Rototek Limited 31/12/2019 iXBRL

Rototek Limited 31/12/2019 iXBRL

ROTOTEK LIMITED - Company Information

Print Friendly Version

31/12/2019 2019-12-31 false false false false false false false false false false true false false true false false false false true false false No description of principal activities is disclosed 2019-01-01 Sage Accounts Production 19.0 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 07454710 2019-01-01 2019-12-31 07454710 2019-12-31 07454710 2018-12-31 07454710 2018-01-01 2018-12-31 07454710 2018-12-31 07454710 bus:Director1 2019-01-01 2019-12-31 07454710 core:NetGoodwill 2018-12-31 07454710 core:NetGoodwill 2019-12-31 07454710 core:PlantMachinery 2018-12-31 07454710 core:FurnitureFittingsToolsEquipment 2018-12-31 07454710 core:PlantMachinery 2019-12-31 07454710 core:FurnitureFittingsToolsEquipment 2019-12-31 07454710 core:PlantMachinery 2018-12-31 07454710 core:WithinOneYear 2019-12-31 07454710 core:WithinOneYear 2018-12-31 07454710 core:AfterOneYear 2019-12-31 07454710 core:AfterOneYear 2018-12-31 07454710 core:PlantMachinery 2019-01-01 2019-12-31 07454710 core:FurnitureFittingsToolsEquipment 2019-01-01 2019-12-31 07454710 core:ShareCapital 2019-12-31 07454710 core:ShareCapital 2018-12-31 07454710 core:SharePremium 2019-12-31 07454710 core:SharePremium 2018-12-31 07454710 core:RevaluationReserve 2019-12-31 07454710 core:RevaluationReserve 2018-12-31 07454710 core:RetainedEarningsAccumulatedLosses 2019-12-31 07454710 core:RetainedEarningsAccumulatedLosses 2018-12-31 07454710 core:NetGoodwill 2019-01-01 2019-12-31 07454710 core:NetGoodwill 2018-12-31 07454710 core:FurnitureFittingsToolsEquipment 2018-12-31 07454710 bus:SmallEntities 2019-01-01 2019-12-31 07454710 bus:AuditExempt-NoAccountantsReport 2019-01-01 2019-12-31 07454710 bus:FullAccounts 2019-01-01 2019-12-31 07454710 bus:SmallCompaniesRegimeForAccounts 2019-01-01 2019-12-31 07454710 bus:PrivateLimitedCompanyLtd 2019-01-01 2019-12-31 07454710 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2018-12-31 07454710 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2019-01-01 2019-12-31 07454710 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2019-12-31
Company registration number: 07454710
Rototek Limited
Unaudited filleted financial statements
31 December 2019
Rototek Limited
Contents
Statement of financial position
Notes to the financial statements
Rototek Limited
Statement of financial position
31 December 2019
2019 2018
Note £ £ £ £
Fixed assets
Intangible assets 5 - 24,000
Tangible assets 6 1,801,115 1,487,787
_________ _________
1,801,115 1,511,787
Current assets
Stocks 1,457,015 1,148,855
Debtors 7 1,486,215 1,613,421
Cash at bank and in hand 1,669 52,599
_________ _________
2,944,899 2,814,875
Creditors: amounts falling due
within one year 8 ( 2,268,179) ( 2,355,337)
_________ _________
Net current assets 676,720 459,538
_________ _________
Total assets less current liabilities 2,477,835 1,971,325
Creditors: amounts falling due
after more than one year 9 ( 254,023) ( 402,512)
Provisions for liabilities ( 286,600) ( 211,000)
_________ _________
Net assets 1,937,212 1,357,813
_________ _________
Capital and reserves
Called up share capital 1,800 1,800
Share premium account 19,200 19,200
Revaluation reserve 131,558 146,517
Profit and loss account 1,784,654 1,190,296
_________ _________
Shareholders funds 1,937,212 1,357,813
_________ _________
For the year ending 31 December 2019 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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 May 2020 , and are signed on behalf of the board by:
S N Wright
Director
Company registration number: 07454710
Rototek Limited
Notes to the financial statements
Year ended 31 December 2019
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Millennium Green Business Centre, Rio Drive, Collingham, Newark, NG23 7NB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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:
Plant and machinery - 10% straight line and 25% reducing balance
Fittings fixtures and equipment - 25% reducing balance
Moulds - 10% straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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 measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
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 103 (2018: 112 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 January 2019 and 31 December 2019 126,000 126,000
_______ _______
Amortisation
At 1 January 2019 102,000 102,000
Charge for the year 24,000 24,000
_______ _______
At 31 December 2019 126,000 126,000
_______ _______
Carrying amount
At 31 December 2019 - -
_______ _______
At 31 December 2018 24,000 24,000
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Moulds Total
£ £ £ £
Cost
At 1 January 2019 1,434,134 200,294 306,156 1,940,584
Additions 551,999 - - 551,999
Disposals - - ( 100,000) ( 100,000)
_________ _______ _______ _________
At 31 December 2019 1,986,133 200,294 206,156 2,392,583
_________ _______ _______ _________
Depreciation
At 1 January 2019 264,849 106,284 81,664 452,797
Charge for the year 124,553 23,502 20,616 168,671
Disposals - - ( 30,000) ( 30,000)
_________ _______ _______ _________
At 31 December 2019 389,402 129,786 72,280 591,468
_________ _______ _______ _________
Carrying amount
At 31 December 2019 1,596,731 70,508 133,876 1,801,115
_________ _______ _______ _________
At 31 December 2018 1,169,285 94,010 224,492 1,487,787
_________ _______ _______ _________
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Plant and machinery Moulds Total
£ £ £
At 31 December 2019
Aggregate cost 777,083 40,410 817,493
Aggregate depreciation (344,344) (16,501) (360,845)
_______ _______ _______
Carrying amount 432,739 23,909 456,648
_______ _______ _______
At 31 December 2018
Aggregate cost 777,083 160,410 937,493
Aggregate depreciation (289,136) (64,460) (353,596)
_______ _______ _______
Carrying amount 487,947 95,950 583,897
_______ _______ _______
Certain items of plant and machinery were revalued during the year ended 31 December 2015.
7. Debtors
2019 2018
£ £
Trade debtors 1,356,396 1,557,477
Other debtors 129,819 55,944
_________ _________
1,486,215 1,613,421
_________ _________
The company operates a factoring arrangement with The Royal Bank of Scotland PLC. This provides the company with flexible sales related finance based on the value of sales invoices assigned. The costs comprise a factoring charge on the value of the invoices assigned together with an interest charge on the amounts advanced.
8. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors 849,913 754,643
Corporation tax - 36,858
Social security and other taxes 133,293 148,637
Other creditors 1,284,973 1,415,199
_________ _________
2,268,179 2,355,337
_________ _________
Hire purchase contracts are secured on the asset to which they relate. RBS Invoice Finance Limited hold a fixed and floating charge over the company's assets.
9. Creditors: amounts falling due after more than one year
2019 2018
£ £
Other creditors 254,023 402,512
_______ _______