| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 |
| FOR |
| ROYALCRAFT LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 |
| FOR |
| ROYALCRAFT LIMITED |
| ROYALCRAFT LIMITED (REGISTERED NUMBER: 02470744) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 28 FEBRUARY 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| ROYALCRAFT LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 28 FEBRUARY 2025 |
| DIRECTORS: |
| SECRETARIES: |
| A M Mcgonigle |
| H Mir |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Black Country House |
| Rounds Green Road |
| Oldbury |
| West Midlands |
| B69 2DG |
| ROYALCRAFT LIMITED (REGISTERED NUMBER: 02470744) |
| BALANCE SHEET |
| 28 FEBRUARY 2025 |
| 2025 | 2024 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve |
| Retained earnings |
| The directors acknowledge their 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. |
| ROYALCRAFT LIMITED (REGISTERED NUMBER: 02470744) |
| BALANCE SHEET - continued |
| 28 FEBRUARY 2025 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| ROYALCRAFT LIMITED (REGISTERED NUMBER: 02470744) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 28 FEBRUARY 2025 |
| 1. | STATUTORY INFORMATION |
| Royalcraft Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Land and Buildings | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| 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. |
| At each reporting date the Company assesses whether there is any indication of impairment. If such |
| indication exists, the recoverable amount of the asset is determined which is the higher of its fair |
| value less costs to sell and its value in use. An impairment loss is recognised where the carrying |
| amount exceeds the recoverable amount. |
| Revaluation of tangible fixed assets |
| Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date. |
| Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. |
| Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss. |
| Investments in subsidiaries |
| Investments in subsidiaries are measured at cost less accumulated impairment. |
| 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 weighted average 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. |
| ROYALCRAFT LIMITED (REGISTERED NUMBER: 02470744) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| 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, creditors and loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
| Debtors |
| Short term debtors are measured at transaction price, 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. |
| Creditors |
| Short term creditors are measured at the transaction price. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Fixed asset investments |
| Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date. |
| Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. |
| Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| ROYALCRAFT LIMITED (REGISTERED NUMBER: 02470744) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2025 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Land and | and | Motor |
| Buildings | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| Cost |
| At 1 March 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 28 February 2025 |
| Depreciation |
| At 1 March 2024 |
| Charge for year |
| At 28 February 2025 |
| Net book value |
| At 28 February 2025 |
| At 29 February 2024 |
| Land and buildings contained land whose original cost was £259,634 (2024: £259,634). This is not depreciated. |
| If revalued assets were stated on an historical cost basis rather than a fair value basis, the carrying value at year end would have been £NIL (2024: £259,634). |
| 5. | FIXED ASSET INVESTMENTS |
| Investments |
| in |
| subsidiary |
| companies |
| £ |
| Cost |
| At 1 March 2024 |
| and 28 February 2025 |
| Net book value |
| At 28 February 2025 |
| At 29 February 2024 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Directors' loan accounts | 5,713 | - |
| Tax |
| Deferred tax asset |
| Prepayments and accrued income |
| ROYALCRAFT LIMITED (REGISTERED NUMBER: 02470744) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2025 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans and overdrafts (see note 9) |
| Trade creditors |
| Social security and other taxes |
| VAT | 35,008 | 21,013 |
| Other creditors |
| Directors' loan accounts | 212,415 | 589,203 |
| Accruals and deferred income |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans (see note 9) | 1,616,552 | 1,848,624 |
| 9. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2025 | 2024 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments |
| Bank loans more 5 yrs | 14,521 | 246,593 |
| The bank borrowings are secured by way of a debenture on all the Company's assets. The bank also has a floating charge over the assets of the Company. |
| In December 2013, the Company commenced a loan of £3,300,000 from HSBC with a term of 20 years. Capital repayments commenced one month after the initial drawdown. Interest is being charged at a rate of 1.75% per annum above the lender's base rate. |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2025 | 2024 |
| £ | £ |
| Within one year |
| Between one and five years |
| ROYALCRAFT LIMITED (REGISTERED NUMBER: 02470744) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 28 FEBRUARY 2025 |
| 11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| During the year, the Directors accrued interest on their credit balance loan accounts totalling £30,976 (2024: £33,318). |
| At the reporting date amounts totalling £212,415 (2024: £589,203) were repayable to the Directors. |
| At the reporting date amounts totalling £5,713 (2024: £NIL) were due from the Directors. The maximum amount outstanding during the year was £5,713. |
| 12. | RELATED PARTY DISCLOSURES |
| The Company has taken advantage of the exemption under 33.1A of FRS 102 to not disclose related party transactions between wholly owned members of the same group. |
| 13. | ULTIMATE CONTROLLING PARTY |
| The Directors consider Mir House Limited, a company registered in England and Wales, to be the ultimate parent company. The registered office and principal place of business of Mir House Limited is A Mir And Co Building, Taylors Lane, Oldbury, West Midlands, United Kingdom, B69 2BN. |
| Abid Mir is considered to be the ultimate controlling party by virtue of his majority shareholding in the ultimate parent company. |
| 14. | PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
| The Company operates a defined contribution 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 amount to £64,121 (2024: £57,111). |