Rokel Engineering Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07928585 (England and Wales)

ROKEL ENGINEERING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A R Meek

REGISTERED OFFICE:

Churchgate House

Church Road

Whitchurch

Cardiff

SOUTH GLAMORGAN

CF14 2DX

REGISTERED NUMBER:

07928585 (England and Wales)

FIXED ASSETS

Intangible assets

4

136,006

145,726

Tangible assets

5

9,389

12,518

145,395

158,244

CURRENT ASSETS

Stocks

6

11,800

25,500

Debtors

7

171,863

133,824

183,663

159,324

CREDITORS

Amounts falling due within one year

8

245,533

231,691

NET CURRENT LIABILITIES

(61,870

)

(72,367

)

TOTAL ASSETS LESS CURRENT LIABILITIES

83,525

85,877

CREDITORS

Amounts falling due after more than one year

9

51,363

76,232

NET ASSETS

32,162

9,645

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

12

32,062

9,545

SHAREHOLDERS' FUNDS

32,162

9,645

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 18 February 2019 and were signed by:

A R Meek - Director

1.	STATUTORY INFORMATION

Rokel Engineering 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

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.

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.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past

event, it is probable that an outflow of economic benefit will be required in settlement and the amount can be

reliable estimated.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administration expenses.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance

sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is

estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an

impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the

impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2017 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2017

and 31 May 2018

194,326

AMORTISATION

At 1 June 2017

48,600

Amortisation for year

9,720

At 31 May 2018

58,320

NET BOOK VALUE

At 31 May 2018

136,006

At 31 May 2017

145,726

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 June 2017

and 31 May 2018

17,863

7,050

3,346

28,259

DEPRECIATION

At 1 June 2017

7,129

5,266

3,346

15,741

Charge for year

2,683

446

-

3,129

At 31 May 2018

9,812

5,712

3,346

18,870

NET BOOK VALUE

At 31 May 2018

8,051

1,338

-

9,389

At 31 May 2017

10,734

1,784

-

12,518

6.

STOCKS

2018

2017

£

£

Stocks

11,800

25,500

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

171,863

133,824

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

97,295

107,043

Trade creditors

82,346

79,752

Tax

11,279

2,414

Social security and other taxes

36,146

28,746

Other creditors

1,869

1,892

Directors' current accounts

12,371

9,458

Accrued expenses

4,227

2,386

245,533

231,691

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

51,363

76,232

10.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

75,363

100,232

The bank loan with HSBC has been secured by a fixed and floating charge over the assets of the Company.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary

£1

100

100

12.

RESERVES

Retained

earnings

£

At 1 June 2017

9,545

Profit for the year

37,517

Dividends

(15,000

)

At 31 May 2018

32,062

13.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year-ended 31 May 2018, the Director A R MEEK maintained an interest free loan with the Company, details of which are below:

2018

2017

£

£

Balance B.Fwd

9,458

6,294

Amounts introduced

32,953

21,124

Amounts withdrawn

(30,040)

(17,960)

Balance C.Fwd

12,371

9,458

The maximum credit balance during the year was £12,371 (2017 - £9,458).

14.	RELATED PARTY DISCLOSURES