Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mrs C M Wills 15/10/2004 Mr E S Wills 15/10/2004 05 July 2023 The principal activity of the Company during the financial year continued to be the construction and repair of flat roofing. 05261025 2023-03-31 05261025 bus:Director1 2023-03-31 05261025 bus:Director2 2023-03-31 05261025 2022-03-31 05261025 core:CurrentFinancialInstruments 2023-03-31 05261025 core:CurrentFinancialInstruments 2022-03-31 05261025 core:ShareCapital 2023-03-31 05261025 core:ShareCapital 2022-03-31 05261025 core:RetainedEarningsAccumulatedLosses 2023-03-31 05261025 core:RetainedEarningsAccumulatedLosses 2022-03-31 05261025 core:Goodwill 2022-03-31 05261025 core:Goodwill 2023-03-31 05261025 core:PlantMachinery 2022-03-31 05261025 core:Vehicles 2022-03-31 05261025 core:FurnitureFittings 2022-03-31 05261025 core:OfficeEquipment 2022-03-31 05261025 core:PlantMachinery 2023-03-31 05261025 core:Vehicles 2023-03-31 05261025 core:FurnitureFittings 2023-03-31 05261025 core:OfficeEquipment 2023-03-31 05261025 core:CostValuation 2022-03-31 05261025 core:CostValuation 2023-03-31 05261025 core:ProvisionsForImpairmentInvestments 2022-03-31 05261025 core:ProvisionsForImpairmentInvestments 2023-03-31 05261025 2021-03-31 05261025 bus:OrdinaryShareClass1 2023-03-31 05261025 bus:OrdinaryShareClass2 2023-03-31 05261025 2022-04-01 2023-03-31 05261025 bus:FullAccounts 2022-04-01 2023-03-31 05261025 bus:SmallEntities 2022-04-01 2023-03-31 05261025 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 05261025 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05261025 bus:Director1 2022-04-01 2023-03-31 05261025 bus:Director2 2022-04-01 2023-03-31 05261025 core:Goodwill core:TopRangeValue 2022-04-01 2023-03-31 05261025 core:Goodwill 2022-04-01 2023-03-31 05261025 core:PlantMachinery 2022-04-01 2023-03-31 05261025 core:Vehicles 2022-04-01 2023-03-31 05261025 core:FurnitureFittings 2022-04-01 2023-03-31 05261025 core:OfficeEquipment 2022-04-01 2023-03-31 05261025 2021-04-01 2022-03-31 05261025 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 05261025 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 05261025 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 05261025 bus:OrdinaryShareClass2 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 05261025 (England and Wales)

PAIGNTON FLAT ROOFING LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

PAIGNTON FLAT ROOFING LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

PAIGNTON FLAT ROOFING LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2023
PAIGNTON FLAT ROOFING LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 5,800 9,280
Tangible assets 4 3,997 4,880
Investments 5 17 17
9,814 14,177
Current assets
Stocks 5,385 7,038
Debtors 6 16,271 15,329
Cash at bank and in hand 218,961 198,599
240,617 220,966
Creditors: amounts falling due within one year 7 ( 47,566) ( 85,767)
Net current assets 193,051 135,199
Total assets less current liabilities 202,865 149,376
Provision for liabilities 8 ( 780) ( 910)
Net assets 202,085 148,466
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 201,985 148,366
Total shareholders' funds 202,085 148,466

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 financial statements of Paignton Flat Roofing Limited (registered number: 05261025) were approved and authorised for issue by the Director on 05 July 2023. They were signed on its behalf by:

Mrs C M Wills
Director
PAIGNTON FLAT ROOFING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
PAIGNTON FLAT ROOFING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Paignton Flat Roofing Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Century House, Nicholson Road, Torquay, TQ2 7TD, England, United Kingdom. The principal place of business is 67 St Marys Park, Collaton, Paignton, TQ4 7DA.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance
Vehicles 20 % reducing balance
Fixtures and fittings 15 % reducing balance
Office equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2022 69,600 69,600
At 31 March 2023 69,600 69,600
Accumulated amortisation
At 01 April 2022 60,320 60,320
Charge for the financial year 3,480 3,480
At 31 March 2023 63,800 63,800
Net book value
At 31 March 2023 5,800 5,800
At 31 March 2022 9,280 9,280

4. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 April 2022 6,884 41,387 534 1,948 50,753
Additions 0 0 0 46 46
At 31 March 2023 6,884 41,387 534 1,994 50,799
Accumulated depreciation
At 01 April 2022 6,024 37,752 422 1,675 45,873
Charge for the financial year 129 727 16 57 929
At 31 March 2023 6,153 38,479 438 1,732 46,802
Net book value
At 31 March 2023 731 2,908 96 262 3,997
At 31 March 2022 860 3,635 112 273 4,880

5. Fixed asset investments

Other investments Total
£ £
Carrying value before impairment
At 01 April 2022 17 17
At 31 March 2023 17 17
Provisions for impairment
At 01 April 2022 0 0
At 31 March 2023 0 0
Carrying value at 31 March 2023 17 17
Carrying value at 31 March 2022 17 17

6. Debtors

2023 2022
£ £
Trade debtors 10,915 10,899
Prepayments 5,356 4,430
16,271 15,329

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 12,460 10,503
Amounts owed to directors 6,149 39,476
Accruals 2,949 2,694
Corporation tax 14,492 16,815
Other taxation and social security 11,289 16,056
Other creditors 227 223
47,566 85,767

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 910) ( 882)
Credited/(charged) to the Statement of Income and Retained Earnings 130 ( 28)
At the end of financial year ( 780) ( 910)

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
50 Ordinary shares of £ 1.00 each 50 50
50 Ordinary A shares of £ 1.00 each 50 50
100 100

10. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 227 223

11. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Rent 1,000 1,000
Directors' Current Account 6,149 39,476

During the year rent totalling £1,000 (2022: £1,000) was paid to the directors in respect of Unit 18, Alders Way, Yalberton Industrial Estate, Paignton, Devon which they own and for which there is no formal lease agreement.

Included in creditors due within one year is a balance of £6,149 (2022: £39,476), owed by the company to the directors. No interest is charged on this balance and there is no fixed date for repayment.

During the year £4,000 in dividends (2022: £Nil) were paid to the directors.