Company registration number 01864712 (England and Wales)
WYTHALL ROOFING CENTRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
WYTHALL ROOFING CENTRE LIMITED
COMPANY INFORMATION
Directors
Mr P Pugh
Mrs D Koisser
Secretary
Mrs D Koisser
Company number
01864712
Registered office
The Fordrough
Truemans Heath Lane
Shirley
Solihull
West Midlands
B90 1PP
Accountants
PKF Smith Cooper Limited
158 Edmund Street
Birmingham
West Midlands
B3 2HB
WYTHALL ROOFING CENTRE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
WYTHALL ROOFING CENTRE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
137,915
87,591
Current assets
Stocks
847,177
755,728
Debtors
4
423,073
331,028
Cash at bank and in hand
279,864
244,970
1,550,114
1,331,726
Creditors: amounts falling due within one year
5
(639,450)
(571,678)
Net current assets
910,664
760,048
Total assets less current liabilities
1,048,579
847,639
Creditors: amounts falling due after more than one year
6
-
0
(1,779)
Provisions for liabilities
(27,662)
(17,944)
Net assets
1,020,917
827,916
Capital and reserves
Called up share capital
7
3,982
4,204
Capital redemption reserve
8
1,018
796
Profit and loss reserves
8
1,015,917
822,916
Total equity
1,020,917
827,916

The notes on pages 3 to 7 form part of these financial statements.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

WYTHALL ROOFING CENTRE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 October 2023 and are signed on its behalf by:
Mrs D Koisser
Director
Company Registration No. 01864712
WYTHALL ROOFING CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Wythall Roofing Centre Limited is a private Company, limited by shares, incorporated in England, United Kingdom. The registered office is The Fordrough, Truemans Heath Lane, Shirley, Solihull, West Midlands, B90 1PP. The Company registration number is 01864712.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.


The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
15% on reducing balance and 10% on cost
Plant and equipment
15% on reducing balance
Fixtures and fittings
25% on reducing balance
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the Statement of comprehensive income.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and those overheads that have been incurred in bringing the stocks to their present location and condition.

WYTHALL ROOFING CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -

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 the Statement of comprehensive income. Reversals of impairment losses are also recognised in the Statement of comprehensive income.

1.5
Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Statement of comprehensive income in other administrative expenses.

Equity instruments issued by the Company are recorded at the proceeds received, net of transaction costs.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the Statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the Statement of comprehensive income so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

WYTHALL ROOFING CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the Company during the year was:

2023
2022
Number
Number
Total
14
15
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
352,098
230,439
582,537
Additions
5,410
65,460
70,870
At 31 March 2023
357,508
295,899
653,407
Depreciation
At 1 April 2022
342,957
151,989
494,946
Depreciation charged in the year
1,709
18,837
20,546
At 31 March 2023
344,666
170,826
515,492
Carrying amount
At 31 March 2023
12,842
125,073
137,915
At 31 March 2022
9,141
78,450
87,591
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
407,013
328,255
Other debtors
16,060
2,773
423,073
331,028

Included within other debtors are amounts of £10,000 (2022: £nil) advanced to a director of the business. The amounts advanced were interest free and held no conditions.

WYTHALL ROOFING CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under hire purchase contracts
-
0
4,771
Trade creditors
528,565
468,717
Corporation tax
39,231
20,145
Other taxation and social security
46,707
62,920
Other creditors
5,396
3,204
Accruals and deferred income
19,551
11,921
639,450
571,678

The amounts due on obligations under hire purchase contracts are secured on the relevant assets.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under hire purchase contracts
-
0
1,779

The amounts due on obligations under hire purchase contracts are secured on the relevant assets.

7
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
3,982 (2021: 4,204) Ordinary shares of £1 each
3,982
4,204

During the year, the Company bought back 222 shares of its Ordinary share capital.

 

8
Reserves

Capital redemption reserve

This reserve records the value of the Company's ordinary share capital repurchased from its shareholders in current and prior periods.

Profit and loss account

This reserve records all current and prior period retained profits and losses.

 

9
Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administrated fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £9,028 (2022: £7.951). Contributions totalling £2,020 (2022: £1,709) were payable to the fund at the balance sheet date and are included within creditors.

WYTHALL ROOFING CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
10
Operating lease commitments
Lessee

At the balance sheet date the Company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
8,887
52,486
11
Related party transactions
Transactions with related parties

The Company trades from premises which are leased from the directors of the business.

 

Rent of £35,000 (2022 - £27,200) was charged to the Company in the year.

 

The Company banked rental income from a third party during the year of £7,630 (2022 - £7,800) which is payable to the directors of the business.

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