Rovco Limited - Period Ending 2019-12-31
Rovco Limited - Period Ending 2019-12-31
Registration number:
Rovco Limited
for the Period from 1 September 2018 to 31 December 2019
(Prepared in accordance with FRS 102 Section 1A - Filleted)
Westbury Court
Church Road
Westbury on Trym
Bristol
BS9 3EF
Rovco Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Financial Statements |
Rovco Limited
Company Information
Directors |
Mr B J Allen Mr M C Young Mr A Bloxam Mr R Longdon Mr J M Yeomans |
Registered office |
|
Accountants |
|
Page 1 |
Rovco Limited
(Registration number: 9742877)
Balance Sheet as at 31 December 2019
Note |
2019 |
2018 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
- |
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Share premium reserve |
|
|
|
Revaluation reserve |
- |
|
|
Share option reserve |
|
- |
|
Profit and loss account |
( |
( |
|
Total equity |
|
|
For the financial period 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Page 2 |
Rovco Limited
Notes to the Financial Statements for the Period from 1 September 2018 to 31 December 2019
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in sterling.
Changes in accounting policy
New standards, interpretations and amendments effective
The following have been applied for the first time from 1 September 2018 and have had an effect on the financial statements:
Revaluation of plant & machinery
The revaluation of items of plant and machinery in 2018, has been reversed, and all items are stated at cost less depreciation.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Page 3 |
Rovco Limited
Notes to the Financial Statements for the Period from 1 September 2018 to 31 December 2019
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant & Machinery |
10 Years Straight Line |
Motor Vehicles |
5 Years Straight Line |
Office Equipment |
5 Years Straight Line |
Computer Equipment |
2 Years Straight Line |
Minor Equipment |
3 years Straight Line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are recognised at the transaction price (which is usually the invoice price), less any impairment for bad and doubtful debts.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Trade creditors
Trade creditors are recognised at the transaction price (which is usually the invoice price).
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Page 4 |
Rovco Limited
Notes to the Financial Statements for the Period from 1 September 2018 to 31 December 2019
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Page 5 |
Rovco Limited
Notes to the Financial Statements for the Period from 1 September 2018 to 31 December 2019
Tangible assets |
Office & Computer Equipment |
Motor vehicles |
Minor Equipment |
Plant & Machinery |
Total |
|
Cost or valuation |
|||||
At 1 September 2018 |
|
|
- |
|
|
Revaluations |
- |
- |
- |
( |
( |
Additions |
|
- |
|
|
|
At 31 December 2019 |
|
|
|
|
|
Depreciation |
|||||
At 1 September 2018 |
|
|
- |
|
|
Charge for the period |
|
|
|
|
|
Eliminated on disposal |
- |
- |
- |
( |
( |
At 31 December 2019 |
|
|
|
|
|
Carrying amount |
|||||
At 31 December 2019 |
|
|
|
|
|
At 31 August 2018 |
|
|
- |
|
|
Stocks |
2019 |
2018 |
|
Stock |
- |
|
Debtors |
2019 |
2018 |
|
Trade debtors |
|
- |
Prepayments |
|
|
Other debtors |
|
|
|
|
Page 6 |
Rovco Limited
Notes to the Financial Statements for the Period from 1 September 2018 to 31 December 2019
Creditors |
Creditors: amounts falling due within one year
2019 |
2018 |
|
Due within one year |
||
Trade creditors |
|
|
Taxation and social security |
|
|
Accruals and deferred income |
|
|
Other creditors |
|
|
|
|
Related party transactions |
Key management compensation
2019 |
2018 |
|
Salaries and other short term employee benefits |
|
|
Post-employment benefits |
|
|
|
|
Page 7 |