REGISTERED NUMBER: |
SOUTHERN COUNTIES ROOFING HOLDINGS |
LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
REGISTERED NUMBER: |
SOUTHERN COUNTIES ROOFING HOLDINGS |
LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
SOUTHERN COUNTIES ROOFING HOLDINGS |
LIMITED (REGISTERED NUMBER: 08810163) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
SOUTHERN COUNTIES ROOFING HOLDINGS |
LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
69-71 East Street |
Epsom |
Surrey |
KT17 1BP |
SOUTHERN COUNTIES ROOFING HOLDINGS |
LIMITED (REGISTERED NUMBER: 08810163) |
BALANCE SHEET |
31 MARCH 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Revaluation reserve | 10 |
Capital redemption reserve |
Fair value reserve | 10 | 99,692 | 335,122 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
SOUTHERN COUNTIES ROOFING HOLDINGS |
LIMITED (REGISTERED NUMBER: 08810163) |
BALANCE SHEET - continued |
31 MARCH 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SOUTHERN COUNTIES ROOFING HOLDINGS |
LIMITED (REGISTERED NUMBER: 08810163) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Southern Counties Roofing Holdings Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Southern Counties Roofing Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover represents rents receivable, investment income and profits on sales of investments. |
Rents are recognised on a time basis. Income from investments are recognised when entitlement to the income from the underlying assets transfers to the company. Any investment disposals are recognised at exchange of contracts. |
Tangible fixed assets |
Freehold property | - |
The company's freehold property is carried at a valuation performed - no depreciation has been applied to the building element in the year under review. |
The freehold land element will not be depreciated. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
SOUTHERN COUNTIES ROOFING HOLDINGS |
LIMITED (REGISTERED NUMBER: 08810163) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
The deferred tax provision in these financial statements relates to the effect of the revaluation of the company's freehold premises. |
Fixed asset investments |
Listed investments are shown at their fair value at the balance sheet date, this is the market value. Any aggregate surplus arising from changes in market value is transferred to a fair value reserve.If there were an overall deficit against cost on the portfolio this would be charged to the profit and loss reserve. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
5. | TANGIBLE FIXED ASSETS |
Freehold |
property |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
The company's property was valued on an open market basis in June 2016 by Kemsley LLP at £1m. The directors have considered the provisions of FRS102 and classified the property as a fixed asset as the property represents the group's trading subsidiaries operating premises. Further the directors have adopted the "deemed" cost provisions as part of the transition to FRS102 in that they have used this valuation in place of cost, the valuation relating to a date in 2015. |
The valuation indicated that the land element included was £330,000. |
SOUTHERN COUNTIES ROOFING HOLDINGS |
LIMITED (REGISTERED NUMBER: 08810163) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2022 | 3,035,954 |
Share of profit/(loss) | - | 12,921 | 12,921 |
Revaluations | ( |
) | (288,346 | ) |
Dividends received | - | 49,755 | 49,755 |
At 31 March 2023 | 2,810,284 |
NET BOOK VALUE |
At 31 March 2023 | 2,810,284 |
At 31 March 2022 | 3,035,954 |
Cost or valuation at 31 March 2023 is represented by: |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
Valuation in 2016 | - | 99,152 | 99,152 |
Valuation in 2017 | - | 178,195 | 178,195 |
Valuation in 2018 | - | 39,852 | 39,852 |
Valuation in 2019 | - | 39,886 | 39,886 |
Valuation in 2020 | - | (187,054 | ) | (187,054 | ) |
Valuation in 2021 | - | 265,915 | 265,915 |
Valuation in 2022 | - | 43,602 | 43,602 |
Valuation in 2023 | - | (288,346 | ) | (288,346 | ) |
Cost | 100 | 2,618,982 | 2,619,082 |
100 | 2,810,184 | 2,810,284 |
7. | DEBTORS |
31.3.23 | 31.3.22 |
£ | £ |
Amounts falling due within one year: |
Amounts owed by group undertakings |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
SOUTHERN COUNTIES ROOFING HOLDINGS |
LIMITED (REGISTERED NUMBER: 08810163) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
9. | PROVISIONS FOR LIABILITIES |
31.3.23 | 31.3.22 |
£ | £ |
Deferred tax | 42,384 | 95,300 |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Decrease in provision | (52,916 | ) |
Balance at 31 March 2023 |
The deferred tax provision relates to the revaluation of the company's freehold premises and fair value reserve. The corporation tax rate applied is 19% (2022: 19%). |
10. | RESERVES |
Fair |
Revaluation | value |
reserve | reserve | Totals |
£ | £ | £ |
At 1 April 2022 | 335,122 |
Revaluation | - | (288,346 | ) | (288,346 | ) |
Deferred taxation | - | 52,916 | 52,916 |
At 31 March 2023 | 99,692 |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
Included in other debtors were directors loan of £1,000,000 taken in the year. These were repaid in April 2023. |