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Hi-Tec Roof Systems Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2018

Registration number: 02868872

 

Hi-Tec Roof Systems Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 8

 

Hi-Tec Roof Systems Limited

Balance Sheet

31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

69,942

79,404

Current assets

 

Stocks

51,300

100,725

Debtors

5

186,281

33,092

Cash at bank and in hand

 

50,577

51,239

 

288,158

185,056

Creditors: Amounts falling due within one year

6

(207,338)

(92,223)

Net current assets

 

80,820

92,833

Total assets less current liabilities

 

150,762

172,237

Creditors: Amounts falling due after more than one year

6

(107,264)

(135,705)

Provisions for liabilities

(11,890)

(13,169)

Net assets

 

31,608

23,363

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

30,608

22,363

Total equity

 

31,608

23,363

 

Hi-Tec Roof Systems Limited

Balance Sheet

31 March 2018

For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 30 October 2018
 

.........................................
Mr S J Mulcock
Director

   
     

Company Registration Number: 02868872

 

Hi-Tec Roof Systems Limited

Notes to the Financial Statements

Year Ended 31 March 2018

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
C/O Francis Clark LLP
North Quay House
Sutton Harbour
Plymouth
Devon
PL4 0RA

The principal place of business is:
74 Cobham Road
Ferndown Industrial Estate
Ferndown
Wimborne
Dorset
BH21 7RN

These financial statements were authorised for issue by the director on 30 October 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Hi-Tec Roof Systems Limited

Notes to the Financial Statements

Year Ended 31 March 2018

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% reducing balance

Motor vehicles

25% reducing balance

Other property, plant and equipment

15% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress 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, stocks are assessed for impairment. If stocks are 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.

 

Hi-Tec Roof Systems Limited

Notes to the Financial Statements

Year Ended 31 March 2018

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2017 - 9).

 

Hi-Tec Roof Systems Limited

Notes to the Financial Statements

Year Ended 31 March 2018

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2017

15,837

130,840

49,050

195,727

Additions

-

12,000

919

12,919

Disposals

-

(14,850)

-

(14,850)

At 31 March 2018

15,837

127,990

49,969

193,796

Depreciation

At 1 April 2017

12,498

62,403

41,422

116,323

Charge for the year

836

17,700

1,202

19,738

Eliminated on disposal

-

(12,207)

-

(12,207)

At 31 March 2018

13,334

67,896

42,624

123,854

Carrying amount

At 31 March 2018

2,503

60,094

7,345

69,942

At 31 March 2017

3,339

68,437

7,628

79,404

5

Debtors

2018
 £

2017
 £

Trade debtors

181,797

32,682

Other debtors

-

410

Prepayments

4,484

-

186,281

33,092

 

Hi-Tec Roof Systems Limited

Notes to the Financial Statements

Year Ended 31 March 2018

6

Creditors

Creditors: amounts falling due within one year

Note

2018
 £

2017
 £

Due within one year

 

Loans and borrowings

7

18,939

26,625

Trade creditors

 

127,895

25,126

Corporation tax

10,976

887

Social security and other taxes

 

39,211

8,860

Other creditors

 

6,617

26,491

Accrued expenses

 

3,700

4,234

 

207,338

92,223

Creditors: amounts falling due after more than one year

Note

2018
£

2017
£

Due after one year

 

Loans and borrowings

7

12,535

30,976

Other creditors

 

94,729

104,729

 

107,264

135,705

7

Loans and borrowings

2018
£

2017
£

Loans and borrowings due after one year

Bank borrowings

3,857

7,685

Finance lease liabilities

8,678

23,291

12,535

30,976

2018
£

2017
£

Current loans and borrowings

Bank borrowings

4,328

4,315

Finance lease liabilities

14,611

22,310

18,939

26,625

 

Hi-Tec Roof Systems Limited

Notes to the Financial Statements

Year Ended 31 March 2018

The above mentioned loans and borrowings are secured against the assets to which they relate.

8

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000