021 the company became a wholly owned subsidiary of Butler Corporation Limited, registered office Unit 6 Enterprise Way, Vale Park, Evesham, Worcestershire, WR11 1GS. The ultimate controlling party is P R Butler a Director of Butler Corporation Limited and Rotec Developments Limited.