Royce Communications Limited Filleted accounts for Companies House (small and micro)

Royce Communications Limited Filleted accounts for Companies House (small and micro)

ROYCE COMMUNICATIONS LIMITED - Company Information

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17 25 May 2022 false false false false false false false false false true false false false false false false No description of principal activity 2021-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 101 101 101 xbrli:pure xbrli:shares iso4217:GBP 02236752 2021-04-01 2022-03-31 02236752 2022-03-31 02236752 2021-03-31 02236752 2020-04-01 2021-03-31 02236752 2021-03-31 02236752 core:MotorVehicles 2021-04-01 2022-03-31 02236752 bus:Director2 2021-04-01 2022-03-31 02236752 core:MotorVehicles 2021-03-31 02236752 core:MotorVehicles 2022-03-31 02236752 core:WithinOneYear 2022-03-31 02236752 core:WithinOneYear 2021-03-31 02236752 core:AfterOneYear 2022-03-31 02236752 core:AfterOneYear 2021-03-31 02236752 core:ShareCapital 2022-03-31 02236752 core:ShareCapital 2021-03-31 02236752 core:RetainedEarningsAccumulatedLosses 2022-03-31 02236752 core:RetainedEarningsAccumulatedLosses 2021-03-31 02236752 core:CostValuation core:Non-currentFinancialInstruments 2022-03-31 02236752 core:Non-currentFinancialInstruments 2022-03-31 02236752 core:Non-currentFinancialInstruments 2021-03-31 02236752 core:MotorVehicles 2021-03-31 02236752 bus:SmallEntities 2021-04-01 2022-03-31 02236752 bus:Audited 2021-04-01 2022-03-31 02236752 bus:FullAccounts 2021-04-01 2022-03-31 02236752 bus:SmallCompaniesRegimeForAccounts 2021-04-01 2022-03-31 02236752 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31
COMPANY REGISTRATION NUMBER: 02236752
Royce Communications Limited
Filleted Financial Statements
31 March 2022
Royce Communications Limited
Statement of Financial Position
31 March 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
5
40,388
43,047
Investments
6
101
101
--------
--------
40,489
43,148
Current assets
Stocks
312,924
525,167
Debtors
7
432,746
534,989
Cash at bank and in hand
258,988
419,375
------------
------------
1,004,658
1,479,531
Creditors: amounts falling due within one year
8
405,851
720,609
------------
------------
Net current assets
598,807
758,922
---------
---------
Total assets less current liabilities
639,296
802,070
Creditors: amounts falling due after more than one year
9
161,850
203,350
---------
---------
Net assets
477,446
598,720
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
477,346
598,620
---------
---------
Shareholders funds
477,446
598,720
---------
---------
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 income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 25 May 2022 , and are signed on behalf of the board by:
Mr B D Mitchell
Director
Company registration number: 02236752
Royce Communications Limited
Notes to the Financial Statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in England and Wales.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
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.
Revenue recognition
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; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Motor vehicles
-
25% straight line
Fixtures, fittings and equipment
-
10 % reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
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 stock to its present location and condition.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2021: 17 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 April 2021
5,000
140,592
145,592
Additions
–
2,801
2,801
-------
---------
---------
At 31 March 2022
5,000
143,393
148,393
-------
---------
---------
Depreciation
At 1 April 2021
1,250
101,295
102,545
Charge for the year
1,250
4,210
5,460
-------
---------
---------
At 31 March 2022
2,500
105,505
108,005
-------
---------
---------
Carrying amount
At 31 March 2022
2,500
37,888
40,388
-------
---------
---------
At 31 March 2021
3,750
39,297
43,047
-------
---------
---------
6. Investments
Shares in group undertakings
£
Cost
At 1 April 2021 and 31 March 2022
101
----
Impairment
At 1 April 2021 and 31 March 2022
–
----
Carrying amount
At 31 March 2022
101
----
At 31 March 2021
101
----
7. Debtors
2022
2021
£
£
Trade debtors
396,622
512,303
Other debtors
36,124
22,686
---------
---------
432,746
534,989
---------
---------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
311,757
606,105
Amounts owed to group undertakings and undertakings in which the company has a participating interest
10,461
10,461
Social security and other taxes
24,088
40,208
CBILS Loan account
45,650
45,650
Other creditors
13,895
18,185
---------
---------
405,851
720,609
---------
---------
9. Creditors: amounts falling due after more than one year
2022
2021
£
£
CBILS Loan account
161,850
203,350
---------
---------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2022
2021
£
£
Not later than 1 year
15,000
2,500
--------
-------
11. Summary audit opinion
The auditor's report for the year dated 25 May 2022 was unqualified .
The senior statutory auditor was Stephen Seifert , for and on behalf of Elliot Woolfe & Rose Audit and Advisory Services LLP .