Company No:
Contents
DIRECTORS | M Crampton |
K Sankar | |
REGISTERED OFFICE | Unit 5 Buckholt Business Centre |
Buckholt Drive | |
Worcester | |
Worcestershire | |
WR4 9ND | |
United Kingdom | |
COMPANY NUMBER | 08247808(England and Wales) |
CHARTERED ACCOUNTANTS | Bishop Fleming LLP |
1-3 College Yard | |
Worcester | |
WR1 2LB |
We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance/_.
It is your duty to ensure that Rock Power Connections Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Rock Power Connections Ltd. You consider that Rock Power Connections Ltd is exempt from the statutory audit requirement for the financial year.
We have not been instructed to carry out an audit or a review of the financial statements of Rock Power Connections Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Chartered Accountants
Worcester
WR1 2LB
2020 | 2019 | |||
Note | £ | £ | ||
Fixed assets | ||||
Tangible assets | 3 |
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125,807 | 168,006 | |||
Current assets | ||||
Stocks | 4 |
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Debtors | 5 |
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Cash at bank and in hand | 6 |
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3,404,450 | 2,371,787 | |||
Creditors | ||||
Amounts falling due within one year | 7 | (
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Net current assets | 116,612 | 21,175 | ||
Total assets less current liabilities | 242,419 | 189,181 | ||
Creditors | ||||
Amounts falling due after more than one year | 8 | (
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Provisions for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholders' funds |
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Directors’ responsibilities:
The financial statements of Rock Power Connections Ltd (registered number:
M Crampton
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.
Rock Power Connections Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 5 Buckholt Business Centre, Buckholt Drive, Worcester, Worcestershire, WR4 9ND, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of Rock Power Connections Ltd is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
The directors have reviewed budgets and forecasts for a period of 12 months following the date of approval of the financial statements and are of the opinion that the financial statements are correctly prepared on the going concern basis. The Company continues to hold healthy cash reserves and has a strong balance sheet. The directors have considered the going concern of the business in light of challenges faced in relation to COVID-19 and feel that the Company is well structured to respond to these challenges for the foreseeable future. The directors therefore continue to adopt the going concern basis in preparing these financial statements.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Plant and machinery - 3 years straight line
Office equipment - 3 years straight line
Motor vehicles - 3 years straight line
Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Comprehensive Income over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
2020 | 2019 | |
Number | Number | |
Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery | Vehicles | Office equipment | Total | |
£ | £ | £ | £ | |
Cost/Valuation | ||||
At 01 January 2020 |
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Additions |
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At 31 December 2020 |
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Accumulated depreciation | ||||
At 01 January 2020 |
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Charge for the financial year |
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At 31 December 2020 |
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Net book value | ||||
At 31 December 2020 |
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At 31 December 2019 |
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2020 | 2019 | |
£ | £ | |
Stocks |
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2020 | 2019 | |
£ | £ | |
Trade debtors |
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Amounts recoverable on contracts |
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Prepayments |
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Other debtors |
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2020 | 2019 | |
£ | £ | |
Cash at bank and in hand |
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1,723,829 | 1,370,024 |
2020 | 2019 | |
£ | £ | |
Trade creditors |
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Other creditors |
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Accruals |
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Corporation tax |
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Other taxation and social security |
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Payments received on account |
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Obligations under finance leases and hire purchase contracts |
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2020 | 2019 | |
£ | £ | |
Obligations under finance leases and hire purchase contracts |
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8,655 | 33,377 |
Other financial commitments
2020 | 2019 | |
£ | £ | |
Not later than 1 year | 19,750 | 6,750 |
Later than 1 year and not later than 5 years | 32,750 | 13,000 |
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At 31 December 2020 the company had future minimum lease payments under non-cancellable operating leases as above.
Tax charge
2020 | 2019 | |
£ | £ | |
Deferred tax | 23,903 | 0 |
Corporation tax charge | 73,630 | 79,408 |
Research and Development tax credit | (19,221) | 0 |
78,312 | 79,408 |