ROL Testing Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI602185 (Northern Ireland)

ROL TESTING LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Richard O'Lone

REGISTERED OFFICE:

34A Tullyallen Road

Dungannon

Co. Tyrone

BT70 3AF

BUSINESS ADDRESS:

Unit 10

Kilcronagh Business Park

Cookstown

Co. Tyrone

BT80 9HG

REGISTERED NUMBER:

NI602185 (Northern Ireland)

ACCOUNTANTS:

CavanaghKelly

Chartered Accountants

36-38 Northland Row

Dungannon

Co. Tyrone

BT71 6AP

BANKERS:

Bank of Ireland

32 James St

Cookstown

Co. Tyrone

BT80 8LU

NON-CURRENT ASSETS

Intangible assets

5

-

-

Tangible assets

6

54,989

64,492

54,989

64,492

CURRENT ASSETS

Inventories

7

31,815

131,714

Receivables

8

370,483

316,034

Cash at bank

138,295

152,552

540,593

600,300

PAYABLES

Amounts falling due within one year

9

(356,842

)

(635,632

)

NET CURRENT ASSETS/(LIABILITIES)

183,751

(35,332

)

TOTAL ASSETS LESS CURRENT LIABILITIES

238,740

29,160

PAYABLES

Amounts falling due after more than one year

10

(76,101

)

(18,282

)

PROVISIONS FOR LIABILITIES

(9,477

)

(11,221

)

NET ASSETS/(LIABILITIES)

153,162

(343

)

CAPITAL AND RESERVES

Called up share capital

11

1,000

1,000

Retained earnings

152,162

(1,343

)

SHAREHOLDERS' FUNDS

153,162

(343

)

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2020.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 October 2020 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 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 director and authorised for issue on 15 June 2021 and were signed by:

Richard O'Lone - Director

1.	STATUTORY INFORMATION

Rol Testing Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention modified when necessary to include the revaluation of certain fixed assets.

The accounting policies detailed below have been applied consistently throughout the year.

Revenue

Revenue comprises of the invoice value of goods and services supplied by the company, exclusive of trade discounts and value added tax. Revenue is recognised upon supply of goods and services to the customer.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of five years.

Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Statement of Financial Position and amortised on a straight-line basis over its economic useful life of 5 years, which is estimated to be the period during which benefits are expected to arise. On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.

Goodwill is reviewed for impairment at the end of the first full financial year following acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

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.

Property, plant and equipment

Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. 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.

The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Plant and machinery

20% Straight line

Fixtures, fittings and equipment

20% Straight line

Motor vehicles

25% Straight line

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Government grants

Capital grants received and receivable are treated as deferred income and amortised to the Income Statement annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Income Statement when received.

Inventories

Inventories are valued at the lower of cost and net realisable value. Inventories are determined on a first- in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

Taxation and deferred taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. The resulting exchange differences are dealt with in the Income Statement.

Leasing and hire purchases

Property, plant and equipment held under leasing and Hire purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Income Statement.

Rentals payable under operating leases are dealt with in the Income Statement as incurred over the period of the rental agreement.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand and deposits held at call with banks.

Cash flow statement

The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2019 - 26 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2019

and 31 October 2020

100,000

AMORTISATION

At 1 November 2019

and 31 October 2020

100,000

NET BOOK VALUE

At 31 October 2020

-

At 31 October 2019

-

6.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 November 2019

94,939

98,806

199,605

393,350

Additions

5,250

601

33,921

39,772

Disposals

-

-

(31,175

)

(31,175

)

At 31 October 2020

100,189

99,407

202,351

401,947

DEPRECIATION

At 1 November 2019

80,976

83,219

164,663

328,858

Charge for year

6,584

5,839

20,419

32,842

Eliminated on disposal

-

-

(14,742

)

(14,742

)

At 31 October 2020

87,560

89,058

170,340

346,958

NET BOOK VALUE

At 31 October 2020

12,629

10,349

32,011

54,989

At 31 October 2019

13,963

15,587

34,942

64,492

7.	INVENTORIES

2020

2019

£

£

Inventories

31,815

131,714

8.

RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade receivables

143,452

306,365

Other receivables

227,031

9,669

370,483

316,034

9.

PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

53,161

316,198

Hire purchase contracts

12,256

22,535

Trade payables

37,773

251,042

Taxation and social security

76,025

34,291

Other payables

177,627

11,566

356,842

635,632

10.

PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR

2020

2019

£

£

Hire purchase contracts

26,101

18,282

Bank Loans

50,000

-

76,101

18,282

The hire purchase liabilities are secured upon the assets to which they relate.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

1,000

Ordinary

1

1,000

1,000

12.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the year end, an amount of £9,461 (2019 : £2,000) was owing to the company from the Director.