ACCOUNTS - Final Accounts

ROCKWELL INDUSTRIES LTD - Company Information

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Registered number: 07345451

ROCKWELL INDUSTRIES LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

ROCKWELL INDUSTRIES LIMITED

CONTENTS

	Page
Accountants' report	1
Balance sheet	2 - 3
Notes to the financial statements	4 - 12

ROCKWELL INDUSTRIES LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ROCKWELL INDUSTRIES LIMITED
FOR THE YEAR ENDED 31 MARCH 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Rockwell Industries Limited for the year ended 31 March 2017 which comprise the Balance sheet and the related notes from the Company accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/ members/regulations-standards-and-guidance/.

This report is made solely to the director of Rockwell Industries Limited in accordance with the terms of our engagement letter dated 19 May 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Rockwell Industries Limited and state those matters that we have agreed to state to the director of Rockwell Industries Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rockwell Industries Limited and its director for our work or for this report.

It is your duty to ensure that Rockwell Industries Limited 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 or loss of Rockwell Industries Limited. You consider that Rockwell Industries Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Rockwell Industries Limited. 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.

MA Partners LLP

Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ

17 April 2018

Page 1

ROCKWELL INDUSTRIES LIMITED

REGISTERED NUMBER: 07345451

BALANCE SHEET

AS AT 31 MARCH 2017

		2017		2016
Note		£		£

Fixed assets
Tangible assets	4		128,056		510,581
Investment property			600,000		-
			728,056		510,581
Current assets
Stocks	6	225,000		242,305
Debtors: amounts falling due within one year	7	229,612		48,812
Cash at bank and in hand		4		3,319
		454,616		294,436
Creditors: amounts falling due within one year	8	(1,318,476)		(1,106,518)
Net current liabilities			(863,860)		(812,082)
Total assets less current liabilities			(135,804)		(301,501)
Provisions for liabilities
Deferred tax		(40,593)		-
			(40,593)		-
Net liabilities			(176,397)		(301,501)

Capital and reserves
Called up share capital	1	1
Other reserves	191,103	-
Profit and loss account	(367,501)	(301,502)
	(176,397)	(301,501)

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Page 2

ROCKWELL INDUSTRIES LIMITED

REGISTERED NUMBER: 07345451

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2017

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 April 2018.

................................................

Mr M T Misket

Director

The notes on pages 4 to 12 form part of these financial statements.

Page 3

ROCKWELL INDUSTRIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

1.	General information

The Company is a private company incorporated in the United Kingdom and limited by shares. It is registered in England and Wales. The address of its registered office is 12 Roman Road, Thetford House, Thetford, Norfolk, IP24 1XB.
The company's principal activity is that of the manufacture and decoration of clothing.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements for the year ended 31 March 2017 are the company’s first financial statements that comply with FRS 102. The company’s date of transition to FRS 102 is 1 April 2015. The company’s last financial statements prepared in accordance with previous UK GAAP were for the year ended 31 March 2016.
The principal accounting policies adopted in the preparation of the financial statements are set out below, remain unchanged from the previous year and have been consistently applied within the same accounts.

The following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on the going concern basis on the understanding that the director will continue to support the company. The management are also looking at ceasing certain lines of the business and focusing on the more profitable areas.

Page 4

ROCKWELL INDUSTRIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical 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.

Page 5

ROCKWELL INDUSTRIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

2.Accounting policies (continued)

2.4

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis:.

Depreciation is provided on the following basis:

Freehold property	-		Not depreciated
Plant and machinery	-	25%	reducing balance
Motor vehicles	-	25%	reducing balance
Fixtures and fittings	-	25%	reducing balance
Office equipment	-	25%	straight line
Website	-		5 year straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

2.5

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss

2.7

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.8

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Page 6

ROCKWELL INDUSTRIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

2.Accounting policies (continued)

2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.11

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.12

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

2.13

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

Page 7

ROCKWELL INDUSTRIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

2.Accounting policies (continued)

2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Employees

The average monthly number of employees, including directors, during the year was 8 (2016 - 5).

Page 8

ROCKWELL INDUSTRIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

4.	Tangible fixed assets

	Freehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Office equipment	Website
	£	£	£	£	£	£
Cost or valuation
At 1 April 2016	460,380	56,627	10,025	6,507	13,150	7,000
Additions	-	5,550	10,667	1,950	1,387	-
Disposals	-	-	(20,692)	-	-	(1,750)
Transfers between classes	(368,304)	-	-	-	-	-
At 31 March 2017	92,076	62,177	-	8,457	14,537	5,250
Depreciation
At 1 April 2016	-	29,578	2,506	3,175	5,981	1,867
Charge for the year on owned assets	-	8,150	-	1,320	3,318	1,050
Disposals	-	-	(2,506)	-	-	-
At 31 March 2017	-	37,728	-	4,495	9,299	2,917
Net book value
At 31 March 2017	92,076	24,449	-	3,962	5,238	2,333
At 31 March 2016	460,380	27,048	7,519	3,332	7,169	5,133

Page 9

ROCKWELL INDUSTRIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

4.Tangible fixed assets (continued)

		Total
		£
	Cost or valuation
	At 1 April 2016	553,689
	Additions	19,554
	Disposals	(22,442)
	Transfers between classes	(368,304)
	At 31 March 2017	182,497
	Depreciation
	At 1 April 2016	43,107
	Charge for the year on owned assets	13,838
	Disposals	(2,506)
	At 31 March 2017	54,439
	Net book value
	At 31 March 2017	128,058
	At 31 March 2016	510,581

5.	Investment property

		Freehold investment property
		£
	Valuation
	Transfer from freehold property	368,304
	Fair value adjustment	231,696
	At 31 March 2017	600,000

The 2017 valuations were made by the directors, on an open market value for existing use basis.

Page 10

ROCKWELL INDUSTRIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

6.	Stocks
		2017	2016
		£	£

Finished goods and goods for resale	225,000	242,305
	225,000	242,305

Debtors

					2017	2016
					£	£


Trade debtors	6,281	-
Other debtors	223,081	48,561
Prepayments and accrued income	250	251
	229,612	48,812

8.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Bank overdrafts	23,261	-
Trade creditors	17,274	14,404
Corporation tax	51,093	-
Other taxation and social security	29,155	10,794
Other creditors	1,148,536	1,077,635
Accruals and deferred income	49,157	3,685
	1,318,476	1,106,518

Page 11

ROCKWELL INDUSTRIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

9.	Deferred taxation

		2017
		£

	Charged to profit or loss	(40,593)
	At end of year	(40,593)

The deferred taxation balance is made up as follows:
	2017	2016
	£	£

	Revaluation of investment properties	(40,593)	-
		(40,593)	-

10.

Reserves

Other reserves

The fair value reserve is the accumulation of revaluations on investment properties which are revalued annually to give a true and fair view, less potential tax payable on the disposal of the investment property, which is included in deferred tax. Deferred tax is calculated on the current rate of corporation tax applicable to the UK. The debit and credit amounts are transfers from the profit and loss account.

11.	Transactions with directors

The balance owing to the company as at 1 April 2016 was £48,385. During the year the company advanced £188,029 and the director repaid £77,871. As at 31 March 2017, the director owed £158,543 to the company. This loan is included in other debtors note 7 to the financial statements and is repayable on demand. Interest totalling £2,832 (2016 - £176) was paid by the director to the company during the year. The interest rate charged was 3%.

12.	Related party transactions
	Included within other creditors falling due within one year is a loan balance of £1,080,168 owed to Ancora International Limited, a company in which the director is also a director and shareholder.

13.	First time adoption of FRS 102 The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

Page 12