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COMPANY REGISTRATION NUMBER: 05227378
HEYWOOD ROOFTRUSS COMPANY LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 October 2022
HEYWOOD ROOFTRUSS COMPANY LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2022
Contents
Page
Balance sheet 1
Notes to the financial statements 3
HEYWOOD ROOFTRUSS COMPANY LIMITED
BALANCE SHEET
31 October 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
5
236,854
269,267
Current assets
Stocks
443,342
568,539
Debtors
6
5,629,386
3,944,913
Cash at bank and in hand
475,199
202,444
------------
------------
6,547,927
4,715,896
Creditors: amounts falling due within one year
7
( 4,309,898)
( 2,988,596)
------------
------------
Net current assets
2,238,029
1,727,300
------------
------------
Total assets less current liabilities
2,474,883
1,996,567
Creditors: amounts falling due after more than one year
8
( 915,824)
( 1,209,155)
Provisions
Taxation including deferred tax
( 52,115)
( 54,660)
------------
------------
Net assets
1,506,944
732,752
------------
------------
Capital and reserves
Called up share capital
9
162
162
Share premium account
6,955
6,955
Profit and loss account
1,499,827
725,635
------------
------------
Shareholders funds
1,506,944
732,752
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 October 2022 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
HEYWOOD ROOFTRUSS COMPANY LIMITED
BALANCE SHEET (continued)
31 October 2022
These financial statements were approved by the board of directors and authorised for issue on 16 October 2023 , and are signed on behalf of the board by:
J D Mayo
A S Phillips
Director
Director
Company registration number: 05227378
HEYWOOD ROOFTRUSS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Units 2/3 Alumex Works, Water Lane, Halifax, West Yorkshire, HX3 9HG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity and are rounded to the nearest £. Going concern The company meets its day to day working capital requirements through the use of invoice finance facilities. The directors have a reasonable expectation that these facilities will continue and the company will have adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Operating leases
Rentals paid under operating leases are charged to profit and loss as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property improvements
-
over the length of the lease
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Office equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 56 (2021: 55 ).
5. Tangible assets
Leasehold property improvements
Plant and machinery
Fixtures and fittings
Office equipment
Total
£
£
£
£
£
Cost
At 1 November 2021
100,598
506,171
41,869
176,802
825,440
Additions
10,498
32,155
42,653
------------
------------
------------
------------
------------
At 31 October 2022
100,598
516,669
41,869
208,957
868,093
------------
------------
------------
------------
------------
Depreciation
At 1 November 2021
77,744
301,173
27,376
149,880
556,173
Charge for the year
22,854
30,750
2,174
19,288
75,066
------------
------------
------------
------------
------------
At 31 October 2022
100,598
331,923
29,550
169,168
631,239
------------
------------
------------
------------
------------
Carrying amount
At 31 October 2022
184,746
12,319
39,789
236,854
------------
------------
------------
------------
------------
At 31 October 2021
22,854
204,998
14,493
26,922
269,267
------------
------------
------------
------------
------------
6. Debtors
2022
2021
£
£
Trade debtors
1,670,573
2,029,298
Amounts owed by group undertakings
3,356,650
1,557,769
Prepayments and accrued income
68,833
63,336
Directors loan account
243,957
56,017
Other debtors
289,373
238,493
------------
------------
5,629,386
3,944,913
------------
------------
The debtors above include the following amounts falling due after more than one year:
2022
2021
£
£
Other debtors
7,909
17,492
------------
------------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
275,693
121,657
Trade creditors
1,911,865
1,134,480
Accruals and deferred income
23,925
22,229
Corporation tax
307,785
481,866
Social security and other taxes
154,487
193,915
Obligations under finance leases and hire purchase contracts
17,637
14,802
Other creditors
1,618,506
1,019,647
------------
------------
4,309,898
2,988,596
------------
------------
Obligations under finance leases and hire purchase contracts are secured on the related assets.
Included in other creditors is £1,601,397 (2021: £1,004,319) which is secured on the assets of the company.
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
850,454
1,126,148
Obligations under finance leases and hire purchase contracts
65,370
83,007
------------
------------
915,824
1,209,155
------------
------------
Obligations under finance leases and hire purchase contracts are secured on the related assets.
9. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 0.01 each
16,190
162
16,190
162
------------
------------
------------
------------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2022
2021
£
£
Not later than 1 year
204,680
213,668
Later than 1 year and not later than 5 years
258,514
366,441
Later than 5 years
4,167
------------
------------
463,194
584,276
------------
------------
11. Directors' advances, credits and guarantees
£184,176 (2021: £326,477) was advanced to certain directors in the year and none (2021: £736,008) was repaid. Interest of £3,764 was charged (2021: £6,247). At the year end £243,957 was owed by certain directors to the company (2021: £56,017).
12. Related party transactions
Included in other creditors are amounts due to companies under common control totalling £1,656 (2021: £6,468) and included in other debtors are amounts due from companies under common control totalling £69,013 (2021: £17,688) which are repayable on demand and currently interest free. Also included in debtors are amounts owed by former directors totalling £nil (2021: £6,875) which were repayable on demand. During the year consultancy fees totalling £26,000 (2021: £nil) and £14,425 (2021: £nil) were paid to a company under common control and a director respectively. Certain directors have provided personal guarantees in support of some of the company's finance facilities.
13. Control
The company is a wholly-owned subsidiary of Heywood Timber Holdings Limited. This company is a subsidiary of Heywood Development Capital Limited which is not controlled by any one party.