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Registration number: 11339507

Scott McGowan Roofing Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Scott McGowan Roofing Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 10

Detailed Profit and Loss Account

11 to 12

 

Scott McGowan Roofing Limited

Company Information

Directors

Mrs Laura Jane McGowan

Mr Scott Paul McGowan

Company secretary

Welch Company Services Limited

Registered office

2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ

Accountants

Welch & Co (South West) Limited
2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ

 

Scott McGowan Roofing Limited

Directors' Report for the Year Ended 31 March 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Directors of the company

The directors who held office during the year were as follows:

Mrs Laura Jane McGowan

Mr Scott Paul McGowan

Principal activity

The principal activity of the company is roofing

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 2 November 2023 and signed on its behalf by:
 

.........................................
Mr Scott Paul McGowan
Director

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Scott McGowan Roofing Limited
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Scott McGowan Roofing Limited for the year ended 31 March 2023 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Scott McGowan Roofing Limited, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Scott McGowan Roofing Limited and state those matters that we have agreed to state to the Board of Directors of Scott McGowan Roofing Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Scott McGowan Roofing Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Scott McGowan Roofing Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Scott McGowan Roofing Limited. You consider that Scott McGowan Roofing Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Scott McGowan Roofing Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Welch & Co (South West) Limited
2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ

2 November 2023

 

Scott McGowan Roofing Limited

(Registration number: 11339507)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,137

1,515

Current assets

 

Stocks

6

3,353

13,937

Debtors

7

7,396

9,100

Cash at bank and in hand

 

1,331

12,784

 

12,080

35,821

Creditors: Amounts falling due within one year

8

(32,582)

(35,707)

Net current (liabilities)/assets

 

(20,502)

114

Total assets less current liabilities

 

(19,365)

1,629

Creditors: Amounts falling due after more than one year

8

(5,700)

(7,500)

Net liabilities

 

(25,065)

(5,871)

Capital and reserves

 

Called up share capital

9

300

300

Retained earnings

(25,365)

(6,171)

Shareholders' deficit

 

(25,065)

(5,871)

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 2 November 2023 and signed on its behalf by:
 

.........................................
Mr Scott Paul McGowan
Director

 

Scott McGowan Roofing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Scott McGowan Roofing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Scott McGowan Roofing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 2).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

379

505

 

Scott McGowan Roofing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

2,700

616

3,316

At 31 March 2023

2,700

616

3,316

Depreciation

At 1 April 2022

1,498

303

1,801

Charge for the year

300

78

378

At 31 March 2023

1,798

381

2,179

Carrying amount

At 31 March 2023

902

235

1,137

At 31 March 2022

1,202

313

1,515

6

Stocks

2023
£

2022
£

Other inventories

3,353

13,937

7

Debtors

Current

2023
£

2022
£

Trade debtors

7,396

9,100

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

1,668

21,798

Trade creditors

 

8,527

8,311

Taxation and social security

 

14,703

1,171

Accruals and deferred income

 

4,348

1,091

Other creditors

 

3,336

3,336

 

32,582

35,707

Creditors: amounts falling due after more than one year

 

Scott McGowan Roofing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

5,700

7,500

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

Ordinary B of £1 each

100

100

100

100

Ordinary C of £1 each

100

100

100

100

 

300

300

300

300

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

5,700

7,500

2023
£

2022
£

Current loans and borrowings

Other borrowings

1,668

21,798

11

Related party transactions

 

Scott McGowan Roofing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

23,802

17,984

 

Scott McGowan Roofing Limited

Detailed Profit and Loss Account for the Year Ended 31 March 2023

2023
 £

2022
 £

Turnover

Sale of goods, UK

90,987

83,333

Grants and subsidies

-

5,623

90,987

88,956

Cost of sales

Opening raw materials

13,937

-

Materials

17,264

19,485

Closing raw materials

(3,353)

(13,937)

Subcontract cost

12,020

12,975

Consumable tools

214

189

40,082

18,712

Distribution costs

Hire of plant and machinery (Spot hire)

8,222

2,160

Employment costs

Wages and salaries (excluding directors)

(14,400)

-

Staff NIC (Employers)

(1,407)

-

Directors remuneration

(23,802)

(17,984)

Directors NIC (Employers)

(814)

-

Staff pensions (Defined contribution)

(338)

-

(40,761)

(17,984)

Establishment costs

Insurance

(1,289)

(1,081)

General administrative expenses

Protective Clothing

(57)

(30)

Mobile

(1,625)

(1,812)

Printing, postage and stationery

(69)

(147)

Lease of motor vehicles (Operating leases)

(4,500)

(3,500)

Motor expenses

(9,814)

(11,855)

Advertising

(80)

-

Waste Disposal

(1,196)

(660)

Payroll

(1,110)

(604)

Bookkeeping

(650)

-

Accountancy fees

(1,300)

(900)

Legal and professional fees

(600)

(300)

(21,001)

(19,808)

Finance charges

Bank charges

(100)

(90)

 

Scott McGowan Roofing Limited

Detailed Profit and Loss Account for the Year Ended 31 March 2023

2023
 £

2022
 £

Depreciation costs

Depreciation of plant and machinery (owned)

(78)

(105)

Depreciation of motor vehicles (owned)

(301)

(400)

(379)

(505)

Other operating income

Other operating income

2,220

-

Operating (loss)/profit

(18,627)

28,616

Interest payable and similar charges

Bank loan interest payable

167

173

Other interest payable

400

-

567

173

(Loss)/profit before tax

(19,194)

28,443