Roto Spa Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05038372 (England and Wales)

ROTO SPA LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K A Rowntree

J Smith

M G Zacaroli

SECRETARY:

M G Zacaroli

REGISTERED OFFICE:

35 Boldmere Road

Sutton Coldfield

West Midlands

B73 5UY

REGISTERED NUMBER:

05038372 (England and Wales)

ACCOUNTANTS:

Weatherer Bailey Bragg LLP

Chartered Certified Accountants

100 Boldmere Road

Sutton Coldfield

West Midlands

B73 5UB

FIXED ASSETS

Tangible assets

4

145,880

119,844

CURRENT ASSETS

Stocks

5

846,943

294,000

Debtors

6

205,521

28,386

Cash at bank and in hand

298,713

66,161

1,351,177

388,547

CREDITORS

Amounts falling due within one year

7

617,804

386,255

NET CURRENT ASSETS

733,373

2,292

TOTAL ASSETS LESS CURRENT LIABILITIES

879,253

122,136

CREDITORS

Amounts falling due after more than one year

8

(43,334

)

-

PROVISIONS FOR LIABILITIES

(20,076

)

(19,137

)

NET ASSETS

815,843

102,999

CAPITAL AND RESERVES

Called up share capital

10

200

200

Retained earnings

815,643

102,799

SHAREHOLDERS' FUNDS

815,843

102,999

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2021 in accordance with Section 476 of the Companies Act 2006.

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.

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 Board of Directors and authorised for issue on 22 April 2021 and were signed on its behalf by:

M G Zacaroli - Director

1.	STATUTORY INFORMATION

Roto Spa 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.

During the year, a number of employees were placed on furlough due to the interruption in trade as a result of the COVID-19 pandemic. All employees are now back at work and the directors anticipate that they will have sufficient trade for the foreseeable future and therefore consider the going concern basis of preparation to be appropriate.

Turnover

Turnover comprises the invoiced value of goods and services supplied by the company. Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

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

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

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

Government grants

Government grants are recognised using the accruals model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them.

Government grant income claimed in relation to the COVID-19 pandemic job retention scheme for employees which have been placed on furlough, has been claimed in accordance with the relevant guidelines.

Government grant income relating to the interest on the bounce back loan scheme has been recognised in the income statement in the period to which it relates.

Stocks

Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Debtors and creditors

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 administrative expenses.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions expensed as they become payable.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2020 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 February 2020

229,950

17,212

63,405

310,567

Additions

480

5,253

63,085

68,818

At 31 January 2021

230,430

22,465

126,490

379,385

DEPRECIATION

At 1 February 2020

155,664

9,499

25,560

190,723

Charge for year

14,954

2,596

25,232

42,782

At 31 January 2021

170,618

12,095

50,792

233,505

NET BOOK VALUE

At 31 January 2021

59,812

10,370

75,698

145,880

At 31 January 2020

74,286

7,713

37,845

119,844

5.

STOCKS

31/1/21

31/1/20

£

£

Stocks

846,943

294,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/1/21

31/1/20

£

£

Trade debtors

46,924

12,524

Other debtors

88,977

5,000

Prepayments

69,620

10,862

205,521

28,386

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/1/21

31/1/20

£

£

Bank loans and overdrafts

6,667

-

Trade creditors

241,605

89,504

Corporation tax payable

184,931

19,245

Social security & other taxes

6,888

4,276

VAT

35,996

8,096

Other creditors

135,608

162,687

Directors' loan accounts

-

93,038

Accrued expenses

6,109

9,409

617,804

386,255

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/1/21

31/1/20

£

£

Bank loans - 1-2 years

40,000

-

Bank loans more 5 yr by instal

3,334

-

43,334

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

3,334

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

31/1/21

31/1/20

£

£

Bank loans

50,001

-

The UK Government has provided a guarantee for the bounce back loan should the company default on repayment.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/1/21

31/1/20

value:

£

£

200

Ordinary

£1

200

200

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2021 and 31 January 2020:

31/1/21

31/1/20

£

£

M G Zacaroli

Balance outstanding at start of year

(58,788

)

(22,244

)

Amounts advanced

157,365

46,697

Amounts repaid

(98,577

)

(83,241

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

(58,788

)

K A Rowntree

Balance outstanding at start of year

(17,125

)

(6,000

)

Amounts advanced

42,125

6,000

Amounts repaid

(25,000

)

(17,125

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

(17,125

)

J Smith

Balance outstanding at start of year

(17,125

)

(6,000

)

Amounts advanced

27,125

12,000

Amounts repaid

(10,000

)

(23,125

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

(17,125

)

No interest is charged on to the company from the directors. Amounts are repayable on demand.