Company registration number 03199332 (England and Wales)
ROCHESTER MIDLAND CORPORATION LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
ROCHESTER MIDLAND CORPORATION LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
ROCHESTER MIDLAND CORPORATION LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
5
1,450,870
1,644,690
Tangible assets
6
432,546
381,394
1,883,416
2,026,084
Current assets
Stocks
131,015
127,506
Debtors
8
1,555,748
1,626,422
Cash at bank and in hand
472,680
581,054
2,159,443
2,334,982
Creditors: amounts falling due within one year
9
(1,333,645)
(1,440,694)
Net current assets
825,798
894,288
Total assets less current liabilities
2,709,214
2,920,372
Creditors: amounts falling due after more than one year
10
(217,898)
(608,524)
Net assets
2,491,316
2,311,848
Capital and reserves
Called up share capital
1,111,190
1,111,190
Profit and loss reserves
1,380,126
1,200,658
Total equity
2,491,316
2,311,848
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 March 2023 and are signed on its behalf by:
Mr H B Calkins
Director
Company Registration No. 03199332
ROCHESTER MIDLAND CORPORATION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2021
1,111,190
816,193
1,927,383
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
384,465
384,465
Balance at 31 December 2021
1,111,190
1,200,658
2,311,848
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
329,468
329,468
Dividends
-
(150,000)
(150,000)
Balance at 31 December 2022
1,111,190
1,380,126
2,491,316
ROCHESTER MIDLAND CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
Rochester Midland Corporation Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Unit 24, Nine Mile Point Industrial Est, Cwmfelinfach, Newport, Cross Keys, United Kingdom, NP11 7HZ.
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues
: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
-
Section 26 ‘Share based Payment’
:
Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements
;
-
Section 33 ‘Related Party Disclosures’
:
Compensation for key management personnel
.
The financial statements of the company are consolidated in the financial statements of
Rochester Midland Corporation
. These consolidated financial statements are available from its registered office,
155 Paragon Drive, Rochester, NY 14624 USA.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
ROCHESTER MIDLAND CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised in the financial statements on delivery of the goods and services to the customer.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.4
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 5 - 10 years.
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.
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:
Leasehold improvements
Fixtures, fittings & equipment
20% to 100% on cost
Motor vehicles
20% on cost
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 are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
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
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand
,
deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
ROCHESTER MIDLAND CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
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 taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
A net deferred asset is regarded as recoverable and therefore recognised only to the extent that, on the basis of all available evidence is can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
1.10
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.
1.11
Foreign exchange
Transactions in currencies other than
pounds sterling
are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
15,000
15,000
ROCHESTER MIDLAND CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
78
78
4
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
441,014
253,714
Company pension contributions to defined contribution schemes
25,761
14,674
466,775
268,388
Remuneration disclosed above include the following amounts paid to the highest paid director:
2022
2021
£
£
Remuneration for qualifying services
201,861
187,764
Company pension contributions to defined contribution schemes
8,483
8,215
5
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2022 and 31 December 2022
2,597,077
Amortisation and impairment
At 1 January 2022
952,387
Amortisation charged for the year
193,820
At 31 December 2022
1,146,207
Carrying amount
At 31 December 2022
1,450,870
At 31 December 2021
1,644,690
ROCHESTER MIDLAND CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
6
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2022
6,056
736,204
742,260
Additions
232,126
232,126
Disposals
(128,938)
(128,938)
At 31 December 2022
6,056
839,392
845,448
Depreciation and impairment
At 1 January 2022
1,999
358,867
360,866
Depreciation charged in the year
1,714
153,038
154,752
Eliminated in respect of disposals
(102,716)
(102,716)
At 31 December 2022
3,713
409,189
412,902
Carrying amount
At 31 December 2022
2,343
430,203
432,546
At 31 December 2021
4,057
377,337
381,394
ROCHESTER MIDLAND CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
7
Subsidiaries
Details of the company's subsidiaries at 31 December 2022 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Eaton Enviromental services Ltd
UK
Provision of water treatment services
Ordinary
100.00
Eaton Enviromental Services (Holdings) Ltd
UK
Holding company
Ordinary
100.00
8
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,390,759
1,512,165
Amounts owed by group undertakings
21,035
12,623
Other debtors
117,394
79,384
1,529,188
1,604,172
2022
2021
Amounts falling due after more than one year:
£
£
Deferred tax asset
26,560
22,250
Total debtors
1,555,748
1,626,422
9
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
224,297
332,743
Amounts owed to group undertakings
363,589
325,261
Corporation tax
118,692
147,131
Other taxation and social security
338,100
320,898
Other creditors
288,967
314,661
1,333,645
1,440,694
Included in the amounts owed to group undertakings is an unsecured loan repayable to the parent company, interest is charged at a rate of Daily Libor + 3.25% with a 4% interest floor.
ROCHESTER MIDLAND CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
10
Creditors: amounts falling due after more than one year
2022
2021
£
£
Amounts owed to group undertakings
217,898
608,524
Included in the amounts owed to group undertakings is an unsecured loan repayable to the parent company, interest is charged at a rate of Daily Libor + 3.25% with a 4% interest floor.
11
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Assets
Assets
2022
2021
Balances:
£
£
Accelerated capital allowances
6,761
5,939
Other timing differences
19,799
16,311
26,560
22,250
2022
Movements in the year:
£
Asset at 1 January 2022
(22,250)
Credit to profit or loss
(4,310)
Asset at 31 December 2022
(26,560)
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Craig Yearsley FCCA.
The auditor was Azets Audit Services
13
Parent company
The ultimate parent company is Rochester Midland Corporation. The company is under the control of Rochester Midland Corporation, 155 Paragon Drive, Rochester, NY 14624 USA.
2022-12-31
2022-01-01
false
31 March 2023
CCH Software
CCH Accounts Production 2022.300
No description of principal activity
This audit opinion is unqualified
Mr H B Calkins
Mr C D Shipley
Mr W Hopkins
Mr S Rhodes
M Green
Mrs P Roberts
Mrs H D Calkins
Mr O G Foster
Mr D R Dunbar
Mr R C Durbridge
Mr W Hopkins
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