REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 31 October 2022 |
for |
Helix Roofing Contractors Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 31 October 2022 |
for |
Helix Roofing Contractors Limited |
Helix Roofing Contractors Limited (Registered number: 03093855) |
Contents of the Financial Statements |
for the Year Ended 31 October 2022 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Income Statement | 7 |
Other Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Cash Flow Statement | 11 |
Notes to the Cash Flow Statement | 12 |
Notes to the Financial Statements | 13 |
Helix Roofing Contractors Limited |
Company Information |
for the Year Ended 31 October 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
Oriel House |
2-8 Oriel Road |
Bootle |
Liverpool |
Merseyside |
L20 7EP |
Helix Roofing Contractors Limited (Registered number: 03093855) |
Strategic Report |
for the Year Ended 31 October 2022 |
The directors present their strategic report for the year ended 31 October 2022. |
REVIEW OF BUSINESS |
Helix Roofing Contractors Ltd has been operating since 1995 from a suite of offices on the Wirral servicing the Merseyside & North West regions of the UK. It specialises in roof refurbishment & replacement of predominantly commercial properties and is an approved installer for a number of leading roofing material manufacturers. It also operates a joinery division that provides a bespoke product. It employs 30 staff with additional support from specialist subcontractors to provide a quality service to its clients, in general local government and health authorities, educational trusts, facilities management and construction companies. |
Helix Roofing Contractors Ltd is committed to the pursuance of providing a quality service to its clients and a safe working environment for all its employees and interested parties. It is committed to reducing its environmental impact and a programme of measured continual improvement of operational, engineering and support activities. |
Current trading conditions remain buoyant and the directors are optimistic that its reputation will help maintain and increase its client base. They continue to tender for opportunities through a variety of mediums including local government portals. The directors are confident that it has the operational and financial resources to improve its performance in 2023. |
2022 saw an increase in operations following on from the COVID pandemic. This included one long term project at Leighton Hospital which continues into 2023. Whilst turnover has improved the company has also seen its operating costs increase dramatically, partly due to inflation and rising energy costs filtering down through the supply chain. Operatives wages have risen by 8% in 2022 in response to the inflation rate increase. |
The company expects 2023 to be another good trading year despite external forces such as inflation and the cost of living crisis, as its turnover is generated predominantly by local government spending that has been pre-planned and costed into budgets. It continues to provide a reactive maintenance service to local hospitals and global manufacturer based on the Wirral. The directors recognise the additional opportunities presented by the joinery division that gives it access to new contacts with a reputation for providing a bespoke quality service. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company maintains a risk and opportunities register that is reviewed annually. Potential risks include continuing rising costs and the availability of additional skilled labour to take the company to a higher level of trading and future growth. The potential for existing senior operatives to retire is an issue that may have a negative impact on the workforce with a lack of younger skilled workers coming into the industry. The company will need to keep wages at a high level to attract and retain new recruits. The rising cost of fuel and the impact of clean air zones in nearby cities requiring a switch to electric vehicles may restrict the company's ability to take on works further afield and in the more remote areas of the region such as Wales and Cumbria without the adequate infrastructures in place. |
ON BEHALF OF THE BOARD: |
Helix Roofing Contractors Limited (Registered number: 03093855) |
Report of the Directors |
for the Year Ended 31 October 2022 |
The directors present their report with the financial statements of the company for the year ended 31 October 2022. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of roofing activities. |
DIVIDENDS |
An interim dividend of |
The total distribution of dividends for the year ended 31 October 2022 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 November 2021 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are 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 directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements 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 directors are 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Helix Roofing Contractors Limited |
Opinion |
We have audited the financial statements of Helix Roofing Contractors Limited (the 'company') for the year ended 31 October 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 October 2022 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 UK, including the FRC'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 directors' 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 directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Helix Roofing Contractors Limited |
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 Report of the Directors. |
We have nothing to report in respect of the following matters where 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 directors' 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 Statement of Directors' Responsibilities set out on page three, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). |
In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: |
- | We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the sector in which it operates. We determined that the following laws and regulations were most significant: the Companies Act 2006, UK corporate tax laws, UK health and safety regulations, HSW Act 1974, Building Act 1984, Working at Height Regulations 2005 and other roofing trade specific legislation. |
- | We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management, reviewing the board meeting minutes, reviewing the schedule of ongoing and potential claims against the Company including those notified to their insurers, and reviewing the legal costs incurred in the year and enquiring with management to the circumstances around these legal costs. |
- | We assessed the susceptibility of the Company's financial statements to materiality misstatement, including how fraud might occur. Audit procedures performed by the audit engagement team included: |
- | identifying the controls that management has in place to prevent and detect fraud; |
- | challenging assumptions and judgements made by management in its significant accounting estimates; |
- | auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; |
- | assessing the extent of compliance with the relevant laws and regulations. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Helix Roofing Contractors Limited |
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 2006. Our 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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Accountants & Statutory Auditors |
Oriel House |
2-8 Oriel Road |
Bootle |
Liverpool |
Merseyside |
L20 7EP |
Helix Roofing Contractors Limited (Registered number: 03093855) |
Income Statement |
for the Year Ended 31 October 2022 |
31.10.22 | 31.10.21 |
as restated |
(Unaudited) |
Notes | £ | £ | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
2,518,533 | 3,329,060 |
Other operating income |
OPERATING PROFIT | 4 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
Helix Roofing Contractors Limited (Registered number: 03093855) |
Other Comprehensive Income |
for the Year Ended 31 October 2022 |
31.10.22 | 31.10.21 |
as restated |
(Unaudited) |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Prior year adjustment |
TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
Helix Roofing Contractors Limited (Registered number: 03093855) |
Balance Sheet |
31 October 2022 |
31.10.22 | 31.10.21 |
as restated |
(Unaudited) |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 15 | ( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Helix Roofing Contractors Limited (Registered number: 03093855) |
Statement of Changes in Equity |
for the Year Ended 31 October 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 November 2020 |
Prior year adjustment | - |
As restated |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 October 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 October 2022 |
Helix Roofing Contractors Limited (Registered number: 03093855) |
Cash Flow Statement |
for the Year Ended 31 October 2022 |
31.10.22 | 31.10.21 |
as restated |
(Unaudited) |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans in year |
Loan repayments in year | ( |
) |
Loan repayments in year to group | (282,575 | ) | (648,560 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
(Decrease)/increase in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
1,290,609 |
Cash and cash equivalents at end of year | 2 | 1,304,886 | 1,877,096 |
Helix Roofing Contractors Limited (Registered number: 03093855) |
Notes to the Cash Flow Statement |
for the Year Ended 31 October 2022 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.10.22 | 31.10.21 |
as restated |
(Unaudited) |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance costs | 7,283 | - |
2,537,508 | 3,346,424 |
Increase in stocks | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 October 2022 |
31.10.22 | 1.11.21 |
£ | £ |
Cash and cash equivalents | 1,304,886 | 1,877,096 |
Year ended 31 October 2021 |
31.10.21 | 1.11.20 |
as restated |
(Unaudited) |
£ | £ |
Cash and cash equivalents | 1,877,096 | 1,290,609 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.11.21 | Cash flow | At 31.10.22 |
£ | £ | £ |
Net cash |
Cash at bank | 1,877,096 | (572,210 | ) | 1,304,886 |
1,877,096 | ( |
) | 1,304,886 |
Debt |
Debts falling due within 1 year | - | (50,000 | ) | (50,000 | ) |
Debts falling due after 1 year | - | (150,013 | ) | (150,013 | ) |
- | (200,013 | ) | (200,013 | ) |
Total | 1,877,096 | (772,223 | ) | 1,104,873 |
Helix Roofing Contractors Limited (Registered number: 03093855) |
Notes to the Financial Statements |
for the Year Ended 31 October 2022 |
1. | STATUTORY INFORMATION |
Helix Roofing Contractors Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
Preparation of the financial estimates require management to make significant judgements and estimates. The areas in the financial statements where these judgements and estimates have been made included: |
The useful economic lives and residual values of assets are assessed by management on a timely basis. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks and work in progress |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion. |
Financial instruments |
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and others debtors and creditors, loans to third parties and investments in non-puttable ordinary shares. |
Debtors and creditors are measured at the undiscounted amount of cash or other consideration expected to be paid. |
Helix Roofing Contractors Limited (Registered number: 03093855) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2022 |
2. | 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Construction contracts |
When the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable. |
Where the outcome of a construction contract cannot be estimated reliability, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recovered. Contract costs are recognised as expenses in the period in which they are incurred. |
The percentage of completion method is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of the contract work completed or certified to date compared to the estimated total contract value. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs. |
Investments |
Investments are measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. |
Helix Roofing Contractors Limited (Registered number: 03093855) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2022 |
3. | EMPLOYEES AND DIRECTORS |
31.10.22 | 31.10.21 |
as restated |
(Unaudited) |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.10.22 | 31.10.21 |
as restated |
(Unaudited) |
Admin | 6 | 6 |
Labour | 21 | 21 |
31.10.22 | 31.10.21 |
as restated |
(Unaudited) |
£ | £ |
Directors' remuneration |
Information regarding the highest paid director is as follows: |
31.10.22 | 31.10.21 |
as restated |
(Unaudited) |
£ | £ |
Emoluments etc |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.10.22 | 31.10.21 |
as restated |
(Unaudited) |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Goodwill amortisation |
Auditors' remuneration |
Helix Roofing Contractors Limited (Registered number: 03093855) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2022 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.10.22 | 31.10.21 |
as restated |
(Unaudited) |
£ | £ |
Bank loan interest |
Interest payable |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.10.22 | 31.10.21 |
as restated |
(Unaudited) |
£ | £ |
Current tax: |
UK corporation tax |
PY Under/Overprovision | (374 | ) | - |
Total current tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.10.22 | 31.10.21 |
as restated |
(Unaudited) |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2021 - |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Adjustments to tax charge in respect of previous periods | ( |
) |
Change in tax rate | 1,359 | - |
Group relief | (1,041 | ) | (691 | ) |
Total tax charge | 483,629 | 633,642 |
Helix Roofing Contractors Limited (Registered number: 03093855) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2022 |
7. | DIVIDENDS |
31.10.22 | 31.10.21 |
as restated |
(Unaudited) |
£ | £ |
Ordinary shares of £1 each |
Interim |
8. | PRIOR YEAR ADJUSTMENT |
The prior year results have been restated to correctly reflect the valuation of long term contracts as detailed below: |
£ |
Increase in turnover and amounts recoverable on contracts | 485,967 |
Increase in cost of sales and accruals | (62,844 | ) |
Increase in corporation tax and tax liability | (80,393 | ) |
Increase in profit and retained earnings in 2021 | 342,730 |
Increase brought down from 2020 | 166,142 |
Increase in retained earnings carried forward to 2022 | 508,872 |
9. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 November 2021 |
and 31 October 2022 |
AMORTISATION |
At 1 November 2021 |
Amortisation for year |
At 31 October 2022 |
NET BOOK VALUE |
At 31 October 2022 |
At 31 October 2021 |
Helix Roofing Contractors Limited (Registered number: 03093855) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2022 |
10. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 November 2021 |
Additions |
At 31 October 2022 |
DEPRECIATION |
At 1 November 2021 |
Charge for year |
At 31 October 2022 |
NET BOOK VALUE |
At 31 October 2022 |
At 31 October 2021 |
11. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 November 2021 |
and 31 October 2022 |
NET BOOK VALUE |
At 31 October 2022 |
At 31 October 2021 |
12. | STOCKS |
31.10.22 | 31.10.21 |
as restated |
(Unaudited) |
£ | £ |
Stocks |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.22 | 31.10.21 |
as restated |
(Unaudited) |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts recoverable on contract |
Other debtors |
Helix Roofing Contractors Limited (Registered number: 03093855) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2022 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.22 | 31.10.21 |
as restated |
(Unaudited) |
£ | £ |
Bank loans and overdrafts (see note 16) |
Trade creditors |
Tax |
VAT | 518,625 | 344,751 |
PAYE & NIC | 81,333 | 46,592 |
Other creditors |
Accrued expenses |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.10.22 | 31.10.21 |
as restated |
(Unaudited) |
£ | £ |
Bank loans (see note 16) |
16. | LOANS |
An analysis of the maturity of loans is given below: |
31.10.22 | 31.10.21 |
as restated |
(Unaudited) |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
17. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.10.22 | 31.10.21 |
as restated |
(Unaudited) |
£ | £ |
Within one year |
Between one and five years |
Helix Roofing Contractors Limited (Registered number: 03093855) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2022 |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.10.22 | 31.10.21 |
as restated |
(Unaudited) |
£ | £ |
Bank loans |
Bank loans are secured by way of a fixed and floating charge dated 4 September 2020. |
19. | PROVISIONS FOR LIABILITIES |
31.10.22 | 31.10.21 |
as restated |
(Unaudited) |
£ | £ |
Deferred tax | 58,273 | 4,304 |
Deferred |
tax |
£ |
Balance at 1 November 2021 |
Provided during year |
Balance at 31 October 2022 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.10.22 | 31.10.21 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
21. | RESERVES |
Retained |
earnings |
£ |
At 1 November 2021 |
Profit for the year |
Dividends | ( |
) |
At 31 October 2022 |
22. | ULTIMATE PARENT COMPANY |
The ultimate parent company is Helix Roofing Contractors Holdings Limited. |
Helix Roofing Contractors Limited (Registered number: 03093855) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2022 |
23. | RELATED PARTY DISCLOSURES |
Included in fixed asset investments is the sum of £431,000 (2021 - £431,300) which represents share capital in Mersey View Investments Limited. G Randles and R Houghton, the company directors and shareholders in Helix Roofing Contractors Holdings Ltd, are both shareholders and directors of Mersey view Investments Limited. |
The directors of the company are currently all directors and shareholders of Helix Roofing Contractors Holdings Limited, a company that owns 100% of the share capital in Helix Roofing Contractors Limited. |
During the year £149,760 (2021 - £102,300) of expenses were paid to HRC (Wirral) Limited. G Randles a company director and shareholder in Helix Roofing Contractors Holdings Limited, is a shareholder and director of HRC (Wirral) Limited. |
During the year £130,487 of expenses and £209,009 of asset purchases were paid to Birkenhead Car and Van Hire Limited. The amount outstanding at the year end is £282,883. R Houghton a company director and shareholder in Helix Roofing Contractors Holdings Limited, is a shareholder and director of Birkenhead Car and Van Hire Limited. |
There is a cross guarantee between Helix Roofing Contractors Limited and Helix Roofing Contractors Holdings Limited dated 17 April 2019. |