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Registered number: 04710777










AVENIR ROOFING LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
AVENIR ROOFING LIMITED
 
 
COMPANY INFORMATION


Director
J Swift 




Company secretary
S Swift



Registered number
04710777



Registered office
Unit 7, Blenheim Road
Cressex Business Park

High Wycombe

Buckinghamshire

HP12 3RS




Auditor
Lancasters (Accountants) Limited
Chartered Accountants

Manor Courtyard

Aston Sandford

Bucks

HP17 8JB





 
AVENIR ROOFING LIMITED
 

CONTENTS



Page
Strategic Report
 
 
1 - 2
Director's Report
 
 
3 - 4
Independent Auditors' Report
 
 
5 - 8
Statement of Income and Retained Earnings
 
 
9
Statement of Financial Position
 
 
10
Statement of Changes in Equity
 
 
11 - 12
Statement of Cash Flows
 
 
13
Analysis of Net Debt
 
 
14
Notes to the Financial Statements
 
 
15 - 25


 
AVENIR ROOFING LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

Introduction
 
The director presents his strategic report for the year ended 31 March 2023.

Business review
 
2022 was another busy year for Avenir Roofing Ltd.
Price rise uncertainty in the industry appears to have now ceased and we are better able to offer stability to our customers.
A new key supplier agreement is also now in place with an international supplier who is providing us with a fantastic  product range.
Our customers are delighted with the quality and value of the system and we intend promoting it heavily during the coming year.
We are shortly taking possession of new larger premises which will greatly improve our stockholding capacity and further improve and streamline our freight logistics.

Principal risks and uncertainties
 
Given the nature of the business, the principal risks and uncertainties are economic and operational.
Economic
The economic risk is based on risk of inflation, a downturn in the economy, increased costs in both materials and overheads, and exchange risk due to a large percentage of material costs being imported from outside the UK. These are managed by continued investment in the sales team and website, together with a continued focus on cost reduction, and maintaining our good currency management to mitigate risk.
Operational
Being able to supply all stocked items and deliver on time is fundamental to our business.  Procedures are in place to deliver materials on time, and to stock items locally.  The website is updated to show stock availably and online ordering.  Pricing is constantly monitored, and costs can be appropriately and quickly updated with customers both trade and retail.

Financial key performance indicators
 
The key performance indicators that the board monitor with regard to financial performance are as follows:    
   
Turnover
An increase in turnover to £15,037,142 from £14,334,740.
Gross Profit
A decrease in gross profit to £4,315,471 from £4,713,879.
Gross Profit Margin
A decrease in gross profit margin to 29% from 33%. 
The directors will aim to continue to enhance performance by making use of KPI’s, in addition to monitoring non-financial matters including health and safety, staff retention, and customer service.

Page 1

 
AVENIR ROOFING LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023


This report was approved by the board on 5 October 2023 and signed on its behalf.



J Swift
Director

Page 2

 
AVENIR ROOFING LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The director presents his report and the financial statements for the year ended 31 March 2023.

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £2,119,192 (2022 - £2,668,063).



Director

The director who served during the year and his interest in the Company's issued share capital was:

Ordinary shares
of £1 each

31/3/23

1/4/22


J Swift 
51
51


Future developments

Details of future developments are disclosed within the strategic report on page 1 of the financial statements.

Page 3

 
AVENIR ROOFING LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

Under section 487(2) of the Companies Act 2006Lancasters (Accountants) Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 5 October 2023 and signed on its behalf.
 





J Swift
Director

Page 4

 
AVENIR ROOFING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AVENIR ROOFING LIMITED
 

Opinion


We have audited the financial statements of Avenir Roofing Limited (the 'Company') for the year ended 31 March 2023, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Page 5

 
AVENIR ROOFING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AVENIR ROOFING LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' Report thereon.  The director is responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 3, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
AVENIR ROOFING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AVENIR ROOFING LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:



As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director.
Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


Page 7

 
AVENIR ROOFING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AVENIR ROOFING LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Richard V Griggs (Senior Statutory Auditor)
  
for and on behalf of
Lancasters (Accountants) Limited
 
Chartered Accountants
  
Manor Courtyard
Aston Sandford
Bucks
HP17 8JB

5 October 2023
Page 8

 
AVENIR ROOFING LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£

  

Turnover
 3 
15,037,142
14,334,740

Cost of sales
  
(10,721,671)
(9,620,861)

Gross profit
  
4,315,471
4,713,879

Administrative expenses
  
(1,739,320)
(1,427,649)

Operating profit
  
2,576,151
3,286,230

Interest receivable and similar income
 7 
22,461
5,977

Interest payable and similar expenses
 8 
(1,915)
(220)

Profit before tax
  
2,596,697
3,291,987

Tax on profit
  
(477,505)
(623,924)

Profit after tax
  
2,119,192
2,668,063

  

  

Retained earnings at the beginning of the year
  
5,750,776
3,145,913

  
5,750,776
3,145,913

Profit for the year
  
2,119,192
2,668,063

Dividends declared and paid
  
(43,200)
(63,200)

Retained earnings at the end of the year
  
7,826,768
5,750,776
The notes on pages 15 to 25 form part of these financial statements.

Page 9

 
AVENIR ROOFING LIMITED
REGISTERED NUMBER: 04710777

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
265,822
166,153

  
265,822
166,153

Current assets
  

Stocks
  
3,362,214
3,596,605

Debtors: amounts falling due within one year
 13 
1,873,015
1,733,343

Cash at bank and in hand
 14 
4,223,847
2,560,412

  
9,459,076
7,890,360

Creditors: amounts falling due within one year
 15 
(1,872,022)
(2,283,661)

Net current assets
  
 
 
7,587,054
 
 
5,606,699

Total assets less current liabilities
  
7,852,876
5,772,852

Provisions for liabilities
  

Deferred tax
 16 
(26,008)
(21,976)

  
 
 
(26,008)
 
 
(21,976)

Net assets
  
7,826,868
5,750,876


Capital and reserves
  

Called up share capital 
 17 
100
100

Profit and loss account
  
7,826,768
5,750,776

  
7,826,868
5,750,876


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 October 2023.




J Swift
Director

The notes on pages 15 to 25 form part of these financial statements.
Page 10

 
AVENIR ROOFING LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2022
100
5,750,776
5,750,876


Comprehensive income for the year

Profit for the year

-
2,119,192
2,119,192


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
2,119,192
2,119,192


Contributions by and distributions to owners

Dividends: Equity capital
-
(43,200)
(43,200)


Total transactions with owners
-
(43,200)
(43,200)


At 31 March 2023
100
7,826,768
7,826,868


The notes on pages 15 to 25 form part of these financial statements.

Page 11

 
AVENIR ROOFING LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2021
100
3,145,913
3,146,013


Comprehensive income for the year

Profit for the year

-
2,668,063
2,668,063


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
2,668,063
2,668,063


Contributions by and distributions to owners

Dividends: Equity capital
-
(63,200)
(63,200)


Total transactions with owners
-
(63,200)
(63,200)


At 31 March 2022
100
5,750,776
5,750,876


The notes on pages 15 to 25 form part of these financial statements.

Page 12

 
AVENIR ROOFING LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
2,119,192
2,668,063

Adjustments for:

Depreciation of tangible assets
63,723
33,721

Loss on disposal of tangible assets
(9,149)
1,012

Interest paid
1,915
220

Interest received
(22,459)
(5,980)

Taxation charge
477,505
623,924

Decrease/(increase) in stocks
234,391
(1,803,744)

(Increase) in debtors
(139,672)
(139,559)

(Decrease)/increase in creditors
(206,640)
44,294

Corporation tax (paid)
(678,474)
(570,650)

Net cash generated from operating activities

1,840,332
851,301


Cash flows from investing activities

Purchase of tangible fixed assets
(178,243)
(109,748)

Sale of tangible fixed assets
24,000
-

Interest received
22,461
5,977

HP interest paid
-
(220)

Net cash from investing activities

(131,782)
(103,991)

Cash flows from financing activities

Repayment of/new finance leases
-
(2,583)

Dividends paid
(43,200)
(63,200)

Interest paid
(1,915)
-

Net cash used in financing activities
(45,115)
(65,783)

Net increase in cash and cash equivalents
1,663,435
681,527

Cash and cash equivalents at beginning of year
2,560,412
1,878,885

Cash and cash equivalents at the end of year
4,223,847
2,560,412


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
4,223,847
2,560,412

4,223,847
2,560,412


Page 13

 
AVENIR ROOFING LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2023




At 1 April 2022
Cash flows
At 31 March 2023
£

£

£

Cash at bank and in hand

2,560,412

1,663,435

4,223,847

Debt due within 1 year

(39,456)

39,456

-


2,520,956
1,702,891
4,223,847

The notes on pages 15 to 25 form part of these financial statements.
Page 14

 
AVENIR ROOFING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Avenir Roofing Limited is a company domiciled in England and Wales, registration number 04710777. The registered office is Unit 7, Blenheim Road, Cressex Business Park, High Wycombe, Buckinghamshire, HP12 3RS.

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 following principal accounting policies have been applied:

 
2.2

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 15

 
AVENIR ROOFING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

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.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss 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.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 16

 
AVENIR ROOFING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 reporting 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 reporting 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 reporting date.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model 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 17

 
AVENIR ROOFING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Leasehold land and buildings
-
20%
straight line
Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance

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 profit or loss.

 
2.11

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 out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

 
2.12

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.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.14

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.

Page 18

 
AVENIR ROOFING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.16

Financial instruments

The Company only enters into basic financial instrument 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 ordinary shares.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Turnover

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
15,037,142
14,334,740

15,037,142
14,334,740



4.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
8,500
8,000
Page 19

 
AVENIR ROOFING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Employees

Staff costs, including director's remuneration, were as follows:


2023
2022
£
£

Wages and salaries
777,274
625,600

Social security costs
71,782
52,350

Cost of defined contribution scheme
11,885
10,614

860,941
688,564


The average monthly number of employees, including directors, during the year was 26 (2022 - 25).


6.


Director's remuneration

2023
2022
£
£

Director's emoluments
9,000
9,000

9,000
9,000



7.


Interest receivable

2023
2022
£
£


Other interest receivable
22,461
5,977

22,461
5,977


8.


Interest payable and similar expenses

2023
2022
£
£


Finance leases and hire purchase contracts
-
220

Other interest payable
1,915
-

1,915
220

Page 20

 
AVENIR ROOFING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
473,473
614,275

Adjustments in respect of previous periods
-
(19)


473,473
614,256


Total current tax
473,473
614,256

Deferred tax


Origination and reversal of timing differences
4,032
9,668

Total deferred tax
4,032
9,668


Tax on profit
477,505
623,924

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
2,596,697
3,291,986


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
493,372
625,477

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
110

Capital allowances for year in excess of depreciation
(19,899)
(11,312)

Adjustments to tax charge in respect of prior periods
-
(19)

Other differences leading to an increase (decrease) in the tax charge
4,032
9,668

Total tax charge for the year
477,505
623,924

Page 21

 
AVENIR ROOFING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Dividends

2023
2022
£
£


Dividends
43,200
63,200

43,200
63,200


11.


Intangible assets




Goodwill
Rubber Roofs domain & website
Total

£
£
£



Cost


At 1 April 2022
39,000
46,000
85,000



At 31 March 2023

39,000
46,000
85,000



Amortisation


At 1 April 2022
39,000
46,000
85,000



At 31 March 2023

39,000
46,000
85,000



Net book value



At 31 March 2023
-
-
-



At 31 March 2022
-
-
-



Page 22

 
AVENIR ROOFING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Tangible fixed assets





Land and buildings
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 April 2022
80,057
134,304
167,254
48,443
430,058


Additions
-
-
170,730
7,513
178,243


Disposals
-
-
(27,500)
-
(27,500)



At 31 March 2023

80,057
134,304
310,484
55,956
580,801



Depreciation


At 1 April 2022
79,343
67,930
86,183
30,448
263,904


Charge for the year on owned assets
714
16,753
41,045
5,212
63,724


Disposals
-
(618)
(12,031)
-
(12,649)



At 31 March 2023

80,057
84,065
115,197
35,660
314,979



Net book value



At 31 March 2023
-
50,239
195,287
20,296
265,822



At 31 March 2022
714
66,374
81,070
17,995
166,153


13.


Debtors

2023
2022
£
£


Trade debtors
1,804,254
1,629,365

Other debtors
14,167
19,167

Prepayments and accrued income
54,594
84,811

1,873,015
1,733,343


Page 23

 
AVENIR ROOFING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

14.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
4,223,847
2,560,412

4,223,847
2,560,412



15.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,317,217
1,688,278

Corporation tax
185,283
390,284

Other taxation and social security
330,653
133,228

Other creditors
23,669
56,671

Accruals and deferred income
15,200
15,200

1,872,022
2,283,661



16.


Deferred taxation




2023


£






At beginning of year
(21,976)


Utilised in year
(4,032)



At end of year
(26,008)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(26,008)
(21,976)

(26,008)
(21,976)

Page 24

 
AVENIR ROOFING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

17.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



18.


Commitments under operating leases

At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
211,107
219,440

Later than 1 year and not later than 5 years
290,370
290,370

501,477
509,810

 
Page 25