Roodsafe Limited - Filleted accounts

Roodsafe Limited - Filleted accounts

ROODSAFE LIMITED - Company Information

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Roodsafe Limited
Registered number: 04119480
Balance Sheet
as at 31 December 2016
Notes 2016 2015
£ £
Fixed assets
Intangible assets 3 10,100 10,100
Tangible assets 4 117,685 43,963
127,785 54,063
Current assets
Stocks 93,000 111,000
Debtors 5 331,940 258,626
Cash at bank and in hand 125 104
425,065 369,730
Creditors: amounts falling due within one year 6 (293,947) (296,453)
Net current assets 131,118 73,277
Total assets less current liabilities 258,903 127,340
Creditors: amounts falling due after more than one year 7 (50,893) (13,875)
Provisions for liabilities (21,046) (6,085)
Net assets 186,964 107,380
Capital and reserves
Called up share capital 110 110
Profit and loss account 186,854 107,270
Shareholders' funds 186,964 107,380
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S Rood
Director
Approved by the board on 30 March 2017
Roodsafe Limited
Notes to the Accounts
for the year ended 31 December 2016
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Computer equipment 33% straight line
Motor vehicles 25% reducing balance
Investments
Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2016 2015
Number Number
Average number of persons employed by the company 8 7
3 Intangible fixed assets £
Shares:
Cost
At 1 January 2016 10,100
At 31 December 2016 10,100
Amortisation
At 31 December 2016 -
Net book value
At 31 December 2016 10,100
At 31 December 2015 10,100
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2016 52,037 30,229 82,266
Additions 20,747 73,746 94,493
At 31 December 2016 72,784 103,975 176,759
Depreciation
At 1 January 2016 28,169 10,134 38,303
Charge for the year 6,915 13,856 20,771
At 31 December 2016 35,084 23,990 59,074
Net book value
At 31 December 2016 37,700 79,985 117,685
At 31 December 2015 23,868 20,095 43,963
5 Debtors 2016 2015
£ £
Trade debtors 185,626 214,700
Amounts owed by group undertakings and undertakings in which the company has a participating interest 27,149 18,615
Other debtors 119,165 25,311
331,940 258,626
6 Creditors: amounts falling due within one year 2016 2015
£ £
Bank loans and overdrafts 1,347 57,345
Obligations under finance lease and hire purchase contracts 20,378 4,891
Trade creditors 45,203 78,309
Corporation tax 6,767 9,363
Other taxes and social security costs 80,217 38,814
Other creditors 140,035 107,731
293,947 296,453
7 Creditors: amounts falling due after one year 2016 2015
£ £
Obligations under finance lease and hire purchase contracts 50,893 13,875
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr S Rood
Director's loan account 11,176 119,069 (64,976) 65,269
11,176 119,069 (64,976) 65,269
9 Related party transactions
First Testing Limited is a company under common control with Roodsafe Limited. At 31st December 2016 £26,623 (2015:£18,589) was owed to Roodsafe Limited by First Testing Limited.
Rood Group Holdings Limited is the parent company of Roodsafe Limited. At 31st December 2016 £474 (£2015: £26) was owed by Roodsafe Limited to Rood Group Holdings Limited.
RS Safety Middle East DWC LLC is a company under common control with Roodsafe Limited. At 31st December 2016 £41,542 (£2015: £84,787) was owed to Roodsafe Limited by RS Safety Middle East DWC LLC.
10 Controlling party
The ultimate parent company is Rood Group Holdings Limited, whose registered office is Unit 21 Park Lane Business Centre, Park Lane, Basford, Nottingham, NG6 0DU.
11 Other information
Roodsafe Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 21 Park Lane Business Centre
Park Lane
Basford
Nottingham
NG6 0DU
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