Company Registration No. SC472766 (Scotland)
ROFSIE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
James Hair & Co
59 Bonnygate
CUPAR
Fife
UK
KY15 4BY
ROFSIE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
2,700
Tangible assets
4
302
136,315
Investments
5
25
25
327
139,040
Current assets
Stocks
1,525
Debtors
6
146
9,441
Cash at bank and in hand
6,483
13,231
6,629
24,197
Creditors: amounts falling due within one year
7
(120,150)
(264,850)
Net current liabilities
(113,521)
(240,653)
Total assets less current liabilities
(113,194)
(101,613)
Creditors: amounts falling due after more than one year
8
(32,959)
(34,759)
Provisions for liabilities
9
(88)
(117)
Net liabilities
(146,241)
(136,489)
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserve
(146,341)
(136,589)
Total equity
(146,241)
(136,489)
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ROFSIE LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2022
31 March 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 10 February 2023 and are signed on its behalf by:
Mr Andrew Thomson
Director
Company Registration No. SC472766
ROFSIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
1
Accounting policies
Company information
Rofsie Limited is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
59 Bonnygate, CUPAR, Fife, UK, KY15 4BY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements. The appropriateness of this is dependant upon the continued support of the director.
1.3
Turnover
Turnover comprises the invoiced value of consultancy services provided by the company, net of Value Added Tax and trade discounts.
In the previous year,
turnover comprises the invoiced value of
consultancy services, farming and cottage rentals provided
by the company, net of Value Added Tax and trade discounts.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website costs
20% straight line
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
ROFSIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Tenants improvements
2% straight line
Plant and machinery
25% reducing balance
Office equipment
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Stocks
Stocks and work in progress including short term contracts are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving stocks. Cost comprises direct expenditure and an appropriate proportion of fixed and variable overheads.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Financial instruments
Basic financial instruments are recognised at amortised cost using the effective interest method except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in the profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with charges recognised in profit and loss.
1.8
Taxation
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
income statement
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
income statement
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
ROFSIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 5 -
1.9
Provisions
Provisions are recognised when the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i
s
measured at present value
,
the unwinding of the discount is recognised as a finance cost in
profit
or
loss
in the period
in which
it arises.
1.10
Pensions
The company operates a defined contribution pension scheme and the pension charge represents the amounts paid by the company to the funds in respect of the year.
1.11
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.12
Investments in shares are initially recognised at fair value, which is normally the transaction price less the transaction costs. Subsequent measurement is at fair value, where shares are publicly
t
raded or their fair value can be measured reliably. Where fair value cannot be measured reliably, investments are included at cost less impairment.
The shares in listed investments were valued based on closing middle market price. Unlisted investments were valued by the directors.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
5
ROFSIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
3
Intangible fixed assets
Website costs
£
Cost
At 1 April 2021
3,375
Disposals
(3,375)
At 31 March 2022
Amortisation and impairment
At 1 April 2021
675
Disposals
(675)
At 31 March 2022
Carrying amount
At 31 March 2022
At 31 March 2021
2,700
4
Tangible fixed assets
Tenants improvements
Plant and machinery
Office equipment
Total
£
£
£
£
Cost
At 1 April 2021
119,685
55,880
5,317
180,882
Disposals
(119,685)
(55,056)
(174,741)
At 31 March 2022
824
5,317
6,141
Depreciation and impairment
At 1 April 2021
5,362
34,228
4,977
44,567
Depreciation charged in the year
234
234
Eliminated in respect of disposals
(5,362)
(33,600)
(38,962)
At 31 March 2022
628
5,211
5,839
Carrying amount
At 31 March 2022
196
106
302
At 31 March 2021
114,323
21,652
340
136,315
5
Fixed asset investments
2022
2021
£
£
Other investments other than loans
25
25
ROFSIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 April 2021 & 31 March 2022
25
Carrying amount
At 31 March 2022
25
At 31 March 2021
25
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
146
2,700
Other debtors
5,191
Prepayments and accrued income
1,550
146
9,441
7
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
1,241
1,241
Trade creditors
9,733
Other taxation and social security
1,252
Other creditors
813
9,080
Directors current accounts
115,294
241,711
Accruals and deferred income
1,550
3,085
120,150
264,850
8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
32,959
34,759
ROFSIE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 8 -
9
Provisions for liabilities
2022
2021
£
£
Government grants
88
117
Movements on provisions:
Government grants
£
At 1 April 2021
117
Reversal of provision
(29)
At 31 March 2022
88
10
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100