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D.F.R. Roofing Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2023

Registration number: 03339715

 

D.F.R. Roofing Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

D.F.R. Roofing Limited

Balance Sheet

31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

409

Tangible assets

5

366,162

355,327

Investment property

6

495,000

450,000

 

861,162

805,736

Current assets

 

Stocks

58,921

51,640

Debtors

7

2,373,852

3,176,444

Cash at bank and in hand

 

109,165

79,089

 

2,541,938

3,307,173

Creditors: Amounts falling due within one year

8

(1,753,022)

(3,023,963)

Net current assets

 

788,916

283,210

Total assets less current liabilities

 

1,650,078

1,088,946

Creditors: Amounts falling due after more than one year

8

(331,176)

(24,953)

Provisions for liabilities

(73,856)

(62,502)

Net assets

 

1,245,046

1,001,491

Capital and reserves

 

Called up share capital

10

1,000

1,000

Fair value reserve

171,028

129,901

Profit and loss account

1,073,018

870,590

Shareholders' funds

 

1,245,046

1,001,491

 

D.F.R. Roofing Limited

Balance Sheet

31 March 2023

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 Board on 12 October 2023 and signed on its behalf by:
 

.........................................
Mr P J Douglas
Director

Company Registration Number: 03339715

 

D.F.R. Roofing Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

1

General information

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

The address of its registered office and principal place of business is:
Douglas House
Western Park Road
Plymouth
Devon
PL3 4NU

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.

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.

 

D.F.R. Roofing Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

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 balance sheet 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

Freehold Property

50 year straight line (property only)

Leasehold Property

50 year straight line

Plant & Machinery

10% reducing balance

Fixtures & Fittings

10% reducing balance

Motor Vehicles

25% reducing balance

Computer Equipment

3 year straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Intangible assets

Intangible assets are stated in balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment loss.

The cost of intangible assets includes directly attrtibutable incremental costs incurred in their acquisition.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website Development

3 year straight line

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

 

D.F.R. Roofing Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; 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.

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.


 

 

D.F.R. Roofing Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 62 (2022 - 58).

4

Intangible assets

Website development
 £

Cost or valuation

At 1 April 2022

5,825

At 31 March 2023

5,825

Amortisation

At 1 April 2022

5,416

Amortisation charge

409

At 31 March 2023

5,825

Carrying amount

At 31 March 2023

-

At 31 March 2022

409

 

D.F.R. Roofing Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

5

Tangible assets

Land and buildings
£

Fixtures & fittings
 £

Motor vehicles
 £

Plant & equipment
 £

Total
£

Cost or valuation

At 1 April 2022

150,266

77,592

538,289

135,631

901,778

Additions

-

10,500

66,150

6,487

83,137

Disposals

-

-

(25,500)

(28)

(25,528)

At 31 March 2023

150,266

88,092

578,939

142,090

959,387

Depreciation

At 1 April 2022

51,409

67,138

341,586

86,318

546,451

Charge for the year

2,841

4,126

58,297

5,166

70,430

Eliminated on disposal

-

-

(23,654)

(2)

(23,656)

At 31 March 2023

54,250

71,264

376,229

91,482

593,225

Carrying amount

At 31 March 2023

96,016

16,828

202,710

50,608

366,162

At 31 March 2022

98,857

10,454

196,703

49,313

355,327

Included within the net book value of land and buildings above is £58,440 (2022 - £60,182) in respect of freehold land and buildings and £37,576 (2022 - £38,675) in respect of long leasehold land and buildings.
 

6

Investment properties

2023
£

At 1 April 2021 and 31 March 2022

450,000

Fair value adjustments

45,000

At 31 March

495,000

At the balance sheet date, it was the opinion of the directors that the carrying value of the investment properties represented the fair value of the property.

 

D.F.R. Roofing Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

7

Debtors

2023
£

2022
£

Trade debtors

1,870,860

2,600,205

Prepayments

67,547

58,680

Other debtors

435,445

517,559

2,373,852

3,176,444

8

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

9

186,509

48,540

Trade creditors

 

1,042,058

813,507

Accrued expenses

 

33,608

38,289

Other creditors

 

9,664

20,222

Outstanding defined contribution pension costs

 

13,154

39,333

Social security and other taxes

 

332,052

2,064,072

Corporation tax

135,977

-

 

1,753,022

3,023,963

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

331,176

24,953

9

Loans and borrowings

2023
£

2022
£

Loans and borrowings due after one year

HP and finance lease liabilities

25,730

24,953

Other borrowings

305,446

-

331,176

24,953

 

D.F.R. Roofing Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

2023
£

2022
£

Current loans and borrowings

HP and finance lease liabilities

22,168

23,860

Other borrowings

164,341

24,680

186,509

48,540

HP and finance lease liabilities are secured against the assets to which they relate.

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2022 - £720).